Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 284

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 284
---
 of their respective subsidiaries.

The HomeStreet Parties and Mechanics have agreed to promptly advise each other upon receiving any communication from any governmental entity that causes such party to believe that there is a reasonable likelihood that any requisite regulatory approval will not be obtained or that the receipt of any such approval will be delayed.

#### Employee Benefit Matters
Each employee of HomeStreet and its subsidiaries as of immediately prior to the effective time who continues to remain employed with HomeStreet or its subsidiaries will, for a period of one (1) year after the closing, be provided with (i) a base salary or base wage rate, as applicable, that is no less favorable than the base salary or base wage rate, as applicable, provided to such employee immediately prior to the effective time, (ii) target annual cash bonus opportunities that are no less favorable than the target annual cash bonus opportunities provided to such employee immediately prior to the effective time, (iii) pension and welfare benefits that are no less favorable than those provided to similarly situated employees of Mechanics and its subsidiaries and (iv) for any such continuing employee (other than those employees who are party to individual agreements that provide for severance benefits), severance benefits that are no less favorable than the greater of those provided to (x) similarly situated employees of Mechanics and its subsidiaries and (y) the severance benefits of HomeStreet as set forth in the confidential disclosure schedules to the merger agreement.

Mechanics and the HomeStreet Parties have agreed that, for purposes of eligibility, participation, vesting and benefit accrual (except not for purposes of benefit accrual under any defined benefit pension plan, to the extent that such credit would result in a duplication of benefits, or for purposes of retiree medical) under the employee benefit plans of Mechanics or its subsidiaries in which any continuing HomeStreet employees become eligible to participate on or after the effective time (“Mechanics benefit plans”) or HomeStreet benefit plans, service with HomeStreet or any of its subsidiaries or predecessors for such continuing HomeStreet employees will be treated as service with Mechanics to the same extent that such service was taken into account under the analogous HomeStreet benefit plans prior to the effective time. With respect to any HomeStreet benefit plan or Mechanics benefit plan in which any such employees first become eligible to participate on or after the effective time, following the effective time, the parties will use commercially reasonable efforts to: (i) waive all preexisting conditions, exclusions and waiting periods with respect to participation and coverage requirements applicable to such employees and their eligible dependents, and

<div align