Company: MCHB
Filing Date: 2025-09-02
Form Type: 8-K
Source: 0001140361-25-033560
Chunk: 12

Company: Mechanics Bancorp
Filing Date: 2025-09-02
Form: 8-K
Item: Item 5.02
Chunk 12
---
 automatically renews for successive one-year periods, unless either party provides advance written notice to the other
party no less than 120 days prior to any anniversary of the Agreement Effective Date that the term will not be further renewed, in which case the term will expire on the last day of the then-current term. Notwithstanding the foregoing, (x) no
notice of non-renewal of the term may be provided by Mechanics Bank in anticipation of a specific potential Change in Control and (y) in the event a Change in Control occurs during the term, the term will automatically be extended to the extent
necessary such that the term will continue until no earlier than the second anniversary of the date of the Change in Control. The term automatically expires upon termination of the executive’s employment. Under the Change in Control Agreements, a
qualifying termination means (i) the termination of the executive’s employment during the two-year period immediately following a “ Change in Control” either by Mechanics Bank without “ Cause” or by the executive for “ Good Reason” (each as defined in
the Change in Control Agreements) or (ii) the termination of the executive’s employment by Mechanics Bank during the six-month period immediately preceding a “ Change in Control” (other than for Cause).

The Change in Control Agreements also provide that in the event that payments to the executive become subject to the tax imposed by Section 4999 of the Code, then the
amounts payable to the executive will be reduced such that such payments, in the aggregate, equal the maximum amount payable without triggering the excise tax if the executive would have greater net after-tax proceeds payments if such payments were
so reduced. If the executive would not have greater net after-tax proceeds if such payments were so reduced, the executive would receive all payments to which the executive is entitled.

The foregoing description of the material terms of the Change in Control Agreements is not complete and is subject to and qualified in its entirety by reference to the
full text of the Change in Control Agreements, copies of which are attached hereto as Exhibit 10.2, Exhibit 10.3 and Exhibit 10.4 to this Current Report on Form 8-K and are incorporated herein by reference.

(d)

As of the Effective Time, the size of the Board was fixed at eight members, consisting of one member from the Board prior to the Effective Time, Ms. Pellegrino, and seven
newly appointed members to the Board who were on the board of directors of Mechanics Bank