officers that exceed $500,000 in aggregate require the approval of the Banks board of directors. We urge you to complete, sign and date your proxy card and promptly return it in the postage-paid envelope provided. Employee directors are not compensated 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? There are 1 executives at HomeStreet Inc getting paid more, with MarkMason having the highest compensation of $1,714,120. 1. We believe it is critical to HomeStreets success to attract, retain and incentivize highly qualified executives and to promote a Insider Trading Policy and Rule 10b5-1 the reserve at lake keowee membership cost the reserve at lake keowee membership cost medical, dental, vision and life insurance programs as all other benefited employees of HomeStreet on the same terms and conditions as applicable to employees generally. Following the closing of our initial public offering in February 2012 and the Process otherwise be payable in cash (with a minimum $2,500 deferral in a plan year for those who elect to make such deferrals). [3] In May 2000, the named changed to HomeStreet Bank. will be included in the beneficial ownership of the holder of such option, and the percentage ownership for that holder will be calculated by adding the aggregate number of options exercisable within 60days of April2, 2012 to both the Any such discretionary matching contribution matches a participants pre-tax 40l(k) Plan contributions at a percentage we determine of the first HomeStreet, Inc. is a diversified financial services company headquartered in Seattle, Washington, serving consumers and businesses in the Western United States and Hawaii. day-to-day job performance and to provide some level of security and consistency. services is compatible with maintaining the independent registered public accounting firms independence. presented at this meeting, you are entitled to one vote for each common share you owned of record on the Record Date. Ratification of Appointment of Independent Registered Public Accounting Firm. Proposals. and other employees whom we believe to be capable of addressing the regulatory and business challenges confronting the Company and the Bank and execute our business strategy. In the event of termination for cause, all unvested The meeting will be held at 10 a.m. Pacific Time on May23, 2012 at the downtown Seattle Repertory Theatre. The unique circumstances presented by the Banks financial condition and the market downturn had a direct Committee of the Board of HomeStreet, Inc. From January 2010 until March 2015, Mr. Mason was the Vice Chairman of the Companys Board. FOR AGAINST ABSTAIN. Upon recommendation of the The 2010 Plan allows for a range of equity grants, including stock options, restricted stock or restricted stock units, stock bonuses or Prior to her current position, she served as an assistant vice president, compliance officer, vice president, internal auditor and senior vice president, internal audit director. significant vote against the named executive officer compensation as disclosed in this Proxy Statement, we will consider our shareholders concerns and evaluate whether any actions are necessary to address those concerns. Human Resources and Corporate Governance Committee, the Board of Directors has nominated Brian P. Dempsey, Gerhardt Morrison and Douglas I. Smith for re-election as Class I directors. What is the subsequent recapitalization of the Bank, the Company re-adopted the compensation philosophy, described below, consistent with a financially stable and well-capitalized financial institution. each of the first three anniversaries of the grant date. About Us. Hilton Hotel, Windward Room, located at 1301 Sixth Avenue. of the Bogle& Gates Business Law Department until his retirement on December31, 1997. In 2011, we implemented a Management/Support Performance-Based Annual Incentive Plan under which certain officers, including our named executive All shareholders of record of HomeStreet common stock at the close of business on April2, 2012 (the Record Date) are entitled to notice Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. Based on its review and discussions, the Audit Committee recommended to the Board that the audited consolidated financial statements for the fiscal year other matters should properly come before the meeting, it is intended that proxies in the accompanying form will be voted in respect thereof in accordance with the judgment of the person or persons voting the proxies. [2] It changed its name to Continental Savings Bank in 1986. American Stock Transfer and Trust Company, LLC, our stock transfer agent will serve as the inspector of elections and in that number of shares held by that specific shareholder and the total number of shares outstanding. year ended December31, 2011, so the amounts disclosed for that year, which are based on our current invoices from KPMG LLP, are subject to change based on the outcome of those discussions. 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 Finally, in February, the banks third attempt in about six months brought HomeStreet $88.7 million. expert of the Cascade Natural Gas Corporation from 2004 to 2007, and director, vice chair of audit committee and designated financial expert of the Safeco family of mutual funds from 2002 to 2004. Ms.Greenwald joined the Bank in 1984 and currently serves as Senior Vice President, Single Family Lending Operations Director. Mr.Iseman joined the Bank in August 2009 and currently serves as the Executive Vice President and Chief Credit Officer of the Company and the Bank. Nominees Mr.Williams began serving as an officer of the Company in 1990, first as our general counsel and then as a senior vice president. On average, Mark trades about 13,844 units every 126 days since 2007. These loans are made in the ordinary course of business on substantially the same terms, including interest rates compensation policies and programs include: provide levels of compensation competitive with those offered by our peers and competitors and consistent with our level of performance; attract and retain the most qualified and experienced individuals available to further our success; align the interests of executives and shareholders by linking a significant portion of an executives compensation to HomeStreets short- and THE BOARD OF DIRECTORS RECOMMENDS A 12months following the first public issuance of the non-complying document, and (2)any profits the executive realized from sales of HomeStreet securities during that period. you'll be able to: Access over 1,500,000 executive and board member profiles. For and in consideration of the payments and other benefits due to [Mark K. Mason] (the "Executive") pursuant to the Employment Agreement (the "Employment Agreement") entered into as , 2011 (the "Effective Date"), by and between HomeStreet, Inc., and HomeStreet Bank, and their respective subsidiaries (together the "Company") and . Meeting, Turn left on Seventh Avenue (first light at the end of the Union Street exit ramp). 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. and the diversion of corporate opportunities, the contracted executives agreements also contain a six-month non-competition agreement which restricts certain competitive acts on behalf of another bank or thrift located in Washington, Oregon, the Cascade Land Conservancy Advisory Board. The In May 2000, the named changed to HomeStreet Bank. of $1.50 per share and an additional 16,000 options at an exercise price of $1.125 per share. completed initial public offering, in addition to the application of Regulation O to certain related-party transactions, we have followed formal conflict of interest policies requiring the review and pre-approval of transactions with a related party We believe that our compensation program is reasonable and appropriate based in part on the analysis and advice of our outside compensation Regulatory Oversight Director. In addition, upon the closing of the Companys Offering, the Company made certain grants of restricted stock to our directors. Inc. following the closing of our initial public offering in February 2012. President of HomeStreet, Inc.; Executive Vice President and Residential Lending Director of the Bank. they will continue to be so impacted for the foreseeable future. the Company in 2008. will be voted on at the Annual Meeting? In addition, we suspended our employer matching contribution under our 401(k) plan from July 2009 to July 2010. He has been a member of the Fannie Mae Western Business Center Advisory Board since 2004, Chair of the Housing Partnership, a nonprofit organization, from 2001 to 2007 and a member of the University of Washington Milgard School of Business Advisory Amounts Mark's mailing address filed with the SEC is 601 UNION STREET, SUITE 2000, , SEATTLE, WA, 98101. Who can help answer any other questions I may have? Based on the outcome of that review, no adjustment was made to our Chief Executive Officers compensation package. Ms.Leach previously served as chairperson of Embers, chairperson of the Affordable Housing Committee, co-chairperson of the Multifamily Committee, a member of the board of directors of Common Ground, a member of the The plan Our Human Resources and Corporate Governance Committee, or HRCG, which acts as our compensation committee, hired Towers Watson, an independent third-party compensation consultant, to review and advise HRCG in connection with such Mark K. Mason Net Worth (2022) | wallmine What happens if additional matters are presented at the Annual Meeting? with the Company and the Bank and other biographical information as of April2, 2012, are set forth below, except for the biographical information for Mr.Mason, which can be found above under Proposal 1 Information Such directors, officers and employees will not be by the chief executive officer and audit committee where the related party is a director or by the chairman, chief executive officer or general counsel for non-director employees. Employer ESOP contributions are determined based on the attainment of goals for overall As of year-end 2011, the company earned $16.1 million in net income. This Proxy Statement is first being sent to the shareholders of the Company on or about April27, 2012, and is accompanied by a proxy card that is being solicited by the Company for use at the Annual Meeting. Mr.Hoostons employment agreement was terminated in connection with a separation and release agreement we entered with Mr.Hooston (the Separation By accessing ExecAtlas, you can view bios, network, connections and references All executive officers and directors as a group (29 persons) (10), HomeStreet, Inc. 401(k) Savings and Employee Stock Ownership 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 The board of directors has adopted a policy for lending to our employees, directors and executive officers to ensure compliance with Regulation O loans by the Bank to our employees, directors and executive He has served on the boards of directors of Hanmi Financial Corp., San Diego Community Bank and The Bjurman Barry Family of Mutual Funds. remaining fifty percent is paid in common stock under our 2011 equity incentive plan for non-employee directors described below. executive officer and chief lending officer for Bank Plus Corporation and its wholly owned banking subsidiary, Fidelity Federal Bank, where Mr.Mason also served as the chief financial officer from 1994 to 1995 and as chairman of the board of She has served as Senior Vice President of the Bank since 1988, and as Vice President of Loan Administration at the Bank from 1978 through 1985. of industry leading executives like Mark K. Mason. sharing the household with any of these individuals (other than tenants or employees), had or will have a direct or indirect material interest. A participant or his/her beneficiary receives a distribution of his or her plan deferrals and Actual compensation in a given year will vary from the target compensation levels based primarily on the attainment of operating goals, the Management/Support Plan is based on adjusted operating income which we refer to as Adjusted Operating Income. Adjusted Operating Income is based on pretax income plus loan loss provision and OREO expenses, gains and losses on sales of Musk Made a Mess at Twitter. performance in light of those goals and objectives, if any; establish and provide oversight of compensation philosophy and programs; and. according to any stock option grant or plan. Generally, we have instituted compensation practices intended to meet our complementary goals of preserving the Banks safety and soundness, assuring the survival and success of However, the Board of Directors is submitting the selection of KPMG LLP to our shareholders for ratification as a matter of good corporate practice. Mr.Boggs was selected to serve as a director because of his significant accounting and financial experience, his accounting credentials and degree as Sign up in seconds, it's free! We understand that our shareholders may have different views as to what is the best approach for the Company, and we look forward to hearing from our shareholders on this Proposal. post-offering agreement provides for a base salary of not less than $500,000; salaries for the other contracted executives will remain the same as under the pre-offering agreements. These agreements continue for a term of three years deadline for submitting shareholder proposals for consideration at the Companys next annual meeting of the shareholders or to nominate individuals to serve as directors? A non-binding advisory vote for principles: maintaining accurate and complete records; maintaining integrity of consultants, agents and representatives; and. Each of these options had an exercise price of $1.50 per share. Turn right onto Sixth Avenue (first light at the end of the Seneca Street exit ramp), Turn right at University Street ( be careful to stay left of the concrete divider that separates the two-lane access road around the Union Square Bennion, Executive Vice Mark Mason (executive) - Wikipedia 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. HomeStreet Bank CEO Mark Mason is leading the bank's retreat from the mortgage banking business. In this section we refer to these individuals as the contracted executives. Under these rules, more than one person may All of the 2010 retention grants The HRCG oversees management of risks relating to the Companys compensation plans and programs. 75% or more of the aggregate of the total number of meetings of the Board of Directors and the total number of meetings held by all committees of the Board of Directors on which that director served during the past fiscal year. Equity Grants Effective at Closing of our Initial Public Offering. comply with these guidelines such as: We have designed incentives tied to short-term revenue and profits with elements that include qualitative components such as credit quality, and we Mr.Morrison is Mr. Mason serves as a Trustee of Howard University, where he received a B.B.A. BRIAN P. DEMPSEY, GERHARDT MORRISON AND The most recent stock trade was executed by William Endresen on 1 January 2023, trading 1,581 units of HMST stock currently worth $39,351. When signing as executor, administrator, attorney, trustee or guardian, please give full title as such. Harvard Business School and a bachelors degree in economics from DePauw University. 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 underlying each such option grant. company financial performance set annually by our board of directors. All meeting fees are paid in cash. He He takes this stuff all in stride.. As a result of that review, the HRCG determined that the compensation packages offered to the Chief Executive Officer and Chief Financial Officer were appropriate and commensurate with the services required. HomeStreet Bank - Wikipedia Two Union Square, 601 Union Street, Seattle, Washington 98101 or by electronic mail at ir@homestreet.com. The Bank is subject to the requirements of Regulation O, which Mary Francis, Senior Vice President, Cash approved a one-time grant of nonqualified stock option awards that were made outside of the 2010 Plan. Together HomeStreet has an insider trading policy that prohibits, among other things, short sales, hedging of stock Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Ms. Williams served as a HomeStreet also needed the regulators to cooperate, and the economy to avoid further declines. procedure for shareholders who wish to present certain matters before an annual meeting of shareholders. In May 2011, the Board of Directors approved grants of stock options and restricted stock awards to be made to our executive officers and In 2011, the Companys board of directors met 22times. The bank then launched another roadshow, but delayed its IPO a second time in December due to turmoil in global markets. Most recently he exercised 6,435 units of HMST stock worth $160,167 on 1 January 2023. More Than 100 Years of Helping People and Their Businesses | HomeStreet . Powered By Q4 Inc. All services provided by KPMG LLP previously. February 2012. Mr.Mason also received approximately $140,000 in additional perquisites, including 401(k) matching contributions, health club membership, parking and relocation expenses in 2011. HomeStreet had a decidedly unlucky path to the capital markets, though. the Companys auditors and report the results of its activities to the board; be responsible for the appointment, retention, compensation, oversight, evaluation and termination of our auditors and review the engagement and THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE DIRECTOR NOMINEES, A VOTE FOR PROPOSALS 2 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. (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 nominations for the election of directors may be made (1)by or at the direction of the Board of Directors, or (2)by a shareholder who has delivered written notice to HomeStreets Corporate Secretary within the Notice Period (as Mr.Boggs joined the Bank in 2006 as a member of the board of directors and became a director of HomeStreet, Your vote is important. The annual incentive awards granted under this plan provide for payments based upon attainment of specified goals that are intended to align the interests of employees with the interests of HomeStreet. He spent the next five years as a consultant to banks and mortgage lenders. Financial Officer, the HRCG considered the peer group benchmarks suggested by an. Mr.Malone was selected to serve as a director because of his experience as a public company director and committee member and his business experience and training. Jeffrey L. Todhunter, Senior Vice Mr.Malone holds a There are 19 older and 7 younger executives at HomeStreet Inc. If you would like to receive electronic notification of documents filed with the Securities and Exchange Commission and the issuance of press releases, you may subscribe to e-mail alerts via the web site Shareholders section elsewhere in this Proxy Statement. Ms.Williams has also held leadership roles with a number of community In 2017, HomeStreet CEO Mark Mason explained why. The Management/Support Plan includes a provision allowing for the reduction or recovery of awards if the HRCG determines that materially 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). 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 the reserve at lake keowee membership cost - miapetty.com 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, retirement on or after age 65 or (5)the participants termination of employment. We also intend to enter into indemnification agreements with our future directors and executive officers. The information shown here is a reporting of information included in the company's proxy statement. Chairman, Pres & CEO at HomeStreet Inc. As the Exec. understanding of the Companys business in particular, (4)have qualifications that will increase overall Board effectiveness and (5)meet other requirements as may be required by applicable rules, such as financial literacy or our Board of Directors to establish by resolution the authorized number of directors, and twelve members are currently authorized, although at present we have only eleven members. However, whether or not a Unless otherwise indicated, we believe that each of the shareholders listed has sole voting and and collateral, as those prevailing at the time for comparable loans with persons not related to us, and do not involve more than the normal risk of collectability or present other features unfavorable to us. The equity compensation awards targeted ownership potential of a We will post on our website any amendments to, or waivers (with respect approximately one-third of our total number of directors to be elected annually, an arrangement commonly known as a staggered board. core deposits by at least 3.0%. Other signs of a return to normal: Mason recently was in Phoenix, reinstating an awards trip for the banks top producers something the bank had halted during its difficult times and got to play some golf. We paid out amounts earned under the Management/Support Plan 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. Ms.Francis joined the Bank in May 2011 and currently serves as Senior Vice President and Cash Management Director.
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