Banc of California dismisses KPMG, appoints EY; CEO Wolff gets new employment agreement with enhanced pay and severance

BANC OF CALIFORNIA, INC.

Dismissed KPMG as auditor; appointed Ernst & Young for FY 2024. No adverse opinions or disagreements in prior audits.
CEO Jared Wolff entered amended employment agreement effective May 17, 2024 with three-year term.
Base salary of $1,050,000 per annum; annual bonus target 150% of base salary; long-term equity target 250% of base salary.
Retention bonus of $2.2 million, subject to clawback if Wolff leaves before April 30, 2027 for cause or without good reason.
Enhanced severance: 2x (base+target bonus) for qualified termination, 3x for change-of-control related termination, plus 36 months COBRA.

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