Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 249

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 249
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Street CEO Employment Agreement), subject to his satisfaction of the corresponding terms and conditions under the HomeStreet CEO Employment Agreement:

| • | cash severance payments equal to the sum of (i) two-and-one-half (2½) times Mr. Mason’s annual salary at the rate in effect as of immediately prior to the consummation of the merger, plus (ii) two-and-one-half (2½) times the greater of (x) the annual incentive payment earned by Mr. Mason in the year prior to termination and (y) Mr. Mason’s target annual incentive payment for the year of termination; |

| • | continuing health insurance coverage for Mr. Mason and his dependents for eighteen (18) months, provided Mr. Mason and his dependents timely elect COBRA continuation coverage under HomeStreet’s group health plan(s); |

| • | accelerated vesting of all of Mr. Mason’s unvested HomeStreet Equity Awards and HomeStreet Cash LTI (in the case of HomeStreet PSUs, with performance deemed achieved at target); and |

| • | certain accrued but unpaid benefits. |

Following such termination of employment, Mr. Mason will make himself available to perform certain transitional services, on the terms and conditions set forth in the consulting agreement, for the period (the “Consulting Period”) beginning on the day following the effective time of the merger and ending on the second anniversary of the effective time of the merger, provided that the Consulting Period will terminate immediately upon the death or Disability (as defined in the Mason Consulting Agreement) of Mr. Mason or upon an earlier termination of the Consulting Period by any of HomeStreet, Mechanics or Mr. Mason. The consulting agreement provides that, during the Consulting Period, Mr. Mason will provide consulting and advisory services as may be requested from time to time by Mechanics, provided that in no event will Mr. Mason be required to provide services in excess of thirty-two (32) hours per month. In consideration of such services and the restrictive covenants described below, Mechanics will pay Mr. Mason a gross amount of $4,000,000 (collectively, the “Consulting Fee”), payable quarterly in installments in arrears at the end of each calendar quarter during the Consulting Period. Pursuant to the terms of the consulting agreement, in the event of a termination of the Consulting Period prior to the second anniversary of the effective time of the merger, Mechanics will have no further obligation to make further payments of the Consulting Fee, provided that if such termination is by