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.