Company: MCHB
Filing Date: 2025-09-02
Form Type: 8-K
Source: 0001140361-25-033560
Chunk: 1

Company: Mechanics Bancorp
Filing Date: 2025-09-02
Form: 8-K
Item: Item 2.01
Chunk 1
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Item 2.01.      Completion of Acquisition or Disposition of Assets.  

In accordance with the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each share of common stock, par value $50 per share,
of Mechanics Bank designated as voting common stock (the “ Mechanics Bank voting common stock”) issued and outstanding immediately prior to the Effective Time, subject to certain exceptions, was converted into the right to receive 3,301.0920 shares
of Class A common stock, no par value, of the Company (the “ Class A common stock”). All existing shares of the Company common stock held by legacy Company shareholders were redesignated as Class A common stock pursuant to the Articles Amendment
that was adopted in connection with the Merger. Further, in accordance with the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each share of common stock, par value $50 per share, of Mechanics Bank
designated as non-voting common stock (the “ Mechanics Bank non-voting common stock”, and together with the Mechanics Bank voting common stock, the “ Mechanics Bank common stock”) issued and outstanding immediately prior to the Effective Time was
converted into the right to receive 330.1092 shares of Class B common stock, no par value, of the Company (the “ Class B common stock,” and together with the Class A common stock, the “ Company common stock”), which was newly created pursuant to the
Articles Amendment. Each holder of Mechanics Bank common stock who would have been entitled to receive a fraction of a share of Company common stock (after taking into account all shares of Mechanics Bank common stock held by such holder) will
instead receive cash in lieu of such fractional share in accordance with the terms of the Merger Agreement.

In accordance with the terms and subject to the conditions set forth in the Merger Agreement, at the Effective Time, each outstanding incentive unit award or restricted
stock unit award granted under the Mechanics Bank 2017 Incentive Unit Plan or 2022 Omnibus Incentive Plan in respect of shares of Mechanics Bank common stock (a “ Mechanics Bank RSU”) was automatically converted into a restricted stock unit award
(an “ Assumed RSU”) in respect of the number of shares of the Class A common stock (rounded to the nearest whole share) equal to (1) the total number of shares of Mechanics Bank common stock subject to the Mechanics Bank RSU immediately prior to the
Effective Time multiplied by