Company: MCHB
Filing Date: 2025-07-15
Form Type: S-4/A
Source: 0001140361-25-025920
Chunk: 250

Company: Mechanics Bancorp
Filing Date: 2025-07-15
Form: S-4/A
Chunk 250
---
 Change in Control Severance and Similar Agreements Each of HomeStreet’s executive officers, including each of the named executive officers, is party to an Executive Change in Control Agreement with HomeStreet (the “CIC Agreements”) or an employment agreement with HomeStreet, in each case, which provides for severance payments and benefits in the event that the executive officer’s employment is terminated (i) by HomeStreet other than for Cause or (ii) by the executive for Good Reason (each capitalized term, as defined in the applicable CIC Agreement or employment agreement), in each case within one year following or 90 days immediately prior to a Change in Control (as defined in the applicable CIC Agreement

156

TABLE OF CONTENTS

or employment agreement) of HomeStreet, such as the merger, and subject to the executive’s execution of a release and waiver of claims. These payments and benefits are described below, excluding those under the HomeStreet CEO Employment Agreement:

| • | a lump sum payment equal to two (2) times the executive’s (i) annual salary at the rate in effect immediately prior to termination and (ii) 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); |

| • | for Messrs. Michel, Endresen, Evans and Iseman, a lump sum payment equal to the cost of providing continuing health insurance coverage for 18 months; and |

| • | for Messrs. Michel, Endresen and Evans and Iseman immediate vesting of all unvested equity awards. For an estimate of the value of the payments and benefits described above that would be payable to HomeStreet’s named executive officers upon a qualifying termination in connection with the merger, see the section entitled “Golden Parachute Compensation.” The estimated aggregate value of the severance and other benefits described above that would be payable to HomeStreet’s eight (8) executive officers who are not named executive officers under their CIC Agreement or employment agreement, as applicable, if the effective time occurred on June 16, 2025 and each executive officer experienced a qualifying termination on that date is $11,182,621. These amounts do not reflect any possible reductions under the Section 280G “net-better” cutback provision included in the CIC Agreements and employment agreements. |

Pursuant to the merger agreement, Mechanics acknowledges that the transactions contemplated by the merger agreement will constitute a “