BCAL · Southern California Bancorp

Summary

On February 13, 2026, California BanCorp and California Bank of Commerce entered into an Amended and Restated Employment Agreement with David I. Rainer, effective March 1, 2026, pursuant to which he will continue as Chairman and CEO until March 1, 2029, followed by a one-year Executive Director term. The agreement details his base salary, equity award, benefits, and severance provisions.

Key takeaways

• Employment Agreement entered February 13, 2026, effective March 1, 2026, amending prior January 30, 2024 agreement
• David I. Rainer to serve as Chairman and CEO of California BanCorp and California Bank of Commerce until March 1, 2029
• Base salary of $62,500 per month during employment term, subject to upward adjustment
• Restricted stock unit award equivalent to $1,200,000, vesting 50% after 2 years and 50% after 3 years
• Severance of 12 months base salary for termination without cause or good reason resignation
• Enhanced change in control severance of 36 months base salary plus 3x average annual bonus
• Automobile allowance of $1,500 per month and participation in benefit plans