Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 284

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 284
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 employees of Mechanics and its subsidiaries and (y) the severance benefits of HomeStreet as set forth in the confidential disclosure schedules to the merger agreement.

Mechanics and the HomeStreet Parties have agreed that, for purposes of eligibility, participation, vesting and benefit accrual (except not for purposes of benefit accrual under any defined benefit pension plan, to 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