Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 176

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 176
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 and his dependents or (B) the monthly cost of Mr. DeCero’s own health insurance for himself and his dependents, in either case for 24 months, and (iv) payment for Mr. DeCero’s 113.1417 vested phantom units at a price of $45,580 per vested unit, plus any declared but unpaid dividends on his vested phantom units, in accordance with the terms of such awards. Change in Control Agreements Mechanics has entered into change in control agreements with each of Messrs. Pierce and Kallingal (the “Change in Control Agreements”). These agreements provide that in the event of a qualifying termination (described below), Mechanics will pay such executive, subject to the execution by such executive of a general release, (i) an amount determined pursuant to the table below and (ii) premiums for COBRA continuation coverage for a period of 18 months following such qualifying termination.

|                                                                              |     | Amount Payable |     |               |
| Equity valuation of the Company implied by terms of the applicable Change in 
 Control transaction, as determined by the Mechanics board in good faith*     |     | Annual Base    
 Salary         |     | Target Annual 
 Bonus***      |
| Less than 1.00x Tangible Book Value                                          |     | 0%             |     | 0%            |
| l.00x to l.50x Tangible Book Value                                           |     | 100%           |     | 100%          |
| l.51x to 2.00x Tangible Book Value                                           |     | 150%           |     | 150%          |
| 2.01x to 2.50 Tangible Book Value                                            |     | 200%           |     | 200%          |
| 2.51x to 3.00 Tangible Book Value                                            |     | 275%           |     | 275%          |
| 3.01x or greater Tangible Book Value**                                       |     | 400%           |     | 400%          |

| * | Tangible Book Value is measured by the most recent call report filed with the primary regulatory prior to the announcement of the applicable Change in Control transaction. |

| ** | Maximum amount. |

| *** | Target Annual Bonus means the target for the annual cash bonus for the year in which the Qualifying Termination occurs or, if greater, for the year in which a Change in Control occurs. |