Form 4: Banc of California Executive Receives Stock Grant

Joseph J. Rice, SR EVP and Vice Chairman at Banc of California, Inc., was granted restricted stock units and performance-based restricted stock units on July 8, 2026.

Summary

• Joseph J. Rice, SR EVP and Vice Chairman of Banc of California, Inc., received a grant of 18,114 restricted stock units (RSUs) on July 8, 2026. These RSUs will vest annually over three years, starting July 31, 2027.
• Additionally, Rice was granted 50,000 performance-based restricted stock units (PRSUs) on the same date. These PRSUs are contingent upon the company's common stock achieving a 20-day Volume-Weighted Average Price (VWAP) of $28.73 by May 23, 2028, and Rice's continued service through that date.
• Following these transactions, Rice beneficially owns 44,531 shares of common stock directly, with additional indirect ownership through the Joseph & Monica Rice Revocable Trust and the Joseph J. Rice 2012 Irrevocable Trust.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it primarily reports on routine executive compensation grants rather than significant financial performance or strategic shifts.

Positives

• Grant of restricted stock units indicates a commitment to retaining and incentivizing key executive talent.
• Performance-based restricted stock units align executive compensation with specific stock price targets, potentially benefiting shareholders.
• The vesting schedule for RSUs provides a retention incentive over a three-year period.

Negatives

• The performance-based RSUs are subject to a significant stock price hurdle ($28.73 VWAP), which may not be achieved.
• The filing does not provide details on the current stock price, making it difficult to assess the likelihood of the performance targets being met.

Risks

• Failure to achieve the $28.73 VWAP target by May 23, 2028, will result in the forfeiture of the 50,000 performance-based restricted stock units.
• Continued service requirement for PRSUs means that departure from the company before May 23, 2028, would also lead to forfeiture of these units.
• Market volatility and economic conditions could impact the company's stock price, affecting the achievement of performance targets.

Future Outlook

The future outlook for the performance-based restricted stock units is contingent on the company's stock price reaching a 20-day VWAP of $28.73 by May 23, 2028, and the continued service of Joseph J. Rice through that date. The restricted stock units will vest over a three-year period starting July 31, 2027.

Industry Context

StockSavvy.ai notes that the issuance of restricted stock units and performance-based restricted stock units is a common practice in the banking industry to attract, retain, and motivate senior executives by aligning their interests with long-term shareholder value.

Stakeholder Impact

• Shareholders: The performance-based RSUs are designed to align executive interests with shareholder value creation, but their ultimate impact depends on the stock price performance.
• Employees: The filing does not directly impact employees, but executive compensation structures can influence overall company morale and retention.
• Management: Joseph J. Rice receives additional equity-based compensation, contingent on performance and continued service.

Next Steps

• Vesting of restricted stock units annually over three years, commencing July 31, 2027.
• Monitoring of Banc of California's common stock price to determine if the $28.73 VWAP target is met by May 23, 2028, for the performance-based restricted stock units.

Key Dates

Keywords

Banc of California, BANC, Form 4, SEC Filing, Stock Grant, Restricted Stock Units, Performance Stock Units, Executive Compensation, Beneficial Ownership, Joseph J. Rice