Document:

EX-4.1

 Exhibit 4.1 

AMERICAN AXLE & MANUFACTURING, INC. 

Guaranteed by 
 AMERICAN
AXLE & MANUFACTURING HOLDINGS, INC. 
 AAM INTERNATIONAL HOLDINGS, INC. 

ACCUGEAR, INC. 
 COLFOR
MANUFACTURING, INC. 
 DIETRONIK, INC. 

MSP INDUSTRIES CORPORATION 
 OXFORD
FORGE, INC. 
 5.125% Senior Notes Due 2019 

CUSIP 02406P AN0 
 ISIN US02406PAN06

  

					
	 No. 001
	  	$	200,000,000	  

 AMERICAN AXLE & MANUFACTURING, INC. 

AMERICAN AXLE & MANUFACTURING, INC., a Delaware corporation (the “Company”, which term includes any successor under the
Indenture hereinafter referred to), for value received, promises to pay to CEDE & Co., or registered assigns, the principal sum of TWO HUNDRED MILLION DOLLARS ($200,000,000) on February 15, 2019. 

Interest Payment Dates: February 15 and August 15 

Record Dates: February 1 and August 1 

Reference is hereby made to the further provisions of this Note set forth on the reverse hereof, which further provisions shall for all
purposes have the same effect as if set forth at this place. 
 [SIGNATURES ON FOLLOWING PAGES] 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: November 12, 2013 
  

					
	 AMERICAN AXLE & MANUFACTURING, INC.

		
	By:	 	 /s/ Michael K. Simonte

		 	 Name:
	 	Michael K. Simonte
		 	 Title:
	 	Executive Vice President & Chief Financial Officer

  

			
	 Attest:
	 	 /s/ David E. Barnes

	 Name:
	 	David E. Barnes
	 Title:
	 	General Counsel & Secretary

 American Axle & Manufacturing Holdings, Inc. (“Holdings”), AAM International
Holdings, Inc., AccuGear, Inc., Colfor Manufacturing, Inc., DieTronik, Inc., MSP Industries Corporation and Oxford Forge, Inc. (the “Subsidiary Guarantors” and, together with Holdings, the “Guarantors”), which term includes any
successor Person under the Indenture (the “Indenture”) dated as of November 3, 2011 among American Axle & Manufacturing, Inc., as issuer, the Guarantors and U.S. Bank National Association, as trustee (the
“Trustee”), unconditionally guarantee, to the extent set forth in the Indenture and subject to the provisions of the Indenture, the due and punctual payment of the principal of, any premium and interest on the Notes, when and as the same
shall become due and payable, whether at maturity, redemption, repayment or otherwise, all in accordance with the terms set forth in Article Sixteen, in the case of Holdings, and Article Seventeen, in the case of the Subsidiary Guarantors, of the
Indenture. 
 The obligations of the undersigned to the Holders of the Notes and to the Trustee pursuant to these Guarantees and in the
Indenture are expressly set forth in the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantees and all of the other provisions of the Indenture to which these Guarantees relate. 

IN WITNESS WHEREOF, each of the Guarantors has caused this Note to be duly executed. 

Dated: November 12, 2013 
  

			
	AMERICAN AXLE & MANUFACTURING HOLDINGS, INC.
	AAM INTERNATIONAL HOLDINGS, INC.
	ACCUGEAR, INC.
	COLFOR MANUFACTURING, INC.
	DIETRONIK, INC.
	MSP INDUSTRIES CORPORATION
	OXFORD FORGE, INC.
		
	 By:
	 	 /s/ Christopher J. May

		 	Name: Christopher J. May
		 	Title:   Treasurer

  

			
	 Attest:
	 	 /s/ David E. Barnes

	 Name:
	 	David E. Barnes
	 Title:
	 	General Counsel & Secretary

 TRUSTEE’S CERTIFICATE OF AUTHORIZATION 

Dated: November 12, 2013 
 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:
	 	 /s/ Tracey L. Mooney

		 	 Authorized Officer

 [Signature Page to Global Note] 

 5.125% Senior Notes Due 2019 

THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL
OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAYBE REQUIRED PURSUANT TO SECTION 305 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE
BUT NOT IN PART PURSUANT TO SECTION 305 OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 310 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH
THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 Capitalized terms used herein shall have the meanings assigned to them in the Indenture
referred to below unless otherwise indicated. The securities represented by this Note and any additional Securities of the same series issued under the Indenture are collectively referred to as “the Notes.” 

1. Interest. American Axle & Manufacturing, Inc., a Delaware corporation (the “Company”), promises to pay interest
on the principal amount of this Note at 5.125% per annum from the date hereof until maturity. The Company shall pay interest in arrears semiannually on February 15 and August 15 of each year, or if any such day is not a Business Day,
on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or duly provided for or, if no interest has been paid, from the date of
issuance through but excluding the date on which interest is paid. The first Interest Payment Date shall be August 15, 2014. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 

2. Method of Payment. The Company shall pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders
of Notes at the close of business on February 1 or August 1 immediately preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in
Section 307 of the Indenture with respect to defaulted interest. The Notes shall be payable as to principal, premium, if any, and interest at the office or agency of the Company maintained for such purpose in the borough of Manhattan, The City
of New York, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds shall be
required with respect to principal of and interest, premium on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall be 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. 

 3. Paying Agent and Registrar. Initially, U.S. Bank National Association, the Trustee
under the Indenture, shall act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 

4. Indenture. The Company issued the Notes under an Indenture dated as of November 3, 2011 (the “Indenture”) between the
Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The
Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. This Note is an obligation of the Company, which series is initially limited to $200,000,000 in aggregate principal amount.
The Indenture pursuant to which this Note is issued provides that an unlimited amount of additional Notes may be issued thereunder. 
 5.
Optional Redemption. On and after November 15, 2015, the Company will be entitled at its option to redeem all or a portion of the Notes upon not less than 30 nor more than 60 days’ notice, at the Redemption Prices (expressed in
percentages of principal amount on the Redemption Date), plus accrued and unpaid interest to the Redemption Date (subject to the right of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date), if
redeemed during the 12-month period commencing on November 15 of the years set forth below: 
  

					
	Period	  	Redemption Price	 
	 2015
	  	 	102.563	% 
	 2016
	  	 	101.281	% 
	 2017 and thereafter
	  	 	100.000	% 

 Prior to November 15, 2015, the Company will be entitled at its option to redeem all or a portion of the
Notes at a Redemption Price equal to 100% of the principal amount of the Notes plus the Applicable Premium plus accrued and unpaid interest to the Redemption Date (subject to the right of Holders on the relevant Regular Record Date to receive
interest due on the relevant Interest Payment Date). Notice of such redemption must be mailed by first-class mail to each Holder’s registered address, not less than 30 nor more than 60 days prior to the Redemption Date. 

In addition, the Company may on any one or more occasions prior to November 15, 2015 redeem up to 35% of the original principal amount of
the Notes (calculated after giving effect to any issuance of additional Notes) with the Net Cash Proceeds of one or more Equity Offerings at a Redemption Price of 105.125% of the principal amount thereof plus accrued and unpaid interest, if any, to
the applicable Redemption Date (subject to the right of Holders on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date); provided that: 

(1) at least 65% of the original principal amount of the Notes (calculated after giving effect to any issuance of additional Notes) remains
outstanding after each such redemption; and 

 (2) the redemption occurs within 90 days after the closing of such Equity Offering. 

“Applicable Premium” means, with respect to a Note on any Redemption Date, the greater of (a) 1.0% of the principal amount of
such Note, and (b) the excess, if any, of (a) the present value as of such Redemption Date of (i) the Redemption Price of such Note on November 15, 2015 (as set forth above), plus (ii) all required interest payments due on
such Note through November 15, 2015 (excluding accrued but unpaid interest to the Redemption Date), computed using a discount rate equal to the Treasury Rate as of such Redemption Date plus 50 basis points, over (b) the then outstanding
principal of such Note. 
 “Equity Offering” means a public offering for cash by the Issuer or Holdings of its Common Stock, or
options, warrants or rights with respect to its Common Stock, other than (x) public offerings with respect to the Company’s or Holding’s Common Stock, or options, warrants or rights, registered on Form S-4 or S-8, (y) an issuance
to any Subsidiary of the Company or (z) any offering of Common Stock issued in connection with a transaction that constitutes a Change of Control. 

“Net Cash Proceeds” means, with respect to any issuance or sale of Capital Stock of the Company, the cash proceeds of such issuance
or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges actually incurred in connection with such
issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any tax share arrangements). 

“Treasury Rate” means the yield to maturity at the time of computation of United States Treasury securities with a constant
maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the Redemption Date (or, if such Statistical Release is no longer
published, any publicly available source or similar market data)) most nearly equal to the period from the Redemption Date to November 15, 2015; provided, however, that if the period from the Redemption Date to November 15, 2015 is
not equal to the constant maturity of a United States Treasury security for which a weekly average yield is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average
yields of United States Treasury securities for which such yields are given, except that if the period from the Redemption Date to November 15, 2015 is less than one year, the weekly average yield on actually traded United States Treasury
securities adjusted to a constant maturity of one year will be used. 
 The Company will mail notice of any redemption at least 30
days, but not more than 60 days, before the Redemption Date to each Holder of the Notes to be redeemed. If less than all the Notes are to be redeemed at any time, the Trustee will select Notes to be redeemed on a pro rata basis or by any
other method the Trustee deems fair and appropriate. Unless the Company defaults in payment of the Redemption Price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof called for redemption. 

 6. Change of Control. Upon the occurrence of a Change of Control, the Company will make an
offer (a “Change of Control Offer”) to each Holder to repurchase all or any part of each Holder’s Notes at a purchase price (the “Change of Control Purchase Price”) equal to 101% of the principal amount thereof, plus accrued
and unpaid interest, if any, to the repurchase date. Within 30 days following any Change of Control, the Company will (i) cause a notice of the Change of Control Offer to be sent at least once to the Dow Jones News Service or similar business
news service in the United States; and (ii) send, by first-class mail, with a copy to the Trustee, a notice to each registered Holder stating: (1) that a Change of Control has occurred and a Change of Control Offer is being made pursuant
to the Indenture and that all Notes timely tendered will be accepted for payment; (2) the Change of Control Purchase Price and the repurchase date, which shall be, subject to any contrary requirements of applicable law, a Business Day no
earlier than 30 days nor later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); (3) the circumstances and relevant facts regarding the Change of Control (including information with respect to
pro forma historical income, cash flow and capitalization after giving effect to the Change of Control); and (4) the procedures that Holders of Notes must follow in order to tender their Notes (or portions thereof) for payment, and the
procedures that Holders of Notes must follow in order to withdraw an election to tender Notes (or portions thereof) for payment. 
 The
Company shall comply with the requirements of Rule 14e of the Securities Exchange Act of 1934 (the “Exchange Act”) and any other securities laws or regulations thereunder to the extent such laws and regulations are applicable in connection
with the repurchase of Notes in connection with a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict with the terms of the Notes, the Company will comply with the applicable securities laws and
regulations and will not be deemed to have breached its obligations under the Indenture by virtue of such compliance. 
 On the
Change of Control Payment Date, the Company will, to the extent lawful, (1) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer, (2) deposit with the Paying Agent an amount equal to
the Change of Control Purchase Price in respect of all Notes or portions thereof properly tendered and (3) deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating the
aggregate principal amount of Notes or portions thereof being purchased by the Company. The Paying Agent will promptly mail to each registered Holder of Notes properly tendered the Change of Control Purchase Price for such Notes, and the Trustee
will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered by such Holder, if any; provided, that each such new Note
will be in a principal amount of $1,000 or an integral multiple thereof. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 

The Company will not be required to make a Change of Control Offer upon a Change of Control if a third party makes the Change of Control Offer
in the manner, at the times and otherwise in compliance with the requirements set forth herein and all other provisions of the Indenture and terms of the Notes applicable to a Change of Control Offer made by the Company and purchases all Notes
validly tendered and not withdrawn under such Change of Control Offer. 

 “Change of Control” means the occurrence of any of the following events: 

(a) any “person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act)
becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act, except that such person or group shall be deemed to have “beneficial ownership” of all shares that any such person or group has the right to acquire,
whether such right is exercisable immediately or only after the passage of time), directly or indirectly, of 50% of the total voting power of the voting stock of Holdings or the Company (or their successors by merger, consolidation or purchase of
all or substantially all of their assets); 
 (b) during any period of two consecutive years, individuals who at the beginning of such
period constituted the Board of Directors of Holdings (together with any new directors whose election to such board or whose nomination for election by the stockholders of Holdings was approved by a vote of a majority of the directors then still in
office who were either directors at the beginning of such period or whose election or nomination for election was previously so approved), cease for any reason to constitute a majority of such Board of Directors then in office; 

(c) the sale, assignment, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series
of related transactions, of all or substantially all of the assets of Holdings and its Subsidiaries, taken as a whole, or of the Company and its Subsidiaries, taken as a whole, to any “person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act); 
 (d) the adoption by the stockholders of Holdings or the Company of a plan or proposal for the liquidation or
dissolution of Holdings or the Company; or 
 (e) Holdings ceases to own, directly or indirectly, all of the Capital Stock of the Company
(other than in connection with a merger of Holdings into the Company permitted by the Indenture). 
 7. Consolidation, Merger, Sale or
Conveyance. 
 (a) Neither the Company nor Holdings may consolidate with or merge into any other Person or convey, transfer or lease their
properties and assets substantially as an entirety to any Person, unless: 
 (1) the successor or transferee entity, if other
than the Company or Holdings, as the case may be, is a corporation organized and existing under the laws of the United States, any state thereof or the District of Columbia and expressly assumes by a supplemental indenture executed and delivered to
the Trustee, in form reasonably satisfactory to the Trustee, the due and punctual payment of the principal of, any premium on and any interest on, all the outstanding notes and the performance of every covenant and obligation in the Indenture to be
performed or observed by the Company or Holdings, as the case may be; 
 (2) immediately after giving effect to the
transaction, no Event of Default and no event which, after notice or lapse of time or both, would become an Event of Default, has happened and is continuing; and 

 (3) the Company or Holdings, as the case may be, has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each in the form required by the Indenture and stating that such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such
transaction, such supplemental indenture comply with the foregoing provisions relating to such transaction. 
 (b) No Subsidiary Guarantor
may consolidate with or merge into any other Person or convey, transfer or lease their properties and assets substantially as an entirety to any Person, unless: 

(1) the successor or transferee Person, if not a Subsidiary Guarantor prior to such merger, conveyance, transfer or lease,
shall be a Person organized and existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, or any State thereof or the District of Columbia, and expressly assumes, by a
supplemental indenture, all the obligations of such Subsidiary under its Guarantee; provided, however, that the foregoing shall not apply in the case of a Subsidiary Guarantor (x) that has been, or will be as a result of the subject
transaction, disposed of in its entirety to another Person (other than to the Company, Holdings or an Affiliate of the Company or Holdings), whether through a merger, consolidation or sale of Capital Stock or assets or (y) that, as a result of
the disposition of all or a portion of its Capital Stock, ceases to be a Subsidiary; 
 (2) immediately after giving effect
to the transaction, no Event of Default and no event which, after notice or lapse of time or both, would become an Event of Default, has happened and is continuing; and 

(3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that such
consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this paragraph 7 and that all conditions precedent herein provided for
relating to such transaction have been complied with. 
 (c) Upon any consolidation by the Company, Holdings or any Subsidiary Guarantor
with or merger by the Company, Holdings or any Subsidiary Guarantor, as the case may be, with or into any other corporation or any conveyance, transfer or lease of the properties and assets of the Company, Holdings or any Subsidiary Guarantor, as
the case may be, substantially as an entirety to any Person, the successor Person formed by such consolidation or into which the Company, Holdings or such Subsidiary Guarantor is merged or to which such conveyance, transfer or lease is made shall
succeed to, and be substituted for, and may exercise every right and power of, and be subject to every obligation of, the Company, Holdings or such Subsidiary Guarantor, as the case may be, under the Indenture with the same effect as if such
successor Person had been named as the Company, Holdings or such Subsidiary Guarantor, as the case may be, therein, and in the event of any such conveyance or transfer, the Company, Holdings or any Subsidiary Guarantor, as the case may be, except in
the case of a lease, shall be discharged of all obligations and covenants under the Indenture and the Notes or the Guarantees, as the case may be, and may be dissolved and liquidated. 

 8. Limitation on Liens. The Company and Holdings will not, and will not permit any
Restricted Subsidiary to, create, incur, issue, assume or guarantee any indebtedness for money borrowed (“Debt”) secured by a Mortgage upon any Operating Property, or upon shares of Capital Stock or Debt issued by any Restricted Subsidiary
and owned by the Company or Holdings or any Restricted Subsidiary, whether owned at the date of the Indenture (November 3, 2011) or thereafter acquired, without effectively providing concurrently that the notes of each series then outstanding under
the Indenture are secured equally and ratably with or, at our option, prior to such Debt so long as such Debt shall be so secured. 
 The
foregoing restriction shall not apply to, and there shall be excluded from Debt in any computation under such restriction, Debt secured by: 

(1) Mortgages on any property existing at the time of the acquisition thereof; 

(2) Mortgages on property of a corporation existing at the time such corporation is merged into or consolidated with the
Company or Holdings or a Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of such corporation (or a division thereof) as an entirety or substantially as an entirety to the Company, Holdings or a Restricted
Subsidiary; provided that any such Mortgage does not extend to any property owned by the Company, Holdings or any Restricted Subsidiary immediately prior to such merger, consolidation, sale, lease or disposition; 

(3) Mortgages on property of a corporation existing at the time such corporation becomes a Restricted Subsidiary; 

(4) Mortgages in favor of the Company, Holdings or a Restricted Subsidiary; 

(5) Mortgages to secure all or part of the cost of acquisition, construction, development or improvement of the underlying
property, or to secure debt incurred to provide funds for any such purpose; provided that the commitment of the creditor to extend the credit secured by any such Mortgage shall have been obtained no later than 360 days after the later of
(a) the completion of the acquisition, construction, development or improvement of such property or (b) the placing in operation of such property; 

(6) Mortgages in favor of the United States of America or any State thereof, or any department, agency or instrumentality or
political subdivision thereof, to secure partial, progress, advance or other payments; and 
 (7) Mortgages existing on the
date of the Indenture or any extension, renewal, replacement or refunding of any Debt secured by a Mortgage existing on the date of the Indenture or referred to in clauses (1) to (3) or (5); provided that any such extension,
renewal, replacement or refunding of such Debt shall be created within 360 days of repaying the Debt secured by the Mortgage referred to in clauses (1) to (3) or (5) and the principal amount of the Debt secured thereby and not
otherwise authorized by clauses (1) to (3) or (5) shall not exceed the principal amount of Debt, plus any premium or fee payable in 

 
connection with any such extension, renewal, replacement or refunding, so secured at the time of such extension, renewal, replacement or refunding; provided further that this clause
(7) shall not include Mortgages securing Debt incurred under the Existing Senior Secured Notes or the Credit Agreement or any extension, renewal, replacement or refunding thereof. 

Notwithstanding the restrictions described above, the Company, Holdings and any Restricted Subsidiaries may create, incur, issue, assume or
guarantee Debt secured by Mortgages without equally and ratably securing the notes of each series then outstanding if, at the time of such creation, incurrence, issuance, assumption or guarantee, after giving effect thereto and to the retirement of
any Debt which is concurrently being retired, the aggregate amount of all such Debt secured by Mortgages which would otherwise be subject to such restrictions (other than any Debt secured by Mortgages permitted as described in clauses
(1) through (7) of the immediately preceding paragraph) plus all Attributable Debt of the Company, Holdings and the Restricted Subsidiaries in respect of Sale and Leaseback Transactions with respect to Operating Properties (with the
exception of such Sale and Leaseback Transactions permitted under clauses (1) through (4) of Section 1007 of the Indenture) does not exceed 10% of Consolidated Net Tangible Assets. 

“Credit Agreement” means the Amended and Restated Credit Agreement dated as of January 9, 2004, as amended and restated as of
September 13, 2013, among the Company, Holdings, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent, as amended, restated, supplemented, replaced or refinanced from time to time. 

“Existing Senior Secured Notes” means the 9.25% senior secured notes due 2017 issued pursuant to the Indenture, dated as of
December 18, 2009, among the Company, the guarantors party thereto and U.S. Bank National Association, as Trustee. 
 9. Future
Subsidiary Guarantors. The Company will cause each of its Subsidiaries that is not a Subsidiary Guarantor and that guarantees any Guarantee Indebtedness of the Company or any Guarantor to execute and deliver to the Trustee a supplemental
indenture pursuant to which such Subsidiary will unconditionally guarantee, on a joint and several basis, the full and prompt payment of the principal of, premium, if any, and interest in respect of the Notes on an unsecured and unsubordinated basis
and all other obligations under the Indenture. The Guarantee of the Notes by any Subsidiary Guarantor will be released and discharged in accordance with Article Seventeen of the Indenture. 

The obligations of each Subsidiary Guarantor will be limited to the maximum amount as will, after giving effect to all other contingent and
fixed liabilities of such Subsidiary Guarantor and after giving effect to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee or pursuant to its
contribution obligations under the Indenture, result in the obligations of such Subsidiary Guarantor under its Guarantee not constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 

Following the first day (the “Suspension Date”): 

(1) the Notes have an Investment Grade Rating from both of the Ratings Agencies; and 

 (2) no Default has occurred and is continuing under the Indenture; 

Holdings, the Company and their Subsidiaries will not be subject to the provisions of this covenant. 

In addition, upon the occurrence of a Suspension Date, the Company may elect, by delivering written notice thereof to the Trustee, to suspend
the Guarantees of the Subsidiary Guarantors. If at any time the Notes’ credit rating is downgraded from an Investment Grade Rating by any Ratings Agency or if a Default or Event of Default occurs and is continuing, then (i) this covenant
will thereafter be reinstated (the “Reinstatement Date”), unless and until the Notes subsequently attain an Investment Grade Rating and no Default or Event of Default is in existence (in which event this covenant shall no longer be in
effect for such time that the Notes maintain an Investment Grade Rating and no Default or Event of Default is in existence) and (ii) the Guarantees of the Subsidiary Guarantors previously suspended will be reinstated. 

“Guarantee Indebtedness” means, with respect to any Person on any date of determination (without duplication): 

(1) the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money; 

(2) the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or
other similar instruments; 
 (3) the principal component of all obligations of such Person in respect of letters of credit,
bankers’ acceptances or other similar instruments (including reimbursement obligations with respect thereto, except to the extent such reimbursement obligation relates to a trade payable or similar obligation to a trade creditor in each case
incurred in the ordinary course of business and such obligation is satisfied within 30 days of incurrence) other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (1) and
(2) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, to the extent drawn upon, such drawing is reimbursed no later than the fifth business day following receipt by
such Person of a demand for reimbursement following payment on the letter of credit; 
 (4) the principal component or
liquidation preference of all obligations of any Subsidiary that is not a Subsidiary Guarantor with respect to the redemption, repayment or other repurchase of any Preferred Stock (but excluding, in each case, any accrued dividends); 

(5) the principal component of all Guarantee Indebtedness of other Persons secured by a lien on any asset of such Person,
whether or not such Guarantee Indebtedness is assumed by such Person; provided, however, that the amount of such Guarantee Indebtedness will be the lesser of (a) the fair market value of such asset at such date of determination
and (b) the amount of such Guarantee Indebtedness of such other Persons; and 

 (6) the principal component of Guarantee Indebtedness of other Persons to the
extent guaranteed by such Person (whether or not such items would appear on the balance sheet of the guarantor or obligor). 

“Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by Moody’s Investors Service,
Inc. and BBB- (or the equivalent) by Standard & Poor’s Ratings Group, Inc., in each case, with a stable or better outlook; provided that a change in outlook shall not by itself constitute a loss of an Investment Grade Rating.

 “Ratings Agencies” means Standard & Poor’s Ratings Group, Inc. and Moody’s Investors Service, Inc. or if
Standard & Poor’s Ratings Group, Inc. or Moody’s Investors Service, Inc. or both shall not make a rating on the Notes publicly available, a nationally recognized statistical Ratings Agency or agencies, as the case may be, selected
by Holdings (as certified by a resolution of the Board of Directors) which shall be substituted for Standard & Poor’s Ratings Group, Inc. or Moody’s Investors Service, Inc. or both, as the case may be. 

10. No Sinking Fund. The Company shall not be required to make sinking fund payments with respect to the Notes. 

11. Notice of Redemption. Notice of redemption shall be mailed at least 30 days but not more than 60 days before the Redemption Date to
each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $1,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after
the Redemption Date interest ceases to accrue on Notes or portions thereof called for redemption. 
 12. Denominations, Transfer,
Exchange. The Notes are in registered form without coupons in denominations of $1,000 and integral multiples of $1,000. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the
Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange
or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15
days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

13. Persons Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 

14. Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Company and the rights of the Holders of the Notes to be affected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in principal amount of
the Notes then outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in principal amount of the Notes at 

 
the time outstanding, on behalf of the Holders of all outstanding Notes, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture
and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange or
in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 15. Defaults and Remedies. Events of
Default include: 
 (a) default in the payment of any interest on the Notes when such interest becomes due and payable, and continuance of
such default for a period of 30 days; 
 (b) default in the payment of the principal of (or premium, if any, on) the Notes at Maturity or
the redemption or repurchase price when the same becomes due and payable; 
 (c) default in the performance, or breach, of any covenant or
agreement of the Company or Holdings in the Indenture which affects or is applicable to the Notes (other than a default in the performance or breach of a covenant or agreement that is elsewhere in the Indenture specifically dealt with or which has
expressly been included in the Indenture solely for the benefit of other series of Securities), and continuance of such default or breach for a period of 60 days after there has been given, by registered or certified mail, to the Company by the
Trustee or to the Company and Trustee by the Holders of at least 25% in principal amount of the outstanding Notes, a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of
Default” hereunder; 
 (d) the Guarantee of (i) Holdings or (ii) any Subsidiary Guarantor that is a Significant Subsidiary or
a group of Subsidiary Guarantors which collectively (as of the latest audited consolidated financial statements for Holdings) would constitute a Significant Subsidiary, in each case, ceases to be in full force and effect or is declared null and void
or Holdings or any such Subsidiary Guarantor denies that it has any further liability under its Guarantee to the Note Holders, or has given notice to such effect (other than by reason of the termination of the Indenture or the release of such
Guarantee in accordance with the Indenture), and such condition shall have continued for a period of 30 days after notice is given as specified in the Indenture; 

(e) default in the payment of principal when due or resulting in acceleration of other Indebtedness of the Company, Holdings or any
Significant Subsidiary for borrowed money where the aggregate principal amount with respect to which the default or acceleration has occurred exceeds $100 million and such acceleration has not been rescinded or annulled or such Indebtedness repaid
within a period of 30 days after written notice to the Company by the Trustee or to the Company and the Trustee by the Holders of at least 25% in principal amount of the Notes then outstanding; provided that if any such default is cured,
waived, rescinded or annulled, then the Event of Default by reason thereof would be deemed not to have occurred; 
 (f) failure by Holdings,
the Company or any Significant Subsidiary to pay final and nonappealable judgments aggregating in excess of $100 million (net of any amounts that are covered by insurance issued by a reputable and creditworthy insurance company), which judgments are
not paid, discharged or stayed for a period of 30 days after such judgment becomes final; 

 (g) the entry by a court having jurisdiction in the premises of (A) a decree or order for
relief in respect of the Company, Holdings or any Significant Subsidiary in an involuntary case or proceeding under Bankruptcy Law or (B) a decree or order adjudging the Company, Holdings or any Significant Subsidiary a bankrupt or insolvent,
or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Company, Holdings or such Significant Subsidiary under any applicable Federal or State law, or appointing a custodian,
receiver, liquidator, assignee, trustee, sequestrator or other similar official of the Company, Holdings or such Significant Subsidiary or of any substantial part of their property, or ordering the winding up or liquidation of their affairs, and the
continuance of any such decree or order for relief or any such other decree or order unstayed and in effect for a period of 60 consecutive days; 

(h) the commencement by the Company, Holdings or any Significant Subsidiary of a voluntary case or proceeding under Bankruptcy Law or of any
other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by them to the entry of a decree or order for relief in respect of the Company, Holdings or any Significant Subsidiary in an involuntary case or proceeding under
Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or proceeding against them, or the filing by them of a petition or answer or consent seeking reorganization or relief under any applicable Federal or State law, or the
consent by them to the filing of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee, sequestrator or similar official of the Company, Holdings or any Significant Subsidiary or of any
substantial part of their property, or the making by them of an assignment for the benefit of creditors, or the admission by them in writing of their inability to pay their debts generally as they become due; and 

(i) there occurs any other Event of Default provided pursuant to Section 301 or 901 of the Indenture with respect to the Notes. 

“Significant Subsidiary” means any Subsidiary that would constitute a “significant subsidiary” within the meaning of
Article 1 of Regulation S-X of the Securities Act of 1933 as in effect on the date of the Indenture. 
 If any Event of Default as described
in clause (a), (b), (c), (d), (e), (f) or (i) occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the Notes may declare the principal amount of all of the Notes and any
accrued and unpaid cash interest through the date of such declaration, to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount shall
become immediately due and payable. At any time after such a declaration of acceleration with respect to the Notes has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as provided in Article
Five of the Indenture, the Holders of a majority in principal amount of the Notes by written notice to the Company, Holdings and the Trustee, may rescind and annul such declaration and its consequences if the Company has complied with the
requirements of Section 502 of the Indenture. In the case of an Event of Default arising from certain events of bankruptcy 

 
or insolvency as described in clause (g) and (h) above, all outstanding Notes will become due and payable immediately without further action. Holders of the Notes may not enforce the
Indenture or the Notes except as provided in the Indenture. Holders of not less than a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing
Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium, if any, or interest on, the Notes. The Company is required to deliver to the Trustee annually a
statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or Event of Default. 

16. Trustee Dealings with Company. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and
perform services for the Company and Holdings and their Affiliates, and may otherwise deal with the Company and Holdings and their Affiliates, as if it were not the Trustee. 

17. No Recourse Against Others. No director, officer, employee, incorporator or shareholder of the Company or the Guarantors, as such,
shall have any liability for any obligations of the Company or the Guarantors under the Notes, the Guarantees or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of
the U.S. Securities and Exchange Commission that such a waiver is against public policy. 
 18. Authentication. This Note shall not
be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
 19. Abbreviations. Customary
abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). 
 20. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on
Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of
such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

21. Guarantees. The Company’s obligations under the Notes are fully and unconditionally guaranteed by the Guarantors as set forth
in the Indenture. 
 22. Ranking. The Notes and the Guarantees of the Guarantors will be unsecured and unsubordinated obligations and
will rank equal in right of payment to all of the existing and future unsecured and unsubordinated indebtedness of the Company and the Guarantors, respectively. 

 23. Defeasance and Covenant Defeasance. The Indenture contains provisions for defeasance
at any time of (a) the entire indebtedness with respect to the Notes and (b) certain covenants, consolidations, merger, conveyance, transfer or lease, in each case upon compliance by the Company with certain conditions set forth in the
Indenture. 
 24. Satisfaction and Discharge. The Indenture contains provisions for satisfaction and discharge of the Notes at any
time upon compliance by the Company with certain conditions set forth in the Indenture. 
 25. Governing Law. The Notes are governed
by and construed in accordance with the laws of the State of New York. 
 The Company shall furnish to any Holder upon written request and
without charge a copy of the Indenture. Requests may be made to: 
 American Axle & Manufacturing, Inc. 

One Dauch Drive 
 Detroit,
Michigan 48211 
 Facsimile: (313) 758-3897 

Attention: General Counsel 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 

	
	 
	 
	 (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 Note 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 Note)

 Signature Guarantee. 

 SCHEDULE OF INCREASES OR DECREASES IN PRINCIPAL AMOUNT 

The initial principal amount of this Note is $200,000,000. The following increases or decreases in this Note have been made: 

 

									
	 Date of

Redemption or

Repurchase
	 	 Amount of

decrease in

Principal
 Amount of
this
 Note
	 	 Amount of

increase in
 Principal
Amount
 of this Note
	  	Principal amount of
this Note
following such
decrease or
increase	  	Notation Made
by or on Behalf
of TrusteeEX-10.9D

 Exhibit 10.9D 

EMPLOYMENT AGREEMENT 

This Employment Agreement (this “Agreement”) is made effective as of September 17, 2013 by and among Banc of California, Inc.,
a Maryland corporation (the “Company” and, together with its subsidiaries and affiliates, “Employer”), and Hugh F. Boyle (“Employee”). 

WITNESSETH: 
 WHEREAS, Employer
desires to employ Employee and Employee desires to be employed by Employer upon the terms and subject to the conditions set forth herein; 

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 September 30, 2013 (the
“Commencement Date”) and shall expire on the date that is three years from the Commencement Date (the “Term End Date”), unless terminated sooner as hereinafter provided or unless extended as provided in the next sentence.
Commencing on the date that is three years after the Commencement 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 if Employer notifies Employee at least ninety (90) days prior to such Renewal Date that the term of this Agreement will be so extended unless within thirty (30) days of such notice,
Employee shall have provided his objection to such renewal. Reference herein to the term hereunder shall refer to both the initial term and any extended term hereunder. 

3. Duties. Employee will, during the term hereof: 
  

	 	(a)	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 Credit 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; and 

  

	 	(b)	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, Employer shall pay Employee: 

 

	 	(a)	on the Commencement Date, a one-time signing bonus in the form of a grant under the Banc of California, Inc. 2013 Omnibus Incentive Plan (the “Omnibus Incentive Plan”) of 25,000 shares of restricted voting
common stock of the Company, which shares shall vest in five (5) equal annual increments of 5,000 shares each commencing on the first anniversary of the Commencement Date and on each successive anniversary thereafter until fully vested upon the
fifth anniversary of the Commencement Date. The terms of such grant shall be subject to the terms of the final restricted stock agreement evidencing such grant, the form of which shall be attached hereto as Exhibit A (the “Restricted Stock
Agreement”). In the event of a conflict between the Restricted Stock Agreement and this Agreement, the terms of the Restricted Stock Agreement shall control. 

 

	 	(b)	 a base salary at the rate of $350,000 per annum, payable in periodic payments in accordance with Employer’s practices for other executive,
managerial, and supervisory employees (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 of Directors of the Company (the
“Committee”) will review such base salary at least annually and, in their discretion, may increase such salary. Employee shall also 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 of up to 100% of Employee’s annual base salary (“Annual Base Salary”) in effect at the beginning of such fiscal year, with an annual target bonus equal to 75% of such Annual
Base Salary (the “Target Bonus”); provided, however, that the actual Annual Bonus may be higher or lower than the Target Bonus and shall be pro-rated for any partial year. 

 

	 	(c)	additional or special compensation, such as equity awards, incentive pay or bonuses, based upon Employee’s performance as the Committee in their discretion, may 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) of this Agreement) 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. Options.  
  

	 	(a)	General. Employee may receive grants of options from the Company from time to time for his services as an executive at Employer and/or any subsidiary of Employer. On the Commencement Date, Employee shall receive
a grant under the Omnibus Incentive Plan of non-qualified stock options from the Company for the purchase of 25,000 shares of the Company’s voting common stock at an exercise price per share equal to the closing market price per share of the
Company’s common stock on the Commencement Date (the “Initial Grant”). The Initial Grant shall become vested and exercisable in five (5) equal annual increments of 5,000 shares each commencing on the first anniversary of the
Commencement Date and on each successive anniversary thereafter until fully vested and exercisable upon the fifth anniversary of the Commencement Date. The terms of the Initial Grant, including the foregoing vesting schedule, shall be subject to the
terms of the final option agreement which evidences the Initial Grant, which shall be attached hereto as Exhibit B (the “Initial Grant Agreement”). In the event of a conflict between the Initial Grant Agreement and this Agreement, the
terms of the Initial Grant Agreement shall control. 

  

	 	(b)	Designation of Beneficiary. From time to time, by signing a form furnished to Employer, Employee may designate any legal or natural person or persons (who may be designated contingently or successively) to whom
to transfer the Initial Grant if he were to die before he exercised the Initial Grant. If Employee fails to designate a beneficiary as provided above, or if the designated beneficiary dies before Employee or before complete payment, the Initial
Grant shall be transferred to the Employee’s estate. For purposes of this Agreement, the term “designated beneficiary” means the person or persons designated by Employee as his beneficiary in the last effective beneficiary designation
form filed with Employer, or if Employee has failed to designate a beneficiary, the Employee’s estate. 

 6.
Automobile and Other Expenses. During the term of this Agreement, Employer shall lease and allow Employee use of, one (1) new-condition Chevy Volt automobile or such other car as determined in the discretion of the Company (the
“Car”). Employee shall be solely responsible for all fuel, maintenance and other similar charges associated with the Employee’s personal non-business use of the Car. 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 Car shall be the sole responsibility of Employee. At the conclusion of the term of this Agreement
or the expiration of the lease of the Car, whichever occurs first, Employee shall promptly return the Car 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. Employer shall pay the reasonable costs of Employee’s relocation, including relocation from Employee’s primary family residence
location as well as his secondary work residence location, to the Los Angeles-Orange County metropolitan area, including costs for moving and temporary storage of household goods, and expenses for required travel between those locations and covering
up to 30 days of temporary living arrangements necessary to facilitate Employee’s relocation. 

  
 -2- 

 7. Benefits. Employee shall be entitled to participate in such vacation, 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. 

8. Vacation. Employee shall be entitled to the greater of the accrual or 1.67 days of vacation for each month of service or such other
accruals as outlined in Employer’s human resource policies. In the event that the full vacation for any calendar year is not taken by Employee, Employee’s ongoing accrual of vacation could become limited by the maximum level of carryover
accrued vacation allowed for in Employer’s then existing policy for the carry forward of accrued vacation. 
 9. Termination.

  

	 	(a)	Employee’s employment with Employer shall 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 for 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 forty-five (45) days’ prior written notice to Employer. In the event of termination of Employee’s employment pursuant
to this Section 9(c), Employer may elect to waive the period of notice, or any portion thereof, and, if Employer so elects, Employer will pay Employee his base salary for the period so waived. 

 

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

  

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

10. 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 Sections 10(e)-(i) and Section 14, (i) 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, (ii) the Initial Grant, to the extent not theretofore fully
vested, shall become fully vested and immediately exercisable in accordance with its terms and (iii) in the event the Employee is not theretofore fully vested in the restricted shares provided under Section 4(a) as a signing bonus, the
Employee shall be entitled to be appointed as an advisor of Employer and shall be permitted to continue serving in that capacity until the first to occur of becoming employed by a third party or all such restricted shares have vested in full.

  

	 	(c)	Subject to Section 14, any severance pay to be paid pursuant to Section 10(b) shall be paid in 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. 

  

	 	(d)	In the event of Employee’s death within 24 months of termination for any reason, all remaining eligible benefits under this section shall be paid to Employee’s designated beneficiary as noted in
Section 5(b) of this Agreement. 

  
 -3- 

	 	(e)	Any severance pay to be paid pursuant to Section 10(b) is subject to and conditioned upon Employee signing and delivering (and not revoking) to Employer a general release and waiver (in a form reasonably acceptable
to Employer), waiving all claims the 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.

  

	 	(f)	The payment of the severance pay under Section 10(b) is conditioned upon the Employee’s compliance with the non-solicitation and nondisclosure requirements set forth in Sections 11 and 12 hereof.

  

	 	(g)	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 to be nondeductible for federal income tax purposes pursuant to Section 280G of the Code, then
benefits under this Agreement shall be reduced (but not 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. 

  

	 	(h)	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. 

  

	 	(i)	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 the Employee’s termination of employment, (ii) pay for any vacation time
earned but not used through the date of termination, subject to Section 8 of this Agreement, (iii) any business expenses that are reimbursable under Section 6 that were incurred by Employee as of the 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 (iv) any payments or benefits to which Employee or his beneficiary or estate is entitled under
the terms of any applicable employee benefit plan. 

  

	 	(B)	Termination for “Cause” shall mean termination of the employment of Employee because of 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 for 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 of Directors of the Company at a meeting or meetings of the 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 of Directors of Employer in their reasonable judgment, to perform stated duties. 

  

	 	(C)	“Good Reason” shall exist if, without Employee’s express written consent, Employer shall: 

  

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

  

	 	(2)	unless required by regulatory authorities, reduce the salary of Employee, or materially reduce the amount of paid vacations to which he is entitled; 

  
 -4- 

	 	(3)	materially breach this Agreement; or 

  

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

11. 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 10(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 10(b), Employee shall not, and will not assist any other person to (a) 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 (b) solicit or encourage any independent contractor providing services to Employer or any of its affiliates to terminate or diminish its relationship with them. 

12. 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 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. 
 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. 
 The covenants set forth in this Section 12 are made by Employee in consideration of the
employment, or continuing employment of, and the compensation paid to, Employee during his employment by Employer. The 

  
 -5- 

 
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. 
 Any breach of this covenant of nondisclosure will result in the forfeiture by
Employee and all other persons acting for or with Employee in any capacity whatsoever of any and all rights to severance pay under Section 10 hereof unpaid at the time of breach and in such event Employer shall have no further obligation to pay
any amounts related thereto. 
 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 11 and 12 of this Agreement or either of them, and that
Employee’s continued employment is predicated on the commitments undertaken by him pursuant to said Sections. In the event of any breach of any of Employee’s commitments pursuant to Sections 11 and 12 or either of them, 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. 

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,” as defined below, any and all amounts payable under
Section 10 on account of such termination of employment that constitute “nonqualified deferred compensation” under Section 409A of Code and the regulations and guidance of general applicability issued thereunder (“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 10 that can in part be treated as paid under a “separation pay plan” described in Treasury Regulation Section 1.409A-1(b)(9) then, to the extent permitted under Section 409A, the compensation shall be treated
as first made from the separation pay plan. 

  

	 	 (b)	For purposes of Section 10 of this Agreement, all references to “termination of employment” and correlative phrases shall be construed to require a “separation from service” (as defined in
Treasury regulation Section 1.409A-1(h) after giving effect to the presumptions contained therein), and the term “specified employee” means an individual determined by Employer to be a specified employee under Treasury regulation
Section 1.409A-1(i) in accordance with the policies of Employer. 

  

	 	 (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 the 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.

  

	 	 (e)	The parties acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance with Section 409A and the Treasury regulations and other interpretive guidance issued thereunder,
including without limitation any such regulations or other guidance that may be issued in the future. The parties shall cooperate in good faith and take all steps reasonably necessary and practicable consistent with the terms of this Agreement to
comply with the requirements of Section 409A in order to avoid income inclusion under Section 409A or the imposition of taxes thereunder. 

  
 -6- 

 15. Reserved. 

16. 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 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. 

17. 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. 
 18.
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. 
 19.
Assignment; Benefit. No party shall have the right to assign this Agreement or any rights or obligations hereunder without the consent of each of the other parties; 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). 
 20. 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. 
 21.
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. 

22. 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. 

23. Relevant 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 11 or Section 12 hereof shall be settled by arbitration in California in accordance with the
then applicable rules of the American Arbitration Association and judgment upon the award rendered may be entered in any court having jurisdiction thereof. 

  
 -7- 

 24. 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 of Employer’s 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: 

 Chairman of the Board 

 Banc of California, Inc. 

 18500 Von Karman, Suite 1100 

 Irvine, California 92612 

 If to Employee: 

 Hugh F. Boyle 
  

                       
                                         

  

                       
                                         

 25. 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, and this Agreement shall not be modified or amended except by written agreement of Employer and Employee. 

26. Captions. The headings and captions hereof are for convenience only and shall not affect the construction of this Agreement. 

27. 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 Agreement, which shall be sufficiently evidenced for all purposes by any one executed counterpart. 

28. Construction. Employer and the 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. 
 29. 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] 

  
 -8- 

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

			
	EMPLOYEE
	
	 /s/ Hugh
Boyle                                        
                
	Hugh F. Boyle
	  
 EMPLOYER

 
 Banc of California, Inc.

	
	By:   /s/ Steven
Sugarman                                    
		 	  Steven Sugarman,
		 	  Chief Executive Officer

  
 -9- 

 EXHIBIT A 

FORM OF RESTRICTED STOCK AGREEMENT 

BANC OF CALIFORNIA, INC. 
 2013
OMNIBUS STOCK INCENTIVE PLAN 
 RESTRICTED STOCK AGREEMENT 

RS No.              

Shares of Restricted Stock are hereby awarded pursuant to this Restricted Stock Agreement (the “Agreement”) on
                , 20     by Banc of California, Inc. (f/k/a First PacTrust Bancorp, Inc.), a Maryland corporation (the
“Company”), to                      (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 which 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 or Section 8 of this Agreement, during the period commencing on the date of this Agreement and terminating on             , 20     (the
“Restricted Period”), Shares with respect to which the Restricted Period has not lapsed may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated by the Grantee. Shares with respect to which the Restricted
Period has lapsed 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, Shares shall become Vested in accordance with the following schedule: 

 

			
	  

Date of Vesting
	 	  

Number of Shares Vested

	 	 
	 	 	 
	 	 
	 	 	 
	 	 
	 	 	 
	 	 
	 	 	 

 3.         Termination of Employment. Upon the Grantee’s
Termination of Employment for any reason other than due to death or Disability, the outstanding Shares of Restricted Stock shall become forfeited. In the event that the Grantee’s Termination of Employment is due to death or Disability, all
restrictions relating to such Restricted Stock shall lapse as of the date of such Termination of Employment and the Restricted Stock shall become fully Vested as of such date. 

4.         Issuance of the Shares. Promptly after the date of this Agreement, the Company shall
recognize the Grantee’s ownership of the Shares through (i) 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 (ii) the issuance of a certificate representing the 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.” 

  
 -10- 

 The Grantee agrees that simultaneously with the execution of this Agreement, the Grantee shall
execute the stock power attached hereto 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 dividends and other 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.
        Vesting. Upon Shares becoming Vested, the Company shall release such Shares to the Grantee (i) 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, (ii) 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 above), or
(iii) 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. The treatment of these Shares upon and following a
Change in Control shall be as and to the extent provided in Section 10 of the Plan. Notwithstanding the foregoing, no Shares which have previously been forfeited shall thereafter become Vested. 

9.         Delivery and Registration of Shares. The Company’s obligation to deliver the
Shares hereunder shall, if the Committee so requests, be conditioned upon the receipt of a representation that the Grantee or any other person to whom such Shares are to be delivered is acquiring the Shares without a view to the distribution
thereof. In requesting any such representation, it may be provided that such representation requirement shall become inoperative upon a registration of such Shares or other action eliminating the necessity of such representation under the Securities
Act of 1933, as amended, or other securities law or regulation. The Company shall not be required to deliver any Shares hereunder prior to (i) the listing or approval for listing upon notice of issuance of the Shares on the Applicable Exchange,
(ii) any registration or other qualification of such Shares under any state or federal law, rule or regulation, or the maintaining in effect of any such registration or other qualification which the Committee shall, in its absolute discretion
upon the advice of counsel, determine to be necessary or advisable and (iii) obtaining any other consent, approval, or permit from any state or federal government agency which 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 (i) required by law or regulation and applicable to the Company or its Subsidiaries or Affiliates as in effect from time to time or (ii) 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. 

  
 -11- 

 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
(or at any such earlier time, if any, that an election is made by the Grantee under Section 83(b) of the Code, or any successor provision thereto), the Company may withhold from any payment or distribution made hereunder sufficient Shares to
cover any applicable withholding and employment taxes, or require the Grantee to remit to the Company an amount sufficient to satisfy such taxes. The Company shall have the right to deduct from all dividends paid with respect to Shares the amount of
any taxes which the Company is required to withhold with respect to such dividend payments, or require the Grantee to remit to the Company an amount sufficient to satisfy such taxes. 

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 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. 

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.        Grantee Acceptance; Counterparts. The Grantee shall signify the Grantee’s acceptance
of the terms and conditions of this Agreement by signing in the space provided below, by signing the attached stock power, and by returning a signed copy hereof and of the attached stock power to the Company at the address set forth in
Section 14 above. 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] 

  
 -12- 

 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:    	 	  

			
		 	ACCEPTED	 	
			
		 	  
	 	
			
		 	  
	 	
		 	(Street Address)	 	
			
		 	  
	 	
		 	(City, State and Zip Code)	 	

 STOCK POWER 

For value received, I hereby sell, assign, and transfer to Banc of California, Inc. (the “Corporation”) all shares
of the voting common stock of the Corporation, standing in my name on the books and records of the Corporation (whether in certificated form or book-entry or similar form), that are issued to me pursuant to that certain Restricted Stock Agreement,
dated             , 201  , to which the Corporation and I are parties (as the same may from time to time be amended, the “Agreement”), and do hereby
irrevocably constitute and appoint the Secretary of the Corporation attorney, with full power of substitution, to transfer this stock on the books and records of the aforesaid Corporation. To the extent the restrictions on transfer of any portion of
such shares under the Agreement have lapsed or expired, this Stock Power shall cease to be of legal effect with respect to that portion of such shares following their release to me, free of restriction, as provided in the Agreement. 

 

                    
                                         
                        
 Dated:
            , 201   
 In the presence of: 

  
 -14- 

 EXHIBIT B 

FORM OF STOCK OPTION AGREEMENT 

BANC OF CALIFORNIA, INC. 
 2013
OMNIBUS STOCK INCENTIVE PLAN 
 NONQUALIFIED OPTION AGREEMENT 

NQSO NO.              

This Option is granted pursuant to this Nonqualified Option Agreement (the “Agreement”) on
            , 20     (the “Grant Date”) by Banc of California, Inc. (f/k/a First PacTrust Bancorp, Inc.), a Maryland corporation (the
“Company”), to                      (the “Optionee”), in accordance with the following terms and conditions: 

1.         Option Grant and Exercise Period. The Company hereby grants to the Optionee a
Nonqualified Option (“Option”) to purchase, 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 therein and hereinafter set forth, an aggregate of                  Shares (the “Option Shares”) of Common Stock at the price of
$         per Share (the “Exercise Price”). A copy of the Plan, as currently in effect, is incorporated herein by reference and is attached to this Agreement. Capitalized terms used herein
which are not defined in this Agreement shall have the meanings ascribed to such terms in the Plan. 
 This Option shall vest and become
exercisable only during the period (the “Exercise Period”) commencing on the date(s) set forth in Section 2 below, and ending at 5:00 p.m., Pacific time, on the date 10 years after the Grant Date (the “Expiration Date”)
subject to earlier vesting and/or earlier expiration pursuant to Sections 6 and 8 below. 
 2.
        Vesting of this Option. The Option Shares shall become vested and exercisable during the Exercise Period with respect to not more than the cumulative number of Option Shares set forth below on
or after the date(s) indicated: 
  

			
	  

Option Shares Exercisable
	 	  

Date Exercisable

	 	 
	 	 	 
	 	 
	 	 	 
	 	 
	 	 	 
	 	 
	 	 	 

 3.         Method of Exercise of this Option. To the extent
vested, this Option may be exercised by giving written notice to the Company, as hereinafter provided, specifying the number of Option Shares to be purchased. The notice of exercise of this Option shall be in the form prescribed by the Committee and
directed to the address set forth in Section 11 below. The date of exercise is the date on which such notice is received by the Company. Such notice shall be accompanied by payment in full of the aggregate Exercise Price for the Option Shares
to be purchased upon such exercise. Payment shall be made (i) by certified or bank check or such other instrument as the Company may accept, (ii) by tendering previously acquired Shares having an aggregate Fair Market Value at the time of
exercise equal to the aggregate Exercise Price, (iii) by instructing the Company to withhold a number of Shares having an aggregate Fair Market Value (based on the Fair Market Value of the Shares on the date of exercise) equal to the product of
(A) the Exercise Price and (B) the number of Option Shares in respect of which this Option shall have been exercised, or (iv) by a combination of (i) and (ii) and (iii). Promptly after such payment, subject to Section 4
below, the Company shall issue and deliver to the Optionee or other person exercising this Option a certificate or certificates representing the Shares so purchased, registered in the name of the Optionee (or such other person), or, upon request, in
the name of the Optionee (or such other person) and in the 

  
 -15- 

 
name of another in such form of joint ownership as requested by the Optionee (or such other person) pursuant to applicable state law. In lieu of issuing a certificate or certificates representing
the Shares so purchased, the Company may cause such Shares to be credited to a book entry account maintained by the Company (or its transfer agent or other designee) for the benefit of the Optionee or other person exercising this Option, including
any joint owner as provided in the immediately preceding sentence. For the avoidance of doubt, a fractional Share shall not be issuable hereunder, and when any provision hereof may entitle the Optionee to a fractional share, such fraction shall
(unless the Committee determines otherwise) be disregarded. 
 4.         Delivery and
Registration of Shares. The Company’s obligation to deliver Shares hereunder shall, if the Committee so requests, be conditioned upon the receipt of a representation that the Optionee or any other person to whom such Shares are to be
delivered is acquiring the Shares without a view to the distribution thereof. In requesting any such representation, it may be provided that such representation requirement shall become inoperative upon a registration of such Shares or other action
eliminating the necessity of such representation under the Securities Act of 1933, as amended, or other securities law or regulation. The Company shall not be required to deliver any Shares upon exercise of this Option prior to (i) the listing
or approval for listing upon notice of issuance of the Shares on the Applicable Exchange, (ii) any registration or other qualification of such Shares under any state or federal law, rule or regulation, or the maintaining in effect of any such
registration or other qualification which the Committee shall, in its absolute discretion upon the advice of counsel, determine necessary or advisable, and (iii) obtaining any other consent, approval, or permit from any state or federal
governmental agency which the Committee shall, in its absolute discretion after receiving the advice of counsel, determine to be necessary or advisable. This Option and the obligation of the Company to deliver the Shares hereunder shall be subject
to all applicable laws, rules and regulations, and to such approvals by any government or regulatory agency as may be required. 
 5.
        Nontransferability of this Option. This Option may not be sold, transferred, pledged assigned or otherwise alienated or hypothecated, other than, for no value or consideration: (i) by will
or by the laws of descent and distribution, or (ii) as otherwise expressly permitted by the Committee including, if so permitted, pursuant to a transfer to the Optionee’s family members, whether directly or indirectly or by means of a
trust or partnership or otherwise (unless otherwise determined by the Committee, “family member” shall have the meaning given to such term in General Instructions A.1(a)(5) to Form S-8 under the Securities Act of 1933, as amended, and any
successor thereto). This Option shall be exercisable, subject to the terms of the Plan, only by the Optionee, the guardian or legal representative of such Optionee, or any person to whom such Option is permissibly transferred pursuant to this
Section 5, it being understood that the term “Optionee” includes such guardian, legal representative and other transferee; provided, however, that the term “Termination of Employment” shall continue to refer to
the Termination of Employment of the original Optionee. 
 The provisions of this Agreement shall be binding upon, inure to the benefit of
and be enforceable by the parties hereto, the successors and assigns of the Company and any person acting with the legal authority of the Optionee or to whom this Option is transferred in accordance with this Section 5. 

6.         Termination of Employment. The treatment of this Option upon and following a
Termination of Employment of the Optionee shall be as and to the extent provided in Section 5(j) of the Plan. In no event shall this Option be exercisable following the Expiration Date. 

7.         Adjustments. In the event of a Corporate Transaction or Share Change, the Option
shall be adjusted as and to the extent provided in Section 3(d) of the Plan. 
 8.
        Effect of Change in Control. The treatment of this Option upon and following a Change in Control shall be as and to the extent provided in Section 10 of the Plan. Notwithstanding the
foregoing, this Option shall not become exercisable to the extent that it has previously been exercised or otherwise terminated. 
 9.
        Stockholder Rights not Granted by this Option. The Optionee is not entitled by virtue hereof to any rights of a stockholder of the Company or to notice of meetings of stockholders or to notice
of any other proceedings of the Company. The Optionee shall have all of the rights of a stockholder of the Company holding the class or series of Common Stock that is subject to this Option (including, if applicable, the right to vote the applicable
Shares and the right to receive dividends) when the Optionee (i) has given written notice of exercise, (ii) if requested, has given the representation described in Section 14(a) of the Plan and Section 4 hereof, and
(iii) has paid in full for such Shares. 

  
 -16- 

 10.        Withholding Tax. The Company shall have the
power and the right to deduct or withhold, or require the Optionee to remit to the Company, an amount sufficient to satisfy federal, state and local taxes (including the Optionee’s FICA obligation) required by law to be withheld with respect to
this Option. 
 11.        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 Optionee shall be delivered personally or mailed to the Optionee’s current address
according to the Company’s personnel files. Such addresses for the service of notices may be changed at any time, provided written notice of the change is furnished in advance to the Company or to the Optionee, as the case may be. 

12.        Clawback. Any Shares or cash proceeds received in respect of the Option granted pursuant
to this Agreement shall be subject to any clawback, recoupment or forfeiture provisions (i) required by law or regulation and applicable to the Company or its Subsidiaries or Affiliates as in effect from time to time or (ii) 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. 
 13.
       Plan and Plan Interpretations as Controlling. This Option 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 final and conclusive upon the Optionee or the Optionee’s legal representatives with regard to any question arising hereunder or under the Plan. 

14.        Optionee 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 Optionee’s employment or service at any time, nor confer upon the Optionee any right to continue in the employ or service of the Company or any Subsidiary or Affiliate. 

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. 

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 Optionee 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 Option 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.        Optionee Acceptance; Counterparts. The Optionee shall signify his acceptance of the terms
and conditions of this Agreement by signing in the space provided below and returning a signed copy hereof to the Company at the address set forth in Section 11 above. 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] 

  
 -17- 

 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:    	 	  

			
		 	ACCEPTED	 	
			
		 	  
	 	
			
		 	  
	 	
		 	(Street Address)	 	
			
		 	  
	 	
		 	(City, State and Zip Code)

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