Company: BANC-PF
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001169770-25-000015
Chunk: 49

Company: BANC OF CALIFORNIA, INC.
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 49
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 Inc.        |
| Fulton Financial Corporation  |     | Valley National Bancorp        |
| Hancock Whitney Corporation   |     |                                |

As of December 31, 2024, the Company was competitively positioned among our peer group by total assets.

#### 2024 Compensation Components and Pay Decisions
The following sections highlight the key components with respect to our NEO compensation program for 2024.

#### Amended and Restated CEO Employment Agreement
On May 17, 2024, we entered into an amended and restated employment agreement with Mr. Wolff, the terms of which are summarized under the Employment Agreements—Employment Agreement with Mr. Wolff section in this proxy statement. Mr. Wolff’s employment agreement was revised to reflect his then-current base salary, increase his annual bonus target from 100% of base salary to 150% of base salary and increase the annual target grant amount of his long-term equity incentive award from 110% of base salary to 250% of base salary. These changes were made in light of the company's increased size and generally targeted the median of the peer group CEO compensation. The amendments to his employment agreement also enhanced certain of Mr. Wolff’s severance benefits, which are described in the Potential Payments Upon Termination of Employment or Change in Control section in this proxy statement.

In connection with the amendment and restatement of his employment agreement, Mr. Wolff was paid a cash retention bonus of $2,200,000, a prorated portion of which will be clawed back if, prior to April 30, 2027, Mr. Wolff voluntarily resigns or is terminated by the Company for cause. The CNG Committee and the Board believed it was appropriate to pay Mr. Wolff this retention bonus in recognition that he is critical to the success of the combined bank moving forward and his role and leadership in our strategic transformation. The retention bonus was paid in cash as Mr. Wolff’s current holdings of the Company’s stock significantly exceeded our stock ownership guidelines requirement; further, it is the belief of the CNG Committee that given practical restrictions on a CEO selling company stock, including potential market signaling, it is important for the CEO and other key executives to have a balanced compensation program that does not result in compensation without liquidity.

The Board approved Mr. Wolff’s current compensation package upon the recommendation of the CNG Committee, which the CNG Committee provided to the Board after conferring with Meridian, the CNG Committee’s independent compensation consultant. The Board believes that Mr. Wolff