Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 482

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 482
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 result in a duplication of benefits, or for purposes of retiree medical) under the employee benefit plans of Company or its Subsidiaries in which any Continuing Employees become eligible to participate on or after the Effective Time (“ Company Benefit Plans ”) or Parent Benefit Plans, service with Parent or any of its Subsidiaries or predecessors for Continuing Employees shall be treated as service with Company to the same extent that such service was taken into account under the analogous Parent Benefit Plan prior to the Effective Time. With respect to any Parent Benefit Plan or Company Benefit Plan in which any Continuing Employees first become eligible to participate on or after the Effective Time, and in which such employees did not participate prior to the Effective Time, the Parties shall 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 (ii) give each Continuing Employee credit for the plan year in which the Effective Time occurs towards applicable deductibles and annual out-of-pocket limits for medical expenses incurred prior to the Effective Time for which payment has been made.

(c) Company hereby acknowledges that the transactions contemplated by this Agreement shall constitute a “change in control,” “change of control” or term or concept of similar import of Parent and its Subsidiaries under the terms of the Parent Benefit Plans. From and after the Effective Time, Parent shall, or shall cause its Subsidiaries, as applicable, to assume and honor all Parent Benefit Plans in accordance with their terms, it being understood that the foregoing shall not be construed as a limitation on the right of Parent and its Subsidiaries to amend or terminate any such plan to the extent permitted by the terms of the applicable plan.

(d) With respect to Parent’s Corporate Operations Annual Performance-Based Master Incentive Compensation Plan (the “ Performance Bonus Plan ”) for the fiscal year in which the Closing Date occurs, the Company shall cause bonuses (the “ Closing Year Bonuses ”) to be paid based on target performance levels to the Continuing Employees who remain employed through the Bonus Payment Date no later than the date (the “ Bonus Payment Date ”) Parent has historically paid such amounts in the ordinary course of business (but no later than March 15 of the calendar year following the Closing). In the event that a Continuing Employee incurs a termination of employment after the Closing and prior to the Bonus Payment Date by Company or any of its Subsidiaries other than for Cause (as defined in