Company: MCHB
Filing Date: 2025-03-07
Form Type: 10-K
Source: 0001518715-25-000026
Chunk: 7

Company: Mechanics Bancorp
Filing Date: 2025-03-07
Form: 10-K
Item: Item 9B
Chunk 7
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 If the executive’s service terminates at the initiation of the executive for “Good Reason” (as defined in the Agreements), the deferred compensation amount for that executive will be deemed to have vested in full on the effective date of the termination of the executive’s service.

The immediately preceding three paragraphs are a summary of the material terms of the deferred compensation agreements and the summary does not purport to be complete. A copy of the form of the deferred compensation agreements is filed with this Form 10-K as Exhibit 10.31 and is incorporated herein by reference.

Employment Agreement Extensions

The information below is reported in lieu of information that would be reported under Item 5.02 of Form 8-K.

On March 5, 2025, the Board of Directors of the Company approved an extension of the term of the existing employment agreements with Mr. Mason, Mr. Michel and Mr. Endresen to December 31, 2027 with one-year automatic extensions unless the Company or the executive officer provides written notice of its intent not to renew the employment agreement at least 180 days prior to the end of its term.  The existing employment agreements with Mr. Mason and Mr. Endresen expire on December 31, 2025, and the existing employment agreement with Mr. Michel expires on August 3, 2025. The other terms and conditions of each employment agreement remain unchanged.

The amendments to the above employment agreements are filed as Exhibits 10.27, 10.28 and 10.29 to this Form 10-K.