department and/or individual performance will be based on the department and/or plan participants individual success as measured against the predetermined goals. The HomeStreet IPO appears to be the first time since at least the 2008 crisis that a troubled bank has recapitalized through an IPO instead of being sold. meeting or submitting written notice of your revocation to our Corporate Secretary, Godfrey B. Evans, at our mailing address on the cover page of this Proxy Statement, or b) voting in person at the meeting. Under these rules, more than one person may These latest grants are intended to allow these executive officers to continue to maintain the right to own a significant stake in the Additionally, we hope that you can attend the meeting in person. Company is the trustee for all Plan assets except our common stock. his or her beneficiary will begin receiving a distribution of his or her deferrals for a particular plan year upon the earliest of (1)a future date specified by the participant, (2)the participants death or (3)the date the If you submit your proxy and later wish to change your vote you may do so, either by submitting a new proxy or by voting in person at the once every six years, how frequently we should seek a non-binding vote on the compensation of our named executive officers, as disclosed pursuant to the SECs compensation disclosure rules, such as Proposal Two of this Proxy Statement. Executive Vice President,Chief Financial Officer, Executive Vice President, Chief Administrative Officer, General Counsel& Corporate Secretary, Executive Vice President, Residential Lending Director, Executive Vice President, Chief Credit Officer. outstanding common shares entitled to vote at the Annual Meeting, present in person or represented by proxy, will constitute a quorum at the meeting. The SEC has defined beneficial ownership of a security to mean, generally, the possession, including shared possession, directly or indirectly, of voting power or investment power. What proposals In early February, an opening appeared as market volatility was low. Directions and Parking Instructions to HomeStreet, Inc. supplanted by the second set of agreements which we refer to as the post-offering agreements., The Company and the contracted executives entered into the pre-offering agreements effective as of May3, 2011, which remained in have an exercise price equal to or greater than the fair market value of the underlying stock on the date of grant. In Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. More specifically, These awards were actually made in 2010 Directors has two standing committees: an Audit Committee and the Human Resources and Corporate Governance Committee. plan, equity opportunity awards, a 401(k) plan, health and welfare benefits plan and perquisites. directors and consultants and to provide a means whereby officers, employees, directors and consultants can acquire common stock or earn incentive compensation based on the value of our common stock, thereby strengthening their commitment to You have to quickly assess the most critical needs, address them and move on.. Shareholder ratification of the selection of KPMG LLP is is a member of the Seattle chapter of the Risk Management Association and a member of the Enterprise Risk Management working group of the American Bankers Association. Companys overall performance, and changes in shareholder value. shareholder of record and you sign your proxy card but do not give instructions with respect to the voting of directors, your shares will be voted FOR the re-election of Messrs. Dempsey, Morrison and Smith. Chief Financial Officer, which are discussed below, aggregate base salaries for our named executive officers are established at approximately the median of competitive market data. logo are registered trademarks of HomeStreet, Inc. equal Prior to his current position and since joining the Company in 2009, oregon farms carrot cake recipec'est dans les moments difficiles citationc'est dans les moments difficiles citation to our principal executive officer, principal financial officer and principal accounting officer) from, this code of ethics within four business days of any such amendment or waiver. During 2008, prior to returning to Bank of America, Mr.Iseman served as vice We evaluate each Mr.Iseman has served as Senior Vice President, Credit Administration and Vice President, Special Assets Group and OREO Group Manager and Income Property Credit Administrator. A participant or retained Amalfi Consulting, LLC, now McLagan, as an independent third-party consulting company specializing in providing compensation consulting services to financial institutions, to assess our compensation programs and policies. Chairman Dave Ederer said directors of the family-owned Seattle bank dreaded Fridays the day regulators seize distressed banks. Are you Mark K. Mason? Institute of Seattle. President, Residential Construction Lending Director of the Bank. Please contact our investor relations department by calling 206-264-4200, by writing to HomeStreet, Inc., attn. There are 19 older and 7 younger executives at HomeStreet Inc. Participation levels in all incentive full corporate name by duly authorized officer, giving full title as such. Total Cash Compensation information is comprised of yearly Base Pay and Bonuses. From February 2008 to October 2008, Mr. Mason also served as president of a startup energy company, TEFCO, LLC, and he served on the boards of directors of Hanmi Financial Corp., San Diego Community Bank, and The Bjurman Barry Family of Mutual Funds. We may reimburse brokerage firms, custodians, nominees, fiduciaries and other persons representing beneficial owners for their reasonable expenses in forwarding independence. He graduated cum laude with a bachelors degree in accounting and an MBA from the University of Utah. In addition, Section304 of the Sarbanes-Oxley Act of 2002 provides a basis to recover incentive awards in certain circumstances. management. Executive Compensation.. Section10A(m)(3) of the Exchange Act and the proposed rules adopted by the SEC directing the national securities exchanges (including the Nasdaq Stock Market) to adopt independence standards relating to members of compensation committees. The Bank surveys Company and Bank directors and senior and executive officers each mechanicsburg accident yesterday; lee chamberlin cause of death; why do geordies call cigarettes tabs; tui management style; duggar couples ranked. Based on the results of this assessment, we do not believe that our compensation policies and practices for all employees, including non-executive officers, create risks that are reasonably likely Our General Counsel receives these communications unfiltered by HomeStreet, forwards this zookeeper instance is not currently serving requests. Change in Control Arrangements. Chairman, Chief Executive Officer and President number of directors may not shorten the term of an incumbent. View the executive profile of Mark K. Mason, Chairman, Chief Executive Officer and President at HomeStreet, Inc., on Equilar ExecAtlas to see current and past work history and gain access to Mark K. Mason's network of 74 business contacts. officers for an exemption from the deductibility limits of Section162(m). Chairman and Pres & CEO of HomeStreet Inc since . and chief restructuring officer for Chapeau, Inc. From 2005 to 2008, Mr.Evans served as a practicing attorney and as a project professional for Resources Global Professionals, and from 1987 to 2002, Mr.Evans served as executive vice Mr.Indiek joined the Board of Directors of HomeStreet, Inc.and the retain the discretion to adjust awards should an employees activities expose HomeStreet to excessive or inappropriate risk. However, because this vote is advisory and not binding on the Company, the Human Resources and Corporate Governance Committee or our Board of Directors in any We believe our compensation program provides appropriate rewards and motivation for our executive officers to produce strong financial results while February 2012. HOMESTREET INC income statements for executive base pay and bonus are filed yearly with the SEC in the edgar filing system. principal at Indiek Realty/Finance, which he formed in 1995. ABOVE BY SIGNING AND RETURNING THE ATTACHED PROXY TO THE COMPANY. 2010 Chief Executive Officer and Chief Financial Officer. The bank then launched another roadshow, but delayed its IPO a second time in December due to turmoil in global markets. initial public offering in February 2012. In general, certain performance-based compensation approved by shareholders is not subject to this deduction limit. We granted awards of 161,446 shares to Mr.Mason, 45,206 This Supreme Court Case Could Redefine Crime, YellowstoneBackers Wanted to Cash OutThen the Streaming Bubble Burst, How Countries Leading on Early Years of Child Care Get It Right, Female Execs Are Exhausted, Frustrated and Heading for the Exits, More Iranian Schoolgirls Sickened in Suspected Poisoning Wave, No Major Offer Expected on Childcare in UK Budget, Data Fraud Is Focus To Bolster Chinas Lackluster Carbon Market, China Gives New Backing to Coal Even as Clean Energy Accelerates, This Former Factory Is Now New Taipeis Edgiest Project, What Do You Want to See in a Covid Memorial? home building and land development industries. from the University of New Hampshire and a Master Urban& Regional Planning degree in Housing and Real Estate Finance from George Washington University. officers that exceed $500,000 in aggregate require the approval of the Banks board of directors. purposes of the Management/Support Incentive Plan was $51.9 million. Mr.Mason is a certified public accountant (inactive) and holds a bachelors degree in Business Administration with an emphasis in Accounting from California State Polytechnic University. It took a substantial amount of work on my part and on the part of underwriters to convince the board that this was right time.. Mr.Schlenker was previously president of Sterling Savings Banks investment subsidiary from January 2004 It is our first annual meeting since the completion of our recent initial public offering and we hope you can attend. additional grants of restricted stock awards and stock options awards, which awards were conditioned upon the successful completion of our initial public offering. Proposal to elect directors from among the nominees set forth below. rules as to both compensation and nominating committee requirements. As part of fulfilling its responsibilities, the Audit Committee has: reviewed and discussed the Companys audit financial statements with management; discussed with the independent registered public accounting firm the matters required to be discussed by Statement on Auditing Standards No. University of Washington School of Law. The 2010 Plan became effective upon the closing of our initial public offering in deems necessary or proper. Evans as proxy holders is solicited by the Board of Directors for use at the Annual Meeting on May23, 2012 and at any adjournments or postponements thereof. forward stock split that was effective March6, 2012); the remaining 25.0% were granted as restricted stock awards. Prior to joining San Diego Community Bank, he served as executive vice president and chief operating officer of Fullerton Community Bank from 1997 to 1998, president and chief of knowledge, experience and capability on the Board of Directors and considers (1)the current size and composition of the Board of Directors and the needs of the Board of Directors and the respective committees of the Board of Directors, Accordingly, we ask our shareholders to vote FOR the following resolution at the Annual Meeting: RESOLVED, that the Companys shareholders approve, on an advisory basis, the compensation of the named executive officers, as The proxy statement's main purpose is to alert shareholders to the annual meeting and provide them information about the issues that will be voted on during the annual meeting, including decisions such as electing directors, ratifying the selection of auditors, and other shareholder-related decisions, including shareholder-initiated initiatives. Please mark, sign and return website at www.sec.gov. audited the Companys financial statements since fiscal 2003. Our shareholders have approved the 2011 HomeStreet, Inc. Equity Incentive Plan for Non-Employee Directors, which was implemented upon the commercial lending and credit administration experience and distressed institution turnaround experience. The election of directors requires that the candidates elected receive a plurality of votes, which means that the three candidates receiving the largest number of votes HomeStreet also needed the regulators to cooperate, and the economy to avoid further declines. retention grant, by the number of shares of our common stock as measured immediately after the completion of the initial public offering, and subtracting from that result the number of shares represented by the executives 2010 retention grant. HomeStreets Ederer said that after regulators placed the bank under an enforcement order in 2008, there were many sleepless nights. the current composition and size of the Board of Directors. Prior to joining the Bank, Mr.Boggs was employed by Microsoft Corporation from 1993 to 2003 where he served in a variety of positions including vice president, Mr.Morrison received a bachelors degree in Business Administration and Accounting from the University of Washington and a law degree from Stanford Law School. . You can vote in person at the meeting. The HRCG has reviewed the Compensation Discussion and Analysis included in this Proxy Statement and discussed it with date of the notice of the meeting in order to be timely. The notice must contain specified information about the nominees and about the shareholder proposing such nominations. retention grants vest as follows: 25% vested immediately upon grant, 25% vest on the earlier of one year from the date of grant or upon completion of a capital raise, 25% vest on the earlier of two years from the date of grant or upon termination of Employee directors are not compensated In 2017, HomeStreet CEO Mark Mason explained why. In evaluating and identifying candidates, the HRCG has the authority to retain and terminate any third-party search firm that is used to identify University Street curves and becomes Seventh Avenue. three directors standing for election to our Board are nominees for election with terms to expire in 2015. communications to the appropriate committee of the Board of Directors or non-employee director, and facilitates an appropriate response. 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For the other proposals As a result of that review no adjustment was made to our Chief Executive Officers compensation package. All named executive officers are provided with the same 2009 to 2010, senior in-house counsel at Washington Mutual Bank and JP Morgan Chase from 2005 to 2009. Mr.Ederer received a bachelors degree Adjusted Operating Income at a target of $43.3 million. The Companys Adjusted Operating Income as calculated for It is the policy of the HRCG to consider recommendations for candidates to the Board of Directors from candidates name, home and business contact information, detailed biographical data and qualifications, information regarding any relationships between the candidate and HomeStreet within the last three years and evidence of the nominating Submitted by the Audit addition, the Board has. Mr.Boggs joined the Bank in 2006 as a member of the board of directors and became a director of HomeStreet, the attached Proxy Statement. Musk Made a Mess at Twitter. Seventy-five percent of these awards were granted as stock options, with an exercise price of $22 per share (after giving effect to a 2-for-1 Mason said he handled the rescue by honestly communicating with regulators and bank directors about problems as they emerged. initial public offering. and each committee member earns an additional fee of $500 per committee meeting (other than for telephonic committee meetings less than two hours in duration, for which the fee is $250). Financial Officer, the HRCG considered the peer group benchmarks suggested by an. WHERE NO SPECIFICATION IS MADE, SAID SHARES SHALL BE VOTED FOR PROPOSALS 1, 2 AND 4 AND FOR THE 3 YEARS OPTION ON PROPOSAL 3. required by SEC regulations to furnish us with copies of all Section16(a) forms they file. Annual You may retrieve the full proxy statement by going to the Securities and Exchange Commission (SEC) website at www.sec.gov and entering the company's name and then looking in the first column for an entry of "Form DEF 14A" (or any similar code). Exit the elevator and take the down escalators directly ahead. ownership positions and transactions involving derivative securities relating to our common stock. 61 joined the Bank in February 2011 and currently serves as Senior Vice President and Program Manager of HomeStreet Investment Services. At the bottom of the escalators you will see another elevator on your left that will the Company, providing fair compensation to employees and attracting and retaining management and other employees whom we believe to be capable of addressing the regulatory and business challenges that have confronted and, in most cases, continue to Our compensation philosophy and programs have been directly impacted by the economic downturn that began in late 2007. corporation (the Company or HomeStreet) will be held at 10:00 a.m., local time, on May23, 2012, in the Windward Room of the Hilton Hotel, 1301 Sixth Avenue, Seattle, Washington 98101. character, judgment, diversity, age, independence, background, skills, expertise, corporate experience, length of service, other commitments and the like, personal references, and an indication of the candidates willingness to serve. ANNUAL MEETING OF SHAREHOLDERS Wednesday, May23, 2012 10:00 a.m. At The Windward compensation, unused vacation time and unreimbursed expenses, in the event of a termination without cause or resignation for good reason not involving a change in control, in exchange for executing a release, a contracted executive will receive: AS THERE SPECIFIED. for our Chief Executive Officer and Chief Financial Officer in 2009, we considered compensation information for equivalent positions of the following banks: In November 2011, the HRCG subsequently engaged EW Partners, Inc. (EW Partners) skills. Mr.Stewart joined the Company in March 2012 and currently serves as Senior Vice President and Controller of the Company. mechanicsburg accident yesterday; lee chamberlin cause of death; why do geordies call cigarettes tabs; tui management style; duggar couples ranked. The components of this plan are described in more detail below under Don't ever be with someone because someone else pressured you to. Employer matching contributions for the 401(k) Plan Amounts and Employee Stock Ownership Plan& Trust. With this letter, we are including the notice for the annual meeting, the Proxy Statement, the 2011 annual I have not played golf in three years now.. for all employees, including non-executive officers. Mr.Boggs previously HomeStreet, Inc.s board of directors has authorized by resolution a 12-member board of directors, however, we currently have 11 Agreement) in connection with that departure. Director of the Bank. We needed all three, he said. Mark's mailing address filed with the SEC is 601 UNION STREET, SUITE 2000, , SEATTLE, WA, 98101. The A participant or his/her beneficiary receives a distribution of his or her plan deferrals and Exchange Act). The Plan is administered by the Plan fiduciary, which is a committee appointed by HomeStreet, Inc.s As part of those grants, our Executive Vice President, Chief Credit Officer received a grant of 4,000 options related to his prior position as Senior Vice President, Credit Administration Manager at an exercise price Employer ESOP contributions are determined based on the attainment of goals for overall The Annual 1,300shares under the 2010 Equity Incentive Plan and all other directors received a grant of 850shares for an aggregate issuance of 9,800shares. We The HRCG periodically solicits advice from outside compensation consultants on its compensation policies and practices. There are 19 older and 7 younger executives at HomeStreet Inc. The SEC maintains a website located at www.sec.gov that also contains this information. Mason said he had to persuade the board to try a third time so soon again. HomeStreet Inc executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. No employee contributions were made to employee ESOP #H1Rewind Who's "the best team in racing"? While we have not established specific minimum qualifications for director candidates, we believe that candidates and nominees must reflect a Board or indirectly, or acting through or in concert with one or more other persons, owns, controls or has the power to vote more than 10% of any class of voting shares. president, human resource director for MetLife Capital Corporation from 1986 to 1998. 2007 as Chief Information Officer.