Document:

EX-4.2

 Exhibit 4.2 
  

 
  

EXECUTION VERSION 
 BANC OF
CALIFORNIA, INC., 
 Company 

AND 
  

 
 U.S. Bank
National Association, as 
 Trustee 
  

 
 SUPPLEMENTAL
INDENTURE 
 Dated as of October 30, 2020 

TO 
 INDENTURE 

Dated as of October 30, 2020 

4.375% FIXED-TO-FLOATING RATE SUBORDINATED NOTES DUE 2030

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	 ARTICLE I

DEFINITIONS
	  

 

			
	 SECTION 1.1
	 	 Definitions
	  	 	1	 
	
	 ARTICLE II

GENERAL TERMS AND CONDITIONS OF THE NOTES
	  

 

			
	 SECTION 2.1
	 	 Designation and Principal Amount
	  	 	8	 
	 SECTION 2.2
	 	 Form and Denomination of Notes
	  	 	8	 
	 SECTION 2.3
	 	 Initial Limit on Amount of Series
	  	 	8	 
	 SECTION 2.4
	 	 Rank; Subordination
	  	 	8	 
	 SECTION 2.5
	 	 Further Issues Without Holders’ Consent
	  	 	8	 
	 SECTION 2.6
	 	 Form and Payment
	  	 	9	 
	 SECTION 2.7
	 	 Interest
	  	 	9	 
	 SECTION 2.8
	 	 Redemption
	  	 	12	 
	 SECTION 2.9
	 	 No Sinking Fund
	  	 	13	 
	 SECTION 2.10
	 	 Notes Not Convertible or Exchangeable
	  	 	13	 
	 SECTION 2.11
	 	 Events of Default
	  	 	13	 
	 SECTION 2.12
	 	 Global Securities
	  	 	13	 
	 SECTION 2.13
	 	 No Additional Amounts
	  	 	14	 
	
	 ARTICLE III

ORIGINAL ISSUE OF NOTES
	  

 

			
	 SECTION 3.1
	 	 Original Issue of Notes
	  	 	14	 
	
	 ARTICLE IV

DEFEASANCE
	  

 

			
	 SECTION 4.1
	 	 Defeasance Applicable to Notes
	  	 	14	 
	
	 ARTICLE V

MISCELLANEOUS
	  

 

			
	 SECTION 5.1
	 	 Ratification of Base Indenture
	  	 	14	 
	 SECTION 5.2
	 	 Conflict with Trust Indenture Act
	  	 	14	 
	 SECTION 5.3
	 	 Effect of Headings and Table of Contents
	  	 	15	 
	 SECTION 5.4
	 	 Successors and Assigns
	  	 	15	 
	 SECTION 5.5
	 	 Separability Clause
	  	 	15	 
	 SECTION 5.6
	 	 Benefits of Supplemental Indenture
	  	 	15	 
	 SECTION 5.7
	 	 Governing Law
	  	 	15	 
	 SECTION 5.8
	 	 Waiver of Jury Trial
	  	 	15	 
	 SECTION 5.9
	 	 Counterparts
	  	 	15	 
	 SECTION 5.10
	 	 Trustee
	  	 	16	 

 THIS SUPPLEMENTAL INDENTURE, dated as of October 30, 2020 (this
“Supplemental Indenture”), between Banc of California, Inc., a Maryland corporation (the “Company”), and U.S. Bank National Association, a national banking association (the “Trustee”). 

WHEREAS, the Company executed and delivered the Indenture (the “Base Indenture”, together with the Supplemental
Indenture, the “Indenture”), dated as of October 30, 2020, to the Trustee, to provide for the issuance from time to time of the Company’s notes or other evidences of indebtedness (the “Securities”), to be
issued in one or more series; 
 WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the
establishment of a series of its Securities under the Indenture to be known as its “4.375% Fixed-to-Floating Rate Subordinated Notes due 2030” (the
“Notes”), the form and substance of and the terms, provisions and conditions thereof to be set forth as provided in the Base Indenture and this Supplemental Indenture; 

WHEREAS, the Pricing Committee of the Board of Directors of the Company, pursuant to authority granted to it by the Board of Directors
of the Company on October 20, 2020 and resolutions duly adopted by the Pricing Committee on October 20, 2020, has duly authorized the issuance of the Notes and the amendments to the Base Indenture provided for in this Supplemental
Indenture, and has authorized the proper officers of the Company to execute any and all appropriate documents necessary or appropriate to effect each such issuance; 

WHEREAS, this Supplemental Indenture is being entered into pursuant to the provisions of Section 201, Section 301,
Section 303 and Article Nine of the Base Indenture; 
 WHEREAS, the Company has requested that the Trustee execute and deliver
this Supplemental Indenture; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the
Company, in accordance with its terms, and to make each of the Notes, when executed by the Company and authenticated and delivered by the Trustee or an authentication agent, the valid obligations of the Company, have been performed, and the
execution and delivery of this Supplemental Indenture has been duly authorized in all respects; 
 NOW THEREFORE, in consideration of
the premises and the purchase and acceptance of the Notes by the Holders thereof, and for the purpose of setting forth, as provided in the Base Indenture, the forms and terms of the Notes, the Company covenants and agrees with the Trustee, for the
equal and proportionate benefit of the Holders of the Notes, as follows: 
 ARTICLE I 

DEFINITIONS 

SECTION 1.1 Definitions. 

For all purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

 (a) all references in this instrument to designated “Articles,”
“Sections” and other subdivisions are to be designated Articles, Sections and other subdivisions of this instrument unless the context otherwise requires; the words “herein,” “hereof” and “hereunder” and other
words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision; 

(b) each term defined in the Base Indenture has the same meaning when used in this Supplemental Indenture, except to the extent specifically
defined herein, in which case the meaning ascribed to it in this Supplemental Indenture shall control; and 
 (c) Section 101 of the Base
Indenture is amended and supplemented, solely with respect to the Notes, by inserting the following additional defined terms in their appropriate alphabetical positions: 

“Administrative or Judicial Action” has the meaning provided in the definition of “Tax Event.” 

“Benchmark” means, initially, Three-Month Term SOFR; provided that if the Calculation Agent determines on or prior to the
Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR or the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement.

 “Benchmark Replacement” means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark
Replacement Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a
Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month Term SOFR shall be determined), then “Benchmark
Replacement” means the first alternative set forth in the order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date: 

(1) Compounded SOFR; 
 (2) the
sum of: (a) the alternate rate that has been selected or recommended by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment;

 (3) the sum of: (a) the ISDA Fallback Rate, and (b) the Benchmark Replacement Adjustment; 

(4) the sum of: (a) the alternate rate that has been selected by the Calculation Agent as the replacement for the then-current Benchmark
for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement
Adjustment. 

  
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 “Benchmark Replacement Adjustment” means the first alternative set forth in the
order below that can be determined by the Calculation Agent as of the Benchmark Replacement Date: 
 (1) the spread adjustment, or method
for calculating or determining such spread adjustment (which may be a positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement; 

(2) if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; and 

(3) the spread adjustment (which may be a positive or negative value or zero) that has been selected by the Calculation Agent giving due
consideration to any industry-accepted spread adjustment or method for calculating or determining such spread adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S.
dollar-denominated floating rate securities at such time. 
 “Benchmark Replacement Conforming Changes” means, with respect to any
Benchmark Replacement, any technical, administrative or operational changes (including changes to the definition of “interest period,” timing and frequency of determining rates with respect to each interest period and making payments of
interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially consistent with market practice (or, if
the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for use of the Benchmark Replacement exists, in such other manner as
the Calculation Agent determines is reasonably necessary). 
 “Benchmark Replacement Date” means the earliest to occur of the
following events with respect to the then-current Benchmark: 
 (1) in the case of clause (1) of the definition of “Benchmark
Transition Event,” the relevant Reference Time in respect of any determination; 
 (2) in the case of clause (2) or (3) of the
definition of “Benchmark Transition Event,” the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of the Benchmark permanently or
indefinitely ceases to provide the Benchmark; or 
 (3) in the case of clause (4) of the definition of “Benchmark Transition
Event,” the date of the public statement or publication of information referenced therein. 
 For the avoidance of doubt, for purposes
of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to the Benchmark also include any reference rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark
would include SOFR). 

  
 3 

 For the avoidance of doubt, if the event giving rise to the Benchmark Replacement Date
occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination. 

“Benchmark Transition Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark:

 (1) if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended a forward-looking
term rate for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or
(c) the Company determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible; 

(2) a public statement or publication of information by or on behalf of the administrator of the Benchmark announcing that such administrator
has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark; 

(3) a public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark, the central bank for
the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar insolvency or
resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or
publication, there is no successor administrator that will continue to provide the Benchmark; or 
 (4) a public statement or publication of
information by the regulatory supervisor for the administrator of the Benchmark announcing that the Benchmark is no longer representative. 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in Los
Angeles, California or the City of New York are authorized or obligated by law or executive order to close. 
 “Calculation Agent”
means the agent appointed by the Company prior to the commencement of the Floating Rate Period (which may include the Company or any of its Affiliates) to act in accordance with Section 2.7. The Company shall initially act as the Calculation
Agent. 
 “Compounded SOFR” means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or
methodology for this rate, and conventions for this rate being established by the Calculation Agent in accordance with: 

  
 4 

 (1) the rate, or methodology for this rate, and conventions for this rate selected or
recommended by the Relevant Governmental Body for determining compounded SOFR; provided that: 
 (2) if, and to the extent that, the
Calculation Agent determines that Compounded SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate that have been selected by the Calculation Agent giving due
consideration to any industry-accepted market practice for U.S. dollar-denominated floating rate securities at such time. 
 For the
avoidance of doubt, the calculation of Compounded SOFR shall exclude the Benchmark Replacement Adjustment (if applicable) and the spread of 419.5 basis points per annum. 

“Corresponding Tenor” with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same
length (disregarding business day adjustment) as the applicable tenor for the then-current Benchmark. 
 “DTC” means The
Depository Trust Company. 
 “Federal Reserve Bank of New York’s Website” means the website of the Federal Reserve Bank of
New York at http://www.newyorkfed.org, or any successor source. 
 “Federal Reserve Board” has the meaning provided in the
definition of “Tier 2 Capital Event.” 
 “Fixed Rate Interest Payment Date” has the meaning provided in
Section 2.7(a). 
 “Fixed Rate Period” has the meaning provided in Section 2.7(a). 

“Fixed Rate Regular Record Date” has the meaning provided in Section 2.7(a). 

“Floating Rate Interest Payment Date” has the meaning provided in Section 2.7(b). 

“Floating Rate Period” has the meaning provided in Section 2.7(b). 

“Floating Rate Regular Record Date” has the meaning provided in Section 2.7(b). 

“Interest Payment Date” has the meaning provided in Section 2.7(b). 

“interest period” means the period from and including the immediately preceding Interest Payment Date in respect of which interest
has been paid or duly provided for or, if no interest has been paid or duly provided for, from and including the Issue Date to, but excluding, the applicable Interest Payment Date or the Maturity Date or date of earlier redemption, if applicable.

 “Interpolated Benchmark” with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating
on a linear basis between: (1) the Benchmark for the 

  
 5 

 
longest period (for which the Benchmark is available) that is shorter than the Corresponding Tenor, and (2) the Benchmark for the shortest period (for which the Benchmark is available) that
is longer than the Corresponding Tenor. 
 “ISDA Definitions” means the 2006 ISDA Definitions published by the International Swaps
and Derivatives Association, Inc. or any successor thereto, as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time to time. 

“ISDA Fallback Adjustment” means the spread adjustment (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable tenor. 

“ISDA Fallback Rate” means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment. 

“Issue Date” means October 30, 2020. 

“Maturity Date” has the meaning provided in Section 2.2. 

“Redemption Date” has the meaning provided in Section 2.8. 

“Reference Time” with respect to any determination of the Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the
time determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark
Replacement Conforming Changes. 
 “Relevant Governmental Body” means the Federal Reserve Board and/or the Federal Reserve Bank of
New York, or a committee officially endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto. 

“SOFR” means the secured overnight financing rate published by the Federal Reserve Bank of New York, as the administrator of the
Benchmark (or a successor administrator), on the Federal Reserve Bank of New York’s Website. 
 “Tax Event” means the receipt
by the Company of an opinion of independent tax counsel to the effect that as a result of (a) an amendment to or change (including any announced prospective amendment or change) in any law or treaty, or any regulation thereunder, of the United
States or any of its political subdivisions or taxing authorities; (b) a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure, regulation, notice or announcement, including any notice or
announcement of intent to adopt or promulgate any ruling, regulatory procedure or regulation (any of the foregoing, an “Administrative or Judicial Action”); or (c) an amendment to or change in any official position with respect
to, or any interpretation of, an Administrative or Judicial Action or a law or 

  
 6 

 
regulation of the United States that differs from the previously generally accepted position or interpretation, in each case, which change or amendment or challenge becomes effective or which
pronouncement, or decision or challenge is announced on or after the original issue date of the Notes, there is more than an insubstantial risk that interest payable by the Company on the Notes is not, or, within 90 days of the date of such opinion,
will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes. 
 “Term SOFR” means
the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental Body. 
 “Term SOFR
Administrator” means any entity designated by the Relevant Governmental Body as the administrator of Term SOFR (or a successor administrator). 

“Three-Month Term SOFR” means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at
the Reference Time for any interest period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions. All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if
necessary, to the nearest one-hundred-thousandth of a percentage point, with 0.000005% rounded up to 0.00001%. 

“Three-Month Term SOFR Conventions” means any determination, decision or election with respect to any technical, administrative or
operational matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of “interest period,” timing and frequency of determining Three-Month Term SOFR with respect to
each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the use of Three-Month Term SOFR as the Benchmark in a manner
substantially consistent with market practice (or, if the Calculation Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that no market practice for the use of
Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably necessary). 
 “Tier 2 Capital
Event” means the Company’s good faith determination that, as a result of (a) any amendment to, or change in, the laws, rules or regulations of the United States (including, for the avoidance of doubt, any agency or instrumentality of
the United States, including the Federal Reserve Board and other federal bank regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective after the original issue date of the Notes; (b) any
proposed change in those laws, rules or regulations that is announced or becomes effective after the original issue date of the Notes; or (c) any official administrative decision or judicial decision or administrative action or other official
pronouncement interpreting or applying those laws, rules, regulations, policies or guidelines with respect thereto that is announced after the original issue date of the Notes, there is more than an insubstantial risk that the Company will not be
entitled to treat the Notes then outstanding as “Tier 2 Capital” (or its equivalent) for purposes of the capital adequacy rules or regulations of the Board of Governors of the Federal Reserve System (the “Federal Reserve
Board”) (or, as and if applicable, the capital adequacy rules or regulations of any successor appropriate federal banking agency) as then in effect and applicable to the Company, for so long as any Notes are outstanding. 

  
 7 

 “Unadjusted Benchmark Replacement” means the Benchmark Replacement excluding the
Benchmark Replacement Adjustment. 
 ARTICLE II 

GENERAL TERMS AND CONDITIONS OF THE NOTES 

SECTION 2.1 Designation and Principal Amount.There is hereby authorized and established a series of Securities under the
Indenture, designated as the “4.375% Fixed-to-Floating Rate Subordinated Notes due 2030.” 

SECTION 2.2 Form and Denomination of Notes. 

The definitive form of the Notes and the Trustee’s Certificate of Authentication to be endorsed thereon shall be substantially in the
form set forth in Exhibit A attached hereto, which is incorporated herein and made part hereof. The Notes shall bear interest and have such other terms as are stated in the form of definitive Notes or in the Base Indenture, as supplemented by
this Supplemental Indenture. The Stated Maturity of the Notes shall be October 30, 2030 (the “Maturity Date”). The Notes shall be issued in minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof.

 SECTION 2.3 Initial Limit on Amount of Series. 

The Notes shall initially be limited to U.S. $85,000,000 in aggregate principal amount, and may, upon the execution and delivery of this
Supplemental Indenture or from time to time thereafter, be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the delivery of a Company Order.
Following the initial issuance of the Notes, the aggregate principal amount of Notes may be increased as provided in Section 2.5 hereof. 

SECTION 2.4 Rank; Subordination. 

The Notes are unsecured and shall rank subordinate and junior, to the extent and in the manner set forth in the Base Indenture, in right of
payment and upon liquidation of all the Company’s obligations to the holders of Senior Debt of the Company. The Notes shall rank equally among themselves and with all of the Company’s other subordinated unsecured indebtedness that, in the
instrument creating or evidencing the same or pursuant to which the same is outstanding, provides that such obligations are not superior in right of payment to the Notes or to other indebtedness that is pari passu with, or is not subordinate
to, the Notes. It is intended that the Notes be and are Tier 2 capital or the equivalent, for all regulatory purposes. 
 SECTION 2.5
Further Issues Without Holders’ Consent. 
 The Company may, without notice to or the consent of the Holders of the Notes, but in
compliance with the terms of the Base Indenture and this Supplemental Indenture, create and issue additional Notes having the same ranking, interest rate, maturity date and other terms as the Notes (other than the date of issuance, the issue price,
the initial interest accrual date and the first Interest Payment Date). Any such additional Notes will rank equally and ratably with the Notes. 

  
 8 

 
Any such additional Notes, together with the Notes initially issued hereunder, will constitute a single series of Securities for all purposes under the Base Indenture. Notwithstanding anything to
the contrary in the foregoing, no additional Notes may be issued unless (1) the additional Notes will be fungible with the Notes initially issued hereunder for United States federal income tax and federal securities law purposes, (2)(a) the
additional Notes are issued pursuant to a “qualified reopening” of the Notes initially issued hereunder for United States federal income tax purposes, or (b) the Notes initially issued hereunder were, and the additional Notes are,
issued without any original issue discount for United States federal income tax purposes and (3) the additional Notes have the same CUSIP number as the Notes initially issued hereunder. No additional Notes may be issued if any Event of Default
has occurred and is continuing with respect to the Notes. 
 SECTION 2.6 Form and Payment. 

Principal of, Additional Amounts, if any, and interest on the Notes shall be payable in U.S. Dollars. 

SECTION 2.7 Interest. 
 (a)
The Notes will bear interest at a fixed rate of 4.375% per annum from and including October 30, 2020 to, but excluding, October 30, 2025 or earlier Redemption Date (the “Fixed Rate Period”). Interest accrued on the Notes
during the Fixed Rate Period will be payable semi-annually in arrears on April 30 and October 30 of each year, commencing on April 30, 2021 (each such date, a “Fixed Rate Interest Payment Date”). The last Fixed Rate
Interest Payment Date shall be October 30, 2025, unless the Notes are earlier redeemed. The interest payable during the Fixed Rate Period will be paid to each Holder in whose name a Note is registered at the close of business on the fifteenth
day (whether or not a Business Day) immediately preceding the applicable Fixed Rate Interest Payment Date (each such date, a “Fixed Rate Regular Record Date”). 

(b) The Notes will bear a floating interest rate from, and including October 30, 2025, to, but excluding, the Maturity Date or earlier
Redemption Date (the “Floating Rate Period”). The floating interest rate will be reset quarterly, and the interest rate for any Floating Rate Period shall be equal to the then-current Three-Month Term SOFR plus 419.5 basis points
for each quarterly interest period during the Floating Rate Period. During the Floating Rate Period, interest on the Notes will be payable quarterly in arrears on January 30, April 30, July 30 and October 30 of each year,
commencing on January 30, 2026 (each such date, a “Floating Rate Interest Payment Date” and, together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”). The interest payable during the
Floating Rate Period will be paid to each Holder in whose name a Note is registered at the close of business on the fifteenth day (whether or not a Business Day) immediately preceding the applicable Floating Rate Interest Payment Date (each such
date, a “Floating Rate Regular Record Date”). Notwithstanding the foregoing, if Three-Month Term SOFR (or other applicable Benchmark) is less than zero, then Three-Month Term SOFR (or other such Benchmark) shall be deemed to be
zero. The Calculation Agent will provide the Company and the Trustee with the interest rate in effect on the Notes promptly after the Reference Time (or such other date of determination for the applicable Benchmark). 

  
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 (c) The amount of interest payable on any Fixed Rate Interest Payment Date during the Fixed
Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months to, but excluding, October 30, 2025, and, the amount of interest
payable on any Floating Rate Interest Payment Date during the Floating Rate Period will be computed on the basis of a 360-day year on the basis of the actual number of days elapsed. The Company or the
Calculation Agent, as applicable, shall calculate the amount of interest payable on any Interest Payment Date and the Trustee shall have no duty to confirm or verify any such calculation. In the event that any scheduled Interest Payment Date or the
Maturity Date for the Notes falls on a day that is not a Business Day, then payment of interest payable on such Interest Payment Date or of principal and interest payable on the Maturity Date will be paid on the next succeeding day which is a
Business Day (any payment made on such date will be treated as being made on the date that the payment was first due and no interest on such payment will accrue for the period from and after such scheduled Interest Payment Date); provided,
that in the event that any scheduled Floating Rate Interest Payment Date falls on a day that is not a Business Day and the next succeeding Business Day falls in the next succeeding calendar month, such Floating Rate Interest Payment Date will be
accelerated to the immediately preceding Business Day, and, in each such case, the amounts payable on such Business Day will include interest accrued to, but excluding, such Business Day. Dollar amounts resulting from interest calculations will be
rounded to the nearest cent, with one half cent being rounded upward. 
 (d) The Company shall take such actions as are necessary to ensure
that from the commencement of the Floating Rate Period for so long as any of the Notes remain outstanding there will at all times be a Calculation Agent appointed to calculate Three-Month Term SOFR in respect of each Floating Rate Period. The
calculation of Three-Month Term SOFR for each applicable Floating Rate Period by the Calculation Agent will (in the absence of manifest error) be final and binding. The Calculation Agent’s determination of any interest rate and its calculation
of interest payments for any period will be maintained on file at the Calculation Agent’s principal offices, will be made available to any Holder of the Notes upon request and will be provided to the Trustee. The Calculation Agent shall have
all the rights, protections and indemnities afforded to the Trustee under the Base Indenture and hereunder. The Calculation Agent may be removed by the Company at any time. If the Calculation Agent is unable or unwilling to act as Calculation Agent
or is removed by the Company, the Company will promptly appoint a replacement Calculation Agent. The Calculation Agent may not resign its duties without a successor having been duly appointed; provided, that if a successor Calculation Agent
has not been appointed by the Company and such successor accepted such position within 30 days after the giving of notice of resignation by the Calculation Agent, then the resigning Calculation Agent may petition, at the expense of the Company, any
court of competent jurisdiction for the appointment of a successor Calculation Agent with respect to such series. The Trustee shall not be under any duty to succeed to, assume or otherwise perform, any duties of the Calculation Agent, or to appoint
a successor or replacement in the event of the Calculation Agent’s resignation or removal or to replace the Calculation Agent in the event of a default, breach or failure of performance on the part of the Calculation Agent with respect to the
Calculation Agent’s duties and obligations hereunder. For the avoidance of doubt, if at any time there is no Calculation Agent appointed by the Company, then the Company shall be the Calculation Agent. The Company may appoint itself or any of
its Affiliates to be the Calculation Agent. 

  
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 (e) Effect of Benchmark Transition Event. 

(1) If the Calculation Agent determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred on or prior
to the Reference Time in respect of any determination of the Benchmark on any date, then the Benchmark Replacement will replace the then-current Benchmark for all purposes relating to the Notes during the Floating Rate Period in respect of such
determination on such date and all determinations on all subsequent dates. In connection with the implementation of a Benchmark Replacement, the Calculation Agent will have the right to make Benchmark Replacement Conforming Changes from time to
time. 
 (2) Notwithstanding anything set forth in Section 2.7(b) above, if the Calculation Agent determines on or prior to the
relevant Reference Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR, then the provisions set forth in this Section 2.7(e) will thereafter apply to all
determinations of the interest rate on the Notes during the Floating Rate Period. After a Benchmark Transition Event and its related Benchmark Replacement Date have occurred, the interest rate on the Notes for each interest period during the
Floating Rate Period will be an annual rate equal to the Benchmark Replacement plus 419.5 basis points. 
 (3) The Calculation Agent is
expressly authorized to make certain determinations, decisions and elections under the terms of the Notes, including with respect to the use of Three-Month Term SOFR as the Benchmark and under this Section 2.7(e). Any determination, decision or
election that may be made by the Calculation Agent under the terms of the Notes, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event,
circumstance or date and any decision to take or refrain from taking any action or selection (A) will be conclusive and binding on the Holders of the Notes and the Trustee absent manifest error, (B) if made by the Company as Calculation
Agent, will be made in the Company’s sole discretion, (C) if made by a Calculation Agent other than the Company, will be made after consultation with the Company, and the Calculation Agent will not make any such determination, decision or
election to which the Company reasonably objects and (D) notwithstanding anything to the contrary herein or in the Base Indenture, shall become effective without consent from the Holders of the Notes, the Trustee or any other party. If the
Calculation Agent fails to make any determination, decision or election that it is required to make under the terms of the Notes, then the Company will make such determination, decision or election on the same basis as described above. 

(4) The Company (or its Calculation Agent) shall notify the Trustee in writing (i) upon the occurrence of the Benchmark Transition Event
or the Benchmark Replacement Date, and (ii) of any Benchmark Replacements, Benchmark Replacement Conforming Changes and other items affecting the interest rate on the Notes after a Benchmark Transition Event. 

(5) The Trustee (including in its capacity as Paying Agent) shall have no (i) responsibility or liability for the (A) Three-Month
Term SOFR Conventions, (B) selection of an alternative reference rate to Three-Month Term SOFR (including, without limitation, whether the conditions for the designation of such rate have been satisfied or whether such rate is a Benchmark
Replacement or an Unadjusted Benchmark Replacement), (C) determination or 

  
 11 

 
calculation of a Benchmark Replacement, or (D) determination of whether a Benchmark Transition Event or Benchmark Replacement Date has occurred, and in each such case under clauses
(A) through (D) above shall be entitled to conclusively rely upon the selection, determination, and/or calculation thereof as provided by the Company or its Calculation Agent, as applicable, and (ii) liability for any failure or delay in
performing its duties hereunder as a result of the unavailability of a Benchmark rate as described in the definition thereof, including, without limitation, as a result of the Company’s or Calculation Agent’s failure to select a Benchmark
Replacement or the Calculation Agent’s failure to calculate a Benchmark. The Trustee shall be entitled to rely conclusively on all notices from the Company or its Calculation Agent regarding any Benchmark or Benchmark Replacement, including,
without limitation, in regards to Three-Month Term SOFR Conventions, a Benchmark Transition Event, Benchmark Replacement Date, and Benchmark Replacement Conforming Changes. The Trustee shall not be responsible or liable for the actions or omissions
of the Calculation Agent, or any failure or delay in the performance of the Calculation Agent’s duties or obligations, nor shall it be under any obligation to monitor or oversee the performance of the Calculation Agent. The Trustee shall be
entitled to conclusively rely on any determination made, and any instruction, notice, Officers’ Certificate or other instruction or information provided by the Calculation Agent without independent verification, investigation or inquiry of any
kind and the Trustee (in any capacity under the Indenture or in connection with the Notes and/or the Securities) shall have no liability or responsibility for the action (or inaction) of the Calculation Agent, any calculation under the Indenture or
in connection with the Notes and/or the Securities or any rate or other information used in connection with such calculation. The Trustee shall not be obligated to enter into any amendment or supplement hereto that adversely impacts its rights,
duties, obligations, immunities or liabilities (including, without limitation, in connection with the adoption of any Benchmark Replacement Conforming Changes). 

(6) If the then-current Benchmark is Three-Month Term SOFR, the Calculation Agent will have the right to establish the Three-Month Term SOFR
Conventions, and if any of the foregoing provisions concerning the calculation of the interest rate and the payment of interest during the Floating Rate Period are inconsistent with any of the Three-Month Term SOFR Conventions determined by the
Calculation Agent, then the relevant Three-Month Term SOFR Conventions will apply. 
 SECTION 2.8 Redemption. 

(a) The Notes shall be redeemable, in each case, in whole or in part from time to time, at the option of the Company beginning with the
Interest Payment Date on October 30, 2025, but not prior thereto (except upon the occurrence of certain events specified below), and on any Interest Payment Date thereafter (each, a “Redemption Date”), subject to obtaining the
prior approval of the Federal Reserve Board to the extent such approval is then required under the rules of the Federal Reserve Board (or, as and if applicable, the rules of any successor appropriate bank regulatory agency). The Notes may not
otherwise be redeemed prior to the Maturity Date, except that the Company may, at its option, redeem the Notes before the Maturity Date, in whole, but not in part, subject to obtaining the prior approval of the Federal Reserve Board to the extent
such approval is then required under the rules of the Federal Reserve Board (or, as and if applicable, the rules of any successor appropriate bank regulatory agency), upon the occurrence of a Tier 2 Capital Event or a Tax Event, or if the Company is
required to register as 

  
 12 

 
an investment company pursuant to the Investment Company Act of 1940, as amended (15 U.S.C. 80a-1 et seq.). Any such redemption will be at a Redemption
Price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the Redemption Date fixed by the Company. The provisions of Article Eleven of the Base Indenture shall apply to any
redemption of the Notes pursuant to this Section 2.8. Any partial redemption will be made in accordance with DTC’s applicable procedures among all of the Holders of the Notes. If any Note is to be redeemed in part only, the notice of
redemption relating to such Note shall state that it is a partial redemption and the portion of the principal amount thereof to be redeemed. 

(b) Any notice of redemption provided to the Holders of the Notes may be conditional in the Company’s discretion on one or more
conditions precedent, and the Company may delay the Redemption Date until such time as any or all of such conditions have been satisfied or revoked by the Company if it determines that such conditions will not be satisfied. The Company will provide
written notice to the Trustee prior to the close of business two Business Days prior to the Redemption Date (or such shorter period as may be acceptable to the Trustee) if any such redemption has been rescinded or delayed, and upon receipt the
Trustee will provide such notice to each Holder of the Notes in the same manner in which the notice of redemption was given. 

SECTION 2.9 No Sinking Fund. 

No sinking fund will be provided with respect to the Notes. In no event shall any Holder of the Notes have the right to require the Company to
call, redeem or repurchase the Notes, in whole or in part, and Article Twelve of the Base Indenture shall not be applicable to the Notes. Nothing in this Section 2.9 shall limit the ability of Holders of Notes to enforce their rights to the
payment of principal, Additional Amounts, if any, and interest on the Notes at maturity as provided in the Notes and in the Base Indenture, including Section 508 of the Base Indenture. 

SECTION 2.10 Notes Not Convertible or Exchangeable. 

The Notes will not be convertible or exchangeable for other securities or property. 

SECTION 2.11 Events of Default. 

Only the Events of Default described under clause (1) or (2) in Section 501 of the Base Indenture shall permit acceleration of the
maturity of the Notes, as provided in Section 502 of the Base Indenture. 
 SECTION 2.12 Global Securities. 

The Notes shall be issued in registered form and in the form of one or more permanent global Securities, without coupons, registered in the
name of the Depository or its nominee. The initial Depository for the Notes shall be DTC. Except as otherwise provided in Section 305 of the Base Indenture, the global Securities described above may be transferred by the Depository, in whole
but not in part, only to a nominee of the Depository, or by a nominee of the Depository to the Depository, or to a successor Depository or to a nominee of such successor Depository. 

  
 13 

 Owners of beneficial interests in such global Securities will not be considered the Holders
thereof for any purpose under the Base Indenture. The rights of owners of beneficial interests in such global Securities shall be exercised only through the Depository. 

SECTION 2.13 No Additional Amounts. 

In the event that any payment on the Notes is subject to withholding of any U.S. federal income tax or other tax or assessment (as a result of
a change in law or otherwise), the Company will not pay additional amounts with respect to such tax or assessment. 
 ARTICLE III 

ORIGINAL ISSUE OF NOTES 

SECTION 3.1 Original Issue of Notes. 

The Notes may, upon execution of this Supplemental Indenture, be executed by the Company and delivered to the Trustee for authentication, and
the Trustee shall, upon Company Order, authenticate and deliver such Notes as in such Company Order provided. 
 ARTICLE IV 

DEFEASANCE 

SECTION 4.1 Defeasance Applicable to Notes. 

Pursuant to Section 301(18), Section 1301 and Section 1302 of the Base Indenture, provision is hereby made for defeasance of
the Notes under Section 1302 of the Base Indenture upon the terms and conditions contained in Article Thirteen of the Base Indenture. 

ARTICLE V 
 MISCELLANEOUS

 SECTION 5.1 Ratification of Base Indenture. 

The Base Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture
shall be deemed part of the Base Indenture in the manner and to the extent herein and therein provided; provided, however, that the provisions of this Supplemental Indenture shall apply solely with respect to the Notes and shall govern in the
event of any difference with the Base Indenture. 
 SECTION 5.2 Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under such Act to be a
part of and govern this Supplemental Indenture, the latter provision shall control. If any provision of this Supplemental Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter
provision shall be deemed to apply to this Supplemental Indenture as so modified or to be excluded, as the case may be. 

  
 14 

 SECTION 5.3 Effect of Headings and Table of Contents. 

The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

SECTION 5.4 Successors and Assigns. 

All covenants and agreements in this Supplemental Indenture by the Company shall bind its successors and assigns, whether expressed or not.

 SECTION 5.5 Separability Clause. 

In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 5.6 Benefits of
Supplemental Indenture. 
 Nothing in this Supplemental Indenture or in the Notes, express or implied, shall give to any Person, other than
the Holders of the Securities, the parties hereto and their successors hereunder, any benefit of any legal or equitable right, remedy or claim under this Supplemental Indenture. 

SECTION 5.7 Governing Law. 

This Supplemental Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York. 

SECTION 5.8 Waiver of Jury Trial. 

EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER OF A SECURITY BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT
PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SUPPLEMENTAL INDENTURE, THE SECURITIES, THE INDENTURE OR THE TRANSACTIONS CONTEMPLATED
HEREBY OR THEREBY. 
 SECTION 5.9 Counterparts. 

This Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall constitute but
one and the same instrument. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute
effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be
deemed to be their original signatures for all purposes. 

  
 15 

 SECTION 5.10 Trustee. 

The Trustee shall not be responsible for and makes no representation as to the validity, sufficiency or adequacy of this Supplemental
Indenture or the Notes, and it shall not be responsible for any statement of the Company in this Supplemental Indenture or in the Notes. The Trustee makes no representations with respect to the effectiveness or adequacy of this Supplemental
Indenture. The Trustee shall not be accountable for the use or application by the Company of the Notes or the proceeds thereof. The rights, protections and indemnities afforded the Trustee (in any capacity) under the Base Indenture shall apply to
any action or inaction of the Trustee hereunder or in connection herewith. 
 [Signature page follows on next page] 

  
 16 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed by their respective officers hereunto duly authorized, all as of the day and year first above written. 
  

					
	BANC OF CALIFORNIA, INC.
		
	By:	 	 /s/ Lynn M. Hopkins

		 	Name:	 	Lynn M. Hopkins
		 	Title:	 	Executive Vice President and Chief Financial Officer

  

					
	U.S. BANK NATIONAL ASSOCIATION, 
as Trustee
		
	By:	 	 /s/ Hazrat R. Haniff

		 	Name:	 	Hazrat R. Haniff
		 	Title:	 	Assistant Vice President

 [Signature page to Supplemental Indenture] 

 Exhibit A 

FORM OF NOTE 
 BANC OF
CALIFORNIA, INC. 
 4.375% FIXED-TO-FLOATING RATE
SUBORDINATED NOTE DUE OCTOBER 30, 2030 
  

					
	No.1	 	$85,000,000	 	

 CUSIP No. 05990KAD8 

ISIN No. US05990KAD81 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME
OF CEDE & CO., THE NOMINEE OF THE DEPOSITORY TRUST COMPANY (THE “DEPOSITORY”). EXCEPT AS OTHERWISE PROVIDED IN SECTION 305 OF THE INDENTURE, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A
NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 

UNLESS THIS SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), TO BANC OF CALIFORNIA, INC. (THE “COMPANY”) OR ITS AGENT FOR REGISTRATION OR TRANSFER, EXCHANGE OR PAYMENT, AND ANY SECURITY ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO
ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 THIS SECURITY
IS NOT A SAVINGS ACCOUNT, DEPOSIT OR OTHER OBLIGATION OF BANC OF CALIFORNIA, NATIONAL ASSOCIATION. THIS SECURITY IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION
(“FDIC”) OR ANY OTHER GOVERNMENT AGENCY OR PUBLIC OR PRIVATE INSURER. 
 THIS SECURITY IS SUBORDINATED,
AS TO PRINCIPAL, INTEREST AND PREMIUM, AND ADDITIONAL AMOUNTS, IF ANY, TO ALL “SENIOR DEBT” OF THE COMPANY. THIS SECURITY IS NOT SECURED BY ANY ASSETS OF THE COMPANY OR BY THE ASSETS OF ANY OF ITS SUBSIDIARIES OR AFFILIATES AND IS NOT
GUARANTEED BY ANY OF COMPANY’S SUBSIDIARIES OR AFFILIATES. 

 THIS SECURITY IS ISSUABLE IN MINIMUM DENOMINATIONS OF $1,000 AND INTEGRAL
MULTIPLES OF $1,000 IN EXCESS THEREOF. AS PROVIDED IN THE INDENTURE AND SUBJECT TO CERTAIN LIMITATIONS THEREIN SET FORTH, SECURITIES OF THIS SERIES ARE EXCHANGEABLE FOR A LIKE AGGREGATE PRINCIPAL AMOUNT OF SECURITIES OF SUCH SERIES OF A DIFFERENT
AUTHORIZED DENOMINATION, AS REQUESTED BY THE HOLDER SURRENDERING THE SAME. 
 Banc of California, Inc., a Maryland
corporation, and any successor thereto, as provided below (the “Company”), for value received, hereby promises to pay or deliver, as the case may be, to CEDE & CO., or registered assigns, the principal sum of Eighty Five
Million United States Dollars ($85,000,000) on October 30, 2030 (the “Stated Maturity Date”), unless redeemed prior to such date. This Security will bear interest at a fixed rate of 4.375% per annum from and including
October 30, 2020, to, but excluding, October 30, 2025 (the “Fixed Rate Period”), unless redeemed prior to such date. Interest accrued on this Security during the Fixed Rate Period will be payable semi-annually in arrears
on April 30 and October 30 of each year (each such date, a “Fixed Rate Interest Payment Date”), with the first such Fixed Rate Interest Payment Date being April 30, 2021, and the last such Fixed Rate Interest Payment
Date being October 30, 2025, unless redeemed prior to such date. This Security will bear interest at a floating per annum interest rate from and including October 30, 2025, to, but excluding, the Stated Maturity Date or any earlier
redemption date (the “Floating Rate Period”). The floating interest rate will be reset quarterly, and the interest rate for any Floating Interest Period will be equal to the then-current Benchmark plus 419.5 basis points. During the
Floating Rate Period, interest on this Security will be payable quarterly in arrears on January 30, April 30, July 30 and October 30 of each year (each such date, a “Floating Rate Interest Payment Date”, and
together with a Fixed Rate Interest Payment Date, an “Interest Payment Date”), with the first such Floating Rate Interest Payment Date being January 30, 2026, and the last such Floating Rate Interest Payment Date being the
Stated Maturity Date or any earlier redemption date. Notwithstanding the foregoing, if the Benchmark is less than zero, the Benchmark shall be deemed to be zero. Interest on each Fixed Rate Interest Payment Date is payable to holders of record on
the Fixed Rate Regular Record Date pursuant to the Indenture. Interest on each Floating Rate Interest Payment Date is payable to holders of record on the Floating Rate Regular Record Date pursuant to the Indenture. 

The interest payable on any Fixed Rate Interest Payment Date during the Fixed Rate Period will be computed on the basis of a 360-day year consisting of twelve 30-day months to, but excluding, October 30, 2025. The interest payable on any Floating Rate Interest Payment Date during the Floating
Rate Period will be computed on the basis of a 360-day year and the number of days actually elapsed. If a Fixed Rate Interest Payment Date or the Stated Maturity Date for this Security falls on a day that is
not a Business Day, the interest payable on such Interest Payment Date or the payment of principal and interest on the Stated Maturity Date will be paid on the next succeeding Business Day, but the payments made on such dates will be treated as
being made on the date that the payment was first due and the Holder of this Security will not be entitled to any further interest or other payment. If a Floating Rate Interest Payment Date falls on a day that is not a Business Day, then such
Floating Rate Interest Payment Date will be postponed to the next succeeding Business Day, unless such day falls in the next succeeding calendar month, in which case such Floating Rate Interest Payment Date will be accelerated to the immediately
preceding 

 
Business Day, and, in each such case, the amounts payable on such Business Day will include interest accrued to, but excluding, such Business Day. 

No sinking fund will be provided with respect to this Security. In no event shall any Holder of this Security have the right
to require the Company to call, redeem or repurchase this Security, in whole or in part prior to maturity. Nothing in this paragraph, however, shall limit the ability of the Holder of this Security to enforce its rights to the payment of principal
and Additional Amounts, if any, and interest on the Security at maturity as provided herein. 
 Payment of the principal of
and interest on this Security will be made at the Corporate Trust Office of the Trustee, or such other office or agency of the Company maintained for that purpose in such coin or currency of the United States of America as at the time of payment is
legal tender for payment of public and private debts; provided, however, that at the option of the Company, payment of interest may be made by check mailed to Holders of registered Securities entitled thereto as such Holders shall
appear in the Security Register. 
 Under certain conditions, the Company may, without notice to or the consent of the
Holder of this Security, create and issue additional notes ranking equally with this Security and otherwise the same in all respects (except for the issue date, issue price, initial interest accrual date and first Interest Payment Date), provided
that no such additional notes may be issued unless (1) the additional notes will be fungible with this Security for United States federal income tax and federal securities law purposes, (2)(a) the additional notes are issued pursuant to a
“qualified reopening” of this Security for United States federal income tax purposes, or (b) this Security was, and the additional notes are, issued without any original issue discount for United States federal income tax purposes and
(3) the additional notes have the same CUSIP number as this Security. No additional notes may be issued if any Event of Default has occurred and is continuing with respect to this Security. Such additional notes shall be consolidated and form a
single series with this Security. 
 The Securities shall be issued as registered securities in the form of one or more
permanent global Securities, without coupons, registered in the name of the Depository or its nominee. The global Securities described above may be transferred by the Depository, in whole but not in part, only to a nominee of the Depository, or by a
nominee of the Depository to the Depository, or to a successor Depository or to a nominee of such successor Depository. 

Owners of beneficial interests in such global Securities will not be considered the Holders thereof for any purpose hereunder.
The rights of owners of beneficial interests in such global Securities shall be exercised only through the Depository. 

Any “depository institution,” as defined in Section 3(c)(1) of the Federal Deposit Insurance Act, which holds a
Security (or beneficial interest therein) shall be deemed to have agreed by acquiring such Security (or beneficial interest) to waive any rights to offset all or any portion of the indebtedness represented by such Security (or interest) against any
indebtedness or other obligations of such institution to the Company. 

 Reference is hereby made to the further provisions of this Security set
forth on the reverse hereof, which further provisions shall for all purposes have the same effect as if set forth at this place. 

Unless the certificate of authentication hereon has been executed by the Trustee by the manual signature of an authorized
signatory, this Security shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 (Remainder of
page intentionally left blank) 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly
executed by manual or facsimile signature. 
  

					
	BANC OF CALIFORNIA, INC.
		
	By:	 	  

		 	Name:	 	Lynn M. Hopkins
		 	Title:	 	Executive Vice President and Chief Financial Officer

 Dated: October 30, 2020 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

					
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Trustee

		
	By:	 	  

		 	Name:	 	Hazrat R. Haniff
		 	Title:	 	Assistant Vice President

 Dated: October 30, 2020 

 REVERSE OF SECURITY 

This Security is one of a duly authorized issue of 4.375%
Fixed-to-Floating Rate Subordinated Notes due 2030 of the Company (the “Securities”), issued and to be issued in one or more series under an Indenture,
dated as of October 30, 2020 (the “Base Indenture”), as supplemented by that Supplemental Indenture, dated October 30, 2020 (the “Supplemental Indenture,” and together with the Base Indenture, the
“Indenture”), between the Company and U.S. Bank National Association, as Trustee (herein called the “Trustee”, which term includes any successor trustee under the Indenture), to which the Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Trustee, the Company and the Holders of the Securities, and to which Indenture
reference is hereby made for a statement of the terms upon which the Securities of this series are, and are to be, authenticated and delivered. By the terms of the Indenture, the Securities are issuable in series that may vary as to amount, date of
maturity, rate of interest, rank and in any other respect provided in the Indenture. 
 The Company’s indebtedness
evidenced by this Security is, to the extent provided in the Indenture, subordinate and subject in right of payment to the prior payment in full of all Senior Debt, and this Security is issued subject to the provisions of the Indenture with respect
thereto. Each Holder of this Security, by accepting the same, (a) agrees to and shall be bound by such provisions, (b) authorizes and directs the Trustee on his, her or its behalf to take such actions as may be necessary or appropriate to
effectuate the subordination so provided and (c) appoints the Trustee his, her or its attorney-in-fact for any and all such purposes. Each Holder hereof, by his,
her or its acceptance hereof, waives all notice of the acceptance of the subordination provisions contained herein and in the Indenture by each holder of Senior Debt, whether now outstanding or hereafter created, incurred, assumed or guaranteed, and
waives reliance by each such holder upon said provisions. 
 The Indenture contains provisions for defeasance of this
Security upon compliance with certain conditions set forth in the Indenture. 
 If certain Events of Default with respect to
Securities of this series shall occur and be continuing, the principal of the Securities of this series may be declared due and payable in the manner and with the effect provided in the Indenture. Any Event of Default with respect to this Security
may be waived by the Holder hereof, as and if provided in the Indenture. The Company waives demand, presentment for prepayment, notice of nonpayment, notice of protest and all other notices to the extent it may lawfully do so. 

The Company may, at its option, redeem the Securities, in whole or in part, at a redemption price equal to 100% of the
principal amount of the Securities to be redeemed plus accrued and unpaid interest to, but excluding, the date of redemption (the “Redemption Date”), on any Interest Payment Date on or after October 30, 2025. The Company may
also, at its option, redeem the Securities before the Stated Maturity Date, in whole, but not in part, at any time, upon the occurrence of a Tier 2 Capital Event, a Tax Event or if the Company is required to register as an investment company
pursuant to the Investment Company Act of 1940, as amended. Any such redemption will be at a redemption price equal to 100% of the principal amount of the Securities 

 
to be redeemed plus accrued and unpaid interest to, but excluding, the Redemption Date fixed by the Company. 

Notwithstanding any of the foregoing, to the extent then required under or pursuant to applicable regulations of the Federal
Reserve Board, this Security may not be repaid prior to the Stated Maturity Date without the prior written consent of the Federal Reserve Board (or, as and if applicable, the rules of any successor appropriate bank regulatory agency). In the event
of redemption of this Security in part only, a new Security or Securities of this series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. The provisions of Article
Eleven of the Base Indenture and Section 2.8 of the Supplemental Indenture shall apply to the redemption of any Securities by the Company. 

In the event that any payment on the Securities is subject to withholding of any U.S. federal income tax or other tax or
assessment (as a result of a change in law or otherwise), the Company will not pay additional amounts with respect to such tax or assessment. 

No reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the
obligation of the Company, which is absolute and unconditional, to pay the principal of, premium and Additional Amounts (if any) and interest on this Security at the times, place and rate, and in the coin or currency, herein prescribed. 

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Security is
registrable in the Security Register, upon surrender of this Security for registration of transfer at the office or agency of the Company maintained under Section 1002 of the Base Indenture for such purpose, duly endorsed by, or accompanied by
a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Securities of this series and of like
tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith. 
 Prior
to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner hereof for all purposes, whether or
not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 

All terms used in this Security which are defined in the Indenture shall have the meanings assigned to them in the Indenture.

 Nothing in this Security, express or implied, shall give to any person, other than the Holders of the Securities, the
parties hereto and their permitted successors hereunder, any benefit of any legal or equitable right, remedy or claim hereunder. 

The Securities of this series are issuable only in registered form without coupons in denominations of $1,000 and any integral
multiples of $1,000 in excess thereof. 

 All notices under this Security shall be in writing and in the case of the
Company, addressed to the Company at 3 MacArthur Place, Santa Ana, California 92707, Attention: Chief Financial Officer, or, in the case of the Trustee at 100 Wall Street, Suite 600, New York, New York 10005, Attention: Corporate Trust Services, or
to such other address of the Trustee as the Trustee may notify the holders of the Securities. All notices to the Holder of this Security will be given to the Holder at its address as it appears in the Security Register. 

All covenants and agreements by the Company in this Security and the Indenture shall bind the Company’s successors and
assigns, including successors by operation of law resulting from a merger or consolidation of the Company, or successors resulting from the transfer of the Company’s assets and liabilities substantially or entirely, to another entity
(“Successors”). Any Successor shall expressly assume in writing all the Company’s obligations hereunder prior to becoming a Successor, and upon becoming a Successor, shall perform all the Company’s obligations hereunder
and make all payments due hereunder. 
 In case any provision in this Security shall be invalid, illegal or unenforceable,
the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER OF THIS SECURITY BY ITS ACCEPTANCE HEREOF, HEREBY IRREVOCABLY WAIVES, TO THE
FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT IT MAY HAVE TO TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS SECURITY, THE INDENTURE, OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

 This Security shall be governed by and construed in accordance with the laws of the State of New York and, where
applicable, the federal laws of the United States of America. 

 [FORM OF TRANSFER NOTICE] 

To assign this Security, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	  

		 	(Insert Assignee’s legal name)

 (Insert assignee’s Soc. Sec. or tax I.D. no.) 

(Print or type assignee’s name, address and zip code) 

and irrevocably appoint to transfer this Security on the books of the Company. The agent may substitute another to act for him. 

 

					
	Date:	 		 	
			
	Your signature:	 		 	  

		 		 	(Sign exactly as your name appears on| the face of this Security)
	Signature Guarantee*:	 		 	

  

	*	 Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to
the Trustee).EX-4.3

 Exhibit 4.3 

RESTATED CERTIFICATE OF INCORPORATION 

OF 
 SQZ BIOTECHNOLOGIES COMPANY

 The name of the corporation is SQZ Biotechnologies Company. The corporation was originally incorporated by the filing of its original
Certificate of Incorporation with the Secretary of State of the State of Delaware on March 22, 2013. This Restated Certificate of Incorporation of the corporation, which restates and integrates and also further amends the provisions of the
corporation’s Certificate of Incorporation, was duly adopted in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware and by the written consent of its stockholders in accordance with
Section 228 of the General Corporation Law of the State of Delaware. The Certificate of Incorporation of the corporation is hereby amended, integrated and restated to read in its entirety as follows: 

FIRST: The name of the Corporation is SQZ Biotechnologies Company (the “Corporation”). 

SECOND: The address of the Corporation’s registered office in the State of Delaware is 1209 Orange Street, in the City of
Wilmington, County of New Castle, Delaware 19801. The name of its registered agent at that address is The Corporation Trust Company. 

THIRD: The nature of the business or purposes to be conducted or promoted by the Corporation is to engage in any lawful act or activity
for which corporations may be organized under the General Corporation Law of the State of Delaware. 
 FOURTH: The total number of
shares of all classes of stock which the Corporation shall have authority to issue is 210,000,000 shares, consisting of (a) 200,000,000 shares of Common Stock, $0.001 par value per share (“Common Stock”), and (b) 10,000,000 shares of
Preferred Stock, $0.001 par value per share (“Preferred Stock”). 
 The following is a statement of the designations and the
powers, privileges and rights, and the qualifications, limitations or restrictions thereof in respect of each class of capital stock of the Corporation. 

A. COMMON STOCK. 

1. General. The voting, dividend and liquidation rights of the holders of the Common Stock are subject to and qualified by the
rights of the holders of the Preferred Stock of any series as may be designated by the Board of Directors of the Corporation (the “Board of Directors”) upon any issuance of the Preferred Stock of any series. 

 2. Voting. The holders of the Common Stock shall have voting rights at all
meetings of stockholders, each such holder being entitled to one vote for each share thereof held by such holder; provided, however, that, except as otherwise required by law, holders of Common Stock shall not be entitled to vote on
any amendment to this Restated Certificate of Incorporation (which, as used herein, shall mean the certificate of incorporation of the Corporation, as amended from time to time, including the terms of any certificate of designations of any series of
Preferred Stock) that relates solely to the terms of one or more outstanding series of Preferred Stock if the holders of such affected series are entitled, either separately or together as a class with the holders of one or more other such series,
to vote thereon pursuant to this Restated Certificate of Incorporation or the General Corporation Law of the State of Delaware. There shall be no cumulative voting. 

The number of authorized shares of Common Stock may be increased or decreased (but not below the number of shares thereof then outstanding) by
the affirmative vote of the holders of a majority of the stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the General Corporation Law of the State of Delaware. 

3. Dividends. Dividends may be declared and paid on the Common Stock if, as and when determined by the Board of Directors
subject to any preferential dividend or other rights of any then outstanding Preferred Stock and to the requirements of applicable law. 

4. Liquidation. Upon the dissolution or liquidation of the Corporation, whether voluntary or involuntary, holders of Common
Stock will be entitled to receive all assets of the Corporation available for distribution to its stockholders, subject to any preferential or other rights of any then outstanding Preferred Stock. 

B. PREFERRED STOCK. 

Preferred Stock may be issued from time to time in one or more series, each of such series to have such terms as stated or expressed herein and
in the resolution or resolutions providing for the issue of such series adopted by the Board of Directors as hereinafter provided. 

Authority is hereby expressly granted to the Board of Directors from time to time to issue the Preferred Stock in one or more series, and in
connection with the creation of any such series, by adopting a resolution or resolutions providing for the issuance of the shares thereof and by filing a certificate of designations relating thereto in accordance with the General Corporation Law of
the State of Delaware, to determine and fix the number of shares of such series and such voting powers, full or limited, or no voting powers, and such designations, preferences and relative, participating, optional or other special rights, and
qualifications, limitations or restrictions thereof, including without limitation thereof, dividend rights, conversion rights, redemption privileges and liquidation preferences, as shall be stated and expressed in such resolutions, all to the
fullest extent now or hereafter permitted by the General Corporation Law of the State of Delaware. The powers, preferences and relative, participating, optional and other special rights of each such series of Preferred Stock, and the qualifications,
limitations or restrictions thereof, if any, may differ from those of any and all other series at any time outstanding. Without limiting the generality of the foregoing, the resolution or resolutions providing for the issuance of any series of
Preferred Stock may provide that such series shall be superior or rank equally or be junior to any other series of Preferred Stock to the extent permitted by law. 

  
 2 

 Subject to the rights of the holders of any series of Preferred Stock pursuant to the terms
of this Restated Certificate of Incorporation or any resolution or resolutions providing for the issuance of such series of stock adopted by the Board of Directors, the number of authorized shares of Preferred Stock may be increased or decreased
(but not below the number of shares thereof then outstanding) by the affirmative vote of the holders of a majority of the stock of the Corporation entitled to vote, irrespective of the provisions of Section 242(b)(2) of the General Corporation
Law of the State of Delaware. 
 FIFTH: Subject to the requirements of applicable law, in addition to any other vote required by this
Restated Certificate of Incorporation or the Bylaws of the Corporation or otherwise required by law, the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of
capital stock of the Corporation entitled to vote thereon, voting together as a single class, shall be required to approve: 
 (a) a
reorganization, recapitalization, share exchange, share reclassification, consolidation, conversion or merger of the Corporation; 
 (b) the
sale, lease or exchange (in one transaction or a series of transactions) of all or substantially all of the Corporation’s assets; or 

(c) a dissolution of the Corporation or a revocation of a dissolution. 

In addition to any other vote required by this Restated Certificate of Incorporation or the Bylaws of the Corporation or otherwise required by
law, the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class, shall
be required to amend or repeal, or to adopt any provision inconsistent with, whether by merger or consolidation or otherwise by operation of law, this Article FIFTH. 

SIXTH: Except as otherwise provided herein, the Corporation reserves the right to amend, alter, change or repeal any provision contained
in this Restated Certificate of Incorporation, in the manner now or hereafter prescribed by statute and this Restated Certificate of Incorporation, and all rights conferred upon stockholders, directors or any other persons herein are granted subject
to this reservation. 
 SEVENTH: In furtherance and not in limitation of the powers conferred upon it by the General Corporation Law of
the State of Delaware, and subject to the terms of any series of Preferred Stock, the Board of Directors shall have the power to adopt, amend, alter or repeal the Bylaws of the Corporation. The stockholders may not adopt, amend, alter or repeal
the Bylaws of the Corporation, or adopt any provision inconsistent therewith, unless such action is approved, in addition to any other vote required by this Restated Certificate of Incorporation, by the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class. In addition to any other vote required by this Restated
Certificate of Incorporation or the Bylaws of the Corporation or otherwise required by law, the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock
of the Corporation entitled to vote thereon, voting together as a single class, shall be required to amend or repeal, or to adopt any provision inconsistent with, whether by merger or consolidation or otherwise by operation of law, this Article
SEVENTH. 

  
 3 

 EIGHTH: Except to the extent that the General Corporation Law of the State of Delaware
prohibits the elimination or limitation of liability of directors for breaches of fiduciary duty, no director of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for any breach of fiduciary duty
as a director, notwithstanding any provision of law imposing such liability. No amendment to or repeal of this provision shall apply to or have any effect on the liability or alleged liability of any director of the Corporation for or with
respect to any acts or omissions of such director occurring prior to such amendment or repeal. If the General Corporation Law of the State of Delaware is amended to permit further elimination or limitation of the personal liability of
directors, then the liability of a director of the Corporation shall be eliminated or limited to the fullest extent permitted by the General Corporation Law of the State of Delaware as so amended.

NINTH: This Article NINTH is inserted for the management of the business and for the conduct of the affairs of the Corporation. 

1. General Powers. The business and affairs of the Corporation shall be managed by or under the direction of the Board of
Directors. 
 2. Number of Directors; Election of Directors. Subject to the rights of holders of any series of Preferred
Stock to elect directors, the number of directors of the Corporation shall be established from time to time by the Board of Directors. Election of directors need not be by written ballot, except as and to the extent provided in the Bylaws of
the Corporation. 
 3. Classes of Directors. The directors (other than those directors elected by the holders of any series of
Preferred Stock, voting separately as a series or together with one or more other such series, as the case may be (the “Preferred Stock Directors”)) shall be and are divided into three classes, designated as Class I, Class II and
Class III. Each class shall consist, as nearly as may be possible, of one-third of the total number of directors constituting the entire Board of Directors. The Board of Directors is authorized
to assign members of the Board of Directors to Class I, Class II or Class III. 
 4. Terms of Office. Each
director (other than Preferred Stock Directors) shall serve for a term ending on the date of the third annual meeting of stockholders following the annual meeting of stockholders at which such director was elected; provided that each director
initially assigned to Class I shall serve for a term expiring at the Corporation’s first annual meeting of stockholders held after the effectiveness of this Restated Certificate of Incorporation; each director initially assigned to
Class II shall serve for a term expiring at the Corporation’s second annual meeting of stockholders held after the effectiveness of this Restated Certificate of Incorporation; and each director initially assigned to Class III shall
serve for a term expiring at the Corporation’s third annual meeting of stockholders held after the effectiveness of this Restated Certificate of Incorporation; provided further, that the term of each director shall continue until
the election and qualification of his or her successor and be subject to his or her earlier death, resignation or removal. 

  
 4 

 5. Quorum. The greater of (a) a majority of the directors at any time in
office and (b) one-third of the number of directors fixed pursuant to Section 2 of this Article NINTH shall constitute a quorum of the Board of Directors. If at any meeting of the Board of
Directors there shall be less than such a quorum, a majority of the directors present may adjourn the meeting from time to time without further notice other than announcement at the meeting, until a quorum shall be present. 

6. Action at Meeting. Every act or decision done or made by a majority of the directors present at a meeting duly held at which a
quorum is present shall be regarded as the act of the Board of Directors unless a greater number is required by law or by this Restated Certificate of Incorporation. 

7. Removal. Except for any Preferred Stock Directors, directors of the Corporation may be removed but only for cause and only by
the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock of the Corporation entitled to vote at an election of directors. 

8. Vacancies. Subject to the rights of holders of any series of Preferred Stock in respect of any Preferred Stock Directors, any
vacancy or newly created directorship in the Board of Directors, however occurring, shall be filled only by vote of a majority of the directors then in office, although less than a quorum, or by a sole remaining director and shall not be filled by
the stockholders, unless the Board of Directors determines by resolution that any such vacancy or newly created directorship shall be filled by the stockholders. A director elected to fill a vacancy or newly created directorship shall hold
office until the next election of the class for which such director shall have been chosen, subject to the election and qualification of a successor and to such director’s earlier death, resignation or removal. 

9. Stockholder Nominations and Introduction of Business, Etc. Advance notice of stockholder nominations for election of
directors and other business to be brought by stockholders before a meeting of stockholders shall be given in the manner provided by the Bylaws of the Corporation. 

10. Preferred Stock Directors. During any period when the holders of one or more series of Preferred Stock have the right to elect
additional directors as provided for or fixed pursuant to the provisions of Article FOURTH hereof or any certificate of designations of any series of Preferred Stock, then upon commencement and for the duration of the period during which such right
continues: (i) the then otherwise total number of authorized directors of the Corporation shall automatically be increased by such specified number of directors, and the holders of such Preferred Stock shall be entitled to elect the additional
directors so provided for or fixed pursuant to said provisions, and (ii) each such additional director shall serve until such director’s successor shall have been duly elected and qualified, or until such director’s right to hold such
office terminates pursuant to said provisions, whichever occurs earlier, subject to his or her earlier death, disqualification, resignation or removal. Except as otherwise provided for or fixed pursuant to the provisions of Article FOURTH hereof or
any certificate of designations of any series of Preferred 

  
 5 

 
Stock, whenever the holders of any series of Preferred Stock having such right to elect additional directors are divested of such right pursuant to the provisions of such stock, such person or
persons then serving as additional directors shall cease to qualify to serve as directors and shall automatically cease to be a director, the terms of office of all such additional directors elected by the holders of such stock, or elected to fill
any vacancies resulting from the death, resignation, disqualification or removal of such additional directors, shall forthwith terminate, and the total authorized number of directors of the Corporation shall be reduced accordingly. 

11. Amendments to Article. In addition to any other vote required by this Restated Certificate of Incorporation or the Bylaws
of the Corporation or otherwise required by law, the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock of the Corporation entitled to vote
thereon, voting together as a single class, shall be required to amend or repeal, or to adopt any provision inconsistent with, whether by merger or consolidation or otherwise by operation of law, this Article NINTH. 

TENTH: Except as otherwise provided in the terms of any series of Preferred Stock, no action that is required or permitted to be taken by
the stockholders of the Corporation at any annual or special meeting of stockholders may be effected by written consent of stockholders in lieu of a meeting. In addition to any other vote required by this Restated Certificate of Incorporation
or the Bylaws of the Corporation or otherwise required by law, the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock of the Corporation entitled
to vote thereon, voting together as a single class, shall be required to amend or repeal, or to adopt any provision inconsistent with, whether by merger or consolidation or otherwise by operation of law, this Article TENTH. 

ELEVENTH: Special meetings of stockholders for any purpose or purposes may be called at any time only by the Board of Directors, the
chairperson of the Board of Directors, the chief executive officer or the president (in the absence of a chief executive officer) of the Corporation, and may not be called by any other person or persons. Business transacted at any special
meeting of stockholders shall be limited to the purpose or purposes stated in the notice of meeting. In addition to any other vote required by this Restated Certificate of Incorporation or the Bylaws of the Corporation or otherwise required by
law, the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock of the Corporation entitled to vote thereon, voting together as a single class, shall
be required to amend or repeal, or to adopt any provision inconsistent with, whether by merger or consolidation or otherwise by operation of law, this Article ELEVENTH. 

TWELFTH: Unless the Corporation consents in writing to the selection of an alternative forum, the Court of Chancery of the State of Delaware
shall, to the fullest extent permitted by law, be the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Corporation, (b) any action asserting a claim of breach of fiduciary duty owed by any
current or former director, officer, employee or stockholder of the Corporation to the Corporation or the Corporation’s stockholders, (c) any action asserting a claim arising pursuant to any provision of the General Corporation Law of the
State of Delaware, this Restated Certificate of Incorporation or the Bylaws of the Corporation or as to which the General Corporation Law of the State of Delaware confers jurisdiction on the Court of Chancery of the State of Delaware or (d) any
action 

  
 6 

 
asserting a claim governed by the internal affairs doctrine, in each case subject to said Court of Chancery having personal jurisdiction over the indispensable parties named as defendants
therein; provided that, the provisions of this sentence will not apply to suits brought to enforce any liability or duty created by the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, or any other claim
for which the federal courts have exclusive jurisdiction; and provided further that, if and only if the Court of Chancery of the State of Delaware dismisses any such action for lack of subject matter jurisdiction, such action may be brought in
another state or federal court sitting in the State of Delaware. Unless the Corporation consents in writing to the selection of an alternative forum, the federal district courts of the United States of America shall, to the fullest extent permitted
by law, be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended. To the fullest extent permitted by applicable law, any person or entity purchasing or
otherwise acquiring or holding any interest in shares of capital stock of the Corporation shall be deemed to have notice of and consented to the provisions of this Article TWELFTH. In addition to any other vote required by this Restated Certificate
of Incorporation or the Bylaws of the Corporation or otherwise required by law, the affirmative vote of the holders of at least two-thirds in voting power of the outstanding shares of capital stock of the
Corporation entitled to vote thereon, voting together as a single class, shall be required to amend or repeal, or to adopt any provision inconsistent with, whether by merger or consolidation or otherwise by operation of law, this Article
TWELFTH.    If any provision or provisions of this Article TWELFTH shall be held to be invalid, illegal or unenforceable as applied to any person or entity or circumstance for any reason whatsoever, then, to the fullest extent
permitted by law, the validity, legality and enforceability of such provisions in any other circumstance and of the remaining provisions of this Article TWELFTH (including, without limitation, each portion of any sentence of this Article TWELFTH
containing any such provision held to be invalid, illegal or unenforceable that is not itself held to be invalid, illegal or unenforceable) and the application of such provision to other persons or entities and circumstances shall not in any way be
affected or impaired thereby.
 IN WITNESS WHEREOF, this Restated Certificate of Incorporation, which restates, integrates and amends the
certificate of incorporation of the Corporation, and which has been duly adopted in accordance with Sections 228, 242 and 245 of the General Corporation Law of the State of Delaware, has been executed by its duly authorized officer this ___ day of
________, 2020. 
  

			
	SQZ BIOTECHNOLOGIES COMPANY
		
	By:	 	  

		 	Name: Armon Sharei, Ph.D.
		 	Title: Chief Executive Officer

  
 7

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