Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 175

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 175
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382 per unit at December 31, 2024. |

| (b) | Represents unvested RSUs that were granted in 2022. |

| (c) | Represents unvested RSUs that were granted in 2023. |

| (d) | Represents unvested phantom units that were granted in 2021. |

| (e) | Represents unvested phantom units that were granted in 2024. |

Additional Narrative Disclosure 401(k) Plan Mechanics maintains a defined contribution employee retirement plan (a “401(k) plan”) for its U.S. employees, including its NEOs except for Mr. Johnson. Mechanics’ active named executive officers are eligible to participate in the 401(k) plan on the same basis as other employees. The 401(k) plan is intended to qualify as a tax-qualified plan under Section 401(k) of the Code. The 401(k) plan allows participants to defer a portion of their compensation on a pre-tax or after-tax (Roth) basis, within the limits prescribed by the Code and the applicable limits under the 401(k) plan. Pursuant to the terms of the 401(k) plan, Mechanics may make discretionary matching pursuant to the terms of the plan and applicable law. Potential Payments Upon Termination or Change in Control DeCero Separation Agreement Mechanics entered into a separation and release agreement with Mr. DeCero on May 9, 2024, in connection with Mr. DeCero’s separation from service with Mechanics effective February 15, 2024 (the “DeCero Separation Agreement”), pursuant to which Mr. DeCero executed a release of claims in favor of Mechanics in consideration for certain payments and benefits. The DeCero Separation Agreement provided for (i) a lump sum severance payment

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of $1,467,208.33, (ii) $488,250 for Mr. DeCero’s 2023 annual incentive bonus, (iii) subject to Mr. DeCero’s compliance with certain restrictive covenants including perpetual confidentiality and nondisparagement covenants as well as two-year covenants not to solicit employees or customers and not to compete, supplemental payments including an amount equal to $500,000 payable in cash during each of the 2025 and 2026 years and monthly payments equal to the lesser of (A) the monthly cost of COBRA coverage for Mr. DeCero