Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 262

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 262
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 qualify for, and intends to rely on, exemptions from certain governance standards that would otherwise be applicable.

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TABLE OF CONTENTS

Under NASDAQ listing rules and Section 303A of the NYSE Listed Company Manual, a company of which more than 50% of the voting power is held by an individual, a group or another company is a “controlled company” and is exempt from certain corporate governance requirements that would otherwise require the combined company to have (i) a nominating committee comprised solely of independent directors or select or recommend director nominees by a majority of the independent directors and (ii) a compensation committee comprised solely of independent directors. The combined company intends to rely on these exemptions. The controlled company exemption does not modify the independence requirements for the audit committee, and the combined company intends to continue to comply with the requirements of NASDAQ or NYSE rules with respect thereto. For additional information please see the section entitled “ —Management Following the Merger.” Boards of Directors of the Combined Company At the effective time, in accordance with the amended and restated bylaws and the merger agreement, the board of directors of the combined company will consist of the members of the Mechanics board of directors immediately prior to the effective time (the “legacy Mechanics directors”), including Carl B. Webb, who will serve as Executive Chairman of the board of directors of combined company, and one director who was a member of the HomeStreet board of directors immediately prior to the effective time and designated by Mechanics (the “legacy HomeStreet director”). Following the effective time, pursuant to the registration rights agreement, as long as Rabobank Parties beneficially own, in the aggregate, at least 4.9% of the outstanding capital stock and other classes of equity securities of the combined company, the Rabobank Parties will have the right to appoint one observer to the combined company board of directors, and from and after such time as the Rabobank Parties acquire additional shares of the combined company’s voting common stock such that they beneficially own, in the aggregate, 9.9% or more of combined company’s voting common stock, the Rabobank Parties will have the right to appoint one director to the combined company board of directors (subject to the combined company’s board of directors’ reasonable approval). Immediately following the effective time, the board of directors of the combined company is expected to consist of: Carl B. Webb, E. Michael Downer, Patricia Cochran, Adrienne Crowe, Douglas Downer,