Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 259

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 259
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 merger and in recommending to Mechanics shareholders that approve the Mechanics merger proposal. For more information, see the sections entitled “ —Background of the Merger” and “ —Mechanics’ Reasons for the Merger; Recommendation of the Mechanics Board of Directors.” Such interests are described in more detail below. Treatment of Mechanics Equity Awards The Mechanics equity awards held by Mechanics’ directors and executive officers immediately prior to the effective time will be adjusted to reflect the merger in the same manner as those Mechanics equity awards held by other employees generally. At the effective time, outstanding Mechanics equity awards will be treated as follows: Upon completion of the merger, each outstanding incentive unit award or restricted stock unit award granted under the Mechanics 2017 Incentive Unit Plan or 2022 Omnibus Incentive Plan in respect of shares of Mechanics common stock (a “Mechanics RSU”) will automatically be converted into a restricted stock unit award (an “Assumed HomeStreet 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 common stock subject to the Mechanics RSU immediately prior to the effective time multiplied by (2) the Class A exchange ratio. Each Assumed HomeStreet RSU will otherwise remain subject to the same terms and conditions (including vesting terms, performance measures, and terms with respect to dividend equivalents) as applied to the corresponding Mechanics RSU immediately prior to the effective time. Continuing Directors Carl B. Webb, E. Michael Downer, Patricia Cochran, Adrienne Crowe, Douglas Downer, Kenneth D. Russell, Jon Wilcox and Nancy D. Pellegrino are expected to serve on the combined company’s board of directors. As directors of the combined company, these directors are expected to be compensated under the post-closing employee director compensation policy. Management Following the Merger As described elsewhere in this proxy statement/prospectus/consent solicitation statement, including in the section entitled “ —Management Following the Merger,” certain of Mechanics’ executive officers are expected to become executive officers of the combined company following the effective time. Indemnification; Directors’ and Officers’ Insurance The merger agreement generally provides that from and after the effective time, the combined company will, and will cause the surviving bank to, indemnify and hold harmless (and will advance expenses as incurred to) all of Mechanics’ directors and executive officers (among others) against any costs and liabilities arising out of or pertaining to the