Company: MCHB
Filing Date: 2025-09-02
Form Type: 8-K
Source: 0001140361-25-033560
Chunk: 11

Company: Mechanics Bancorp
Filing Date: 2025-09-02
Form: 8-K
Item: Item 5.02
Chunk 11
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 Administrative Officer, Western Financial Bank and Wachovia Bank.

Fernando Pelayo, age 47, was appointed EVP, Chief Accounting Officer of Mechanics Bank in August 2022. Prior to his role as Chief Accounting Officer of Mechanics Bank, Fernando served as Mechanics Bank’s Corporate Controller. Prior to joining Mechanics Bank,
Fernando was Corporate Controller and SVP, Finance at Banc of California. He has also held positions at Union Bank, Santa Barbara Bank & Trust and OneWest Bank. He is a graduate of the University of California, Riverside with a degree in
Business Administration.

There are no family relationships among any of the Company’s executive officers. Except for the agreements and plans described in this Item 5.02 to this Current Report
on Form 8-K and the transactions which were described in the Registration Statement under the section entitled “ Certain Relationships and Related Party Transactions of the Combined Company,” such executive
officers do not have a direct or indirect material interest in any related party transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K.

Change in Control Agreements

On August 28, 2025, each of Messrs. Duda and Pierce entered into an amended and restated change in control agreement with Mechanics Bank and Mr. Pelayo entered into a
change in control agreement with Mechanics Bank (the “ Change in Control Agreements”). These agreements provide that in the event of a qualifying termination (described below), Mechanics Bank will pay such executive, subject to the execution by
such executive of a general release, (i) a cash amount equal to 2.75 times (or in the case of Mr. Pelayo, 1.5x) the sum of (x) the executive’s annual base salary as in effect as of the date of the executive’s qualifying termination or, if greater,
as in effect as of the date of the “ Change in Control” (as defined in the Change in Control Agreements) and (y) the executive’s target annual bonus for the year in which the executive’s qualifying termination occurs or, if greater, for the year in
which a Change in Control occurs and (ii) premiums for COBRA continuation coverage for a period of 18 months following such qualifying termination. The term of coverage of the Change in Control Agreements commenced on August 28, 2025 (the
“ Agreement Effective Date”). The initial term will expire on the second anniversary of the Agreement Effective Date, but the term