Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 248

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 248
---
, the actual amounts, if any, to be received by HomeStreet’s executive officers may materially differ from the amounts set forth above. Consulting Agreement with Mark K. Mason Following the Merger Mark K. Mason, HomeStreet and Mechanics have entered into a consulting agreement, dated March 28, 2025 (the “consulting agreement”). Pursuant to the consulting agreement, effective on the first day following the effective time of the merger, Mr. Mason’s employment with HomeStreet and HomeStreet Bank will terminate, with such termination constituting a resignation for Good Reason (as defined in the consulting agreement) for purposes of the

155

TABLE OF CONTENTS

employment agreement between HomeStreet, HomeStreet Bank and Mr. Mason, dated January 25, 2018, as amended (the “HomeStreet CEO Employment Agreement”). In connection with such termination of employment, pursuant to the consulting agreement, Mr. Mason will be entitled to receive the following severance payments and benefits in full satisfaction of the severance payments and benefits to which he would be entitled under the terms of the HomeStreet CEO Employment Agreement upon a qualifying termination of employment for Good Reason following a Change in Control (each capitalized term, as defined in the HomeStreet CEO Employment Agreement), subject to his satisfaction of the corresponding terms and conditions under the HomeStreet CEO Employment Agreement:

| • | cash severance payments equal to the sum of (i) two-and-one-half (2½) times Mr. Mason’s annual salary at the rate in effect as of immediately prior to the consummation of the merger, plus (ii) two-and-one-half (2½) times the greater of (x) the annual incentive payment earned by Mr. Mason in the year prior to termination and (y) Mr. Mason’s target annual incentive payment for the year of termination; |

| • | continuing health insurance coverage for Mr. Mason and his dependents for eighteen (18) months, provided Mr. Mason and his dependents timely elect COBRA continuation coverage under HomeStreet’s group health plan(s); |

| • | accelerated vesting of all of Mr. Mason’s unvested HomeStreet Equity Awards and HomeStreet Cash LTI (in the case of HomeStreet PSUs, with performance deemed achieved at target); and |

| • | certain accrued but unpaid benefits. |

Following such termination of employment, Mr. Mason will make himself available to perform certain transitional services, on the terms and conditions set forth in the consulting agreement, for the period (the “Consulting