Document:

Exhibit

Exhibit 10.24
EMPLOYMENT AGREEMENT
This Employment Agreement (this “Agreement”) is made effective as of January 6, 2014 by and between Banc of California, National Association, a national banking association (the “Employer”), and J. Francisco A. Turner (“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 January 6, 2014 (the “Commencement Date”) and shall expire on the date that is two (2) 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 Term End Date, and on each annual anniversary of such date (such date and each annual anniversary thereof, the “Renewal Date”), unless previously terminated, the term of this Agreement shall be extended for one additional year unless Employer notifies Employee at least sixty (60) days prior to such Renewal Date that the term of this Agreement will not be so extended. 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 with the title determined by Employer, initially Senior Vice President and Managing Director of the Financial Institutions Group (the “FIG”) reporting to the Chief Executive Officer of Employer or his designee, with such authority, duties and responsibilities as reasonably may be assigned to Employee by Employer from time to time, and perform such other duties and responsibilities on behalf of Employer as reasonably may be directed by the Employer (which duties and responsibilities may include, for the avoidance of doubt, the performance of services for any subsidiary or affiliate of the Employer without any additional compensation or consideration), to the best of his abilities in a diligent, trustworthy, business-like and efficient manner;
(b)devote Employee’s full business time, energy, and skill to the business of Employer and to the promotion of Employer’s best interests; provided however, that, subject to Employer’s good faith consent, which shall not be unreasonably withheld, Employee shall be permitted to accept directorships that do not interfere with the performance of his duties or conflict with his duties hereunder; and
(c)adhere to Employer’s rules, regulations, and policies in effect from time to time relating to the conduct of Employer’s employees.
4.Compensation. During the term of this Agreement:

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(a)On the Commencement Date, Employer shall pay a one-time signing bonus in the form of a grant under the Banc of California, Inc. (the “Company”) 2013 Omnibus Stock Incentive Plan (the “Omnibus Incentive Plan”) of five thousand (5,000) shares of restricted voting common stock of Bane of California, Inc. (the “Signing Grant”). The Signing Grant, including any applicable vesting requirements, shall be governed by the terms and conditions of the award agreement and the form of grant as prescribed under the Omnibus Incentive Plan, and shall vest in equal annual installments over a term of five (5) years, subject to Employee’s continuous service over the vesting period, which shall commence upon the first anniversary of the Commencement Date.
(b)Employer shall pay Employee a base salary at the rate of two hundred fifty thousand dollars ($250,000) per annum, payable in periodic payments in accordance with Employer’s payroll practices for other employees, as such practices may be determined from time to time and subject to customary tax and other applicable withholdings (“Base Salary”). The Employer will review such Base Salary at least annually and in its sole discretion, may increase the Base Salary.
(c)Employee shall be eligible to receive an annual bonus, determined in the sole and absolute discretion of the Employer, with respect to each fiscal year during the term, with an annual target bonus equal to thirty percent (30%) of such Base Salary (the “Target Bonus”) based upon achievement of annual target performance goals established by Employer; provided, however, that the actual bonus may be higher or lower than the Target Bonus and Employee must be employed on the date of payment in order to receive an annual bonus for such year; provided further however, that Employee shall be guaranteed to receive the Target Bonus for each of the two calendar year ending December 31, 2014 and December 31, 2015 so long as Employee remains employed during such annual periods and otherwise satisfies employment and eligibility criteria, and subject to Employer’s prevailing policies and practices regarding payment of a minimum portion of executive compensation in the form of equity grants under the Omnibus Incentive Plan.
(d)In addition, as a member of the Bank’s FIG, Employee will be eligible to participate, together with other members of the FIG, in an incentive compensation program to be known as the FIG Management Incentive Compensation Pool (the “Pool”) consisting of an incentive compensation pool equal to 20% of the adjusted pre-tax annual net profits, after all salaries, expenses, credit losses, impairments and allocated costs, attributable to the FIG, up to $20 million in adjusted annual net profits, as determined under accounting principles and practices consistently applied; provided however that (i) no more than 50% of revenue attributable to internal business referrals shall be credited to the calculation of profits of the FIG; (ii) the Pool will be subject to such clawback restrictions, performance criteria and holdback provisions that Employer shall from time to time reasonably deem to be necessary and appropriate to ensure safe and sound operation of the FIG; (iii) the percentage of adjusted annual profits includible in the Pool shall decrease by 50% of the FIG’s adjusted annual net profits in excess of $20 million; (iv) all salaries and incentive compensation shall be credited against amounts calculated as incentive compensation that may be due and payable under the Pool; and (v) interpretations used in the implementation and management of the Pool, or in determining amounts payable thereunder, shall be decided in the good faith judgment of Employer’s Board of Directors based upon the recommendations of the Chief Financial Officer of the Company determined under accounting principles and practices consistently applied. As Managing Director of the FIG, Employee shall be eligible to receive no more than 50% of the Pool in the sole discretion of Employer’s Board of Directors. Amounts accrued under the Pool shall be paid to participants within five (5) days following the filing of the Annual Report on Form 10-K by the Employer’s parent company.

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All compensation and payments provided by Employer to Employee, whether under this Agreement or otherwise, will be subject to such deductions and claw-back (recovery) pursuant to such policies and procedures as may be applied to other production related groups based on credit quality and losses (consistently applied) or 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, whether before or after the Commencement Date) or by agreement with, or consent of, Employee.
5.Options. Employee may receive grants of options from Banc of California, Inc. from time to time for his services to Employer and/or any subsidiary of Employer, as determined by the Employer in its sole and absolute discretion.
6.Business Expenses. During the term of this Agreement, Employer shall lease and allow Employee use of, an automobile as determined in the sole and absolute discretion of the Employer (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 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 personal 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 its original condition, normal wear and tear excepted. Employer shall pay the reasonable costs of Employee’s relocation from Employee’s primary family residence location to the Los Angeles/Orange County metropolitan area, including costs for moving and temporary storage of household goods, up to an aggregate maximum cost of $25,000. Employee shall be reimbursed for other expenses incurred in connection with Employer’s business in accordance with Employer’s expense reimbursement policy as amended from time to time.
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 and amended from time to time by Employer for the benefit of its employees, subject to Employee’s satisfaction of the eligibility terms and conditions of such programs.
8.Vacation. Employee shall be entitled to paid time off (“PTO”) for vacation and sickness as outlined in Employer’s human resource policies, as amended from time to time, which policies provide that Employee shall accrue twenty six (26) days of PTO annually
9.Termination.
(a)Employee’s employment hereunder shall be terminated (i) by reason of Employee’s death, (ii) by reason of Employee’s becoming permanently disabled for purposes of Employer’s long-term disability program, or (iii) by reason of Employer’s non-renewal of this Agreement in accordance with Section 2.
(b)Employer may terminate Employee’s employment hereunder for any reason, with or without Cause, at any time upon written notice to Employee, effective immediately, unless another effective date is set forth by Employer.

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(c)Employee may terminate employment hereunder 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, Employee shall also be obligated to provide written notice to Employer in the event of a Job Search, which shall be defined as including, but not being limited to, the following circumstances: submitting a resume to any individual or entity for the purpose of securing present or future employment; appearing for an employment interview; conducting any conversation with a headhunter or recruiter that could result in a job interview; engaging the services of any headhunter or recruiter; conducting any conversation evidencing an interest in employment outside of Employer.
(d)Employee may terminate employment hereunder for Good Reason as set forth in Paragraph 10(e)(C).
10.Termination Benefits.
(a)In the event of the termination of Employee’s employment, for any reason, Employee shall be entitled to any Accrued Obligations (as defined below), which shall be paid by Employer as soon as reasonably calculable but no more than thirty (30) days following the termination date.
(b)In the event that Employer terminates Employee’s employment prior to the Term End Date without Cause or Employee resigns with Good Reason, and only under these circumstances, Employee shall be entitled to (i) severance pay in an amount equal to the Monthly Base Salary (defined as Base Salary divided by twelve (12)) in effect on the Commencement Date multiplied by the number that is the lesser of eighteen (18) and the number of months remaining prior to the Term End Date as of the date of termination (“Severance Pay”), and (ii) accelerated vesting in full of the Signing Grant, to the extent not theretofore fully vested (collectively with the Severance Pay, the “Severance Benefits”). In the event that Employer terminates Employee’s employment without Cause after a Renewal Date, Employee shall be entitled to Severance Pay equal to the Monthly Base Salary multiplied by the lesser of (6) months and the number of months remaining prior to the next Renewal Date. For the avoidance of doubt, a termination of Employee’s employment pursuant to Section 9(a) shall not constitute a termination of employment without Cause.
(A)Subject to Section 14, any Severance Pay shall be paid in the number of equal monthly installments corresponding to the number of months of Severance Pay provided under Paragraph. 10(b), commencing on the first business day coincident with or next following the sixtieth (6061) calendar date following Employee’s termination of employment (such period during which Severance Pay will be paid, the “Severance Period”).
(B)Employee’s right to receive the Severance Benefits is contingent upon Employee signing and delivering to Employer (and not revoking) a general release and waiver (in a form determined by 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, within thirty (30) days of termination of employment.
(C)The payment of the Severance Benefits is conditioned upon the Employee’s compliance with the Restrictive Covenants (as hereinafter defined).

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(c)Notwithstanding any other provision of this Agreement to the contrary, if the Severance Benefits, 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 to less than zero) to the extent necessary (as determined by Employer in its sole and absolute discretion) so as to maximize payments to Employee without causing any amount to become nondeductible. The Employer’s determination of the application of this Section 10(c) shall be binding on Employee, absent clear and manifest error. Any reduction made pursuant to this Section 10(c) shall be applied first to amounts that are not “nonqualified deferred compensation” subject to Section 409A, until those payments are reduced to zero, and then to all other amounts in reverse chronological order of the date on which such amounts would otherwise have been paid, in compliance with the requirements of Section 409A.
(d)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.
(e)For purposes of this Agreement:
(A)“Accrued Obligations” means (i) any earned but unpaid compensation (including the pro-rated portion of any guaranteed Target Bonus and accrued incentive compensation under the Pool) through the date of termination, (ii) any accrued but unused vacation time through the date of termination, (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)“Cause” shall include, but is not limited to, any of the following, as determined by the Employer in its sole and reasonable discretion: Employee’s personal dishonesty in connection with performance of his or her duties under this Agreement; unwillingness or inability to perform duties in a diligent, trustworthy, business-like and efficient manner; willful misconduct; gross negligence; breach of a fiduciary duty; 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; conviction of, indictment for, or plea of no contest to a felony or other crime involving moral turpitude; material failure to comply with Employer’s rules of business conduct and human resources policies; use of illegal drugs; use of alcohol that negatively impacts performance of duties; embezzlement or misappropriation of Employer’s property or assets; failure to cooperate with Employer in any internal investigation or administrative, regulatory, or judicial proceeding; conduct that constitutes just cause under applicable laws and regulations; any breach of the covenants set forth in Paragraphs 11 & 12 of this Agreement; or material breach of any provision of this Agreement. In addition, Employee’s employment shall be deemed to have terminated for Cause if, after Employee’s employment has terminated, facts and circumstances are discovered that would have justified a termination for Cause.

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(C)“Good Reason” shall exist if, without Employee’s written or oral consent, Employer materially breaches a financial obligation of this Agreement; provided that, Good Reason shall not exist so long as Employee maintains the title possessed at Employer or any affiliate immediately before any claim of Good Reason, or a higher position at Employer or any affiliate; and provided that, Good Reason shall not exist if Cause exists. Employee may terminate employment hereunder for Good Reason within sixty (60) days following the occurrence of any condition constituting Good Reason, provided that Employee has first provided written notice to Employer specifying in reasonable detail and satisfactory to Employer the condition giving rise to the Good Reason given, Employee has provided Employer with a period of sixty (60) days to remedy the condition (and the notice so specifies), and Employer has failed to remedy the condition within this sixty (60) day period.
11.Non-solicitation; Non-hire.
(a)Unless otherwise agreed in writing, during the term of this Agreement, and during the applicable period of restriction (the “Restriction Period”) following separation of Employee from Employer, Employee shall not (i) solicit or attempt to solicit any individual or entity who was a customer of Employer or any of its affiliates during the period of the Employee’s employment hereunder with the intent or purpose to perform for such customer the same or similar services which Employer or any of its affiliates performed for such customer; or (ii) induce or attempt to induce any individual or entity who was an employee (other than an employee of the FIG who was recruited by 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 or diminish its relationship with them.
(b)Unless otherwise agreed in writing, during the term of this Agreement, and during the applicable Restriction Period following separation of Employee from Employer, Employee shall not, and will not assist any other person to (i) hire or solicit for hiring any employee of Employer (other than an employee of the FIG who was recruited by Employee) or any of its affiliates or seek to persuade any employee of Employer or any of its affiliates to discontinue employment or (ii) solicit or encourage any independent contractor providing services to Employer or any of its affiliates to terminate or diminish its relationship with them.
(c)For purposes of this Section 11, “Restriction Period” shall mean one of the following (i) in the case of a separation from Employer under Section 10(b), the Severance Period; (ii) in the case of voluntary resignation other than for Good Reason, a period of six (6) months following the earlier to occur of (A) Employee’s written notice to Employer of such voluntary resignation or (B) the effective date of such voluntary resignation; or (iii) in the case of a termination for Cause, a period of six (6) months (the “Cure Period”) following written notice by Employer of the circumstances deemed to constitute Cause, during which Cure Period Employee will have the opportunity to cure the circumstances being asserted (provided that Employee shall be entitled to receive payment of the Monthly Base Salary during the Cure Period); provided, however, that Employer may revoke the Cure Period at any time by paying Employee the Monthly Base Salary for the then remaining balance of such Cure Period; provided further, however, that, in the event of any such revocation of the remaining Cure Period and payment of Monthly Base Salary, the Restriction Period shall nonetheless continue for the remaining balance of the Cure Period.

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(d)Employee acknowledges and agrees as a result of Employee’s exposure to Confidential Information (as that term is defined below), Employee will be in a position to cause irreparable harm to Employer. Employee thus agrees that the restrictions in Sections 11(a) and 11(b) are necessary to protect Employer’s interest in the Confidential Information
12.Non-disclosure of Confidential Information.
(a)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, she/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.
(b)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 her/his employment by Employer, its subsidiaries or successors.
(c)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.
(d)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.
(e)Nothing in this Section 12 applies to an invention which qualifies fully for protection under California Labor Code section 2870, and is one for which no equipment, supplies, facility or trade secret information of Employer was used and which was developed entirely on Employee’s own time, unless (a) the invention relates (i) to any aspect of Employer’s business or (ii) to the Employer’s actual or demonstrably anticipated research or development, or (b) the invention results from any worked 

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performed by Employee for Employer. Any invention which qualifies fully for protection under California Labor Code section 2870 is listed on Exhibit “A” hereto.
13.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 restrictive covenants set forth in Sections 11 and 12 (the “Restrictive Covenants”), and that Employee’s continued employment is predicated on the commitments undertaken by him pursuant to said Sections. In the event of any breach or threatened breach of any of the Restrictive Covenants, Employer shall be entitled to terminate Employee’s employment for Cause and, in addition to any other remedies and damages available, to obtain 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. Any breach of the Restrictive Covenants 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 Benefits, and in such event Employer shall have no further obligation to pay any amounts related thereto and shall be entitled to prompt reimbursement by Employee for any Severance Benefits already paid.
14.Section 409A.
(a)All amounts payable under this Agreement are intended to be exempt from, or otherwise comply with, the requirements of Section 409A of the Code and all interpretive guidance issued thereunder (“Section 409A”), including the exceptions and exemptions for short-term deferrals, separation pay arrangements, reimbursements, and in-kind distributions. This Agreement shall be construed and interpreted in accordance with such intent.
(b)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 under Section 409A, any amounts payable under this Agreement on account of such termination of employment that constitute “nonqualified deferred compensation” under Section 409A 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.
(c)For all purposes relating to Employer’s obligation to pay amounts upon termination of employment, all references to “termination of employment” and correlative phrases shall be construed to require a “separation from service” 409A.
(d)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.
(e)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.
(f)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 

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409A in order to avoid income inclusion under Section 409A or the imposition of taxes thereunder. The foregoing shall not construed as a guarantee of any particular tax effect for any amounts payable under this Agreement, and Employer does not guarantee that any amounts payable under this Agreement will satisfy the requirements of Section 409A.
15.Adjustments to Comply with Final Interagency Guidance on Sound Incentive Compensation Policies. Notwithstanding anything herein to the contrary, the compensation or benefits provided under this Agreement are subject to modification, as necessary to comply with requirements imposed by the Employer 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.
16.Provisions Required By Law. Notwithstanding anything herein to the contrary, any provisions that are now or are in the future required by applicable law, rule, regulation or regulatory guidance or policy of general applicability to be included in this Agreement that are not expressly stated herein (including, without limitation, any provisions so required under 12 C.F.R. Section 163.39) shall be deemed to be a part of this Agreement as fully as if such provisions were expressly stated herein.
17.No Duplication of Employer Obligations. With respect to any payments or other compensation to be provided hereunder by Employer, the provision of such payments or other compensation by any subsidiary or affiliate of the Employer shall be deemed to reduce, to the same extent, the obligation of the Employer to provide such payments or other compensation, and vice versa.
18.Acknowledgment by Employee. Employee represents and warrants that (a) he is not, and will not become a party to any agreement, contract, arrangement or understanding, whether of employment or otherwise, that would in any way restrict or prohibit him from undertaking or performing his duties in accordance with this Agreement or that restricts his ability to be employed by Employer in accordance with this Agreement; (b) his employment by Employer will not violate the terms of any policy of any prior employer of Employee regarding competition; and (c) his position with Employer, as described in this Agreement, will not require him to improperly use any trade secrets or confidential information of any prior employer, or any other person or entity for whom he has performed services.
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 (a) to any entity controlled by, under the control of, or under common control with, Employer, or (b) 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.
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 

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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.Designation of Beneficiary. If Employee dies prior to receiving all of the amounts payable to him in accordance with the terms and conditions of this Agreement, such amounts shall be paid to the beneficiary designated by Employee in writing to Employer, or if no such beneficiary is designated, to Employee’s estate. Employee, without the consent of any prior beneficiary, may change his designation of beneficiary or beneficiaries at any time or from time to time by submitting to Employer a new designation in writing.
24.Mandatory Arbitration. Any and all claims (legal or equitable), demands, disputes or controversies between Employee and Employer except, at Employer’s election, any action for injunctive, monetary, and/or other relief to enforce the covenants contained in Paragraphs 11 & 12 of this Agreement, must be resolved by arbitration in accordance with the Commercial Rules of the American Arbitration Association then in existence, a current version of which is attached hereto as Exhibit 1, available online at www.adnorg. Employee and Employer therefore expressly waive any right to resolve any arbitrable dispute under this Paragraph by filing suit in court for trial by a judge or jury. Such arbitration shall take place in Orange County, California; to the extent not governed by the Federal laws of the United States of America, the applicable law will be the laws of the State of California without regard to the conflicts of law provisions therein; the arbitrator shall be required to issue a reasoned award; the decision of the arbitrator shall be final and conclusive, and the parties waive the right to trial de novo or appeal excepting only for the purpose of confirming or vacating the arbitrator’s decision under the principles of law applicable to such proceedings, for which purpose the parties agree that the Orange County Superior Court of California shall have jurisdiction; and the award may be entered as a judgment in the Orange County Superior Court of California, which the parties agree will be the court of competent jurisdiction. With respect to any action for injunctive, monetary and/or other relief to enforce the covenants contained in Paragraphs 11 & 12 of this Agreement, that action may, at Employer’s election, be brought in a court of competent jurisdiction, which the parties agree will be the Orange County Superior Court of California.
25.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.
26.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 (a) when delivered by hand or (b) two 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:

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If to Employer:
Steven Sugarman
Chief Executive Officer
Banc of California, N.A.
18500 Von Karman, Suite 1100
Irvine, California 92612
If to Employee:
J. Francisco A. Turner
c/o Banc of California, N.A. 
18500 Von Karman, Suite 1100
Irvine, California 92612
27.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 (provided, however, that this Agreement may be amended by Employer without Employee’s consent to the extent necessary to conform the terms of this Agreement to requirements of applicable law, including, without limitation, to comply with Section 409A).
28.Captions. The headings and captions hereof are for convenience only and shall not affect the construction of this Agreement.
29.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.
30.Construction. Employer and Employee acknowledge that this Agreement was the result of arms-length negotiations between sophisticated parties. 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. Employee acknowledges that he has had a full and complete opportunity to consult with counsel of Employee’s own choosing concerning the terms, enforceability, and implications of this Agreement.
31.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]

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

/s/ J. Francisco A. Turner        
J. Francisco A. Turner

EMPLOYER

Banc of California, N.A.

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

12Exhibit

Exhibit 10.25
INDEMNIFICATION AGREEMENT
This Indemnification Agreement (“Agreement”) is made as of _______, 201__ by and between Banc of California, Inc., a Maryland corporation (the “Company”), and ___________ (“Indemnitee”). This Agreement supersedes and replaces any and all previous Agreements between the Company and Indemnitee covering the subject matter of this Agreement.
RECITALS
WHEREAS, highly competent persons have become more reluctant to serve publicly-held corporations as directors or in other capacities unless they are provided with adequate protection through insurance or adequate indemnification against inordinate risks of claims and actions against them arising out of their service to and activities on behalf of the corporation;
WHEREAS, the Board of Directors of the Company (the “Board”) has determined that, in order to attract and retain qualified individuals, the Company will attempt to maintain on an ongoing basis, at its sole expense, liability insurance to protect persons serving the Company and its subsidiaries from certain liabilities. Although the furnishing of such insurance has been a customary and widespread practice among United States-based corporations and other business enterprises, the Company believes that, given current market conditions and trends, such insurance may be available to it in the future only at higher premiums and with more exclusions. At the same time, directors, officers, and other persons in service to corporations or business enterprises are being increasingly subjected to expensive and time-consuming litigation relating to, among other things, matters that traditionally would have been brought only against the Company or business enterprise itself. The Articles of Incorporation, as amended (the “Articles”) of the Company require indemnification of the officers and directors of the Company. Indemnitee may also be entitled to indemnification pursuant to the General Corporation Law of the State of Maryland (the “MGCL”). The Articles and the MGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification;
WHEREAS, the uncertainties relating to such insurance and to indemnification have increased the difficulty of attracting and retaining such persons;
WHEREAS, the Board has determined that the increased difficulty in attracting and retaining such persons is detrimental to the best interests of the Company and its stockholders and that the Company should act to assure such persons that there will be increased certainty of such protection in the future;
WHEREAS, it is reasonable, prudent and necessary for the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent permitted by applicable law so that they will serve or continue to serve the Company free from undue concern that they will not be so indemnified;
WHEREAS, this Agreement is a supplement to and in furtherance of the Articles of the Company and any resolutions adopted pursuant thereto, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder;

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WHEREAS, Indemnitee does not regard the protection available under the Articles and insurance as adequate in the present circumstances, and may not be willing to serve as a key employee, officer or director without adequate protection, and the Company desires Indemnitee to serve in such capacity. Indemnitee is willing to serve, continue to serve and to take on additional service for or on behalf of the Company on the condition that he be so indemnified; and
NOW, THEREFORE, in consideration of the premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:
Section 1.Services to the Company. Indemnitee will serve or continue to serve as a director or key employee of the Company for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders his resignation or is terminated in accordance with the terms of any applicable agreement with the Company; however, this Agreement shall not impose any obligation on Indemnitee or the Company to continue Indemnitee’s service to the Company beyond any period otherwise required by law or by other agreements or commitments or the parties, if any. The foregoing notwithstanding, this Agreement shall continue in force after Indemnitee has ceased to serve as a director, officer or key employee of the Company.
Section 2.Definitions. As used in this Agreement:
(a)References to “agent” shall mean any person who is or was a director, officer, or employee of the Company or a Subsidiary of the Company or other person authorized by the Company to act for the Company, to include such person serving in such capacity as a director, officer, employee, fiduciary or other official of another corporation, partnership, limited liability company, joint venture, trust or other Enterprise at the request of, for the convenience of, or to represent the interests of the Company or a Subsidiary of the Company.
(b)A “Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement of any of the following events:
(i)Acquisition of Stock by Third Party. Any Person (as defined below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing twenty percent (20%) or more of the combined voting power of the Company’s then outstanding securities;
(ii)Change in Board of Directors. During any period of two (2) consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Board, and any new director (other than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 2(b)(i), 2(b)(iii) or 2(b)(iv)) whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a majority of the members of the Board;
(iii)Corporate Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into 

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voting securities of the surviving entity) more than 51% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or other governing body of such surviving entity;
(iv)Liquidation. The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and
(v)Other Events. There occurs any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or a response to any similar item on any similar schedule or form) promulgated under the Exchange Act (as defined below), whether or not the Company is then subject to such reporting requirement.
For purposes of this Section 2(b), the following terms shall have the following meanings:
(A)“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.
(B)“Person” shall have the meaning as set forth in Sections 13(d) and 14(d) of the Exchange Act; provided, however, that Person shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.
(C)“Beneficial Owner” shall have the meaning given to such term in Rule 13d-3 under the Exchange Act; provided, however, that Beneficial Owner shall exclude any Person otherwise becoming a Beneficial Owner by reason of the stockholders of the Company approving a merger of the Company with another entity.
(c)“Corporate Status” describes the status of a person who is or was a director, officer, employee or agent of the Company or of any other corporation, limited liability company, partnership or joint venture, trust, employee benefit plan or other enterprise which such person is or was serving at the request of the Company.
(d)“Disinterested Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee.
(e)“Enterprise” shall mean the Company and any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, officer, employee, agent or fiduciary.
(f)“Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, any federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under this Agreement, ERISA excise taxes and penalties, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or 

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preparing to be a witness in, or otherwise participating in, a Proceeding. Expenses also shall include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond, supersedeas bond, or other appeal bond or its equivalent, and (ii) for purposes of Section 14(d) only, Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise. The parties agree that for the purposes of any advancement of Expenses for which Indemnitee has made written demand to the Company in accordance with this Agreement, all Expenses included in such demand that are certified by affidavit of Indemnitee’s counsel as being reasonable shall be presumed conclusively to be reasonable. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.
(g)“Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and to fully indemnify such counsel against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto.
(h)The term “Proceeding” shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative legislative, or investigative (formal or informal) nature, including any appeal therefrom, in which Indemnitee was, is or will be involved as a party, potential party, non-party witness or otherwise by reason of the fact that Indemnitee is or was a director, officer or key employee of the Company, by reason of any action taken by him or of any action on his part while acting as director, officer or key employee of the Company, or by reason of the fact that he is or was serving at the request of the Company as a director, officer, employee or agent of another corporation, limited liability company, partnership, joint venture, trust or other enterprise, in each case whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification, reimbursement, or advancement of expenses can be provided under this Agreement. If the Indemnitee believes in good faith that a given situation may lead to or culminate in the institution of a Proceeding, this shall be considered a Proceeding under this paragraph.
(i)Reference to “other enterprise” shall include employee benefit plans; references to “fines” shall include any excise tax assessed with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries.
Section 3.Indemnity in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party 

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to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his behalf in connection with such Proceeding or any claim, issue or matter therein. The parties hereto intend that this Agreement shall provide to the fullest extent permitted by law for indemnification in excess of that expressly permitted by statute, including, without limitation, any indemnification provided by the Articles, the Company’s Bylaws, vote of its stockholders or disinterested directors or applicable law.
Section 4.Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by him or on his behalf in connection with such Proceeding or any claim, issue or matter therein. No indemnification for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been finally adjudged by a court to be liable to the Company, unless and only to the extent that a court of appropriate jurisdiction shall determine upon application that, despite the adjudication of liability but in view of all the relevant circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification.
Section 5.Indemnification for Expenses of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is a party to (or a participant in) and is successful, on the merits or otherwise, in any Proceeding or in defense of any claim, issue or matter therein, in whole or in part, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful, on the merits or otherwise, as to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf in connection with or related to each successfully resolved claim, issue or matter to the fullest extent permitted by law. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.
Section 6.Indemnification For Expenses of a Witness. Notwithstanding any other provision of this Agreement, to the fullest extent permitted by applicable law and to the extent that Indemnitee is, by reason of his Corporate Status, a witness or otherwise asked to participate in any Proceeding to which Indemnitee is not a party, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith.
Section 7.Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled.
Section 8.Additional Indemnification.
(a)Notwithstanding any limitation in Sections 3, 4, or 5, the Company shall 

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indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is a party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee in connection with the Proceeding.
(b)For purposes of Section 8(a), the meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to:
(i)to the fullest extent permitted by the provision of the MGCL that authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the MGCL, and
(ii)to the fullest extent authorized or permitted by any amendments to or replacements of the MGCL adopted after the date of this Agreement that increase the extent to which a corporation may indemnify its officers and directors.
Section 9.Exclusions. Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against Indemnitee:
(a)for which payment has actually been made to or on behalf of Indemnitee under any insurance policy or other indemnity provision, except with respect to any excess beyond the amount paid under any insurance policy or other indemnity provision; or
(b)for (i) an accounting of profits made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b) of the Exchange Act (as defined in Section 2(b) hereof) or similar provisions of state statutory law or common law, or (ii) any reimbursement of the Company by the Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits realized by the Indemnitee from the sale of securities of the Company, as required in each case under the Exchange Act (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act); or
(c)except as provided in Section 14(d) of this Agreement, in connection with any Proceeding (or any part of any Proceeding) initiated by Indemnitee (provided, that any counterclaim or cross claim brought by Indemnitee with respect to a Proceeding shall not be considered a “Proceeding (or any part of any Proceeding) initiated by Indemnitee” for the purposes of this Section 9(c)), including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors, officers, employees or other indemnitees, unless (i) the Board authorized the Proceeding (or any part of any Proceeding) prior to its initiation or (ii) the Company provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law.
Section 10.Advances of Expenses. In accordance with the pre-existing requirement of Article 12A of the Articles of the Company, and notwithstanding any provision of this Agreement to the contrary, the Company shall advance, to the extent not prohibited by law, any and all Expenses incurred by Indemnitee in connection with any Proceeding, and such advancement shall be made within twenty (20) days after the receipt by the Company of a statement or statements requesting such advances from time to time, which statement or statements shall be accompanied or preceded by such written 

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affirmation as is required by applicable law with respect to Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Company as authorized by law has been met, whether prior to or after final disposition of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s ability to repay the Expenses and without regard to Indemnitee’s ultimate entitlement to indemnification under the other provisions of this Agreement. Advances shall include any and all reasonable Expenses incurred pursuing an action to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances claimed. The Indemnitee shall qualify for advances upon the execution and delivery to the Company of this Agreement, which shall constitute an undertaking providing that the Indemnitee undertakes to repay the amounts advanced (without interest) to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. No other form of undertaking shall be required other than the execution of this Agreement. This Section 10 shall not apply to any claim made by Indemnitee for which indemnity is excluded pursuant to Section 9.
Section 11.Procedure for Notification and Defense of Claim.
(a)Indemnitee (or Indemnitee’s legal counsel acting on behalf of Indemnitee) shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement of Expenses hereunder as soon as reasonably practicable following the receipt by Indemnitee of written notice thereof. The written notification to the Company shall include a description of the nature of the Proceeding and the facts underlying the Proceeding. To obtain indemnification under this Agreement, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of such action, suit or proceeding; provided, that no information shall be required to be provided by or on behalf of Indemnitee to the extent that such information may, in the sole judgment of Indemnitee, be subject to attorney-client privilege or otherwise be confidential to Indemnitee. The omission by Indemnitee to notify the Company hereunder will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee of any rights under this Agreement. The Secretary of the Company shall, promptly upon receipt of such a request for indemnification, advise the Board in writing that Indemnitee has requested indemnification.
(b)The Company will be entitled to participate in the Proceeding at its own expense.
Section 12.Procedure Upon Application for Indemnification.
(a)Upon written request by Indemnitee for indemnification pursuant to the Section 11(a), a determination, if required by applicable law, with respect to Indemnitee’s entitlement thereto shall be made in the specific case: (i) if a Change in Control shall have occurred, by Independent Counsel, in a written opinion to the Board, a copy of which shall be delivered to Indemnitee, which Independent Counsel shall be selected by the Indemnitee in accordance with Section 12(b) hereof and approved by the Board in accordance with Section 2‐418(e)(2)(ii) of the MGCL; or (ii) if a Change in Control shall not have occurred, (A) by the Board by a majority vote of a quorum consisting entirely of Disinterested Directors or, if such a quorum cannot be obtained, then by a majority vote of a duly authorized committee of the Board consisting solely of one or more Disinterested Directors, (B) if Independent Counsel has been selected by the Board in accordance with Section 2-418(e)(2)(ii) of the 

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MGCL and approved by the Indemnitee in accordance with Section 12(b) hereof, by Independent Counsel, in a written opinion to the Board, a copy of which shall be delivered to Indemnitee or (C) if so directed by a majority of the members of the Board, by the stockholders of the Company.
(b)In the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) hereof, the Independent Counsel shall be selected as provided in this Section 12(b). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the Board in accordance with Section 2-418(e)(2)(ii) of the MGCL, and the Company shall give written notice to Indemnitee advising him of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Board, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten (10) days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel, and, in the case of an Independent Counsel selected by Indemnitee, shall be approved by the Board in accordance with Section 2-418(e)(2)(ii) of the MGCL. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If, within twenty (20) days after the later of submission by Indemnitee of a written request for indemnification pursuant to Section 11(a) hereof and the final disposition of the Proceeding, no Independent Counsel shall have been selected and not objected to, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the Court or by such other person as the Court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 12(a) hereof and shall be approved by the Board in accordance with Section 2-418(e)(2)(ii) of the MGCL. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 14(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).
Section 13.Presumptions and Effect of Certain Proceedings.
(a)In making a determination with respect to entitlement to indemnification hereunder, the person or persons or entity making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 11(a) of this Agreement, and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. Neither the failure of the Company (including by its directors or independent legal counsel) to have made a determination prior to the commencement of any action pursuant to this Agreement that indemnification is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor an actual determination by the Company 

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(including by its directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or create a presumption that Indemnitee has not met the applicable standard of conduct.
(b)Subject to Section 14(e), if the person, persons or entity empowered or selected under Section 12 of this Agreement to determine whether Indemnitee is entitled to indemnification shall not have made a determination within sixty (60) days after receipt by the Company of the request therefor, the requisite determination of entitlement to indemnification shall, to the fullest extent not prohibited by law, be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law; provided, however, that such 60-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the person, persons or entity making the determination with respect to entitlement to indemnification in good faith requires such additional time for the obtaining or evaluating of documentation and/or information relating thereto; and provided, further, that the foregoing provisions of this Section 13(b) shall not apply (i) if the determination of entitlement to indemnification is to be made by the stockholders pursuant to Section 12(a) of this Agreement and if (A) within fifteen (15) days after receipt by the Company of the request for such determination the Board has resolved to submit such determination to the stockholders for their consideration at an annual meeting thereof to be held within seventy-five (75) days after such receipt and such determination is made thereat, or (B) a special meeting of stockholders is called within fifteen (15) days after such receipt for the purpose of making such determination, such meeting is held for such purpose within sixty (60) days after having been so called and such determination is made thereat, or (ii) if the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 12(a) of this Agreement.
(c)The termination of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, or an entry of an order of probation prior to judgment, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create any presumption that Indemnitee did not meet the requisite standard of conduct described herein for indemnification.
(d)Reliance as Safe Harbor. For purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of the Enterprise, including financial statements, or on information supplied to Indemnitee by the officers of the Enterprise in the course of their duties, or on the advice of legal counsel for the Enterprise or on information or records given or reports made to the Enterprise by an independent certified public accountant or by an appraiser or other expert selected with the reasonable care by the Enterprise. The provisions of this Section 13(d) shall not be deemed to be exclusive or to limit in any way the other circumstances in which the Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.
(e)Actions of Others. The knowledge and/or actions, or failure to act, of any director, officer, agent or employee of the Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.
Section 14.Remedies of Indemnitee.

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(a)Subject to Section 14(e), in the event that (i) a determination is made pursuant to Section 12 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 10 of this Agreement, (iii) no determination of entitlement to indemnification shall have been made pursuant to Section 12(a) of this Agreement within ninety (90) days after receipt by the Company of the request for indemnification, (iv) payment of indemnification is not made pursuant to Section 5, 6 or 7 or the last sentence of Section 12(a) of this Agreement within ten (10) days after receipt by the Company of a written request therefor, (v) payment of indemnification pursuant to Section 3, 4 or 8 of this Agreement is not made within ten (10) days after a determination has been made that Indemnitee is entitled to indemnification, or (vi) in the event that the Company or any other person takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or Proceeding designed to deny, or to recover from, the Indemnitee the benefits provided or intended to be provided to the Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of his entitlement to such indemnification or advancement of Expenses. Alternatively, Indemnitee, at his option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 360 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 14(a); provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his rights under Section 5 of this Agreement. The Company shall not oppose Indemnitee’s right to seek any such adjudication or award in arbitration.
(b)In the event that a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 14 shall be conducted in all respects as a de novo trial, or arbitration, on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this Section 14 the Company shall have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.
(c)If a determination shall have been made pursuant to Section 12(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 14, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.
(d)The Company shall, to the fullest extent not prohibited by law, be precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 14 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement. It is the intent of the Company that, to the fullest extent permitted by law, the Indemnitee not be required to incur legal fees or other Expenses associated with the interpretation, enforcement or defense of Indemnitee’s rights under this Agreement by litigation or otherwise because the cost and expense thereof would substantially detract from the benefits intended to be extended to the Indemnitee hereunder. The Company shall, to the fullest extent permitted by law, indemnify Indemnitee against any and all Expenses and, if requested by Indemnitee, shall (within ten (10) days after receipt by the Company of a written request therefor) advance, to the extent not prohibited by law, such Expenses 

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to Indemnitee, which are incurred by Indemnitee in connection with any action brought by Indemnitee for indemnification or advance of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company if Indemnitee is wholly successful on the underlying claims; if Indemnitee is not wholly successful on the underlying claims, then such indemnification and advancement shall be only to the extent Indemnitee is successful on such underlying claims or otherwise as permitted by law, whichever is greater.
(e)Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement shall be required to be made prior to the final disposition of the Proceeding.
(f)In the event that Indemnitee is determined to be entitled to indemnification or advancement of Expenses pursuant to Section 14(a) hereunder in any of the circumstances described in clauses (ii)-(v) of such Section 14(a), such indemnification or advancement shall include interest on the amount of such Expenses at the maximum rate allowable by law from the date on which the advancement, determination or payment, as applicable, was to be made pursuant to such clauses (ii)-(v) of Section 14(a).
Section 15.Non-exclusivity; Survival of Rights; Insurance; Subrogation.
(a)The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Company’s Certificate of Incorporation, the Company’s Articles, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his Corporate Status prior to such amendment, alteration or repeal. To the extent that a change in Maryland law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under the Company’s Articles and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other right or remedy.
(b)To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or other enterprise which such person serves at the request of the Company, Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any such director, officer, employee or agent under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the Company has director and officer liability insurance in effect, the Company shall give prompt notice of such claim or of the commencement of a proceeding, as the case may be, to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of the Indemnitee, all amounts payable as a result of such proceeding in accordance with the terms of such policies. For the avoidance of doubt, neither the existence of such insurance policies nor any 

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payments made thereunder shall in any way relieve the Company of any of its indemnification obligations pursuant to this Agreement.
(c)In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.
(d)The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable (or for which advancement is provided hereunder) hereunder if and to the extent that Indemnitee has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise.
(e)The Company’s obligation to indemnify or advance Expenses hereunder to Indemnitee who is or was serving at the request of the Company as a director, officer, employee or agent of any other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise shall be reduced by any amount Indemnitee has actually received as indemnification or advancement of Expenses from such other corporation, limited liability company, partnership, joint venture, trust, employee benefit plan or other enterprise.
Section 16.Duration of Agreement. This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the date that Indemnitee shall have ceased to serve as a director, officer or key employee of the Company, or at the request of the Company, as a director, officer, employee, agent, fiduciary of another corporation, partnership, joint venture, trust employee benefit plan or other enterprise or (b) one (1) year after the final termination of any Proceeding then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any proceeding commenced by Indemnitee pursuant to Section 14 of this Agreement relating thereto. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of Indemnitee and his heirs, executors and administrators.
Section 17.Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a) the validity, legality and enforceability of the remaining provisions of this Agreement (including without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any Section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby.
Section 18.Enforcement.
(a)The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve as a director, officer or key employee of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director, officer or key employee of the Company.

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(b)This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Certificate of Incorporation of the Company, the Articles of the Company and applicable law, and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.
Section 19.Modification and Waiver. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions of this Agreement nor shall any waiver constitute a continuing waiver.
Section 20.Notice by Indemnitee. Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint, indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification or advancement of Expenses covered hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation which it may have to the Indemnitee under this Agreement or otherwise.
Section 21.Notices. All notices, requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given if (a) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (b) mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed, (c) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have been directed or (d) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received:
(a)If to Indemnitee, at the address indicated on the signature page of this Agreement, or such other address as Indemnitee shall provide to the Company.
(b)If to the Company to
Banc of California, Inc.
18500 Von Karman Avenue, Suite 1100
Irvine, California 92612
Attention: John Grosvenor
or to any other address as may have been furnished to Indemnitee by the Company.
Section 22.Contribution. To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving cause to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such event(s) and/or transaction(s).

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Section 23.Applicable Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Maryland, without regard to its conflict of laws rules.
Section 24.Identical Counterparts. This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence the existence of this Agreement.
Section 25.Miscellaneous. Use of the masculine pronoun shall be deemed to include usage of the feminine pronoun where appropriate. The headings of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof.
IN WITNESS WHEREOF, the parties have caused this Agreement to be signed as of the day and year first above written.
	
		
	BANC OF CALIFORNIA, INC.
By:
Name:
Office:
	INDEMNITEE
Name:
Address:

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