Company: MCHB
Filing Date: 2025-07-16
Form Type: 424B3
Source: 0001140361-25-026051
Chunk: 252

Company: Mechanics Bancorp
Filing Date: 2025-07-16
Form: 424B3
Chunk 252
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 a lump sum payment equal to two (2) times (2.5 times for Mr. Mason) the sum of (i) the named executive officer’s annual base salary as in effect immediately prior to termination of employment, plus (ii) an amount equal to the annual incentive payment (calculated as the greater of the executive’s annual incentive payment earned in the year prior to termination or the executive’s target incentive payment for the current year). Mr. Mason’s Cash Severance Payment also includes a pro rata incentive compensation payment for the year of termination. These amounts are payable on a “double-trigger” basis. As disclosed above, pursuant to the terms of the consulting agreement and the confidential disclosure schedules, Messrs. Mason, Michel and Endresen will experience a qualifying termination of employment on the day following the effective time of the merger, which will result in their Cash Severance Payments becoming payable to them. In addition, pursuant to the merger agreement, each of Messrs. Mason and Michel will be entitled to receive a prorated Closing Year Bonus (for Mr. Mason, without duplication of his pro rata incentive compensation payment), and Mr. Endresen will be entitled to receive a Closing Year Non-AIP Bonus, as described in the section above entitled “— Annual Incentive Plan.” In addition, as described in the section above entitled “—Treatment of HomeStreet Equity Awards and Cash-Based Awards,” the amounts shown include, for Mr. Mason, the value of the CEO Cash Award ($119,093), which will automatically accelerate at the effective time on a “single-trigger” basis, and for each of Messrs. Mason, Michel and Endresen, the value of HomeStreet Cash LTI, which will accelerate on a “double-trigger” basis calculated as shown in the following table: |

| Name                |     | Cash Severance 
        Payment 
            ($) |     | Closing Year 
        Bonus 
          ($) |     | HomeStreet 
   Cash LTI 
        ($) |
| Mark K. Mason       |     |     $3,853,280 |     |     $421,320 |     |   $855,090 |
| John M. Michel      |     |     $1,613,240 |     |     $138,390 |     |   $293,640 |
| William D. Endresen |     |     $1,763,340 |     |     $200,630 |     |   $215,150 |

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