Preview | Executive Employment Agreement |

This Executive Employment Agreement, dated October 1, 2004, is between Nara Bancorp, Inc., (the Company) and Ho Yang, an individual residing at _________, California (Executive).

a. Position. Executive is employed by the Company to render services to the Company in the position of President and Chief Executive Officer. Executive shall report to the Board of Directors of the Company. Executive shall perform such duties and responsibilities as are normally related to such position in accordance with the standards of the industry and any additional duties now or hereafter assigned to Executive by the Board of Directors of the Company. Executive shall abide by the rules, regulations, and practices as adopted or modified from time to time in the Companys sole discretion. Executive will be based out of the Companys main office, currently located in Los Angeles, and acknowledges that travel to other locations will be necessary. Executive shall devote his entire working time, energy and attention, to the best of Executives abilities and using Executives best efforts, to the business and affairs of the Company and its affiliates.

b. Other Activities. Except upon the prior written consent of the Company, Executive will not, during the term of this Agreement, (i) accept any other employment, or (ii) engage, directly or indirectly, in any other business activity (whether or not pursued for pecuniary advantage) that might interfere with Executives duties and responsibilities hereunder or create a conflict of interest with the Company.

c. No Conflict. Executive represents and warrants that Executives execution of this Agreement, Executives employment with the Company, and the performance of Executives proposed duties under this Agreement shall not violate any obligations Executive may have to any other employer, person or entity, including any obligations with respect to proprietary or confidential information of any other person or entity.

d. Regulatory Approvals. This Agreement shall be subject to the receipt of all necessary regulatory approvals, waivers or consents (if applicable), including, but not limited to, the receipt of all necessary approvals, waivers or consents of Nara Banks regulators (if applicable), as well as the satisfactory completion of all necessary background checks.

2. COMPENSATION AND BENEFITS

a. Base Salary. In consideration of the services to be rendered under this Agreement, the Company shall pay Executive a salary at the rate of Two Hundred and Seventy Five Thousand Dollars ($275,000) per year (Base Salary). The Base Salary shall be paid in accordance with the Companys regularly established payroll practice. Executives Base Salary will be reviewed from time to time in accordance with the established procedures of the Company for adjusting salaries for similarly situated employees and may be adjusted in the sole discretion of the Company.

b. Stock Options. The Company shall recommend to the Board of Directors that Executive be provided with an option to purchase 120,000 shares of the Common Stock of the Company, vested over three (3) years (1/3 annually after each year of service, as follows, 33%, 33% and 34%). This recommendation will be considered for approval at the Companys next Board of Directors meeting. The price per share of any approved options will be determined at that meeting. Executives entitlement to any stock options that may be approved is conditioned upon Executives signing of the Stock Option Agreement and is subject to its terms and the terms of the Stock Option Plan under which the options are granted, including vesting requirements.

c. Profit Sharing. Executive shall be entitled, annually during the Initial Term (as defined below) of this Agreement, to a profit sharing payment equal to 4% of Nara Bancorps consolidated pretax earnings in excess of 20% of the Nara Bancorps consolidated previous year-ends stockholders equity excluding unrealized gain (loss). The amount of the profit sharing shall be capped at and shall not exceed 100% of Base Salary. The amount of any profit sharing after the Initial term shall be mutually agreed upon between Executive and the Board of Directors of the Company. Determination of the profit sharing amount payable under this section will be based on audited financial results of Nara Bancorp, Inc. and will only be paid after the completion of the year-end financial audit by Nara Bancorp, Inc.s independent auditor. If necessary, Executives profit sharing will be pro-rated for the first and last year of service.

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