Document:

EX-4.2

 Exhibit 4.2 

[Form of Note] 
 (FACE OF
NOTE) 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF CDS CLEARING AND DEPOSITORY SERVICES INC. (“CDS”) TO AT&T
INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IN RESPECT THEREOF IS REGISTERED IN THE NAME OF CDS & CO., OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS (AND ANY
PAYMENT IS MADE TO CDS & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF CDS), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED HOLDER
HEREOF, CDS & CO., HAS A PROPERTY INTEREST IN THE SECURITIES REPRESENTED BY THIS CERTIFICATE HEREIN AND IT IS A VIOLATION OF ITS RIGHTS FOR ANOTHER PERSON TO HOLD, TRANSFER OR DEAL WITH THIS CERTIFICATE. 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY OR A NOMINEE OF A
DEPOSITORY. UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE FORM IN ACCORDANCE WITH THE PROVISIONS OF THE INDENTURE AND THE TERMS OF THE SECURITIES, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 

AT&T INC. 
 5.100%
Global Notes due 2048 
 ISIN NO. [•] 

CUSIP NO. [•] 
 No. I-[•] 
 AT&T Inc., a corporation duly organized and existing under the laws of the State of
Delaware (herein called “AT&T”, which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to CDS & CO. (the “Nominee”), or registered assigns,
the principal sum of Canadian dollars appearing on the attached Schedule of Increases and Decreases on November 25, 2048 (the “Maturity Date”), and to pay interest on said principal sum from August 17, 2018 or from the most
recent Interest Payment Date to which interest has been 

 
paid or duly provided for, semiannually in arrears on May 25 and November 25 of each year, commencing on November 25, 2018 (each an “Interest Payment Date”) and on the
Maturity Date, at the interest rate of 5.100% per annum, until the principal hereof is paid or made available for payment. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will, as provided in such
Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Dates for such interest, which shall be the close of business on the fifteenth day preceding the
respective Interest Payment Date (each, a “Regular Record Date”). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record Date and may either be paid to the
Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a special record date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to Holders of
Notes not less than 15 days prior to such special record date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture. 
 Any money that AT&T deposits with the Trustee or any Paying
Agent for the payment of principal or any interest on this Note that remains unclaimed for two years after the date upon which the principal and interest are due and payable, will be repaid to AT&T upon AT&T’s request unless otherwise
required by mandatory provisions of any applicable unclaimed property law. After that time, unless otherwise required by mandatory provisions of any unclaimed property law, the Holder of this Note will be able to seek any payment to which such
Holder may be entitled to collect only from AT&T. 
 If the Notes are issued in definitive form, payment of the principal and interest
on this Note due at the Maturity Date or upon redemption will be made at the Maturity Date or upon redemption, as the case may be, upon presentation of this Note, in immediately available funds, at the office of BNY Trust Company of Canada, the
Paying Agent for the Notes, currently located at 1 York Street, 6th Floor, Toronto, Ontario M5J 0B6. The Transfer Agent and Registrar for the Notes is The Bank of New York Mellon Trust Company,
N.A., currently located at 601 Travis Street, 16th Floor, Houston, Texas 77002. 

Payment of interest on this Note due on an Interest Payment Date, other than interest at maturity or upon redemption, may be paid by check
mailed to the address of the Holder entitled thereto as such address shall appear in the Note register. Notwithstanding the foregoing, (1) the Nominee as Holder of the Notes or (2) a Holder of more than CAD$5,000,000 in aggregate principal
amount of Notes in definitive form is entitled to require the Paying Agent to make payments of interest, other than interest due at maturity or upon redemption, by wire transfer of immediately available funds into an account maintained by the
Holder, by sending appropriate wire transfer instructions as long as the Paying Agent receives the instructions not less than ten days prior to the applicable Interest Payment Date. The principal and interest payable in Canadian dollars on any of
the Notes at maturity, or upon redemption, will be paid by wire transfer of immediately available funds against presentation of a Note at the office of the Paying Agent. 

  
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 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. 
 Unless the certificate of
authentication hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 

  
 3 

 IN WITNESS WHEREOF, AT&T INC. has caused this instrument to be signed in its corporate
name, manually or by facsimile, by its duly authorized officers and has caused its corporate seal to be imprinted hereon. 
  

							
	Dated: August 17, 2018	 		 	AT&T INC.
			
	[SEAL]	 		 	
				
		 		 	By: 	 	 
		 		 		 	George B. Goeke
		 		 		 	Senior Vice President and Treasurer
				
		 		 	By: 	 	 
		 		 		 	Julianne K. Galloway
		 		 		 	Vice President and Assistant Treasurer

 Trustee’s Certificate of Authentication 

This is one of the 5.100% Global Notes due 2048 
 of the series
designated herein referred to 
 in the within-mentioned Indenture. 
  

					
	 THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.,

as Trustee

			
	By:	 	 	    	 Dated: August 17, 2018

		 	 Authorized Signatory
	    	

 REVERSE OF NOTE 

This Note is one of a duly authorized issue of debt securities of AT&T of the series specified on the face hereof, issued under and
pursuant to an Indenture, dated as of May 15, 2013, between AT&T and The Bank of New York Mellon Trust Company, N.A., as Trustee (the “Trustee,” which term includes any successor Trustee under the Indenture), to which
indenture and all indentures supplemental thereto (collectively, the “Indenture”) reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, AT&T and
the Holders of the Notes and of the terms upon which the Notes are, and are to be, authenticated and delivered. The Notes will be issued in fully registered form only and in minimum denominations of CAD$150,000 and integral multiples of CAD$1,000 in
excess thereof. This Note is one of the series designated on the face hereof initially limited in aggregate principal amount to CAD$750,000,000. 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations
of AT&T and the rights of the Holders of the Notes under the Indenture at any time by AT&T and the Trustee with the consent of the Holders of a majority in principal amount of the Notes at the time outstanding. The Indenture also contains
provisions permitting the Holders of specified percentages in principal amount of the Notes at the time outstanding to waive compliance by AT&T 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 herefor or
in lieu hereof, whether or not notation of such consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no
provision of this Note or of the Indenture shall alter or impair the obligation of AT&T, which is absolute and unconditional, to pay the principal of and interest on this Note at the times, place and rate, and in the coin or currency, herein
prescribed. 
 Principal and interest payments in respect of the Notes are payable by AT&T in Canadian dollars. If interest is
calculated for a period shorter than one full year, other than a regular semi-annual period, such interest will be computed on the basis of a 365-day year and the actual number of days elapsed in that period.

 Registrar and Paying Agent 

The Paying Agent for the Notes is BNY Trust Company of Canada currently located at 1 York Street,
6th Floor, Toronto, Ontario M5J 0B6 (“Paying Agent”). In addition, AT&T shall maintain in the Borough of Manhattan, The City of New York, an office or agency where Notes may be
surrendered for registration of transfer or exchange. AT&T has initially appointed an affiliate of the Trustee, BNY Trust Company of Canada, as its Paying Agent. AT&T may vary or terminate the appointment of any of its paying or transfer
agencies, and may appoint additional paying or transfer agencies. 

  
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 Optional Redemption by AT&T 

At any time prior to May 25, 2048, the Notes will be redeemable, as a whole or in part, at AT&T’s option, at any time and from
time to time, on at least 30 days’, but not more than 60 days’, prior notice mailed to the registered address of each Holder of the Notes. The redemption price will be equal to the greater of (1) 100% of the principal amount
of the Notes to be redeemed or (2) the Canada Yield Price. Any time on or after May 25, 2048, the Notes will be redeemable, as a whole or in part, at AT&T’s option, at any time and from time to time on at least 30 days’,
but not more than 60 days’, prior notice mailed to the registered address of each Holder of the Notes at a redemption price equal to 100% of the principal amount of the Notes to be redeemed. Accrued interest will be payable to the
redemption date. 
 “Canada Yield Price’’ means a price equal to the price which, if the Notes being redeemed were to
be issued at such price on the date of redemption, would provide a yield thereon from the date of redemption to May 25, 2048 equal to the Government of Canada Yield plus 69 basis points, calculated by AT&T on the third Business Day (as
defined below) preceding the date of redemption of the Notes. 
 “Government of Canada Yield” means, on any date, the bid-side yield to maturity on such date as determined from arithmetic average (rounded to three decimal places) of the yields quoted at 10:00 a.m. (Toronto time) by any two Canadian investment dealers selected by
AT&T, assuming semi-annual compounding and calculated in accordance with generally accepted financial practice, which a non-callable Government of Canada bond, trading at par, would carry if issued in
Canadian dollars in Canada on the date fixed for redemption with a maturity that most closely approximates the remaining term to May 25, 2048. 

On and after the redemption date, interest will cease to accrue on the Notes or any portion of the Notes called for redemption, unless
AT&T defaults in the payment of the redemption price and accrued interest. On or before the redemption date, AT&T will deposit with a Paying Agent or the Trustee money sufficient to pay the redemption price of and accrued interest on the
Notes to be redeemed on that date. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected by lot or pursuant to applicable depository procedures. 

Payment of Additional Amounts 

AT&T will, subject to the exceptions and limitations set forth below, pay as additional interest on this Note such additional amounts
(“Additional Amounts”) as are necessary so that the net payment by AT&T or its Paying Agent of the principal of and interest on this Note to a person that is a United States Alien, after deduction for any present or future tax,
assessment or governmental charge of the United States or a political subdivision or taxing authority thereof or therein, imposed by withholding with respect to the payment, will not be less than the amount that would have been payable in respect of
this Note had no withholding or deduction been required. As used herein, “United States Alien” means any person who, for United 

  
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States federal income tax purposes, is a foreign corporation, a non-resident alien individual, a non-resident alien
fiduciary of a foreign estate or trust, or a foreign partnership one or more of the members of which is, for United States federal income tax purposes, a foreign corporation, a non-resident alien individual or
a non-resident alien fiduciary of a foreign estate or trust. 
 The foregoing obligation to pay Additional Amounts
shall not apply: 
 (1) to any tax, assessment or governmental charge that is imposed or withheld solely because the beneficial owner,
or a fiduciary, settlor, beneficiary or member of the beneficial owner if the beneficial owner is an estate, trust or partnership, or a person holding a power over an estate or trust administered by a fiduciary holder: 

(a) is or was present or engaged in a trade or business in the United States, has or had a permanent establishment in the
United States, or has any other present or former connection with the United States or any political subdivision or taxing authority thereof or therein; 

(b) is or was a citizen or resident or is or was treated as a resident of the United States; 

(c) is or was a foreign or domestic personal holding company, a passive foreign investment company or a controlled foreign
corporation with respect to the United States or is or was a corporation that has accumulated earnings to avoid United States federal income tax; 

(d) is or was a bank receiving interest described in Section 881(c)(3)(A) of the Internal Revenue Code of 1986, as
amended (the “Code”); or 
 (e) is or was an actual or constructive owner of 10% or more of the total combined
voting power of all classes of stock of AT&T entitled to vote; 
 (2) to any Holder that is not the sole beneficial owner of the
Notes, or a portion thereof, or that is a fiduciary or partnership, but only to the extent that the beneficial owner, a beneficiary or settlor with respect to the fiduciary, or a member of the partnership would not have been entitled to the payment
of an Additional Amount had such beneficial owner, beneficiary, settlor or member received directly its beneficial or distributive share of the payment; 

  
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 (3) to any tax, assessment or governmental charge that is imposed or withheld solely
because the beneficial owner or any other person failed to comply with certification, identification or information reporting requirements concerning the nationality, residence, identity or connection with the United States of the Holder or
beneficial owner of the Notes, if compliance is required by statute, by regulation of the United States Treasury Department or by an applicable income tax treaty to which the United States is a party as a precondition to exemption from such tax,
assessment or other governmental charge; 
 (4) to any tax, assessment or governmental charge that is imposed other than by deduction
or withholding by AT&T or a Paying Agent from the payment; 
 (5) to any tax, assessment or governmental charge that is imposed or
withheld solely because of a change in law, regulation, or administrative or judicial interpretation that is announced or becomes effective after the day on which the payment becomes due or is duly provided for, whichever occurs later; 

(6) to an estate, inheritance, gift, sales, excise, transfer, wealth or personal property tax or any similar tax, assessment or
governmental charge; 
 (7) to any tax, assessment or other governmental charge any paying agent (which term may include AT&T) must
withhold from any payment of principal of or interest on any Note, if such payment can be made without such withholding by any other paying agent; or 

(8) in the case of any combination of the above items. 

In addition, any amounts to be paid on this Note will be paid net of any deduction or withholding imposed or required pursuant to Sections
1471 through 1474 of the Code, any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of the Code, or any fiscal or regulatory legislation, rules or practices adopted
pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code, and no Additional Amounts will be required to be paid on account of any such deduction or withholding. 

The Notes are subject in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable.
Except as specifically provided under this section entitled “Payment of Additional Amounts” and under the heading “Redemption Upon a Tax Event”, AT&T shall not have to make any payment with respect to any tax, assessment or
governmental charge imposed by any government or a political subdivision or taxing authority. 
 Any reference in the terms of the Notes to
any amounts in respect of the Notes shall be deemed also to refer to any Additional Amounts which may be payable under this provision. 

Redemption Upon a Tax Event 

If (a) AT&T becomes or will become obligated to pay Additional Amounts as a result of any change in, or amendment to, the laws (or any
regulations or rulings promulgated thereunder) of the United States (or any political subdivision or taxing authority thereof or therein), or any change in, or amendments to, any official position regarding the application or interpretation of such
laws, regulations or rulings, which change or amendment 

  
 9 

 
is announced or becomes effective, on or after August 8, 2018 or (b) a taxing authority of the United States takes an action on or after August 8, 2018, whether or not with respect
to AT&T or any of its affiliates, that results in a substantial probability that AT&T will or may be required to pay such Additional Amounts, then AT&T may, at its option, redeem, as a whole, but not in part, the Notes on any Interest
Payment Date on not less than 30 nor more than 60 calendar days’ prior notice, at a redemption price equal to 100% of their principal amount, together with interest accrued thereon to the date fixed for redemption. No redemption pursuant to
(b) above may be made unless AT&T shall have received an opinion of independent counsel to the effect that an act taken by a taxing authority of the United States results in a substantial probability that AT&T will or may be required to
pay the Additional Amounts and AT&T shall have delivered to the Trustee a certificate, signed by a duly authorized officer, stating that based on such opinion, AT&T is entitled to redeem the Notes pursuant to their terms. 

Further Issues 
 AT&T
reserves the right from time to time, without notice to or the consent of the Holders of the Notes, to create and issue further notes ranking equally and ratably with the Notes in all respects, or in all respects except for the payment of interest
accruing prior to the issue date or except for the first payment of interest following the issue date of those further notes. Any further notes will have the same terms as to status, redemption or otherwise as, and will be fungible for United States
federal income tax purposes with, the Notes. Any further notes shall be issued pursuant to a resolution of the board of directors of AT&T, a supplement to the Indenture, or under an officers’ certificate pursuant to the Indenture. 

Notes in Definitive Form 

If (1) an Event of Default has occurred with regard to the Notes represented by this Note and has not been cured or waived in accordance
with the Indenture, or (2) the CDS Clearing and Depository Services Inc. is at any time unwilling or unable to continue as depository and a successor depository is not appointed by AT&T within 90 days, AT&T may issue notes in definitive
form in exchange for this Note. In either instance, an owner of a beneficial interest in the Notes will be entitled to the physical delivery in definitive form in exchange for this Note, equal in principal amount to such beneficial interest and to
have such Notes registered in its name. 
 Notes so issued in definitive form will be issued as registered notes in minimum denominations of
CAD$150,000 and integral multiples of CAD$1,000, unless otherwise specified by AT&T. 
 Notes so issued in definitive form may be
transferred by presentation for registration to the Registrar at its New York office and must be duly endorsed by the Holder or the Holder’s attorney duly authorized in writing, or accompanied by a written instrument or instruments of transfer
in form satisfactory to AT&T or the Trustee duly executed by the Holder or his attorney duly authorized in writing. 

  
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 AT&T may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any exchange or registration of transfer of definitive Notes. 
 Default 

In case an Event of Default, as defined in the Indenture, shall have occurred and be continuing, the principal hereof may be declared, and upon
such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

Miscellaneous 
 For
purposes of the Notes, the term “Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in The City of New York or The City of Toronto are authorized or required by law or executive order to
close. 
 For the purposes of the Interest Act (Canada) and disclosure thereunder, whenever any interest to be paid hereunder or in
connection herewith is to be calculated on the basis of a 360-day or 365-day year, the yearly rate of interest to which the rate used in such calculation is equivalent
is the rate so used multiplied by the actual number of days in the calendar year in which the same is to be ascertained and divided by 360 or 365, as applicable. The foregoing sentence is for the purposes of disclosure under the Interest Act
(Canada) only and not for any other purpose and shall not otherwise affect the terms of the Notes. 
 No director, officer, employee or
stockholder, as such, of AT&T shall have any liability for any obligations of AT&T under this Note, the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Holder by accepting this Note
waives and releases all such liability. The waiver and release are part of the consideration for the issue of this Note. 
 The Notes are
the unsecured and unsubordinated obligations of AT&T and will rank pari passu with all other evidences of indebtedness issued in accordance with the Indenture. 

Prior to due presentment of this Note for registration of transfer, AT&T, the Trustee and any agent of AT&T or the Trustee may treat
the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither AT&T, the Trustee nor any such agent shall be affected by notice to the contrary. 

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

  
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 The Indenture and this Note shall be governed by and construed in accordance with the
laws of the State of New York. 

  
 12 

 SCHEDULE OF INCREASES OR DECREASES 

The initial principal amount of this AT&T INC. 5.100% Global Note due 2048 (ISIN NO. [•]) is CAD$750,000,000. The following increases
or decreases in this Global Note have been made: 
  

									
	 Date of Exchange
	  	Amount of
decrease in
Principal
Amount of this
Global Note	  	Amount of
increase in
Principal
Amount of this
Global Note	  	Principal amount
of this Global
Note following
such decrease or
increase	  	Signature of
authorized
signatory of
Trustee or
Securities
Custodian
		  		  		  		  	

  
 13EX-10.17A

 Exhibit 10.17A 

BANC OF CALIFORNIA, INC. 

2018 OMNIBUS STOCK INCENTIVE PLAN 

INCENTIVE STOCK OPTION AGREEMENT 

ISO NO.               

This Option is granted pursuant to this Incentive Stock Option Agreement (the “Agreement”) on
                , 20     (the “Grant Date”) by Banc of California, 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 an Incentive Stock Option
(“Option”) to purchase, pursuant to the Banc of California, Inc. 2018 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 9
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 12 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 unrestricted Shares
having an aggregate Fair Market Value at the time of exercise equal to the aggregate Exercise Price, (iii) to the extent permitted by applicable law, by delivering a properly executed notice of exercise to the Company, together with a copy of
irrevocable instructions to a broker to deliver promptly to the Company the amount of sale or loan proceeds necessary to pay the aggregate Exercise Price, and, if requested, the amount of any federal, state, local or foreign withholding taxes,
(iv) 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 (v) by any combination of (i), (ii), (iii) (iv). 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 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.
Except as otherwise permitted by the Code or the regulations thereunder, this Option may not be sold, transferred, pledged, assigned or otherwise alienated or hypothecated, other than, for no value or consideration by will or by the laws of descent
and distribution. 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 

  
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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.     Notice of Sale. The Optionee or any person to whom this Option or the Option Shares shall have been
transferred pursuant to Section 5 promptly shall give notice to the Company in the event of the sale or other disposition of Option Shares within the later of (i) two years from the Grant Date or (ii) one year from the date of
exercise of this Option. Such notice shall specify the number of Option Shares sold or otherwise disposed of and be directed to the address set forth in Section 12 below. 

8.     Adjustments. In the event of a Corporate Transaction or Share Change, this Option shall be adjusted as and
to the extent provided in Section 3(d) of the Plan. 
 9.     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. 
 10.     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. 

11.     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. 

12.     Notices. All notices hereunder to the Company shall be delivered or mailed to it addressed to the Secretary
of Banc of California, Inc., 3 MacArthur Place, Santa Ana, California 92707. 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 

  
 3 

 
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. 

13.     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, including, without limitation, the Company’s Incentive Compensation Recoupment Policy, if applicable to the Optionee. 

14.     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. 
 15.     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. 
 16.     Loss of Incentive Stock Option
Status. If any portion of this Option shall fail, for any reason, to qualify as an “incentive stock option” under Section 422 of the Code (or any successor provision), it shall be treated as a Nonqualified Option under the Plan.
The Optionee acknowledges that this Option will lose such qualification if: (a) this Option is exercised by the Optionee more than three months after the Optionee’s Termination of Employment (if and to the extent this Option is still then
exercisable); or (b) the Option Shares acquired upon exercise of this Option are sold or otherwise disposed of within one of the time periods described in Section 7. 

17.     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. 

18.     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. 

19.     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 

  
 4 

 
provision of this Agreement, or of any subsequent breach by such party of a provision of this Agreement. 

20.     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 12 above. This Agreement may be executed in 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] 

  
 5 

 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)

  
 6

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