Sunny Kwon
About Sunny Kwon
Sunny Kwon, age 68, is an independent director of OP Bancorp and Open Bank, serving since 2023. She is President of UNI & Good Friend Insurance with over 40 years of experience in the Korean and American insurance industries, and has held leadership roles at KAIFPA; she also serves on the United Valley Agencies Member Advisory Council (since 2022) and the Korean American Chamber of Commerce of Orange County board (2023). The Board identifies her as independent under Nasdaq rules for the 2025 slate, and reports 100% attendance at all 2024 Board and assigned committee meetings by each incumbent director.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| KAIFPA (Korean American Insurance and Financial Professional Association) | Board Chair | 2002–2003; 2020–2022 | Founding member (1985); long-standing governance leadership within industry association |
| KAIFPA | Board Member | Since 1985 | Continuous board service underscores sector network and influence |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| UNI & Good Friend Insurance | President | Current | Leads an independent retail insurance brokerage in Greater Los Angeles |
| United Valley Agencies | Member Advisory Council | Since 2022 | Advisory engagement with agency network |
| Korean American Chamber of Commerce of Orange County | Board Member | 2023 | Community and business advocacy |
Board Governance
| Item | Details |
|---|---|
| Independence status | Identified as independent for 2025 director nominees (Nasdaq criteria) |
| Board tenure | Director since 2023 |
| Board meetings (2024) | 14 meetings; each incumbent director attended all Board and assigned committee meetings (i.e., 100% attendance) |
| Committee assignments (2024) | • Human Resources & Compensation Committee (Chair) – 6 meetings • Audit Committee (Member) – 12 meetings • Nomination & Governance Committee (Member) – 4 meetings • Board Risk & Compliance Committee (Member) – 4 meetings |
| Audit Committee status | All members (incl. Kwon) are independent and “financially sophisticated” under Nasdaq rules |
| Related-party oversight | Audit Committee approves Item 404 related-party transactions; Kwon serves on the committee |
Fixed Compensation
| Year | Component | Amount |
|---|---|---|
| 2024 | Fees earned (cash) | $60,000 |
| 2024 policy note | Director monthly retainer | $5,000 per month for non-chair directors; Chair of the Board $7,000/month |
Performance Compensation
| Year | Equity Type | Grant Date | Value | Shares/Status |
|---|---|---|---|---|
| 2024 | Stock award | 2024-06-27 | $30,002 | Unvested stock awards outstanding as of 12/31/2024: 3,226 shares; grant fair value based on $9.30 closing price |
| Incentive Metric | Disclosed? | Notes |
|---|---|---|
| Director-specific performance metrics for equity | Not disclosed | Director stock awards presented as stock awards; no performance metrics specified in proxy |
| Clawback policy coverage | Executives only | Applies to CEO, CFO, Controller, CCO and other policy-making officers; not described as applying to non-employee directors |
Other Directorships & Interlocks
| Category | Detail |
|---|---|
| Other public company boards | None disclosed for Kwon in the proxy biography |
| Compensation Committee interlocks | None; members are not officers/employees and no interlocks disclosed |
Expertise & Qualifications
- 40+ years as an operator in insurance brokerage; founding member (since 1985) and former Chair of KAIFPA, indicating deep domain expertise and industry leadership.
- Governance experience as Chair of the Human Resources & Compensation Committee (6 meetings in 2024).
- Audit Committee member with committee independence and “financially sophisticated” designation under Nasdaq criteria for all members.
- Member of the Board Risk & Compliance Committee overseeing compliance, BSA/AML, ERM, cybersecurity, technology, and third-party risk.
Equity Ownership
| As of | Shares Beneficially Owned | Percent of Class | Noted Components |
|---|---|---|---|
| 2025-04-30 | 6,827 | 0.05% | Includes 3,226 RSUs vesting within 60 days of 4/30/2025 |
| 2024-12-31 | — | — | Unvested stock awards outstanding: 3,226 shares |
Insider trades (Section 16)
| Date (Filed) | Form | Period of Report | Notes/Link |
|---|---|---|---|
| 2025-06-27 | Form 4 | 2025-06-26 | Statement of changes in beneficial ownership of securities |
| 2024-07-02 | Form 4 | 2024-07-02 | Statement of changes in beneficial ownership of securities |
Related-Party Exposure
| Category | Disclosure |
|---|---|
| Ordinary banking relationships | Officers/directors and affiliates are customers; transactions on market terms; as of 12/31/2024, no indebtedness; deposits from this group totaled $2.3 million |
| Other related-party transactions | Other than compensation and ordinary banking, no director/executive/5% holder (or affiliates/family) had a direct or indirect material interest in any Company transaction |
| RPT policy & approval | Written policy requires Audit Committee approval; member with an interest recuses; focus on arm’s-length terms and best interests of shareholders |
Director Compensation Mix (2024)
| Director | Cash Fees | Stock Awards | Total |
|---|---|---|---|
| Sunny Kwon | $60,000 | $30,002 | $90,002 |
Governance Assessment
- Independence and workload: Kwon is an independent director who chaired HR & Compensation and served on Audit, Nomination & Governance, and BRCC in 2024, indicating broad governance engagement across pay, audit/controls, board composition, and enterprise/cyber risk.
- Attendance: The Board recorded 14 meetings in 2024 and reported that each incumbent director attended all Board and assigned committee meetings, supporting strong engagement.
- Alignment: Beneficial ownership is 6,827 shares (0.05%); RSU holdings contribute to at‑risk equity, though the proxy does not specify performance conditions for director equity.
- Conflicts/related-party risk: No material related-party transactions disclosed beyond ordinary-course banking; Audit Committee (on which Kwon serves) retains approval authority and enforces arm’s-length standards.
- Compensation structure: 2024 non-employee director pay blends cash retainers and annual stock awards; no director-specific performance metrics disclosed; executive clawback policy does not extend to non-employee directors per proxy disclosure.
RED FLAGS: None identified in the proxy specific to Kwon (no RPTs, no attendance issues, no interlocks). Monitoring items for investors: continued breadth of committee workload (HRCC chair plus Audit/BRCC/NGC membership) and clarity of future director equity award vesting terms, as performance linkage for director equity was not specified.