secwatch.observer — SEC 8-K summary
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Issuer:     BANC OF CALIFORNIA, INC. (BANC)
CIK:        0001169770
Form:       8-K
Filed at:   2024-05-20T23:59:59+00:00
Accession:  0001628280-24-024371
Event type: leadership
Sentiment:  neutral
Materiality: 0.60
Item codes: 4.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1169770/000162828024024371/0001628280-24-024371-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1169770/000162828024024371/banc-20240514.htm
  HTML page:      https://secwatch.observer/filing/0001628280-24-024371

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer