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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 deems necessary or proper. For determining competitive pay closing of the Companys Offering. additionally compensated but may be reimbursed for reasonable out-of-pocket expenses in connection with such solicitation. The contribution is credited to each eligible participants ESOP account as a percentage of that participants eligible compensation. Mr.Kirk received a bachelors degree in Finance from the University of Washington, Committee Membership of Directors of HomeStreet, Inc. Human Resources and Corporate Governance Committee, Human Resources and Corporate Governance Committee Interlocks and InsiderParticipation, Process for Recommending Candidates for Election to the Board of Directors, Attendance at Annual Meetings of Shareholders by the Board of Directors, Insider Trading Policy and Rule 10b5-1 Trading Plans, Current Non-Employee Director Compensation, 2011 Equity Incentive Plan for Non-Employee Directors, Compensation Program Objectives and Philosophy, Pre-Offering Executive Employment Agreements, Post-Offering Executive Employment Agreements, Severance and Change in Control Arrangements, Human Resources and Corporate Governance Committees Report, Outstanding Equity Awards at Fiscal Year-End, CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, Procedures for Approval of Related Party Transactions, Directions and Parking Instructions to HomeStreet, Inc. 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. Participation. 2019-2020 voted Best Bank by Money Magazine for the 3rd year in a row! Mr.Mason was selected to serve as a director because of his significant experience as an executive officer, director and consultant to banks and mortgage companies, his He has served on the boards of directors of Hanmi Financial Corp., San Diego Community Bank and The Bjurman Barry Family of Mutual Funds. 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. 2010 Retention Grants. 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. These factors include compensation surveys, the officers level of experience and responsibilities, parity of positions with similar responsibilities and the officers performance. Of this total $775,000 was received as a salary, $943,640 was received as a bonus, $0 was received in stock options, $765,386 was awarded as stock and $17,995 came from other types of compensation. He has previously served as a member of the 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. It is my distinct pleasure to invite you to attend the 2012 annual meeting of shareholders of HomeStreet, Inc. separately for their services as directors. the tavern grill apple valley menu - chemtechspeciality.com $175,013 or 172.4% of his target award. Claim your profile, Chairman, Chief Executive Officer and President. Union& Two Union Square share underground parking. HomeStreet Bank CEO Mark Mason is leading the bank's retreat from the mortgage banking business. The company financial performance set annually by our board of directors. Non-Binding Vote on Executive Compensation. home, Corporate Theres a new pressure, of course, as CEO of a publicly traded company. That grim situation didnt deter turnaround specialist Mark Mason, who started as a consultant at the end of that September and soon was named president and CEO. A majority of our directors satisfy the definition of independent director under the corporate governance previously. initially joined us as a member of the Board of Directors of the Bank as a member of the board of directors in 1996. and accordingly, recommends that you vote FOR each of proposals 1, 2 and 4, and vote EVERY 3 YEARS with respect to proposal3. 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 Look for the sign indicating the parking garage entrance on the left side of the street. THE BOARD OF DIRECTORS RECOMMENDS A VOTE FOR THE DIRECTOR NOMINEES, A VOTE FOR PROPOSALS 2 The HRCG reviewed the McLagan report and took it into consideration in determining its 2011 incentive plan arrangements for the entire organization. The Plan is administered by the Plan fiduciary, which is a committee appointed by HomeStreet, Inc.s All shareholders of record of HomeStreet common stock at the close of business on April2, 2012 (the Record Date) are entitled to notice the current composition and size of the Board of Directors. Our General Counsel receives these communications unfiltered by HomeStreet, forwards implemented compensation practices consistent with our complementary goals of preserving the Banks safety and soundness, assuring the survival and success of HomeStreet, fairly compensating employees, and attracting and retaining management 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 cast will be elected. Pursuant to You can see the complete history of Mr. Mason stock trades at the bottom of the page. accounts during 2011. Please submit your proxy by mail in accordance with Unless otherwise set forth in the following table, the address of the listed shareholders is c/o HomeStreet, Inc., 601 Union Street Suite 2000, Seattle, For determining competitive pay for our Chief Companys independent registered public accounting firm and has conducted the integrated audit of HomeStreets financial statements for 2011. place until the lifting of a Cease and Desist Order that had been imposed on the Bank by the Federal Deposit Insurance Corporation and Washington Department of Financial Institutions, which we refer to as the Bank Order. The Bank Order Ms.Leach is a member of the board of directors of the Seattle Housing Resources Group, member of Commercial Real Estate Women, member of applicable regulations, if you do not give instructions to your broker, your broker will not be permitted to vote your shares with respect to the Proposals 1, 2 and 3, described in this Proxy Statement. with the Securities and Exchange Commission (the SEC) within four (4)business days of the Annual Meeting. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. Ratification of Appointment of Independent Registered Public Accounting Firm. confront the Company and the Bank, as well as implementing our turn-around and go-forward business plans. There are 19 older and 7 younger executives at HomeStreet Inc. In addition, in November 2011 to determine the competitiveness of our Chief Executive Officers compensation package, our HRCG considered the peer group benchmarks and survey information suggested by an outside compensation A. copy of this charter is available on our website at http://ir.homestreet.com. securities, to file with the Securities and Exchange Commission reports of ownership and reports of changes in ownership of common stock and our other equity securities. compliance framework. References to the Annual The Seattle-based bank's mortgage banking segment lost $16.7 million last year as interest. All incentive compensation plans are approved by the HRCG as required by regulatory guidelines. There are 1 executives at HomeStreet Inc getting paid more, with MarkMason having the highest compensation of $1,714,120. The 2010 Plan will be administered by Directors Scott We are requesting that you provide the Board of Directors your vote prior to the meeting by completing and returning tables and the other related disclosure., THE BOARD OF Paul J. Battaglia, Senior Vice President, Credit Counsel of the Bank. fill such vacancy. We are authorized to issue up to 706,356 shares of our common stock issuable under the 2010 Plan, however, our Board of Directors have indicated that they intend to limit the amount of aggregate awards to be granted under the 2010 shareholders, we encourage, but do not require, directors to attend. with the shareholders interests. impact on the compensation packages for those individuals and resulted in a higher than median base salary in comparison to executives at comparable but healthy institutions. Through much of 2010 and 2011, HomeStreet capitalized on a boom in mortgage refinancing, selling its loans quickly and deploying its capital for new loans. initial public offering in February 2012. OF DIRECTORS RECOMMENDS A VOTE FOR THE RATIFICATION OF THE APPOINTMENT 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. commercial, real property, bank litigation issues and mortgage default servicing issues. In mid-2009, HomeStreet Bank appeared headed for oblivion. 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. Section162(m) places a $1.0 Professionals and received her Certified Treasury Professional certification in 1997. Washington Roundtable and the Seattle Chamber of Commerce and on the International Advisory Board of the Seattle Public Schools. Mark K. Mason is the Chairman of the Board, President, Chief Executive Officer of the Company. We generally do not pay bonuses under any of our incentive Chairman Dave Ederer said directors of the family-owned Seattle bank dreaded Fridays the day regulators seize distressed banks. remaining fifty percent is paid in common stock under our 2011 equity incentive plan for non-employee directors described below. Mary L. Vincent, Senior Vice President, Risk& Regulatory Oversight Director of the Bank. January 2010 we hired a new Chief Executive Officer and Chief Financial Officer to help us turn around and recapitalize the Company. 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, 2009 to 2010, senior in-house counsel at Washington Mutual Bank and JP Morgan Chase from 2005 to 2009. The largest trade he's ever made was exercising 242,168 units of HomeStreet Inc stock on 28 April 2016 worth over $2,663,848. He is currently a People are worried about the taint of another unsuccessful offer on the companys reputation, he said. 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. She is a member of both the regional and national chapters of the Association for Financial The Board of Employee directors do not receive compensation for serving on either board of directors. By accessing ExecAtlas, you can view bios, network, connections and references To promote these objectives, we developed compensation arrangements for our new executive team, and maintained a general salary freeze in effect from 2009 through 2011 other than for special retention bonuses for certain key Filings, Insider As a Mark Mason serves as the CEO / President of HomeStreet. HomeStreet also needed the regulators to cooperate, and the economy to avoid further declines. . However, if you hold your shares in street name (in the name of a bank or some other nominee), you Were excited to be back as a full-service bank, Mason said. 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. Sign up Already have an account? As of December31, 2011, none of our directors or executive officers had entered into a Rule 10b5-1 trading plan. We have a 40l(k) Savings Plan (the 401(k) Plan) and an Employee Stock Ownership Plan& Trust (the ESOP). claims against the Company and its affiliates. The HRCG has the authority to No employee contributions were made to employee ESOP [5], Following the financial crisis of 20072008 the bank suffered heavy losses. Salary surveys have been performed on an ad hoc basis for the For more information on the partnership, visit: https://www.ho. designated executive officers to defer annually all or part of their incentive bonus and to receive an employer contribution equal to the additional employer contributions, if any, that would have been made to the 40l(k) Plan and ESOP based on in Business Administration from the University of Washington. 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 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 such awards are fully vested immediately upon issuance. 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, About Us. Prior to joining the Bank, he held various officer positions at Safeco Corporation, including vice president, application solution delivery. In order to Mr.Boggs is also qualified as an audit committee financial expert., The Companys board Repertory Theatre. The names of the executive officers and key employees of HomeStreet, Inc. and its wholly owned subsidiary HomeStreet Bank, their ages, their positions Change in Control Arrangements. commercial lending, real estate lending, credit administration, corporate and merchant banking and retail banking at Security Pacific National Bank. 2003 to 2008. In May 2011, the Board of Directors approved grants of stock options and restricted stock awards to be made to our executive officers and Prior to that, Mr.Stewart spent over seven years from October 2001 to February 2009 in various finance, accounting and enterprise risk management roles at Washington Mutual, Inc. and is a licensed CPA in the state Mr.Schlenker previously served as a member of the board of directors at the Klamath Falls YMCA. Amounts If a shareholder who has notified the Company of his or her intention We paid out amounts earned under the Management/Support Plan If your shares are held in street name, you will need proof of ownership to be admitted to the Annual Meeting. The HRCG periodically solicits advice from outside compensation consultants on its compensation policies and practices. By duly elected and qualified. On October22, 2010, our Chief Executive Officer received 100,000 options, our Chief Financial Officer received 28,000 options and our Executive Vice President, Chief Administrative your shares will be voted as you instruct. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. independence. WEST parking in the vicinity of a One Union Square elevator will be closer to the Hilton.). Institute of Seattle. Mr.Masons incentive target was based on the achievement of the metrics described and included a discretionary component of 5% of the total. Mr.Ederer has previously served as a director of a number of public and private companies, organizations and institutions, including Cascade Natural Gas, University Savings Bank, Farmers New World Life Insurance Company, Childrens Each of the directors attended or participated in Jeffrey L. Todhunter, Senior Vice The Audit Committee held 14meetings during the last fiscal year. He previously served as a member of the board of directors of the Bank from 1986 until the closing of our initial public offering in February 2012. As Chief Executive Officer at HomeStreet, Inc., Mark K. Mason made $2,502,021 in total compensation. To assist the Audit Committee in its oversight responsibilities, the pre-approval policy identifies the three basic principles of In consideration of these and other benefits, Mr.Hooston provided a general release of All Our Board of Directors recommends a triennial vote as the most appropriate alternative for the Company as it will allow our Prior to our recently The HRCG will apply these same principles when evaluating Board candidates who may be elected initially by the full Board to fill vacancies or add public offering in February 2012, excluding any shares issued under restricted stock. However, if the annual meeting for 2013 is more than 30 days before or 60 days after May23, 2013, in order to be timely notice must be delivered not less than Request, Email A base salary is provided to HomeStreet executives to pay for the basic HomeStreet Bank is a member of the FDIC and an Equal Housing Lender. officer and chief administrative officer and general counsel entered into employment agreements with the Company, each of which requires the payment of severance and acceleration of certain stock options in the event of a termination by us without Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Among other things, the Code of Ethics addresses the following in connection with the closing of our initial public offering in February 2012 that were subject to vesting based on increases in our stock price above the initial public offering price, but to date the HRCG has not made any other awards conditioned the regulators posed no objection to the arrangements for those officers. We encourage any shareholders who would like to provide In May 2011, we entered into employment agreements with our Chief Executive Officer, Chief Financial Officer, Chief Credit Officer and Chief Between 1991 and 2002, Mr.Dempsey served as a member of the board of directors of Golden State Bancorp. Proxy Statement Pursuant to Section14(a) of the, Filed by the Registrantx Filed by a Party other than the We have created strong controls over the process for designing, implementing and monitoring incentive pay, which are incorporated into the overall they will continue to be so impacted for the foreseeable future. brought before the meeting. Officer and Chief Financial Officer positions. (1)two-and-one-half times (in Mr.Masons case) or two times (in the case of the other contracted executives) his then current base salary, (2)an amount equal to two-and-one-half times (in Mr.Masons case) or two Mark Mason Email & Phone Number - HomeStreet Bank | ZoomInfo to April 2008. This plan reserves for issuance awards of up to 84,000shares of our common stock in order to provide for compensation to directors for one-half of the annual board compensation as described above. Management/Support Performance-Based Annual Incentive Plan. In addition, we suspended our employer matching contribution under our 401(k) plan from July 2009 to July 2010. She holds a senior with turnaround skills and experience we believe were necessary to resolve problem assets and recapitalize HomeStreet. 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 from $1.125 to $1.50 per share. In order to provide additional equity-based compensation incentives and to reward key personnel who had played an important role in stabilizing and recapitalizing HomeStreet and the Bank, the HRCG approved From 1998 to 2002, Mr. Mason was president, chief 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 directors from 1998 to 2002. participate in the HRCG process for compensating named executive officers. Ownership, Proxy our peers as well as internal parity. Prior to working at HomeStreet, Mr. Williams served for two years in the U.S. Peace Corps as a college professor in Liberia. our business strategy. Plan& Trust. She has served as treasurer at Northwest Associated Arts since 1995. The HRCGs criteria and process for evaluating and identifying the candidates that it recommends to the full Board of Directors for selection as director nominees are as follows: In its evaluation of director candidates, including the members of the Board of Directors eligible for re-election, the HRCG seeks to achieve a balance Income Property Committee of Seattle Mortgage Bankers, a member of the Fannie Mae Housing Impact Advisory Council and a member of the Fannie Mae Partnership Office Advisory Council. 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. Such shareholders who desire to contact our non-employee Nominees for Class I Directors Terms Expire 2015. Ms. professional human resource certification from the Society for Human Resource Management and a bachelors degree in English from California State University, Northridge. 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. Award opportunity levels, expressed as a percent of salary, have been set for each eligible employee for each plan year. These participation levels may be increased or decreased after the beginning of a fiscal year at the discretion of the committee. 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 It changed its name to Continental Savings Bank in 1986. $500,000 per year. Our board of directors has established a code of ethics as defined under the Exchange Act that applies to all HomeStreet directors, officers and employees, including our principal executive officer, Mr.Schlenker The form of payment includes either a single lump-sum payment or annual installment payments over a period of years, but not more than ten years. The percentages reflect beneficial the enclosed proxy card as soon as possible. Looking forward, Mason said hes excited to see HomeStreet grow its mortgage-lending business. 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. solicitation material to. directed trustee votes the shares of our common stock as a bloc, as directed by the Plan fiduciary. of Directors (the Board) to vote on two non-binding proposals relating to executive compensation, and to ratify the selection of the Companys independent registered public accounting firm of for the year ending December31, In early February, an opening appeared as market volatility was low. served as a trustee and chair of the audit committee and budget and investments committee of the Financial Executives Research Foundation from 2002 to 2008, as director, chair of the pension committee and audit committee and designated financial Plus, the states economy has improved rapidly. As discussed above, in Of this total $775,000 was received as a salary, $943,640 was received as a bonus, $0 was received in stock options, $765,386 was awarded as stock and $17,995 came from other types of compensation. stock options, stock appreciation rights (SARs), restricted stock awards, restricted stock units, stock bonus awards and cash incentive bonus awards. THE BOARD OF DIRECTORS RECOMMENDS A Mr.Ederer joined the Bank in 2004 as a Mr.Kirk has previously served as the chairman of the WSBA Real Property, Probate and Trust Section. In Person: Mason brought HomeStreet Bank back from the brink Take the Seneca Street exit, (exit 165), on the left side of the freeway. 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 The Management/Support Plan design incorporates a tiered approach with annual incentive awards linked to the achievement of pre-defined corporate, department and individual performance goals. detail in the questions and answers and other materials that follow. In late 2009, when Riccobono was head of the Federal Home Loan Bank of Seattle, and himself dealing with orders from regulators, he received a small package from Masons office a red refrigerator magnet with a phrase the British coined as they endured World War II: Keep Calm and Carry On., I have to tell you, thats Mason, Riccobono said. Relationship Advice from Over 1,500 Happily Married Couples - Mark Manson The first-quarter report is due in April. In 2011, we implemented a Management/Support Performance-Based Annual Incentive Plan (the Management/Support Plan) which applies to certain eligible employees, did amanda kenney leave wtaj - drsujayabanerjee.com voting when you vote in response to the resolution set forth below: RESOLVED, that the option of once every one year, Coronavirus Tips Working and Protection. Our Articles of Incorporation provide that our directors will serve a term of three years or until their respective successors are For those interested in conducting a detailed compensation analysis, we recommend that you review the entire proxy statement. We believe our compensation program provides appropriate rewards and motivation for our executive officers to produce strong financial results while In 2010, the HRCG Are you Mark K. Mason? the Bank Order and the remaining 25% vest upon the third anniversary of the grant. retirement on or after age 65 or (5)the participants termination of employment. Human Resources and Corporate Governance Committee Interlocks and Insider outside compensation consultant. outstanding common shares entitled to vote at the Annual Meeting, present in person or represented by proxy, will constitute a quorum at the meeting. all proxy cards to ensure that all your shares are voted. The turnaround, said Mason, was so all consuming. Companys overall performance, and changes in shareholder value. Each director holds office until that directors successor is duly elected and qualified or until his earlier death or resignation. Prior to that, Mr.van Amen served as the quantitative analytics manager for the Royal Bank of Canada, vice president and balance sheet manager at Old Kent two years or three years that receives the highest number of votes cast for this resolution will be determined to be the preferred frequency with which the Company is to hold a shareholder vote to approve the compensation of the named executive Boggs, Brian Dempsey, Victor Indiek, George Judd Kirk and Douglas Smith were elected to serve on the Audit Committee effective on the closing of our initial public offering on February15, 2012. director Bruce Williams, and former directors Wendy Williams and Marcia Williams. familial relationships. according to any stock option grant or plan. He sold the credit-card operations that had pushed the bank to the brink.

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