Company: MCHB
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001518715-25-000066
Chunk: 60

Company: Mechanics Bancorp
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 60
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 Committee determined that Mr. Mason’s equity awards for the performance period commencing January 1, 2024 and ending on December 31, 2026 (the "Deferred Compensation Performance Period"), exceeded the limits under the Company's 2014 Equity Incentive Plan (the "Equity Plan") on annual awards to a single individual participant for PSUs. To make up for the shortfall with respect to Equity Plan awards as a result of the annual limits under the Equity Plan, the Company entered into a deferred compensation agreement with Mr. Mason, which provides that the Company will pay Mr. Mason a deferred compensation amount (the “PSU Deferred Compensation Amount”) with a target payout of $119,093, subject to the terms of the deferred compensation agreement.

The PSU Deferred Compensation Amount will be earned and vest at the end of Deferred Compensation Performance Period based on the Company’s TSR relative to a peer group. TSR is calculated as the change in share price from January 1, of the beginning of the three-year period to December 31 at the end of the three-year period assuming that all dividends are reinvested in shares on the date paid. The PSU peer group consists of all companies included in the KBW Regional Banking Index at the end of the Performance Period (excluding the Company itself, if it happens to be a component company on that date). For results in between the 25 th and 50 th or 50 th and 75 th , there will be a straight-line interpolation calculation. If achievement is below the 25 th percentile, or the Company’s absolute TSR over the Deferred Compensation Performance Period is negative, then 0% of the PSU Deferred Compensation Amount will vest.

|                          |     | Threshold      |     | Target         |     | Maximum        |
| Relative TSR performance |     | 25thpercentile |     | 50thpercentile |     | 75thpercentile |
| Payment as a % of target |     | 50%            |     | 100%           |     | 150%           |

The PSU Deferred Compensation Amount, to the extent earned, will become vested and payable following the end of the Deferred Compensation Performance Period, on the date that the Compensation Committee certifies the achievement of the TSR performance goals applicable to the 2024-2026 PSUs granted to Mr. Mason, subject to Mr. Mason’s continued service through such date (with certain exceptions).

Please refer to the section entitled “Potential Payments upon Termination or Change in Control” for information