Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 285

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 285
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#### TABLE OF CONTENTS
(ii) give each continuing employee credit for the plan year in which the effective time occurs towards applicable deductibles and annual out-of-pocket limits for medical expenses incurred prior to the effective time for which payment has been made.

If requested by Mechanics, HomeStreet will take action to terminate each HomeStreet benefit plan that includes a tax-qualified defined contribution retirement arrangement that is subject to Section 401(k) of the Code (“HomeStreet 401(k) Plan”), effective as of the day prior to the closing date and contingent on the occurrence of the closing. HomeStreet will provide Mechanics with evidence that the HomeStreet 401(k) Plan has been terminated not later than two (2) days immediately preceding the closing date, and the continuing HomeStreet employees who participated in the HomeStreet 401(k) Plan will be eligible to participate, as of the effective time, in the corresponding tax-qualified defined contribution plan sponsored or maintained by Mechanics or one of its subsidiaries (“Mechanics 401(k) Plan”). Following the closing, if Mechanics requested the termination of the HomeStreet 401(k) Plan, the assets of the HomeStreet 401(k) Plan will be distributed to the participants, and Mechanics will permit all continuing HomeStreet employees (while employed) to make rollover contributions to the Mechanics 401(k) Plan of “eligible rollover distributions” within the meaning of Section 401(a)(31) of the Code (including loans), in the form of cash, in an amount equal to the full account balance (including loans) distributed to the applicable employee from the HomeStreet 401(k) Plan.

Mechanics and the HomeStreet Parties have agreed that, subject to certain exceptions, the consummation of the merger will constitute a “change in control,” “change of control” or similar concept under each applicable HomeStreet benefit plan. From and after the effective time, HomeStreet will, or will cause its subsidiaries, as applicable, to assume and honor all HomeStreet benefit plans in accordance with their terms.

With respect to HomeStreet’s annual cash incentive program for the fiscal year in which the closing occurs, Mechanics will cause the Closing Year Bonuses to be paid based on target performance levels to the continuing HomeStreet employees who remain employed through the date HomeStreet has historically paid such amounts in the ordinary course of business. In the event that a continuing employee incurs a termination of employment after the closing and prior to the bonus payment date by Mechanics or any of its subsidiaries other