Document:

EX-10.2

 Exhibit 10.2 
 Banc of California, Inc. 
 18500 Von Karman Avenue, Suite 1100 

Irvine, California 92612 
 March 24, 2016 
 Steven A. Sugarman 
 c/o Banc of California, Inc. 
 18500 Von Karman Avenue, Suite 1100 

Irvine, California 92612 
 Re:
Waiver of Anti-dilution Right; Certain Awards 
 Dear Mr. Sugarman: 

Reference is made to (a) that certain Stock Appreciation Right Grant Agreement, dated as of August 21, 2012 and amended as of
December 13, 2013, May 23, 2014, and March 2, 2016 (the “SAR Agreement”), by and between you and Banc of California, Inc., a Maryland corporation (the “Company”), which, among other things, provides
for the issuance of additional stock appreciation rights to you upon the occurrence of certain issuances of Company common stock, par value $0.01 per share (“Common Stock”), by the Company; (b) that certain letter agreement,
dated as of May 23, 2014, by and between you and the Company (the “SAR Letter”); and (c) that certain Amended and Restated Employment Agreement, dated as of even date herewith (the “Employment Agreement”),
by and among you, the Company, and Banc of California, N.A., a national banking association. Capitalized terms used but not otherwise defined in this letter agreement (this “Letter Agreement”) shall have the meanings given to such
terms in the SAR Agreement. 
 In consideration of the mutual agreements, provisions, and covenants contained in this Letter
Agreement, the Company and you hereby agree as follows: 
  

	1.	Waiver of SAR Anti-dilution Right; Lapse of Certain Adjustment Provisions. Notwithstanding Section 6 of the SAR Agreement, you hereby agree that, from and
after the date hereof, Section 6(a) of the SAR Agreement shall be null and void. 

  

	2.	 Certain Awards. The Company hereby agrees that, if the Company achieves the performance goals that were established on January 19, 2016
with respect to the Performance Units (as defined in the 2013 Omnibus Stock Incentive Plan (the “Plan”)) granted to you on such date in respect of its fiscal quarter ending March 31, 2016, the Company shall, as soon as
practicable following the determination that such goals have 

 
been achieved, grant to you, in consideration for your relinquishment of your rights under Section 6(a) of the SAR Agreement, an award of restricted shares of Common Stock on the terms and
subject to the conditions set forth in the award agreement attached hereto as Exhibit A, with the number of restricted shares to equal the quotient of $5,000,000 divided by the Fair Market Value (as defined in the Plan) of a share of
Common Stock on the date of grant. 
  

	3.	Coordination with Employment Agreement. Notwithstanding Section 3(b)(iii) of the Employment Agreement, you acknowledge and agree that you shall not be
eligible for any additional equity compensation awards during the 2016 fiscal year (it being understood that this Section 3 does not impose a limitation on the grant of equity compensation awards during the 2017 fiscal year in respect
of performance for the 2016 fiscal year). 

  

	4.	Full Force and Effect. Except as expressly set forth in this Letter Agreement, all terms and conditions of the SAR Agreement shall remain in full force and
effect. 

  

	5.	Miscellaneous. This Letter Agreement may not be amended or modified, except by an agreement in writing signed by you and the Company. This Letter Agreement shall
be binding upon any successor of the Company or its businesses (whether direct or indirect, by purchase, merger, consolidation, or otherwise), in the same manner and to the same extent that the Company would be obligated under this letter if no
succession had taken place. The term “Company,” as used in this letter, shall mean the Company as hereinbefore defined and any successor or assignee to the business or assets that by reason hereof becomes bound by this letter. This letter
will be governed by, and construed in accordance with, the laws of the State of Maryland, without reference to its conflict of law rules. This letter may be executed in one or more counterparts, each of which will be deemed to be an original, but
all of which together will be considered one and the same agreement. 

 [Signature Page Follows] 

  
 -2-

 Please confirm your agreement to the foregoing by executing this Letter Agreement as
indicated below. 
  

			
	Very truly yours,
	
	BANC OF CALIFORNIA, INC.
		
	By:	 	 /s/ Chad T. Brownstein

	Name: Chad T. Brownstein
	Title:   Vice Chair and Lead Independent Director

 Acknowledged and Agreed: 
  

	
	 /s/ Steven A. Sugarman

	Steven A. Sugarman

  
 [Signature
Page to Sugarman SAR Agreement Waiver Letter] 

 EXHIBIT A 
 FORM OF RESTRICTED STOCK AWARD AGREEMENT 

 BANC OF CALIFORNIA, INC. 

2013 OMNIBUS STOCK INCENTIVE PLAN 
 RESTRICTED STOCK AGREEMENT 
 Shares of Restricted Stock are hereby
awarded pursuant to this Restricted Stock Agreement (the “Agreement”) on [    ], 2016 by Banc of California, Inc. (f/k/a First PacTrust Bancorp, Inc.), a Maryland corporation (the “Company”), to
Steven A. Sugarman (the “Grantee”), in accordance with the following terms and conditions: 
 1. Share
Award. The Company hereby awards to the Grantee [    ] Shares of restricted Common Stock pursuant to the Banc of California, Inc. (f/k/a First PacTrust Bancorp, Inc.) 2013 Omnibus Stock Incentive Plan, as the same
may be amended from time to time (the “Plan”), and upon the terms and conditions and subject to the restrictions in the Plan and as hereinafter set forth (the “Restricted Stock”). A copy of the Plan, as currently in
effect, is incorporated herein by reference and is attached hereto. Capitalized terms used herein that are not defined in this Agreement shall have the meaning ascribed to such terms in the Plan. 

2. Restrictions on Transfer and Restricted Period. Except as otherwise provided in Section 3, Section 8, or
Section 13 of this Agreement, during the period commencing on the date of this Agreement and terminating on the fifth anniversary of the date of this Agreement (the “Restricted Period”), Shares with respect to which the
Restricted Period has not lapsed may not, subject to Section 13, be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated by the Grantee. Shares that have become nonforfeitable hereunder prior to the end of the Restricted
Period shall sometimes be referred to herein as “Vested.” Except as otherwise provided in Section 3 or Section 8 of this Agreement, provided that the Grantee is then serving as a director, officer, employee, or consultant
of the Company or any Subsidiary or Affiliate, the Shares shall become Vested on March 24, 2017 (the “Vesting Date”). 
 3. Termination of Employment. Upon the Grantee’s Termination of Employment by the Company for Cause or by the Grantee without Good Reason (each as defined in that certain Amended and Restated
Employment Agreement, dated as of March 24, 2016, by and among the Company, Banc of California, N.A., a national banking association, and the Grantee (the “Employment Agreement”)) prior to the Vesting Date, all Shares of
Restricted Stock shall be immediately forfeited. Upon the Grantee’s Termination of Employment by the Company without Cause or by the Grantee with Good Reason, any Shares of Restricted Stock that are not yet Vested shall become fully Vested as
of such date, and the Restricted Period shall continue to apply to all Shares of Restricted Stock that are Vested as set forth in Section 2. Upon the Grantee’s Termination of Employment due to the Grantee’s death or Disability, any
Shares of Restricted Stock that are not yet Vested shall become fully Vested and the Restricted Period shall lapse as of the date of such Termination of Employment with respect to all Shares of Restricted Stock. 

4. Issuance of the Shares. Promptly after the date of this Agreement, the Company shall recognize the Grantee’s ownership of
the Shares through (a) a crediting of the Shares to a book-entry account maintained by the Company (or its transfer agent or other designee) for the benefit of the Grantee, with appropriate electronic notation of the restrictions on transfer
provided herein, or another similar method, or (b) the issuance of a certificate representing the 

  
 3 

 
Shares in the name of the Grantee, bearing the appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 

“The transferability of this certificate and the shares of stock represented hereby are subject to the terms and conditions
(including forfeiture) of the Banc of California, Inc. (f/k/a First PacTrust Bancorp, Inc.) 2013 Omnibus Stock Incentive Plan and an Award Agreement. Copies of such Plan and Award Agreement are on file at the offices of Banc of California, Inc.,
18500 Von Karman Ave., Suite 1100, Irvine California 92612.” 
 The Grantee agrees that simultaneously with the execution
of this Agreement, the Grantee shall execute a stock power in the Company’s customary form and that the Grantee shall promptly deliver such stock power to the Company. The Grantee further agrees to execute and deliver any and all additional
stock powers and/or other instruments as the Company from time to time requests as it may, in its judgment, deem to be advisable to fulfill the purposes of this Agreement. 
 5. Grantee’s Rights. Subject to all limitations provided in this Agreement, the Grantee, as owner of the Shares during the Restricted Period, shall have all the rights of a stockholder,
including, but not limited to, the right to receive all ordinary dividends and other ordinary distributions paid on the Shares and the right to vote such Shares. If any such dividends or distributions are paid in Shares, such Shares shall be subject
to the same restrictions then applicable to the Shares with respect to which they were paid. 
 6. Lapse of Restricted
Period. Upon the lapse of the Restricted Period, the Company shall release such Shares to the Grantee (a) by appropriate transfer to an unrestricted book-entry account maintained by the Company (or its transfer agent or other designee) for
the benefit of the Grantee (or, if the Grantee is deceased, to the Grantee’s legal representative) or by other appropriate electronic notation of the lapse or expiration of the Restricted Period with respect to such Shares, (b) by
delivering to the Grantee (or, if the Grantee is deceased, to the Grantee’s legal representative) a certificate issued in respect of such Shares (without any legend contemplated by Section 4), or (c) by any other means deemed
appropriate by the Company. 
 7. Adjustments. In the event of a Corporate Transaction or Share Change, the Restricted
Stock shall be adjusted as and to the extent provided in Section 3(d) of the Plan. 
 8. Effect of Change in
Control. Upon the occurrence of a Change in Control prior to the Grantee’s Termination of Employment, the Restricted Stock shall be treated in accordance with Section 10 of the Plan (it being understood that the Restricted Period is a
“restriction” within the meaning of Sections 10(b) and 10(d) of the Plan); provided that, for purposes of such Section 10, “Good Reason” shall have the meaning set forth in the Employment Agreement. 

9. Delivery and Registration of Shares. The Company shall not be required to deliver any Shares hereunder prior to (a) the
listing or approval for listing upon notice of issuance of the Shares on the Applicable Exchange, (b) any registration or other qualification of 

  
 4 

 
such Shares under any state or federal law, rule, or regulation, or the maintaining in effect of any such registration or other qualification that the Committee shall, in its absolute discretion
upon the advice of counsel, determine to be necessary or advisable, and (c) obtaining any other consent, approval, or permit from any state or federal government agency that the Committee shall, in its absolute discretion after receiving the
advice of counsel, determine to be necessary or advisable. 
 10. Plan and Plan Interpretations as Controlling. The
Shares hereby awarded and the terms and conditions herein set forth are subject in all respects to the terms and conditions of the Plan, which are controlling. All determinations and interpretations made in the discretion of the Committee shall be
binding and conclusive upon the Grantee or the Grantee’s legal representatives with regard to any question arising hereunder or under the Plan. 
 11. Clawback. All Shares of Restricted Stock granted pursuant to this Agreement shall be subject to any clawback, recoupment, or forfeiture provisions (a) required by law or regulation and
applicable to the Company or its Subsidiaries or Affiliates as in effect from time to time or (b) set forth in any policies adopted or maintained by the Company or any of its Subsidiaries or Affiliates as in effect from time to time.

 12. Grantee Service. Nothing in this Agreement shall interfere with or limit in any way the right of the Company or
any Subsidiary or Affiliate to terminate the Grantee’s employment or service at any time, nor confer upon the Grantee any right to continue in the employ or service of the Company or any Subsidiary or Affiliate. 

13. Withholding Tax. Upon Shares becoming Vested, the Grantee may elect to satisfy any applicable withholding and employment taxes
by requiring the Company to withhold from any payment or distribution made hereunder sufficient Shares to cover any applicable withholding and employment taxes, or by remitting to the Company an amount in cash sufficient to satisfy such taxes. The
Company shall deduct from all dividends paid with respect to Shares the amount of any taxes that the Company is required to withhold with respect to such dividend payments. 
 14. Notices. All notices hereunder to the Company shall be delivered or mailed to it addressed to the Secretary of Banc of California, Inc., 18500 Von Karman Avenue, Suite 900, Irvine,
California 92612. Any notices hereunder to the Grantee shall be delivered personally or mailed to the Grantee’s current address according to the Company’s personnel files. Such addresses for the service of notices may be changed at any
time; provided that written notice of the change is furnished in advance to the Company or to the Grantee, as the case may be. 
 15. Severability. The various provisions of this Agreement are severable in their entirety. Any judicial or legal determination of invalidity or unenforceability of any one provision shall have no
effect on the continuing force and effect of the remaining provisions. 
 16. Governing Law; Headings. This Agreement and
actions taken hereunder shall be governed by and construed in accordance with the laws of the State of Maryland, without reference to principles of conflict of laws. The captions of this Agreement are not part of the provisions hereof and shall have
no force or effect. 

  
 5 

 17. Amendment. This Agreement may be amended or modified by the Committee at any
time; provided that no amendment or modification that materially impairs the rights of the Grantee as provided by this Agreement shall be effective unless set forth in writing signed by the parties hereto, except such an amendment made to
cause the terms of this Agreement or the Restricted Stock granted hereunder to comply with applicable law (including tax law), Applicable Exchange listing standards, or accounting rules. The waiver by either party of compliance with any provision of
this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement. 

18. Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all
of which together shall constitute one and the same instrument. The parties hereto agree to execute such further instruments and to take such further action as may be reasonably necessary to carry out the purposes and intent of this Agreement.

 [Signature page follows] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the
date first above written. 
  

	
	BANC OF CALIFORNIA, INC.
	
	By:
	  

	      Name:
	      Title:
	
	GRANTEE
	  

	Steven A. SugarmanEX-10.3

 Exhibit 10.3 

AMENDED AND RESTATED EMPLOYMENT AGREEMENT 

THIS AMENDED AND RESTATED EMPLOYMENT AGREEMENT (this “Agreement”) is dated as of March 24, 2016 by and between Banc of
California, Inc., a Maryland corporation (the “Company” and, together with its subsidiaries and affiliates, including Banc of California, N.A. (the “Bank”), “Employer”), and James J. McKinney
(“Employee”). 
 WHEREAS, Employer and Employee are parties to that certain Employment Agreement dated effective as of
July 29, 2015 pursuant to which Employee became employed, initially, as Chief Accounting Officer of the Company and the Bank (the “Prior Agreement”); 

WHEREAS, Employee was thereafter appointed to serve as the Chief Financial Officer of the Company and the Bank, effective as of
November 15, 2015; and 
 WHEREAS, Employer now desires to employ Employee, and Employee now desires to be employed by Employer, upon
the terms and subject to the conditions set forth herein, which terms and conditions shall supersede and replace the Prior Agreement effective as of the Commencement Date, as defined below. 

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties hereby agree as follows: 

1. Employment. Employer hereby agrees to employ Employee, and Employee hereby accepts employment with Employer upon the terms and
conditions herein set forth. 
 2. Term. The term of employment under this Agreement shall begin on April 1, 2016 (the
“Commencement Date”) and shall expire on April 1, 2018 (the “Term End Date”), unless terminated sooner as hereinafter provided or unless extended as provided in the next sentence. Commencing on the Term End
Date, and on each annual anniversary of such date (such date and each annual anniversary thereof, the “Renewal Date”), unless previously terminated, the term of this Agreement shall be extended for one additional year, unless either
party notifies the other party at least ninety (90) days prior to the applicable Renewal Date that the term shall not be so extended. Reference herein to the term hereunder shall refer to both the initial term and any extended term hereunder.

 3. Duties. During the term of this Agreement: 
  

	 	(a)	Employee shall be employed by Employer on a full-time basis as Executive Vice President with such authority, duties and responsibilities as reasonably may be assigned to Employee by Employer from time to time, which
shall initially consist of the position as Chief Financial Officer reporting directly to the Chief Executive Officer of the Company, and shall perform such other duties and responsibilities on behalf of Employer and its affiliates as reasonably may
be directed by the Board of Directors of the Company (the “Board”); and 

	 	(b)	Employee shall devote his full business time, energy, and skill to the business of Employer and to the promotion of Employer’s best interests, except for vacations and absences made necessary because of illness.

 4. Compensation. During the term of this Agreement: 

 

	 	(a)	Employee shall be paid a base salary at the rate of $500,000 per annum (“Annual Base Salary”), payable in accordance with Employer’s normal payroll practices (but not less frequently than monthly),
as such practices may be determined from time to time, and subject to customary tax withholdings. The Compensation Committee of the Board (the “Committee”) will review the Annual Base Salary at least annually and, in its discretion,
may increase such salary. 

	 	

	 	(b)	Employee shall be eligible to receive an annual bonus, determined in the sole discretion of the Committee (“Annual Bonus”), with respect to each fiscal year during the term, with an annual target bonus
equal to 100% of the Annual Base Salary in effect as of the beginning of such fiscal year (the “Target Bonus”); provided, however, that the actual Annual Bonus may be higher or lower than the Target Bonus and shall be
prorated for any partial year. 

	 	

	 	(c)	Employee shall be eligible for additional or special compensation, such as equity awards, incentive pay or bonuses, based upon Employee’s performance as the Committee may in its discretion from time to time
determine. Any amounts payable under this Section 4(c) that constitute “nonqualified deferred compensation” within the meaning of Section 409A (as defined in Section 14(a)) shall be subject to such terms or conditions that
satisfy the applicable requirements of Section 409A. 

 All such payments, and any other compensation provided by
Employer to Employee, whether under this Agreement or otherwise, will be subject to such deductions and clawback (recovery) as may be required to be made pursuant to law, government regulation, order, stock exchange listing requirement (or any
policy of Employer adopted pursuant to any such law, government regulation, order or stock exchange listing requirement) or by agreement with, or consent of, Employee. 

5. Automobile and Other Expenses. During the term of this Agreement, Employer shall lease and allow Employee use of, one
(1) new-condition Chevy Volt or such other automobile as determined in the discretion of the Company (the “Automobile”). Employee shall be solely responsible for all fuel, maintenance and other similar charges associated with
Employee’s personal non-business use of the Automobile. Employee shall obtain and constantly maintain in good standing, at Employer’s expense, a comprehensive automobile liability policy in a form reasonably acceptable to Employer (the
“Policy”). Employee shall cause the insurance provider of the Policy to list Employer as an additional insured and Employee shall provide Employer with a certificate evidencing the Policy. Any damage or liability caused or
associated with Employee’s use of the Automobile shall be the sole responsibility of Employee. At the 

  
 2 

 
conclusion of the term of this Agreement or the expiration of the lease of the Automobile, whichever occurs first, Employee shall promptly return the Automobile to Employer in good condition,
normal wear and tear excepted. Employee shall be reimbursed for other expenses incurred in connection with Employer’s business in accordance with Employer’s expense reimbursement policy for senior executives. 

6. Benefits. Employee shall be entitled to participate in such life insurance, medical, dental, pension, supplemental disability,
retirement plans and other programs as may be approved from time to time by Employer for the benefit of its executive employees. 
 7.
Flexible Time Off. Employee shall be entitled to take off as much time as needed or as appropriate (“FTO”), consistent with his professional responsibilities and business needs; provided that Employee is meeting his
work responsibilities; and provided, further, that he is demonstrating a level of commitment and conscientiousness that is sufficient to satisfy his professional responsibilities to Employer. Employee will receive his usual base salary
during approved FTO unless Employee is on an extended leave that is unpaid pursuant to Employer’s employee handbook or applicable law (e.g., FMLA, CFRA or other extended leave). Because FTO is not an accrued benefit, Employee will not be
eligible for a payout of FTO at the time of separation from Employer, regardless of the reason for the separation. 
 8. Termination.

  

	 	(a)	Employee’s employment with Employer shall automatically be terminated (i) by reason of Employee’s death or (ii) by reason of Employee’s becoming permanently disabled for purposes of
Employer’s long-term disability program. 

  

	 	(b)	Employer may terminate Employee’s employment hereunder for any reason, with or without Cause, at any time upon notice to Employee, but any termination by Employer other than termination with Cause shall not
prejudice Employee’s right to compensation or other benefits under this Agreement. 

  

	 	(c)	 Employee may terminate his employment hereunder without Good Reason at any time upon sixty (60) days’ prior written notice to Employer.
Given the importance of Employee’s position with Employer, Employee’s access to and use of confidential information, and the irreparable harm that Employee’s departure would likely cause to Employer, its customer relationships, and
its business opportunities, Employee agrees that, during the period (the “Notice Period”) commencing on the date on which Employer receives notice of Employee’s termination of his employment without Good Reason (the
“Notice Date”) and ending on the earlier of (i) sixty (60) days following the Notice Date and (ii) such earlier date as designated by Employer (the “Separation Date”), Employee shall remain an
employee of Employer and shall not be free to begin an employment relationship with another entity, absent Employer’s authorized written consent. During the Notice Period, Employer shall continue to pay

  
 3 

	 	
Employee a base salary in accordance with its regular salary practices and Employee shall be entitled to participate in Employer’s benefit plans to the extent permitted by such plans and
applicable law. During the Notice Period, Employer reserves the right to (A) change or remove any of Employee’s duties, (B) require Employee to remain away from Employer’s premises, and/or (C) take such other action as
determined by Employer to aid and assist in the transition process associated with Employee’s departure. During the Notice Period, Employee shall continue to act in a manner consistent with this Agreement and his duty of loyalty to Employer.
Employer may waive or terminate the Notice Period at any time and for any reason or for no reason, in which case the Separation Date shall be the date on which Employer notifies Employee of such waiver or termination. 

 

	 	(d)	Employee may terminate his employment with Good Reason within ninety (90) days following the occurrence of any condition constituting Good Reason; provided that (i) Employee has first provided notice to
Employer specifying in reasonable detail the condition giving rise to the Good Reason, (ii) Employee has provided Employer with a period of thirty (30) days to remedy the condition (and the notice so specifies), and (iii) Employer has
failed to remedy the condition within this thirty (30)-day period. 

  

	 	(e)	Employer and Employee may terminate Employee’s employment with Employer pursuant to Section 2. 

9. Severance Benefits. 
  

	 	(a)	In the event of the termination of Employee’s employment, for any reason, Employee shall be entitled to any Accrued Obligations. 

 

	 	(b)	In the event that Employer terminates Employee’s employment without Cause or Employee resigns with Good Reason, subject to Section 9(c) and Employee’s compliance with Sections 10, 11, and 12,
Employee shall be entitled to severance pay in an amount equal to the Annual Base Salary in effect on the Commencement Date multiplied by the number of years or partial years remaining prior to the Term End Date (as it may be extended pursuant to
Section 2), payable in twenty-four (24) equal monthly installments commencing on the first business day coincident with or next following the sixtieth (60th) calendar date following Employee’s termination of employment. If
Employee dies during such twenty-four (24)-month period, all remaining eligible benefits under this section shall be paid to Employee’s designated beneficiary (or if no beneficiary has been designated, then to Employee’s estate).

  

	 	(c)	 Any severance pay to be paid pursuant to Section 9(b) is subject to and conditioned upon Employee signing and delivering (and not revoking) to

  
 4 

	 	
Employer a general release and waiver (in a form reasonably acceptable to Employer), waiving all claims Employee may have against Employer, its parents, subsidiaries, successors, assigns,
affiliates, and their respective executives, officers and directors relating to Employee’s employment with Employer. 

  

	 	(d)	Notwithstanding any other provision of this Agreement to the contrary, if payments under this Agreement, together with any other payments received or to be received by Employee in connection with a “change in
control” (for purposes of Section 280G of the Internal Revenue Code of 1986, as amended (the “Code”)) would cause any amount payable to Employee to be nondeductible for federal income tax purposes pursuant to
Section 280G of the Code, then the payments and benefits under this Agreement shall be reduced (but not to an amount less than zero) to the extent necessary so as to maximize payments to Employee without causing any amount to become
nondeductible. Employee shall determine the allocation of such reduction among payments to Employee. 

  

	 	(e)	Notwithstanding any other provision of this Agreement to the contrary, any payments made to Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon their compliance with 12 U.S.C.
§ 1828(k) and any regulations promulgated thereunder, including 12 C.F.R. Part 359. 

  

	 	(f)	For purposes of this Agreement: 

  

	 	(A)	“Accrued Obligations” means (i) any base salary that Employee has earned but not been paid during or prior to Employee’s termination of employment, (ii) any business expenses that are
reimbursable under Section 5 that were incurred by Employee as of Employee’s termination of employment but have not been reimbursed on the date of termination, subject to the submission of any required substantiation and documentation, and
(iii) any payments or benefits to which Employee or his beneficiary or estate is entitled under the terms of any applicable employee benefit plan. 

  

	 	(B)	 “Cause” means Employee’s personal dishonesty, incompetence, willful misconduct, breach of a fiduciary duty involving personal
profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic violations or similar offenses) or final cease-and-desist order, or material breach of any provision of this Agreement.
Employee shall not be deemed to have been terminated with Cause unless and until there shall have been delivered to Employee a copy of a resolution, duly adopted by the affirmative vote of not less than a majority of the entire membership of the
Board at a meeting or meetings of the 

  
 5 

	 	
Board called and held for such purpose (after reasonable notice to Employee and an opportunity for Employee, together with Employee’s counsel, to be heard before the Board), stating that in
the good faith opinion of the Board, Employee has engaged in conduct described in the preceding sentence and specifying the particulars thereof in detail. For purposes of this section, the term “incompetence” shall mean inability, as
determined by the Board in its reasonable judgment, to perform stated duties. 

  

	 	(C)	“Good Reason” means the occurrence of any of the following without Employee’s express written consent: 

  

	 	(1)	assignment to Employee of a title other than Executive Vice President; 

  

	 	(2)	unless required by regulatory authorities, reduction of the Annual Base Salary of Employee; 

  

	 	(3)	a material breach this Agreement by Employer; or 

  

	 	(4)	a requirement that Employee relocate his principal business office outside of the Los Angeles-Orange County metropolitan areas. 

10. Nonsolicitation. 
  

	 	(a)	Unless otherwise agreed in writing, during the term of this Agreement, and for a period of twenty-four (24) months following a termination of Employee’s employment with Employer entitling Employee to severance
pay under Section 9(b), Employee shall not induce or attempt to induce any individual or entity who was an employee, agent or independent contractor of Employer or any of its affiliates during the period of Employee’s employment hereunder
to discontinue providing services to Employer or any of its affiliates. 

  

	 	(b)	Unless otherwise agreed in writing, during the term of this Agreement, and for a period of twenty-four (24) months following a termination of Employee’s employment with Employer entitling Employee to severance
pay under Section 9(b), Employee shall not, and will not assist any other person to (i) hire or solicit for hiring any employee of Employer or any of its affiliates or seek to persuade any employee of Employer or any of its affiliates to
discontinue employment or (ii) solicit or encourage any independent contractor providing services to Employer or any of its affiliates to terminate or diminish its relationship with them. 

11. Nondisclosure of Confidential Information. Employee acknowledges that Employer and its affiliates may disclose confidential
information to Employee during the term of this Agreement to enable him to perform his duties hereunder. Employee hereby covenants and 

  
 6 

 
agrees that, except as required by law, regulatory directive or judicial order, he will not, without the prior written consent of Employer, during the term of this Agreement or at any time
thereafter, disclose or permit to be disclosed to any third party by any method whatsoever any of the confidential information of Employer or any of its affiliates. For purposes of this Agreement, “confidential information” shall
include, but not be limited to, any and all records, notes, memoranda, data, ideas, processes, methods, techniques, systems, formulas, patents, models, devices, programs, computer software, writings, research, personnel information, customer
information, financial information of Employer or any of its affiliates, plans, or any other information of whatever nature in the possession or control of Employer which has not been published or disclosed to the general public, or which gives to
Employer or any of its affiliates an opportunity to obtain an advantage over competitors who do not know of or use it. Employee further agrees that if his employment hereunder is terminated for any reason, he will leave with Employer and will not
take originals or copies of any and all records, papers, programs, computer software and documents and all matter of whatever nature containing secret or confidential information of Employer or any of its affiliates. The foregoing covenants will not
prohibit Employee from disclosing confidential or other information to other employees of Employer or to third parties to the extent that such disclosure is necessary to the performance of his duties under this Agreement. 

12. Intellectual Property. Employee agrees promptly to reduce to writing and to disclose and assign, and hereby does assign, to
Employer, its subsidiaries, successors, assigns and nominees, all inventions, discoveries, improvements, copyrightable material, trademarks, programs, computer software and ideas concerning the same, capable of use in connection with the business of
Employer or any of its affiliates, which Employee may make or conceive, either solely or jointly with others, during the period of his employment by Employer, its subsidiaries or successors. Employee agrees, at Employer’s expense, that upon a
request by Employer, to execute, acknowledge and deliver to Employer all such papers, including applications for patents, applications for copyright and trademark registrations, and assignments thereof, as may be necessary, and at all times to
assist Employer, its parent, subsidiaries, successors, assigns and nominees in every proper way to patent or register said programs, computer software, ideas, inventions, discoveries, improvements, copyrightable material or trademarks in any and all
countries and to vest title thereto in Employer, its parent, subsidiaries, successors, assigns or nominees. Upon a request by Employer, Employee will promptly report to Employer all discoveries, inventions or improvements of whatsoever nature
conceived or made by him at any time he was employed by Employer, its parent, subsidiaries or successors. All such discoveries, inventions and improvements which are applicable in any way to Employer’s business shall be the sole and exclusive
property of Employer. 
 13. Additional Remedies. Employee recognizes that his services hereunder are of a personal, special, unique
and extraordinary character and irreparable injury will result to Employer and to its business and properties in the event of any breach by Employee of any of the provisions of Sections 10, 11 or 12, and that Employee’s continued
employment is predicated on the commitments undertaken by him pursuant to such Sections. In the event of any breach of any of Employee’s commitments pursuant to Sections 10, 11 and 12, Employer shall be entitled, in addition to any other
remedies and damages available, to injunctive relief to restrain the violation of such commitments by Employee or by any person or persons acting for or with Employee in any capacity whatsoever. 

  
 7 

 14. Section 409A. 

 

	 	(a)	Notwithstanding anything to the contrary in this Agreement, if at the time of Employee’s termination of employment, Employee is a “specified employee” within the meaning of Section 409A of the Code
and the regulations and guidance of general applicability issued thereunder (“Section 409A”), any and all amounts payable under Section 9(b) that constitute “nonqualified deferred compensation” under
Section 409A and would (but for this provision) be payable within six (6) months following the date of termination, shall instead be paid on the next business day following the expiration of such six (6)-month period or, if earlier, upon
Employee’s death, in each case, with interest from the date on which payment would otherwise have been made, calculated at the applicable federal rate provided under Section 7872(f)(2)(A) of the Code. If Employee receives compensation
under Section 9 that can in part be treated as paid under a “separation pay plan” described in Treasury Regulations Section 1.409A-1(b)(9), then, to the extent permitted under Section 409A, such compensation shall be treated
as first made from the separation pay plan. 

  

	 	(b)	For purposes of Section 9, all references to “termination of employment” and correlative phrases shall be construed to require a “separation from service” (as defined in Treasury Regulations
Section 1.409A-1(h) after giving effect to the presumptions contained therein). 

  

	 	(c)	Each payment made under this Agreement shall be treated as a separate payment and the right to a series of installment payments under this Agreement shall be treated as a right to a series of separate payments.

  

	 	(d)	Any amount that Employee is entitled to be reimbursed or to have paid on his behalf under this Agreement that would constitute nonqualified deferred compensation subject to Section 409A shall be subject to the
following additional rules: (i) no reimbursement of any such expense shall affect Employee’s right to reimbursement of any such expense in any other taxable year; (ii) reimbursement of the expense shall be made, if at all, promptly,
but not later than the end of the calendar year following the calendar year in which the expense was incurred; and (iii) the right to reimbursement shall not be subject to liquidation or exchange for any other benefit. 

15. Adjustments to Comply with Final Interagency Guidance on Sound Incentive Compensation Policies. Notwithstanding anything herein to
the contrary, the compensation or benefits provided under this Agreement are subject to modification, as necessary to comply with requirements imposed by the Company’s Board of Directors to comply with the “Final Interagency Guidance on
Sound Incentive Compensation Policies” issued on an interagency basis by the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Office of Thrift Supervision, effective
June 25, 2010, or 

  
 8 

 
any amendment, modification or supplement thereto, which shall be deemed to include, without limitation, any rules adopted pursuant to Section 956 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act. 
 16. Provisions Required By Law. Notwithstanding anything herein to the contrary, any provisions that are
now or are in the future required by applicable law, rule, regulation or regulatory guidance or policy of general applicability to be included in this Agreement that are not expressly stated herein (including, without limitation, any provisions so
required under 12 C.F.R. Section 163.39) shall be deemed to be a part of this Agreement as fully as if such provisions were expressly stated herein. 

17. No Duplication of Employer Obligations. With respect to any payments or other compensation to be provided hereunder by Employer,
the provision of such payments or other compensation by any subsidiary or affiliate of the Company shall be deemed to reduce, to the same extent, the obligation of the Company to provide such payments or other compensation, and vice versa. 

18. Assignment; Benefit. No party shall have the right to assign this Agreement or any rights or obligations hereunder without the
consent of the other party; provided, however, that Employer may assign its rights and obligations hereunder (i) to any entity controlled by, under the control of, or under common control with, Employer (as long as such entity is
no less capable of fulfilling the obligations of Employer hereunder), or (ii) to any successor to Employer upon any liquidation, dissolution or winding up of Employer, upon any merger or consolidation of Employer or upon any sale of all or
substantially all of the assets of Employer (as long as such successor is capable of fulfilling the obligations of Employer hereunder). 

19. Waiver. Failure of any party hereto at any time to require performance by any other party of any provision of this Agreement shall
in no way affect the rights of such first party to require performance of that provision, and any waiver by any party hereto of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such
provision, a waiver of the provision itself, or a waiver of any rights under this Agreement. 
 20. Severability. If any clause,
phrase, provision or portion of this Agreement or the application thereof to any person or circumstance shall be invalid or unenforceable under any applicable law, such event shall not affect or render invalid or unenforceable the remainder of this
Agreement and shall not affect the application of any clause, provision or portion hereof to other persons or circumstances. 
 21.
Benefits. The provisions of this Agreement shall inure to the benefit of Employer, its successors and assigns, and shall be binding upon Employer and Employee, its and his heirs, personal representatives and successors, including, without
limitation, Employee’s estate and the executors, administrators or trustees of such estate. 
 22. Governing Law. To the extent
not governed by the federal laws of the United States of America, this Agreement shall be construed and enforced in accordance with the laws of the State of California. Any dispute between the parties hereto not relating to the enforcement of
Section 10, 11 or 12 shall be settled by arbitration in California in accordance with the then 

  
 9 

 
applicable rules of the American Arbitration Association and judgment upon the award rendered may be entered in any court having jurisdiction thereof. 

23. Notices. All notices, requests, demands and other communications in connection with this Agreement shall be made in writing and
shall be deemed to have been given when delivered by hand or two (2) business days after mailing at any general or branch United States Post Office, by registered or certified mail postage prepaid, addressed as follows, or to such other address
as shall have been designated in writing by the addressee: 
 If to Employer: 

Banc of California, Inc. 
 18500
Von Karman, Suite 1100 
 Irvine, California 92612 

Attention: General Counsel 
 If
to Employee: 
 At Employee’s last address in the records of Employer. 

24. Entire Agreement. This Agreement sets forth the entire understanding of the parties and supersedes all prior agreements,
arrangements, and communications, whether oral or written, pertaining to the subject matter hereof (including, without limitation, the Offer Letter, dated as of July 28, 2015, by and between Employer and Employee), and this Agreement shall not
be modified or amended except by written agreement of Employer and Employee. 
 25. Captions. The headings and captions hereof are
for convenience only and shall not affect the construction of this Agreement. 
 26. Counterparts. This Agreement may be executed in
multiple counterparts, each of which shall be deemed an original and all of which shall constitute but one and the same instrument. 
 27.
Construction. Employer and Employee acknowledge that this Agreement was the result of arms-length negotiations between sophisticated parties, each represented by legal counsel. Each and every provision of this Agreement shall be construed as
though both parties participated equally in the drafting of same, and any rule of construction that a document shall be construed against the drafting party shall not be applicable to this Agreement. 

28. Survival. The obligations contained in this Agreement shall survive the termination of Employee’s employment with Employer or
expiration of this Agreement as necessary to carry out the intentions of the parties as described herein. 
 [Signature Page Follows]

  
 10 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first set forth
above. 
  

			
	BANC OF CALIFORNIA, INC.
		
	By:	 	 /s/ Steven A. Sugarman

	Name: Steven A. Sugarman
	Title:   Chairman, President and Chief Executive Officer

  

	
	EMPLOYEE
	
	 /s/ James J. McKinney

	James J. McKinney

  
 [Signature Page to
McKinney Employment Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00256-of-00352.parquet"}]]