FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). |
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
BANC OF CALIFORNIA, INC. [ BANC ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 01/23/2017 | ||||||||||||||||||||||||||
4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
Code | V | Amount | (A) or (D) | Price | ||||||
Common Stock | 01/23/2017 | F(1) | 121,935 | D | $16.15 | 213,567 | D | |||
Common Stock | 7,860 | I | By Steven Sugarman IRA | |||||||
Common Stock | 112,274 | I | By Steven and Ainslie Sugarman Living Trust | |||||||
Common Stock | 2,000 | I | By Steven Sugarman Roth IRA | |||||||
Common Stock | 282 | I | By Ainslie Sugarman Roth IRA | |||||||
Common Stock | 4,700 | I | By Ainslie Sugarman IRA | |||||||
Common Stock | 10,200 | I | By Charles Schwab & Co Inc., Cust Sugarman Enterprises, Inc. 401K FBO Ainslie Sugarman | |||||||
Common Stock | 35,000 | I | By the Steven and Ainslie Sugarman Family Irrevocable Trust | |||||||
Common Stock | 728 | I | By Cole Sugarman Roth IRA | |||||||
Common Stock | 700 | I | By Hailey Sugarman Roth IRA | |||||||
Common Stock | 1,475 | I | By Sierra Sugarman Roth IRA | |||||||
8.00% Non-Cumulative Perpetual Preferred Stock, Series C | 4,000 | I | By Steven and Ainslie Sugarman Living Trust |
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
Stock Option (Right to Purchase) | $15.81 | 06/27/2012 | 06/27/2021 | Common Stock | 16,165 | 16,165 | D | ||||||||
Warrant to Purchase Class B Non-Voting Common Stock | $11(2) | (3) | (4) | Class B Non-Voting Common Stock | 480,000 | 480,000 | I | By Steven and Ainslie Sugarman Living Trust | |||||||
Stock Appreciation Rights | $12.83 | (5) | 08/22/2022 | Common Stock | 70,877 | 70,877 | D | ||||||||
Stock Appreciation Rights | $13.06 | (5) | 08/22/2022 | Common Stock | 150,933 | 150,933 | D | ||||||||
Stock Appreciation Rights | $13.6 | (5) | 08/22/2022 | Common Stock | 88,366 | 88,366 | D | ||||||||
Stock Appreciation Rights | $12.12 | (5) | 08/22/2022 | Common Stock | 500,000 | 500,000 | D | ||||||||
Stock Appreciation Rights | $13.55 | (5) | 08/22/2022 | Common Stock | 15,275 | 15,275 | D | ||||||||
Stock Appreciation Rights | $10.09 | (5) | 08/22/2022 | Common Stock | 252,023 | 252,023 | D | ||||||||
Stock Appreciation Rights | $12.27 | 09/30/2015 | 08/22/2022 | Common Stock | 2,973 | 2,973 | D | ||||||||
Stock Appreciation Rights | $11.62 | 11/07/2014 | 08/22/2022 | Common Stock | 216,334 | 216,334 | D | ||||||||
Stock Appreciation Rights | $10.09 | (6) | 08/22/2022 | Common Stock | 262,231(7) | 262,231(7) | D |
Explanation of Responses: |
1. Shares disposed to satisfy Mr. Sugarman's tax liability incurred by the accelerated vesting of 251,005 shares previously granted to him as an award on April 26, 2016. This award was previously scheduled to vest in full on April 1, 2017, but was subject to certain restrictions on transfer until April 1, 2021. Pursuant to the terms and conditions of the Separation Agreement entered into by the Issuer and Mr. Sugarman on January 23, 2017 (the "Separation Agreement"), the shares not otherwise withheld to satisfy Mr. Sugarman's tax liability are now fully vested, and are no longer subject to the former transfer restrictions. |
2. The exercise price of the Warrant is subject to certain automatic adjustments in accordance with the terms thereof. Based on these automatic adjustments to the original $11.00 exercise price, it has been determined that the exercise price of the Warrant is $8.72 as of December 31, 2016. |
3. Warrants vested in accordance with the following schedule: 50,000 shares vested on October 11, 2011 and the remainder vested in seven equal quarterly installments, beginning January 1, 2012. |
4. Warrants expire five years from the date vested. |
5. Each of these Stock Appreciation Rights ("SARs") became fully vested on August 21, 2014. |
6. These SARs (the "TEU Additional SARs") were issued to Mr. Sugarman in connection with the closing of an offering of the Issuer's 8.00% Tangible Equity Units. Each Tangible Equity Unit is composed of a prepaid stock purchase contract (each, a "Purchase Contract") and a junior subordinated amortizing note issued by the Issuer. Each Purchase Contract settles based on minimum or maximum settlement rates of shares of common stock. The number of settlement shares underlying the TEU Additional SARs were calculated using the maximum settlement rate and, therefore, the number of shares underlying these TEU Additional SARs is subject to adjustment and forfeiture. |
7. The TEU Additional SAR originally related to 300,219 shares of common stock. Prior to January 23, 2017, pursuant to the terms thereof, the TEU Additional SAR had accelerated in vesting with respect to 254,402 shares and 37,988 shares had been forfeited. Pursuant to the terms and conditions of the Separation Agreement, the TEU Additional SAR accelerated in vesting with respect to the final 7,829 shares on January 23, 2017. The TEU Additional SARs that have accelerated in vesting have the same terms and conditions as the original grant. |
/s/ Albert Wang, Attorney-in-Fact | 01/25/2017 | |
** Signature of Reporting Person | Date | |
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. |