On January 29, 2021, PacWest Bancorp's (the Company") Board of Directors (the Board") took certain actions to retain Matthew P. Wagner as the Company's President and Chief Executive Officer through December 31, 2023. Thereafter, it is anticipated that Mr. Wagner will become the Company's Executive Chairman. On January 29, 2021, the Board increased its size by one to fourteen and filled the new vacancy by appointing Paul W. Taylor to serve on the Board until such time as his successor is duly elected and qualified or until his earlier resignation or removal. Mr. Taylor will be appointed to committees of the Board at a later date.