Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 254

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 254
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 Merger**

This section sets forth the information required by Item 402(t) of the SEC’s Regulation S-K regarding compensation that is based on, or otherwise relates to, the merger for each named executive officer of HomeStreet. This compensation is referred to as “golden parachute” compensation by the applicable SEC disclosure rules, and in this section we use such term to describe the merger-related compensation payable to HomeStreet’s named executive officers. The “golden parachute” compensation payable to these individuals is subject to a non-binding, advisory vote of HomeStreet’s shareholders, as described elsewhere in this proxy statement/prospectus/consent solicitation statement as the HomeStreet merger-related compensation proposal. The plans or arrangements pursuant to which

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such “golden parachute” compensation would be payable (other than the merger agreement), consist of the named executive officers’ employment agreements, change in control agreements and the respective equity and cash-based awards specifying the terms and conditions of each such award. Throughout the discussion, the named executive officers of HomeStreet include the following executive officers, as determined in accordance with applicable SEC rules:

| • | Mark K. Mason — Chairman, President and Chief Executive Officer of HomeStreet and HomeStreet Bank |

| • | John M. Michel — Executive Vice President, Chief Financial Officer of HomeStreet and HomeStreet Bank |

| • | William D. Endresen — Executive Vice President, Commercial Real Estate President of HomeStreet Bank |

The amount of payments and benefits that each named executive officer would receive (on a pre-tax basis), as set forth in the table below, is based on the following assumptions:

| • | each named executive officer of HomeStreet experiences a qualifying termination on the day immediately following the assumed closing date of the merger that results in change in control severance benefits becoming payable to him under such individual’s applicable CIC Agreement or employment agreement with HomeStreet without taking into account any possible reduction that might be required to avoid the excise tax in connection with Section 280G under Section 4999 of the Code; |

| • | the named executive officers’ base salary rate and target annual bonus remain unchanged from those in effect as of the date of this proxy statement/prospectus/consent solicitation statement; |

| • | the per share value of HomeStreet’s common stock is $11.81, which is the average closing price of HomeStreet’s common stock over the first five (5) trading days following the first public announcement of the merger