Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 120

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 120
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 HomeStreet is Requesting Shareholder Approval of the Mechanics Bancorp 2025 Equity Incentive Plan In May 2014, our shareholders approved the company’s 2014 Equity Incentive Plan (the “Prior Plan”) that provided for the grant of equity and equity-based awards to our executive officers, other key employees and directors. In March 2024, this plan expired; therefore, we are no longer granting shares from this plan, or any other plan. The merger agreement provides that HomeStreet will take all such actions as may be necessary or advisable to adopt and implement an equity compensation plan, to be effective as of no later than the closing of the merger (the date of the closing assuming shareholder approval, the “Effective Date”), on such market-appropriate terms and in such form as shall be determined in good faith jointly by HomeStreet and Mechanics for the anticipated post-closing surviving entity. Mechanics has determined that the Mechanics Bancorp 2025 Equity Incentive Plan, referred to herein as the 2025 Equity Incentive Plan, is acceptable to Mechanics, and, in accordance with the terms of the merger agreement, Mechanics and HomeStreet have reviewed the terms of such plan and have determined in good faith jointly that it is market-appropriate for the anticipated post-closing surviving entity. Accordingly, HomeStreet is asking its shareholders to approve the 2025 Equity Incentive Plan, which if so approved will become effective on Effective Date. The 2025 Equity Incentive Plan will enable the combined company to retain key employees, key contractors and directors in a competitive labor market and encourage their ownership of its common stock. The 2025 Equity Incentive Plan was approved by HomeStreet’s board of directors on June 23, 2025, subject to shareholder approval and the occurrence of the Effective Date. It is intended to appropriately position the combined company to implement effective, market-competitive equity compensation awards following the completion of the merger for its new and existing employees, officers, directors and contractors, to incent, retain and reward those critical to the combined company’s success. As shown in the following table, the estimated number of shares of HomeStreet common stock outstanding after giving effect to the share issuance described elsewhere in this proxy statement/prospectus/consent solicitation statement (but not including Mechanics RSUs to be assumed in connection with the merger) is equal to approximately 220,920,808. If HomeStreet’s shareholders approve the 2025 Equity Incentive Plan, then subject to adjustment in