The companys 2011 annual report is due to federal regulators at the end of this month. executive officers during fiscal 2011 was competitive with those offered by our peers and competitors and consistent with our level of performance while being commensurate with the roles those executives played in implementing the Companys member of its board of directors and in 2005 also became a member of the board of directors of HomeStreet, Inc. Mr.Ederer was elected chairman of that board in 2009. A majority of the awards total approximately 5.0% of the outstanding common stock following the closing of the Offering. HomeStreet Inc. Chairman/ President and CEO Mark Mason "The pandemic reminded us that we can adapt quickly to unexpected changes and this process makes our organizations permanently better . nonobjection] and accelerated vesting of 25% of stock options previously granted to Mr.Hooston under the Companys 2010 retention grant program. And hes the chief financial officer until he hires a new one. programs for named executive officers are established by the HRCG at the beginning of each fiscal year. HomeStreet, Inc. Mr.Mason has been the Companys Vice Chairman and Chief Executive Officer and the Banks Chairman and Chief Executive Officer since January19, 2010. Directions and Parking Instructions to HomeStreet, Inc. January 2010 we hired a new Chief Executive Officer and Chief Financial Officer to help us turn around and recapitalize the Company. quorum exists, a majority of the voting power of those present at the Annual Meeting may adjourn the Annual Meeting to another date, time and place. home building and land development industries. Ms.Kanealii also held various managerial positions with Puget Sound Bank from 1982 to 1992. Our Board of Directors and our Human Resources and Corporate Governance Committee value the opinions of our shareholders and to the extent there is any And the bank is launching a unit catering to affluent customers with up to $1 million in net worth. events based upon an increase in the price of our common stock in comparison to the price at which the initial public offering was consummated: one-third of the restricted stock awards vest upon an increase in our stock price of 25.0% from the establish and implement our corporate governance practices, nominate individuals for election to the board of directors and evaluate and set compensation with respect to our directors and executive officers, among other things. School of Business, and a law degree cum laude from Harvard Law School. The Audit Committee Report is included in this Proxy Statement. Participation. procedure for shareholders who wish to present certain matters before an annual meeting of shareholders. He slashed expenses head count fell by about half and got the banks nonperforming loans under control. 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. That went on for months and months and months.. and Employee Stock Ownership Plan& Trust. If the signer is a corporation, please sign Company, a private investment company, and he currently serves on the board of directors of the Prostate Cancer Foundation (formerly CaPCURE), PONCHO, CRISTA Ministries and the University of Washington Medical Institute for Prostate Cancer Research. OF DIRECTORS RECOMMENDS A VOTE FOR THE RATIFICATION OF THE APPOINTMENT If you provide In performing their oversight responsibilities, the Board and Audit Committee periodically discuss with management the Companys policies with respect to risk assessment and risk management. Our Board of Directors has adopted a written charter for the HRCG that satisfies the applicable standards of Nasdaq Corporate Governance Director of the Bank. Mr.Indiek was also involved in the formation of independent directors as that term is defined in the listing standards of Nasdaq. The corporate component for the In early February, an opening appeared as market volatility was low. We do not believe that any element of the 2010 Plan encourages excessive or unnecessary risks to HomeStreets assets or reputation. Turning around struggling firms has become a specialty for Mason, 52. In addition, the plan authorizes the HRCG to provide that the grant, vesting or settlement of any award made under the plan may be subject to one or more pre-established performance goals. written comments on your proxy card, such comments may be forwarded to the Companys management, however, there can be no guarantee that such comments will be forwarded or reviewed. mcdonalds garfield mugs worth membership and parking. they will continue to be so impacted for the foreseeable future. The Annual The numbers represented in the table above reflect a 2-for-1 forward split of our common stock effective on March6, 2012. protecting proprietary information and proper use of assets. professional degrees and training in business and management. Filings, Insider will each earn an annual retainer of $30,000, and the chairman of the HomeStreet board of directors and the Banks lead director, who will earn an annual retainer of $40,000. With regard to candidates who are properly recommended by shareholders or by other means, the HRCG will review the qualifications of any such a retired business attorney. detail in the questions and answers and other materials that follow. retirement on or after age 65 or (5)the participants termination of employment. as part of the 2010 retention grants. The meeting will be held in the Winward Room on the lobby level of the Hilton. When shares are held jointly, each holder should sign. The HRCG will determine the amount of any award that was overpaid as a result of inaccurate information and will send Mr.Boggs was selected to serve as a director because of his significant accounting and financial experience, his accounting credentials and degree as He Although HomeStreet does not have a formal policy regarding attendance by members of the Board of Directors at our annual meeting of HomeStreet had a decidedly unlucky path to the capital markets, though. Mr.Evans and Mr.Isemans cash incentives were $167,496 or 174.5% of target and $143,580 or 179.5% of target, respectively. Mark K. Mason, Director, Chairman, Chief Executive Officer and President of HomeStreet, Inc. Mr. Mason has been the Company's Chief Executive Officer and HomeStreet Bank's Chairman and Chief Executive Officer since January 2010 and the Chairman of the Company since March 2015. HomeStreet, Inc., d.b.a HomeStreet Bank, together with its subsidiaries, provides various financial services primarily in Washington, Oregon, California, and Hawaii. will be voted FOR the nominees identified herein, FOR the advisory vote for the approval of executive compensation, 3 Years on the frequency of executive compensation votes and FOR the appointment of business unit executive officers. As we were not publicly traded prior to February10, 2012, the HRCG did not previously take this deductibility limit The say-on-pay vote will, however, allow shareholders to express their views about our executive compensation philosophy, policies and practices, which may inform our Human Resources and Corporate Governance Plan& Trust. Any such discretionary matching contribution matches a participants pre-tax 40l(k) Plan contributions at a percentage we determine of the first The Board of Directors is responsible for overseeing the major risks facing the Company while management is responsible for assessing and mitigating the Companys risks on a day-to-day basis. addition, the Board has. In general, The plan provides one week of pay for every year of service with a minimum payment of two weeks and a maximum payment of 24 weeks. Sign up in seconds, it's free! Corporate Secretary, General Counsel and Chief Administrative Officer, will vote your shares as recommended by the Board of Directors: FOR each of the director nominees identified herein, EVERY 3 YEARS for Proposal 3 and FOR approval of the other the specific instructions set forth in the enclosed proxy card. It means that you may have multiple stock ownership accounts. 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 Bank upon the closing of our initial public offering in February 2012. In addition, on November29, 2010, other of our executive officers received 2010 retention grants with an exercise price ranging accordance with the audit committees charter, the audit committee will review and pre-approve in writing any proposed related party transactions; however, certain types of transactions, including Regulation O Loans, executive officer been the practice of the HRCG to do so only in the event of a material change in an executive officers responsibilities. and executive officers are excluded from deliberations regarding their own compensation. Mark Mason's first promotion came when his grandfather, who owned a landscaping business, let him mow front lawns after initially assigning him weed-digging duty in backyards. She holds a senior Mark Mason is chairman, president and CEO of HomeStreet Bank, a regional bank headquartered in Seattle. However, we may authorize compensation payments that do not comply with the exemptions in Section162(m) when we believe that such payments are appropriate to separation agreement we entered into in March 2012 with David Hooston, our former Chief Financial Officer, we agreed, subject to regulatory approval, to accelerate the vesting of an additional 25% of the stock options granted to Mr.Hooston You have the power to revoke your proxy at any time before the polls close at the meeting. report and a proxy card. In evaluating and identifying candidates, the HRCG has the authority to retain and terminate any third-party search firm that is used to identify deems necessary or proper. full corporate name by duly authorized officer, giving full title as such. David A. Ederer, Director and Chairman of the Board. The components of this plan are described in more detail below under Mr.Evans also served as an attorney to provide updated peer group benchmarks for our Chief Executive Officer in order to determine if the compensation package provided for that executive officer would require any adjustments to be competitive in 2012, especially in light of the from the University of Washington. The Companys Adjusted Operating Income as calculated for Based on such review and discussion, the members of the HRCG have recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Proxy Statement. the Dodd-Frank Wall Street Reform and Consumer Protection Act. for Gibson, Dunn& Crutcher LLP from 1982 to 1987. Total Equity aggregates grant date fair value of stock and option awards and long term incentives granted during the fiscal year. He subsequently served as an executive officer at several financial. However, if any However, our Board of Directors approved grants of stock options and restricted stock awards to our executive officers and senior managers in 2011 that were granted effective upon the closing of our initial public offering in February 2012. Please bring your Union Square garage entrance ticket to the meeting and we will be happy to validate your parking before you Chief Executive Officer (other than for our Chief Executive Officer, whose performance is evaluated solely by the HRCG). as your name or names appear on this Proxy. audit and non-audit services to be performed by KPMG LLP with subsequent reporting and oversight required by the Audit Committee. company financial performance set annually by our board of directors. commercial lending, real estate lending, credit administration, corporate and merchant banking and retail banking at Security Pacific National Bank. card and mailing it in the enclosed, prepaid and addressed envelope or otherwise mailing it to us at our mailing address on the cover page of this Proxy Statement prior to the Annual Meeting. If we are required to restate our financials due to noncompliance directed trustee votes the shares of our common stock as a bloc, as directed by the Plan fiduciary. The 2012 annual meeting of shareholders of HomeStreet, Inc., a Washington Ownership, Proxy As of December31, 2011, Mr.Mason beneficially owned approximately 1.8% of the Companys outstanding common stock and our executive of such principles; administer our equity incentive plans, pursuant to the authority delegated to it by our Board of Directors; set the corporate goals and objectives, if any, relevant to our executive officers compensation and evaluate our executive officers participant ceases to be a director. HomeStreet employs more than 600 people across 19 branches and its downtown Seattle headquarters. Filings, Insider Mr.Masons incentive target was based on the achievement of the metrics described and included a discretionary component of 5% of the total. Perquisites and other Personal Benefits. September 17, 2021 at 11:19 am Seattle lawmakers must acknowledge our public safety. What if my shares are held in street name? Prior to joining the Bank, Ms.Kanealii served Bank of America as senior vice president and senior relationship manager for middle Amounts in this table are presented in thousands. The institution probably would have been a goner had it not been for luck, Masons team and regulators patience. participants in this plan for the year ended December31, 2011. (including, without limitation, for the purpose of soliciting additional proxies), the persons named as proxy holders, David Ederer and Godfrey Evans, or either of them, will have discretion to vote on those matters in accordance with their best Mr.Masons and Our Board of Directors approved these grants to be made at the closing of our initial public offering in February 2011 even though the post-offering agreements were not yet effective. Ms.Leach is a member of the board of directors of the Seattle Housing Resources Group, member of Commercial Real Estate Women, member of Also, proxies must disclose specific detailed information regarding the pay practices for certain executives. Meeting of shareholders (the "Annual Meeting") of HomeStreet, Inc., a Washington corporation (the "Company"), will be held at 10:00 a.m., Pacific Daylight Time, on May 23, 2012, in the Windward Room of the Hilton Hotel, 1301 Sixth Avenue, Seattle, Washington 98101 in order to consider and vote upon the following proposals: 1. In order to be included in the Proxy Statement for the 2013 annual meeting of officers, received incentive awards to be paid in cash in 2012 based on attainment of specified goals that are intended to align the interests of employees with the interests of the Company. The Company is paying all such costs. This will not prevent you from voting in person, but will ensure that your vote is In addition, the post-offering agreements require the Company to Nominees for Class I Directors Terms Expire 2015. We believe stock ownership by our executive officers helps align the interests of our executive officers your broker, your broker will leave your shares unvoted on this matter. year ended December31, 2010 and fees paid for audit services rendered by KPMG LLP for the year ended December31, 2011. The Audit Committee considers whether the provision of related audit Source: HomeStreet, Inc. on 04/15/2022 Sign up for Equilar ExecAtlas and view Mark K. Mason's full . competitive bid prices, may be automatically deemed pre-approved as related party transactions under our Related Person Transaction Policies and Procedures, a copy of which is available on our website at www.homestreet.com. Richard W.H. $500,000 per year. conversion of a security, (3)the power to revoke a trust, discretionary account or similar arrangement or (4)the automatic termination of a trust, discretionary account or similar arrangement. officers, as disclosed pursuant to the compensation disclosure rules of the Securities and Exchange Commission, including the Compensation Discussion and Analysis, the compensation tables and the other related disclosure.. Mr. Mason is on the boards of directors of the Pacific Bankers Management Institute (the parent company of the Pacific Coast Banking School) and The Washington Bankers Association, and is an advisory board member of Seattle Universitys Albers School of Business and Economics. The committee also ordinarily reviews recommendations and Management/Support Performance-Based Annual Incentive Plan. regulators on February25, 2009. for Recommending Candidates for Election to the Board of Directors. In the event of termination for cause, all unvested These Though far short of the $180 million it first sought, the IPO raised the banks capital levels enough that regulators could soon lift the restrictions on HomeStreet. recruited from out of state. Pursuant to core deposits by at least 3.0%. To view Mark K. Mason's complete executive work history, 1100 Marshall Street, Redwood City, CA 94063 | Phone (650) 241-6600 | Fax (650) 701-0993, President, Chief Executive Officer and Director, Former Senior Executive Vice President and Mortgage Lending Director, HomeStreet Bank, Sign up now to view Mark K. Mason's 74 connections . For other companies with similar names, see, "Business | Continental Savings Bank changing name | Seattle Times Newspaper", "For nearly 100 years, this community bank has made homeownership personal", "HomeStreet Bank nets $89 million in IPO", "HomeStreet Bank's parent company plans IPO", "New Activist Is Dealt a Second Blow in HomeStreet Fight", "Evolving Shareholder Trends: Takeaways From The HomeStreet Bank Proxy Fight", "HomeStreet Bank to Acquire Business Lending Team and San Marcos Retail Branch of Silvergate Bank", "HomeStreet suspends $27M stock buyback plan during coronavirus crisis", "Partner With The Seahawks | Seattle Seahawks Seahawks.com", "Miss HomeStreet Unlimited Hydroplane | HomeStreet Bank", https://en.wikipedia.org/w/index.php?title=HomeStreet_Bank&oldid=1135407994, This page was last edited on 24 January 2023, at 13:58. The post-offering agreements further provide that if any payments received by a contracted executive would This proposal, commonly known as a say-on-pay proposal, gives our shareholders the opportunity to express their views on our named executive officers compensation as a whole. (2)such factors as issues of character, integrity, judgment, diversity of experience, independence, area of expertise, corporate experience, length of service, potential conflicts of interest, other commitments and the like, and (3)such Every Friday afternoon, we would all be on pins and needles. Bank, he served as vice president and branch manager of the Bellevue lending branch from 1990 to 1997 and construction department manager of the Bellevue lending branch from 1982 to 1989. All 2010 retention grants will become vested and exercisable immediately upon a change of control of HomeStreet, Inc., as and 40.0% of the other contracted executives salaries, as well as specified and discretionary equity compensation awards. principal at Indiek Realty/Finance, which he formed in 1995. In addition to the payment of earned and We awarded a special, one-time performance and retention incentive bonus to certain key executives in the second half of 2010 to incentivize and retain In establishing the specific metrics for the Management/Support Plan, the HRCG focuses, among other things, on mitigating the possibility that such metrics will encourage participants to incur excessive or unnecessary risk. She is also the first cousin of former directors Janet Westling, Steven Zimmerman and Karen Zimmerman. will be voted on at the Annual Meeting? Mr.Evans is admitted to practice law in California and in Washington, D.C. Mr.Evans holds a bachelors degree and a masters degree in Architecture from the University The chairman of HomeStreet received a one-time grant of If you mark your voting instructions on the proxy card, Malone. He is a former member of the King County Strategic We do not currently anticipate that any other matters will be raised at the Annual Meeting. He has previously served as a member of the Summary of 2011 Executive Compensation Program, Our compensation philosophy and programs have been directly impacted by the economic downturn that began in late 2007, and we expect that THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE DIRECTOR NOMINEES, A VOTE FOR PROPOSALS 2 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 We do not follow formal guidelines for establishing internal parity, but we do seek to correlate organizational responsibility with participation level. Look for overhead signs in the garage directing you to WEST or One Union Square elevators. Companys independent registered public accounting firm and has conducted the integrated audit of HomeStreets financial statements for 2011. In their discretion, the proxies are authorized to vote upon such other
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