Company: MCHB
Filing Date: 2025-07-03
Form Type: S-4
Source: 0001140361-25-024872
Chunk: 256

Company: Mechanics Bancorp
Filing Date: 2025-07-03
Form: S-4
Chunk 256
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45,110 |     |  $2,514,617 |

| (1) | Pursuant to the merger agreement, confidential disclosure schedules to the merger agreement and the consulting agreement, Mechanics and HomeStreet have agreed that, effective as of the day following and subject to the occurrence of the merger, the employment of Mr. Mason will terminate, and he will be entitled to receive payment of the severance payments and benefits contemplated by, and in accordance with, the applicable change in control severance terms of the HomeStreet CEO Employment Agreement. Pursuant to the merger agreement and confidential disclosure schedules to the merger agreement, Mechanics and HomeStreet have agreed that, effective as of the day following and subject to the occurrence of the merger, the employment of each of Mr. Michel and Mr. Endresen will terminate, and each will be entitled to receive payment of the severance payments and benefits contemplated by, and in accordance with, the applicable change in control severance terms of their employment agreement with HomeStreet or CIC Agreement, as applicable. |

| (2) | Cash.The cash payments (“Cash Severance Payment”) payable to the named executive officers consist of the following severance benefits payable on a termination without cause or a resignation for good reason within one (1) year following closing or during the 90 days immediately preceding closing of the merger, pursuant to the HomeStreet CEO Employment Agreement (as modified by the consulting agreement) and Messrs. Michel’s and Endresen’s CIC Agreements, subject to the executive’s execution and non-revocation of a release of claims: a lump sum payment equal to two (2) times (2.5 times for Mr. Mason) the sum of (i) the named executive officer’s annual base salary as in effect immediately prior to termination of employment, plus (ii) an amount equal to the annual incentive payment (calculated as the greater of the executive’s annual incentive payment earned in the year prior to termination or the executive’s target incentive payment for the current year). Mr. Mason’s Cash Severance Payment also includes a pro rata incentive compensation payment for the year of termination. These amounts are payable on a “double-trigger” basis. As disclosed above, pursuant to the terms of the consulting agreement and the confidential disclosure schedules, Messrs. Mason, Michel and Endresen will experience a qualifying termination of employment on the day following the effective time of the merger, which will result in their Cash Severance Payments becoming payable to them. In addition, pursuant to the merger