trending Market Intelligence /marketintelligence/en/news-insights/trending/FBHDzRMGLwGt63H0eojpoA2 content esgSubNav
In This List

Banc of California ex-CEO to still get $4.3M under separation agreement

Blog

Spotlight on sustainability: How banks can overcome the challenges of achieving net-zero emissions by 2050

Blog

Insight Weekly: US election scenarios; borrowing costs rise; commercial REIT fears

Podcast

Street Talk | Episode 100 - KBW CEO offers optimism for bears fearful of bank liquidity, credit

Blog

Insight Weekly: Stocks endure more pain; bank branch M&A slows; debt ratios fall


Banc of California ex-CEO to still get $4.3M under separation agreement

A regulatory filing regarding Steven Sugarman's departure from Banc of California Inc. disclosed that he will still receive his 2016 annual bonus of $1.5 million.

Sugarman's separation agreement gives him additional payouts amounting to $2.8 million, plus medical and dental benefits for him and his dependents for three more years post-resignation. All outstanding, unvested equity awards will vest; all options and stock appreciation rights will remain exercisable for their full terms.

On Jan. 23, Sugarman stepped down from all his positions at the company, the subsidiary bank and their affiliated entities. He also resigned as a board member of the company and the bank. The executive change came amid an SEC investigation into allegations that the company's officers and directors had ties to Jason Galanis, who has been charged with market manipulation and fraud.

The filing also notes that Sugarman is bound by his employment agreement's clawback and confidentiality provisions.