Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 246

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 246
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 below)) as applied to such awards immediately prior to the effective time under the applicable award agreements. Upon completion of the merger, outstanding HomeStreet Equity Awards will be treated as follows:

| • | at the effective time, the merger agreement provides that each outstanding HomeStreet RSU will remain outstanding and be continued subject to the same terms and conditions (including vesting terms (including “double-trigger” vesting, as described below) and terms with respect to dividend equivalents) as applied immediately prior to the effective time; and |

| • | at the effective time, the merger agreement provides that any vesting conditions applicable to each HomeStreet PSU that is outstanding immediately prior to the effective time, whether vested or unvested, |

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will automatically accelerate, and each such HomeStreet PSU will be cancelled and entitle the holder to receive (1) a number of shares of the Class A common stock equal to the number of shares of HomeStreet common stock (immediately prior to the effective time) subject to such HomeStreet PSU based on target performance plus (2) an amount in cash equal to the amount of all dividends, if any, accrued but unpaid as of the effective time with respect to such HomeStreet PSU based on target performance. Notwithstanding that HomeStreet Cash LTI and HomeStreet RSUs will not accelerate on a “single-trigger” basis as a result of the closing of the merger, each HomeStreet RSU award agreement provides that, if a Change in Control of HomeStreet, such as the merger, occurs and the executive’s continuous service is terminated without Cause or by the executive for Good Reason (each capitalized term, as defined in the Equity Incentive Plan or applicable employment agreement) within twelve (12) months following the Change in Control, all unvested HomeStreet RSUs will automatically become 100% vested. Similarly, each HomeStreet Cash LTI award agreement provides that, if a Change in Control of HomeStreet, such as the merger, occurs prior to January 1, 2028, and the executive’s continuous service is terminated without Cause or by the executive for Good Reason (each capitalized term, as defined in the applicable HomeStreet Cash LTI award agreement) within twelve (12) months following the Change in Control, then the cash amount subject to such HomeStreet Cash LTI award agreement will become 100% vested. The table below sets forth the number of outstanding HomeStreet RSUs, HomeStreet PSUs and amount of HomeStreet Cash LTI held by each