Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 245

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 245
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 payments and benefits contemplated by, and in accordance with, the applicable change in control severance terms of his employment agreement with HomeStreet, as modified by the consulting agreement; |

| • | each other HomeStreet executive officer is entitled to certain change in control severance payments and benefits upon a qualifying termination of employment within 90 days prior to or within 12 months following the consummation of the merger; |

| • | one of HomeStreet’s directors will continue to serve as a director of the combined company following the closing of the merger; and |

| • | pursuant to the terms of the merger agreement, HomeStreet’s present and former directors and executive officers are entitled to indemnification and advancement of expenses, and six (6) years of continued liability insurance coverage, either by way of obtaining at or prior to the effective time a six (6) year “tail” policy under HomeStreet’s existing liability or insurance policy, or, if such a policy is not available, by maintaining its existing liability insurance policy for a period of six (6) years after the effective time. See the section entitled “—Indemnification; Directors’ and Officers’ Insurance” for more information. |

The HomeStreet board of directors was aware of and considered these respective interests, among other matters, in evaluating and negotiating the merger agreement when deciding to adopt and approve the merger agreement and in making its recommendation that HomeStreet shareholders vote to approve the HomeStreet share issuance proposal, the HomeStreet articles amendment proposal, the HomeStreet new equity incentive plan proposal, the HomeStreet merger-related compensation proposal and the HomeStreet adjournment proposal. These interests are described in more detail below, and certain of them are quantified in the narrative and in the section entitled “ —Quantification of Potential Payments and Benefits to HomeStreet’s Named Executive Officers in Connection with the Merger.” Treatment of HomeStreet Equity Awards and Cash-Based Awards Each of HomeStreet’s executive officers holds one or more of the following types of awards: HomeStreet RSUs, HomeStreet PSUs, and long-term cash-based awards (excluding the CEO Cash Award defined below, the “HomeStreet Cash LTI”). HomeStreet’s non-employee directors do not hold any unvested or outstanding HomeStreet Equity Awards or HomeStreet Cash LTI. The merger agreement does not specify treatment of HomeStreet Cash LTI, which, at and following the effective time, will generally remain subject to the same terms and conditions (including vesting terms (including “double-trigger” vesting, as described