Company: MCHB
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001518715-25-000066
Chunk: 64

Company: Mechanics Bancorp
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 64
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s, which provide for certain severance benefits in the event of a qualified termination with each of the NEOs. Mr. Mason’s employment agreement also provides for certain severance benefits in the event of a qualified termination in connection with a change in control event. In conjunction with and as part of their employment agreements, each of Messrs. Michel and Endresen have entered into an Executive Change in Control Agreement with the Company (“CIC Agreement”) which provides for certain severance benefits in the event of a qualified termination in connection with a change in control event.

Severance and Change in Control Benefits

Our NEO employment agreements provide for certain severance benefits in the event of a termination of employment by the Company without cause or due to a resignation for good reason.

The employment agreements with Messrs. Michel and Endresen and the CIC Agreement with Mr. Mason also provide for certain severance benefits in the event (1) there is a change in control event (as defined in each executive’s agreement) and (2) the executive is either terminated by us or the successor company without cause (as defined in each executive’s agreement) or terminates his employment for good reason (as defined in each executive’s agreement) within 90 days prior to or 12 months following the change in control (as defined in each executive’s agreement).

The table below summarizes the severance benefits for each NEO.

| NEO                 |     | Involuntary Termination     
 without Cause or            
 Resignation for Good        
 Reason(1)                   |     | Termination without cause or    
 for Good Reason in              
 Connection with a               
 Change in Control(1)            |
| Mark K. Mason       |     | 2x salary plus 2x incentive |     | 2.5x salary plus 2.5x incentive |
| John M. Michel      |     | 2x salary plus 2x incentive |     | 2x salary plus 2x incentive     |
| William D. Endresen |     | 2x salary plus 2x incentive |     | 2x salary plus 2x incentive     |

(1) Incentive amounts for severance purposes are determined as the greater of the executive’s then-current target performance incentive or the performance incentive the executive received in the prior year.

In addition, each NEO is entitled to receive full acceleration of any unvested equity grants and 18 months of continuing health insurance coverage for each such executive and with respect to Mr. Mason, his