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You should be able to select the masked object, then ungroup them (Modify > Ungroup). After that, just resize either element as you wish, then reapply the mask (select both, then Modify > Mask > Group as Mask).
There may be a cleverer way to do it, I don't know.
Thanks pixlor. Anyone know a shortcut?
Hold Alt/Option + Click that blue center point to move/adjust the Mask regardless if the Layer thumbnail is active.
As for resizing them independently, I am not aware of any shortcuts except to:
Delink (click/toggle off the link between the Layer thumbnail and the Mask thumbnail)
Select the Mask Thumbnail.
Change the Values (W/H) in the PI. (You can also do the same thing here for the active Layer thumbnail)
Here is a trick I use a lot of the times:
Use Auto Shapes as Masks. These are the ones that have on-canvas 'controller' points that allow you to resize, change corners etc.
A. Open/Import an image file.
B. Edit>Cut the image/bitmap to the clipboard.
C. Add a Rounded Rectangle object on the canvas, and have it active before moving to the next step.
D. Edit > Paste Inside the clipboard contents (the image).
The result is your image with the a Vector Mask conformed to the Auto Shape (in this case the Rounded Rectangle).
Now here's the rub - select the Vector Mask thumbnail, and you should still see it's 'anchor controllers': Resize and Corner Radius.
Thanks a lot.