Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 177

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 177
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 2021. |

| (e) | Represents unvested phantom units that were granted in 2024. |

Additional Narrative Disclosure 401(k) Plan Mechanics maintains a defined contribution employee retirement plan (a “401(k) plan”) for its U.S. employees, including its NEOs except for Mr. Johnson. Mechanics’ named executive officers are eligible to participate in the 401(k) plan on the same basis as other employees. The 401(k) plan is intended to qualify as a tax-qualified plan under Section 401(k) of the Code. The 401(k) plan allows participants to defer a portion of their compensation on a pre-tax or after-tax (Roth) basis, within the limits prescribed by the Code and the applicable limits under the 401(k) plan. Pursuant to the terms of the 401(k) plan, Mechanics may make discretionary matching pursuant to the terms of the plan and applicable law. Potential Payments Upon Termination or Change in Control Change in Control Agreements Mechanics has entered into change in control agreements with each of Messrs. Pierce and Kallingal (the “Change in Control Agreements”). These agreements provide that in the event of a qualifying termination (described below), Mechanics will pay such executive, subject to the execution by such executive of a general release, (i) an amount

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determined pursuant to the table below and (ii) premiums for COBRA continuation coverage for a period of 18 months following such qualifying termination.

|                                                                              |     | Amount Payable |     |               |
| Equity valuation of the Company implied by terms of the applicable Change in 
 Control transaction, as determined by the Mechanics board in good faith*     |     | Annual Base    
 Salary         |     | Target Annual 
 Bonus***      |
| Less than 1.00x Tangible Book Value                                          |     | 0%             |     | 0%            |
| l.00x to l.50x Tangible Book Value                                           |     | 100%           |     | 100%          |
| l.51x to 2.00x Tangible Book Value                                           |     | 150%           |     | 150%          |
| 2.01x to 2.50 Tangible Book Value                                            |     | 200%           |     | 200%          |
| 2.51x to 3.00 Tangible Book Value                                            |     | 275