Company: MCHB
Filing Date: 2025-07-16
Form Type: 424B3
Source: 0001140361-25-026051
Chunk: 257

Company: Mechanics Bancorp
Filing Date: 2025-07-16
Form: 424B3
Chunk 257
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 or NYSE prior to the effective time. There can be no assurance that HomeStreet will obtain such approval from NASDAQ.

In addition, under the merger agreement, Mechanics’ obligation to complete the merger is subject to the satisfaction or waiver, at or prior to the merger, of various conditions, including that the shares of HomeStreet common stock to be issued in the merger have been approved for listing on the Nasdaq or NYSE, subject to official notice of issuance.

#### Controlled Company
Following the consummation of the merger, the Ford Entities and their controlled affiliates will control approximately 77.7% of the voting power of the combined company. The combined company will therefore be a “controlled company” for purposes of NASDAQ listing rules and Section 303A of the NYSE Listed Company Manual and will qualify for, and intends to rely on, exemptions from certain governance standards that would otherwise be applicable.

Under NASDAQ listing rules and Section 303A of the NYSE Listed Company Manual, a company of which more than 50% of the voting power is held by an individual, a group or another company is a “controlled company” and

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is exempt from certain corporate governance requirements that would otherwise require the combined company to have (i) a nominating committee comprised solely of independent directors or select or recommend director nominees by a majority of the independent directors and (ii) a compensation committee comprised solely of independent directors. It is Mechanics’ intent for the combined company to rely on these exemptions. The controlled company exemption does not modify the independence requirements for the audit committee, and it is Mechanics’ intent for the combined company to continue to comply with the requirements of NASDAQ or NYSE rules with respect thereto. For additional information please see the section entitled “ —Management Following the Merger.” Board of Directors of the Combined Company At the effective time, in accordance with the amended and restated bylaws and the merger agreement, the board of directors of the combined company will consist of the members of the Mechanics board of directors immediately prior to the effective time (the “legacy Mechanics directors”), including Carl B. Webb, who will serve as Executive Chairman of the board of directors of combined company, and one director who was a member of the HomeStreet board of directors immediately prior to the effective time and designated by Mechanics (the “legacy HomeStreet director”), who is expected to be Nancy D. Pellegrino. Following the effective time, pursuant to the registration rights agreement