Banc of California, Inc. and Banc of California, National Association, a wholly owned subsidiary of the Company, announced the appointment of Raymond J. Rindone, age 52, as Executive Vice President, Chief Accounting Officer and Deputy Chief Financial Officer, effective November 14, 2022. Mr. Rindone joins the Company most recently from City National Bank, where he was employed since 2006, most recently serving as Deputy Chief Financial Officer since August 2022. Prior to that, Mr. Rindone was employed by IndyMac Bancorp, Inc., as First Vice President, Financial Management Financial Reporting.

Earlier in his career, Mr. Rindone held positions at Platinum Capital Group, Inc., IndyMac Mortgage Bank, AMRESCO Residential Mortgage Corporation, and PGC Pacific Mortgage. He began his career as a senior consultant with Coopers & Lybrand, LLP (now PricewaterhouseCoopers LLP) in Newport Beach, California. Mr. Rindone holds a B.S. in Accounting from the University of Southern California.

In connection with his appointment, Mr. Rindone and the Company entered into an offer letter on October 29, 2022. Pursuant to the Offer Letter, Mr. Rindone will receive an annual base salary of $380,000, which may be modified from time to time as determined by the Company's management in its sole discretion. In addition, Mr. Rindone will be eligible to receive an annual bonus with an annual target bonus opportunity up to 50% of the rate of annual base salary in effect.

The actual annual bonus, which may be less than the Target Bonus, will depend on the bonus pool level set by the Company's board of directors, the Company's financial performance, the performance of his specific division or department during the applicable fiscal year, as well as his individual performance and level of contribution. Mr. Rindone will not be eligible for an incentive bonus for 2022. Mr. Rindone also will receive a cash sign-on bonus of up to $225,000 provided he is continuously employed for the first 180 days following his employment start date.

Mr. Rindone will also be eligible to participate in the Company's equity incentive plan and receive long term incentive equity awards on a periodic basis at the discretion of the Company's Compensation, Nominating and Governance Committee (the “Compensation Committee”). Upon approval by the Compensation Committee, Mr. Rindone will be eligible to receive LTI awards with a target of 50% of the rate of the annual base salary. The LTI award will be subject to the discretion of the Compensation Committee and the terms of the Company's equity incentive plan.

In addition, promptly following his employment start date, Mr. Rindone will be granted $50,000 of restricted stock units subject to service-based vesting conditions. Mr. Rindone has more than 25 years of experience in the financial services and banking industry. He joins the Bank from City National Bank, where he served since 2006, most recently as Deputy Chief Financial Officer.

Prior to that, Mr. Rindone was employed by IndyMac Bancorp and certain of its subsidiaries, in a number of finance and accounting leadership roles, including Division CFO, Division Controller, and First Vice President, Financial Management. Mr. Rindone also served as CFO of Platinum Capital Group, Inc. He began his career as a Senior Consultant with Coopers & Lybrand, LLP (now PwC). Mr. Rindone holds a B.S. in Accounting from University of Southern California and is a Certified Public Accountant (inactive).