Company: MCHB
Filing Date: 2025-04-15
Form Type: DEF 14A
Source: 0001518715-25-000066
Chunk: 59

Company: Mechanics Bancorp
Filing Date: 2025-04-15
Form: DEF 14A
Chunk 59
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 the agreement), Mr. Mason will receive the termination benefits described in the table below. On March 5, 2025, the term of Mr. Mason’s employment agreement was extended to December 31, 2027, with an automatic renewal for successive one-year terms absent notice from either party not to renew within 180 days before the end of the term.

Mr. Michel’s initial employment agreement, effective May 11, 2020, provides for an annual base salary of not less than $435,000 and eligibility for an annual performance-based incentive bonus with a target award equal to 60% of his annual salary, provided that the Board or the Compensation Committee may set a lower or higher bonus amount based on individual and Company performance and Peer Group data supplied by the Company’s outside compensation consultant. Mr. Michel's base salary was increased to $489,398, effective March 2024. In the event of a termination without cause or termination by him for good reason (as those terms are defined in the agreement), Mr. Michel will receive the termination benefits described in the table below. On March 5, 2025, the term of Mr. Michel’s employment agreement was extended to December 31, 2027, with an automatic renewal for successive one-year terms absent notice from either party not to renew within 180 days before the end of the term.

Mr. Endresen’s employment agreement, effective February 26, 2018 provides for an annual base salary of not less than $315,000 and a loan production commissioned based incentive plan. Mr. Endresen’s base salary was increased to $430,300 effective March 2024. On February 25, 2021, the Company entered into an amended and restated Executive Employment Agreement with Mr. Endresen, which amended and restated his prior agreement dated February 26, 2018. The material terms of his Executive Employment Agreement remain the same as they were under his prior agreement. On March 5, 2025, the term of Mr. Endresen’s Employment Agreement was extended to December 31, 2027, with an automatic renewal for successive one-year terms absent notice from either party not to renew within 180 days before the end of the term.

Please refer to the section entitled “Potential Payments upon Termination or Change in Control” for information regarding certain severance payments and benefits provided to our NEOs.

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Mason Deferred Compensation Agreement

The Compensation