Company: MCHB
Filing Date: 2025-07-16
Form Type: 424B3
Source: 0001140361-25-026051
Chunk: 280

Company: Mechanics Bancorp
Filing Date: 2025-07-16
Form: 424B3
Chunk 280
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 the extent that such credit would result in a duplication of benefits, or for purposes of retiree medical) under the employee benefit plans of Mechanics or its subsidiaries in which any continuing HomeStreet employees become eligible to participate on or after the effective time (“Mechanics benefit plans”) or HomeStreet benefit plans, service with HomeStreet or any of its subsidiaries or predecessors for such continuing HomeStreet employees will be treated as service with Mechanics to the same extent that such service was taken into account under the analogous HomeStreet benefit plans prior to the effective time. With respect to any HomeStreet benefit plan or Mechanics benefit plan in which any such employees first become eligible to participate on or after the effective time, following the effective time, the parties will use commercially reasonable efforts to: (i) waive all preexisting conditions, exclusions and waiting periods with respect to participation and coverage requirements applicable to such employees and their eligible dependents, and

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(ii) give each continuing employee credit for the plan year in which the effective time occurs towards applicable deductibles and annual out-of-pocket limits for medical expenses incurred prior to the effective time for which payment has been made.

If requested by Mechanics, HomeStreet will take action to terminate each HomeStreet benefit plan that includes a tax-qualified defined contribution retirement arrangement that is subject to Section 401(k) of the Code (“HomeStreet 401(k) Plan”), effective as of the day prior to the closing date and contingent on the occurrence of the closing. HomeStreet will provide Mechanics with evidence that the HomeStreet 401(k) Plan has been terminated not later than two (2) days immediately preceding the closing date, and the continuing HomeStreet employees who participated in the HomeStreet 401(k) Plan will be eligible to participate, as of the effective time, in the corresponding tax-qualified defined contribution plan sponsored or maintained by Mechanics or one of its subsidiaries (“Mechanics 401(k) Plan”). Following the closing, if Mechanics requested the termination of the HomeStreet 401(k) Plan, the assets of the HomeStreet 401(k) Plan will be distributed to the participants, and Mechanics will permit all continuing HomeStreet employees (while employed) to make rollover contributions to the Mechanics 401(k) Plan of “eligible rollover distributions” within the meaning of Section 401(a)(31) of the Code (including loans), in the form of cash, in an amount equal to the full account balance (including loans) distributed to the applicable