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

Company: Mechanics Bancorp
Filing Date: 2025-09-02
Form: 8-K
Item: Item 5.02
Chunk 8
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 severance payments and benefits to which he would be entitled under the terms of the HomeStreet CEO Employment Agreement upon a qualifying
termination of employment for “good reason” following a “change in control” (each as defined in the HomeStreet CEO Employment Agreement), subject to his satisfaction of the corresponding terms and conditions under the HomeStreet CEO Employment
Agreement: (i) cash severance payments equal to the sum of (x) 2.5 times Mr. Mason’s annual salary at the rate in effect as of immediately prior to the consummation of the Merger, plus (y) 2.5 times the greater of (A) the annual incentive payment
earned by Mr. Mason in the year prior to termination and (B) Mr. Mason’s target annual incentive payment for the year of termination, (ii) continuing health insurance coverage for Mr. Mason and his dependents for 18 months, provided Mr. Mason and
his dependents timely elect COBRA continuation coverage under the Company’s group health plan(s), (iii) accelerated vesting of all of Mr. Mason’s unvested equity awards and cash long-term incentive awards (in the case of performance stock units,
with performance deemed achieved at target) and (iv) 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 September 3, 2025 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 of Mr. Mason or upon an earlier termination of the Consulting Period by the Company 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 the Company, provided that in no event will Mr. Mason be required to provide services in excess of 32 hours per month. In consideration of such services and the restrictive covenants described below, the Company will
pay Mr. Mason $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,