Hyung J. Kim
About Hyung J. Kim
Independent director since 2023; age 63 as of May 16, 2025. Founder and CEO of KLK Capital Management LLC; previously Vice President at Merrill Lynch with 20+ years in finance. Education/credentials: B.A. in Chemistry (Binghamton University); CFP; FINRA Series 3, 7, 66 licenses. Brings macroeconomics/markets expertise to the board.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Merrill Lynch | Vice President | 20+ years (dates not specified) | Finance/markets expertise; forecasting economic trends cited in director bio |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| KLK Capital Management LLC | Founder & CEO | Current | California-based investment firm |
Board Governance
- Independence: Identified as an independent director and independent nominee for 2025.
- Years of service: Director since 2023.
- Committee assignments (2024 activity shown; 2025 membership current):
- Audit Committee: Member; committee met 12 times in 2024.
- Human Resources & Compensation Committee (HRCC): Member; met 6 times in 2024.
- Nomination & Governance Committee (NG): Member; met 4 times in 2024.
- Board Risk & Compliance Committee (BRCC): Member; met 4 times in 2024.
- Chair roles: None (Audit Chair: Myung Shin Sohn; HRCC Chair: Sunny Kwon; NG Chair: Brian Choi; BRCC Chair: Yong Sin Shin).
- Attendance: Board met 14 times in 2024; each incumbent director attended all board and standing committee meetings on which they served (100% attendance in 2024). All directors attended the 2024 Annual Meeting.
- Committee interlocks: Proxy states no executive officers served on compensation committees of other companies with OPBK directors (no interlocks).
Fixed Compensation
| Component (USD) | 2023 | 2024 |
|---|---|---|
| Annual cash fees | $35,000 | $60,000 |
| Stock awards (grant date fair value) | $29,996 | $30,002 |
| Total | $64,996 | $90,002 |
- Cash retainer framework: Chairman $7,000/month; other directors $5,000/month (consistent with $60,000/year). Directors may also receive fees for attendance/other services; expenses reimbursed.
- Mix: 2024 pay approximately 67% cash / 33% equity based on reported values.
Performance Compensation
- Equity form: Time-based restricted stock units (RSUs) for non-employee directors; no disclosed performance conditions.
- 2024 annual grant: Company granted an aggregate 20,646 RSUs to directors (excluding CEO-director) on June 27, 2024 at $9.30 per share; Mr. Kim’s reported stock award value: $30,002; unvested RSUs held at 12/31/2024: 3,226.
- 2025 equity events (Form 4):
- 2025-06-26: RSUs (3,226) vested and converted to common stock (M-Exempt); post-transaction ownership 6,827 shares.
- 2025-06-26: New RSU award of 2,408 units (A – Award).
- 2024 equity events (Form 4):
- 2024-06-27: RSUs (3,601) vested and converted to common stock (M-Exempt); new RSU award of 3,226; post-transaction ownership 3,601 shares.
Other Directorships & Interlocks
- Current public company boards: None disclosed beyond OP Bancorp/Open Bank.
- Private/non-profit affiliations possibly relevant to OPBK: Not disclosed for Mr. Kim; Open Stewardship Foundation board includes other OPBK directors, not Mr. Kim.
- Committee interlocks: None disclosed (see above).
Expertise & Qualifications
- Capital markets/investments: Founder/CEO of investment firm; prior 20+ years at Merrill Lynch; CFP; FINRA Series 3/7/66.
- Board skills: Provides macroeconomic context and forecasting to board deliberations per proxy bio.
Equity Ownership
| Metric | As of 4/30/2024 | As of 4/30/2025 |
|---|---|---|
| Beneficially owned shares | 3,601 | 6,827 |
| Percent of class | 0.02% | 0.05% |
| RSUs included/notes | Includes RSUs vesting within 60 days as applicable | Includes 3,226 RSUs vesting within 60 days of 4/30/2025 |
| Unvested director RSUs at year-end | 3,601 unvested as of 12/31/2023 | 3,226 unvested as of 12/31/2024 |
- Pledging/hedging: Not specifically disclosed; company maintains Insider Trading Policy governing trading and related matters.
- Insider transactions (detail):
- 2024-06-27 (filed 2024-07-02): RSU award 3,226; RSU conversion to common 3,601; post-transaction ownership 3,601.
- 2025-06-26 (filed 2025-06-27): RSU award 2,408; RSU conversion to common 3,226; post-transaction ownership 6,827.
Related-Party Exposure
- Policy: Audit Committee must approve related-party transactions; transactions must be on arm’s-length terms.
- Ordinary banking relationships: As of 12/31/2024, officers/directors and affiliates had no indebtedness; group deposits totaled $2.3 million.
- No material related-party transactions disclosed for Mr. Kim.
Risk Indicators & Red Flags
- Section 16(a) timeliness: Company disclosed certain late Form 4 filings in 2024, including Mr. Kim’s 7/2/2024 filing for RSUs/common—administrative weakness to monitor (though many directors appeared on this list).
- Board independence mix: Company notes only four of seven 2025 nominees are independent; Mr. Kim remains independent but overall board independence decreased versus 2024 (six of seven).
- Clawback/controls: Company has an Exchange Act Rule 10D-1 compliant clawback policy (executive-focused) and a Code of Conduct/Insider Trading Policy.
Compensation Committee Analysis (Director Context)
- HRCC composition includes independent directors, with no interlocks or insider participation.
- Director pay framework reviewed/approved by HRCC; 2024 mix was majority cash retainer (fixed) plus time-based RSUs (at-risk via stock price, but not performance-conditioned).
Governance Assessment
- Strengths:
- Independent director with capital markets expertise; sits on all three key governance committees (Audit, HRCC, NG) and on BRCC overseeing cybersecurity and enterprise risk.
- 100% attendance in 2024 across board/committee meetings; full participation indicates engagement.
- Modest equity ownership that increased via 2024–2025 RSU vesting; alignment furthered by annual RSU grants.
- Watch items:
- 2024 late Form 4 filing listed (along with multiple directors). While administrative, repeated issues can affect investor confidence; monitor future filing timeliness.
- Overall board independence reduced in 2025 (4/7) vs 2024 (6/7); continued strong independent committee leadership mitigates but merits investor attention.
Director Compensation Detail (reference)
| Item | 2024 Detail |
|---|---|
| Cash retainer | $5,000 per month ($60,000/year) |
| Equity grant | RSUs; aggregate director grant on 6/27/2024 at $9.30; Mr. Kim’s stock awards value $30,002; 3,226 unvested RSUs as of 12/31/2024 |
| Meeting/other fees | Company notes fees for attendance/other services; policy plus monthly stipend; expenses reimbursed |
Committees Summary (2024 meetings; 2025 membership)
| Committee | Role | 2024 Meetings | Notes |
|---|---|---|---|
| Audit | Member | 12 | Chair: Myung Shin Sohn (2025) |
| HRCC | Member | 6 | Chair: Sunny Kwon |
| Nomination & Governance | Member | 4 | Chair: Brian Choi |
| Board Risk & Compliance | Member | 4 | Chair: Yong Sin Shin; oversees cybersecurity/ERM |
No material related-party transactions disclosed for Mr. Kim; company’s related-party policy requires Audit Committee approval and arm’s-length terms.