Company: MCHB
Filing Date: 2025-09-02
Form Type: 8-K
Source: 0001140361-25-033560
Chunk: 9

Company: Mechanics Bancorp
Filing Date: 2025-09-02
Form: 8-K
Item: Item 5.02
Chunk 9
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 the Company will have no further obligation to make further payments of the Consulting Fee, provided that if such termination is by the
Company other than for “cause” (as defined in the Consulting Agreement) or by Mr. Mason due to any of Mechanics’ or its subsidiaries’ or affiliates’ material breach of the Consulting Agreement (which breach remains uncured for 15 days after the
Company or any of its subsidiaries or affiliates is provided notice of such breach), or occurs as a result of Mr. Mason’s death or disability, Mr. Mason will continue to receive such payments through the remainder of the scheduled Consulting
Period, subject to Mr. Mason’s execution and non-revocation of a release of claims and continued compliance with certain restrictive covenants. Under the Consulting Agreement, Mr. Mason reaffirms the terms and conditions of that certain
Confidentiality Agreement, dated as of March 15, 2017, between Mr. Mason, the Company and HomeStreet Bank. In addition, the Consulting Agreement provides for (i) certain non-disparagement obligations; (ii) extension of Mr. Mason’s existing
non-competition obligations through the Consulting Period and for a period of six months thereafter; and (iii) extension of Mr. Mason’s existing non-solicitation obligations through the Consulting Period and for a period of one year thereafter.

The foregoing description of the material terms of the Consulting Agreement is not complete and is subject to and qualified in its entirety by reference to the full text
of the Consulting Agreement, a copy of which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

Severance Payments

In connection with their respective resignations, each of Messrs. Mason, Michel and Endresen is entitled to severance payments and benefits under their respective
employment agreements with the Company. Mr. Mason is entitled to the severance payments and benefits pursuant to the HomeStreet CEO Employment Agreement as described above; for Messrs. Michel and Endresen, the severance payments and benefits
include (i) a lump sum payment equal to two times the executive’s (x) annual salary at the rate in effect immediately prior to termination and (y) annual incentive payment (calculated as the greater of the executive’s annual incentive payment
earned in the year prior to termination or the executive’s target incentive payment for the current year), (ii) a lump sum payment equal to the cost of providing continuing health insurance coverage for