Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 484

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 484
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 by Company or one of its Subsidiaries (the “ Company 401(k) Plan ”), it being agreed that there shall be no gap in participation, and (iii) following the Closing Date (and, if Company determines in its sole discretion that a determination letter is appropriate, as soon as practicable following receipt of a favorable determination letter from the IRS on the termination of the Parent 401(k) Plan, or any earlier time permitted under applicable law), the assets thereof shall be distributed to the participants, and Company shall permit all Continuing Employees (while employed) to make rollover contributions to the Company 401(k) Plan of “eligible rollover distributions” within the meaning of Section 401(a)(31) of the Code (including loans), in the form of cash, in an amount equal to the full account balance (including loans) distributed to the applicable employee from the Parent 401(k) Plan.

(f) Company and the Parent agree to take the actions set forth on Section 6.5(f) of the Parent Disclosure Schedule.

(g) Nothing in this Agreement shall confer upon any employee, officer, director or consultant of Parent or Company or any of their Subsidiaries or affiliates any right to continue in the employ or service of the Surviving Entity, Company, Parent or any Subsidiary or affiliate thereof, or shall interfere with or restrict in any way the rights of the Surviving Entity, Company, Parent or any Subsidiary or affiliate thereof to discharge or terminate the services of any employee, officer, director or consultant of Parent or Company or any of their Subsidiaries or affiliates at any time for any reason whatsoever, with or without cause. Nothing in this Agreement shall be deemed to (i) establish, amend, or modify any Company Benefit Plan, Parent Benefit Plan or any other benefit or employment plan, program, agreement or arrangement, or (ii) alter or limit the ability of Surviving Entity or any of its Subsidiaries or affiliates to amend, modify or terminate any particular Parent Benefit Plan, Company Benefit Plan or any other benefit or employment plan, program, agreement or arrangement after the Effective Time. Without limiting the generality of Section 9.11 , nothing in this Agreement, express or implied, is intended to or shall confer upon any person, including any current or former employee, officer, director or consultant of Parent or Company or any of their Subsidiaries or affiliates, or any beneficiary or dependent thereof, or any collective bargaining representative