Company: MCHB
Filing Date: 2025-07-16
Form Type: 424B3
Source: 0001140361-25-026051
Chunk: 247

Company: Mechanics Bancorp
Filing Date: 2025-07-16
Form: 424B3
Chunk 247
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 William Endresen, Darrell van Amen, Marlene Price, Erik Hand and Diane Novak (collectively, the “Separating Executives”) will terminate as of the day following the, and subject to the occurrence of the, effective time of the merger. The parties have agreed that each such termination of employment will constitute a termination without Cause or for Good Reason (each capitalized term, as defined in the applicable CIC Agreement or employment agreement), entitling the applicable Separating Executive to the severance payments and benefits contemplated by, and in accordance with the terms of, the Separating Executive’s CIC Agreement and employment agreement, as applicable. Annual Incentive Plan Pursuant to the merger agreement, Mechanics will cause bonuses under HomeStreet’s annual cash incentive program for the fiscal year in which closing occurs (“Closing Year Bonuses”) to be paid based on target performance levels to continuing employees who remain employed through the date HomeStreet has historically paid such amounts in the ordinary course (but no later than March 15 of the calendar year following the closing of the merger). In the event that a continuing employee incurs a termination of employment after the closing but before the bonus payment date, other than for Cause (as defined in the confidential disclosure schedules to the merger agreement) or by the applicable continuing employee for Good Reason (as defined in the confidential disclosure schedules to the merger agreement, solely to the extent such employee is a party to certain agreements in which a Good Reason provision exists), then Mechanics will cause a prorated Closing Year Bonus to be paid based on target performance levels to such continuing employee within sixty (60) days following the applicable continuing employee’s termination, subject to the execution and non-revocation of a release of claims. In addition, pursuant to the confidential disclosure schedules to the merger agreement, with respect to certain other HomeStreet benefit plans providing for an annual bonus or incentive payment for the fiscal year in which the closing occurs or is expected to occur (“Closing Year Non-AIP Bonuses”) in which certain HomeStreet executive officers participate, HomeStreet and its subsidiaries will be permitted to amend or modify such plans to provide that, in the event that a participant incurs a termination of employment other than for Cause (as defined in the confidential disclosure schedules to the merger agreement) or by the applicable participant for Good Reason (as defined in the confidential disclosure schedules to the merger agreement, solely to the extent such employee is a party to certain agreements in which a Good Reason provision exists), then Mechanics will cause a prorated Closing