Company: MCHB
Filing Date: 2025-09-02
Form Type: 8-K
Source: 0001140361-25-033560
Chunk: 7

Company: Mechanics Bancorp
Filing Date: 2025-09-02
Form: 8-K
Item: Item 5.02
Chunk 7
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Item 5.02.      Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.  

(b)

Pursuant to the Merger Agreement, on September 2, 2025, effective upon the Effective Time, James R. Mitchell, Scott M. Boggs, Sandra A. Cavanaugh, Jeffery D. Green,
Joanne Harrell and S. Craig Tompkins resigned from the Board and the committees of the Board on which they respectively served, which resignations were not the result of any disagreements with the Company relating to the Company’s operations,
policies or practices. Effective upon the Effective Time, Nancy Pellegrino was removed as chair of the Risk Management committee of the Board and as a member of the Compensation Committee of the Board but will remain as a member of the Nominating
and Governance Committee of the Board.

Effective upon the Effective Time, Mark Mason resigned from his position as the Company’s President and Chief Executive Officer, John Michel resigned from his position as
the Company’s Chief Financial Officer, and William Endresen resigned from his position as the Company’s Commercial Real Estate President, and each such executive tendered a resignation from employment to be effective on September 3, 2025. Pursuant
to the Merger Agreement, the termination of each such officer’s employment as of September 3, 2025 will be considered a termination without “cause” or for “good reason” for purposes of the applicable employment agreement. The resignations of
Messrs. Mason, Michel and Endresen were not the result of any disagreements with the Company relating to the Company’s operations, policies or practices.

Mason Consulting Agreement

As previously disclosed, Mr. Mason, the Company and Mechanics Bank entered into a consulting agreement, dated March 28, 2025 (the “ Consulting Agreement”). Pursuant to
the Consulting Agreement, Mr. Mason’s employment with the Company and HomeStreet Bank will terminate on September 3, 2025, with such termination constituting a resignation for “good reason” (as defined in the Consulting Agreement) for purposes of
the employment agreement between the Company, HomeStreet Bank and Mr. Mason, dated January 25, 2018, as amended (the “ HomeStreet CEO Employment Agreement”). In connection with such termination of employment, pursuant to the Consulting Agreement,
Mr. Mason is entitled to receive the following severance payments and benefits in full satisfaction of the