Nara Bancorp Inc., a Los Angeles-based bank focused on the Korean American market, has signed a three-year employment agreement with Chief Executive Min Kim.

For the next three years, Kim will receive an annual salary of $350,000, up from the $343,269 she received in 2008 and the $319,040 she received in 2007, based on filings with the Securities and Exchange Commission.

Also, she will receive 40,000 shares of stock vesting over the three-year period, a much lower number of stock grants she has received in the last two years.

In compliance with the Emergency Economic Stabilization Act of 2008, the contract renewal does not include cash bonuses, change-in-control payments or severance. However, these may be added at the board’s discretion after the bank pays back government capital under the Troubled Asset Relief Program, the filing stated.

Shares of Nara climbed 38 cents or almost 6 percent to close at $7.07.