Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 250

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 250
---
 Mechanics other than for Cause (as defined in the consulting agreement) or by Mr. Mason due to any of Mechanics’ or its subsidiaries’ or affiliates’ material breach of the consulting agreement (which breach remains uncured for fifteen (15) days after Mechanics or any of its subsidiaries or affiliates is provided notice of such breach), or occurs as a result of Mr. Mason’s death or Disability, Mr. Mason will continue to receive such payments through the remainder of the scheduled Consulting Period, subject to Mr. Mason’s execution and non-revocation of a release of claims and continued compliance with certain restrictive covenants. Under the consulting agreement, Mr. Mason reaffirms the terms and conditions of that certain Confidentiality Agreement, dated as of March 15, 2017, between Mr. Mason, HomeStreet and HomeStreet Bank. In addition, the consulting agreement provides for (i) certain non-disparagement obligations; (ii) extension of Mr. Mason’s existing non-competition obligations through the Consulting Period and for a period of six (6) months thereafter; and (iii) extension of Mr. Mason’s existing non-solicitation obligations through the Consulting Period and for a period of one (1) year thereafter. The effectiveness of the consulting agreement is conditioned upon the consummation of the merger. Change in Control Severance and Similar Agreements Each of HomeStreet’s executive officers, including each of the named executive officers, is party to an Executive Change in Control Agreement with HomeStreet (the “CIC Agreements”) or an employment agreement with HomeStreet, in each case, which provides for severance payments and benefits in the event that the executive officer’s employment is terminated (i) by HomeStreet other than for Cause or (ii) by the executive for Good Reason (each capitalized term, as defined in the applicable CIC Agreement or employment agreement), in each case within one year following or 90 days immediately prior to a Change in Control (as defined in the applicable CIC Agreement

155

TABLE OF CONTENTS

or employment agreement) of HomeStreet, such as the merger, and subject to the executive’s execution of a release and waiver of claims. These payments and benefits are described below, excluding those under the HomeStreet CEO Employment Agreement:

| • | a lump sum payment equal to two (2) times the executive’s (i) annual salary at the rate in effect immediately prior to termination and (ii) annual incentive payment (calculated as the greater of the executive’s annual incentive payment earned in