Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 177

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 177
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The term of coverage of the Change in Control Agreements commenced on January 21, 2021 (the “COC Effective Date”). The initial term expired on the second anniversary of the COC Effective Date, but the term automatically renews for successive one-year periods, unless either party provides advance written notice to the other party no less than 120 days prior to any anniversary of the COC Effective Date that the term will not be further renewed, in which case the term will expire on the last day of the then-current term. Notwithstanding the foregoing, (x) no notice of non-renewal of the term may be provided by Mechanics in anticipation of a specific potential Change in Control and (y) in the event a Change in Control occurs during the term, the term will automatically be extended to the extent necessary such that the term will continue until no earlier than the second anniversary of the date of the Change in Control. The term automatically expires upon termination of the executive’s employment. Under the Change in Control Agreements, a “Qualifying Termination” means (i) the termination of the executive’s employment during the two-year period immediately following a “Change in Control” either by Mechanics without “Cause” or by the executive for “Good Reason” (each as defined in the Change in Control Agreements) or (ii) the termination of the executive’s employment by Mechanics during the six-month period immediately preceding a Change in Control (other than for Cause). Accordingly, a Qualifying Termination is a “double-trigger” for payment. The following definitions apply to the Change in Control Agreements: “Good Reason” is defined as the occurrence of any of the following without the executive’s express written consent: (i) a significant diminution of the executive’s positions, duties, responsibilities or status with Mechanics as in effect as of immediately prior to the Change in Control, (ii) a material reduction in (A) the executive’s annual base salary as in effect as of immediately prior to the Change in Control, (B) the executive’s target annual bonus opportunity as in effect as of immediately prior to the Change in Control, or (C) the executive’s long-term incentive opportunity as in effect as of immediately prior to the Change in Control, (iii) a relocation following the Change in Control of the

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executive’s principal place of business to a location that is outside a 50-mile radius from the executive’s principal place of business immediately prior to the Change in Control, not including