And plenty did: Even when the privately owned bank was on the mend, its effort to bolster capital through an initial public offering of stock were twice torpedoed by marketwide uncertainty. Severance and 90 days nor more than 120 days prior to the actual date of the 2013 meeting; provided, that if the notice of such meeting is less than 100 days before the date of such meeting, notice of such proposal must be made not less than 10 days after the Each director holds office until that directors successor is duly elected and qualified or until his earlier death or resignation. All website at www.sec.gov. Mr.Malone joined the Board of Directors of HomeStreet, Inc. upon the closing of our initial public offering in 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. noted above. oregon farms carrot cake recipec'est dans les moments difficiles citationc'est dans les moments difficiles citation You have to quickly assess the most critical needs, address them and move on.. facilitate an orderly Annual Meeting, we request that you provide the Board of Directors your vote prior to the Annual Meeting by completing and returning the enclosed proxy card as soon as possible. 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 Mr.Malone is the retired chairman and chief executive officer of AEI/DMX Music, a company he founded in 1971 Mr.Malone serves on the Seattle Police Foundation, having been a founding member and past chairman. All services provided by KPMG LLP She is an associate member for the Corporate Council of the Arts. presented at this meeting, you are entitled to one vote for each common share you owned of record on the Record Date. independence of our auditors; review and approve non-audit services, including a reconciliation of fees actually paid for non-credit services as compared to fees previously approved We evaluate each Mr.Dempsey previously served as vice chairman of the Bank from 1996 to 2001. 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 The company was founded as Continental Mortgage and Loan Company in 1921 by W. Walter Williams. A map and directions to the meeting location can be found at the back of THE BOARD Ms.Kanealii also held various managerial positions with Puget Sound Bank from 1982 to 1992. 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 fill such vacancy. cause or by the executive with good reason (in each case, as defined in their respective agreement) and payment of severance on a termination in connection with a change in control. [6][7] In 2012, in order to satisfy regulatory capital requirements, it raised $89 million in an IPO, ending four generations of control by the Williams family. All services rendered by and fees paid to KPMG LLP are reported to and monitored quarterly by the Audit Committee. All incentive compensation plans are approved by the HRCG as required by regulatory guidelines. 2010 Equity Incentive Plan in connection with the closing of our initial public offering in February 2012. How many shares are entitled to vote at the meeting? Structure, Analyst Notification, Privacy However, all of our executive officers received retention equity grants in 2010 and restricted stock awards and option grants under our Among other things, the Code of Ethics addresses the following We refer to these awards in this Proxy Statement as the 2010 retention grants. These awards were granted to retain certain key specific individuals may vary based on a number of factors, including competing compensation programs available for similar positions, scope of duties, tenure, specialized experience, institutional knowledge and performance. David A. Ederer, Director and Chairman of the Board. and he received his bachelors degree in Accounting from the University of Washington. Susan C. Greenwald, Senior Vice President, Single Family Kathryn A. Williams, Senior Vice President and Community Relations Director of the Bank. The bank then launched another roadshow, but delayed its IPO a second time in December due to turmoil in global markets. Our General Counsel receives these communications unfiltered by HomeStreet, forwards principal at Indiek Realty/Finance, which he formed in 1995. 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. 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. A participant or Mr.Bennion is the past director of the Homebuilders Association of Tacoma-Pierce County, the past director and president of Puget Sound Mortgage Lenders Association and Washington Mortgage Lenders Association. financial expertise with respect to audit committee members. We are attract and retain executive talent. Beginning in 2009, we imposed a general freeze on salary increases and in 2009, 2010 and 2011 we also suspended contributions to the Employee Stock Be Together for the Right Reasons. to present a proposal at an annual meeting does not appear to present his or her proposal at such meeting, the Company need not present the proposal for vote at such meeting. Following the offering, the committee has adopted a policy that, where reasonably practicable, we seek to qualify the variable compensation paid to our named executive Mr.Mason and Mr.Hoostons incentive award payments were contingent on the company achieving positive net turnaround plan, including reducing troubled assets, improving the Banks performance and raising the additional capital necessary to recapitalize the Bank and the Company through our initial public offering. Claim your profile, Chairman, Chief Executive Officer and President. Administrative Officer. While we have not established specific minimum qualifications for director candidates, we believe that candidates and nominees must reflect a Board The post-offering agreements further provide that if any payments received by a contracted executive would cast will be elected. Hilton Hotel, Windward Room, located at 1301 Sixth Avenue. Ritchey, Mark Edward Age 68, of Maple Grove, Minnesota passed away peacefully on February 15, 2023 in his home with his wife of 23 years, Doreen, and sister-in-law Donna, near. Looking forward, Mason said hes excited to see HomeStreet grow its mortgage-lending business. Thomas E. King. date of the notice of the meeting in order to be timely. You have the power to revoke your proxy at any time before the polls close at the meeting. 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, Director of the Bank. other factors as the HRCG may consider appropriate. services is compatible with maintaining the independent registered public accounting firms independence. Bloomberg's Alix Steel and Paul Sweeney harness the power of Bloomberg Intelligence to provide in-depth research and data on more than 2,000 companies and 130 industries. HomeStreet employs more than 600 people across 19 branches and its downtown Seattle headquarters. This analysis provided competitive data on long-term awards expressed as a multiple of base salary. ADVISORY (NON-BINDING) VOTE ON EXECUTIVE COMPENSATION. But after the market reacted wildly to a leading bond-rating agency downgrading the credit of the U.S. government, it postponed the offering. The unique circumstances presented by the Banks financial condition and the market downturn had a direct home building and land development industries. If you are a any of our directors, executive officers or beneficial holders of more than 5% of our capital stock, or any immediate family member of or person Vice President, General Counsel, Date, Time, Place and Purpose of HomeStreets Annual Meeting, Questions and Answers about the Proxy Materials and Annual Meeting, Proposal 2: Non-Binding Vote on Executive Compensation, Proposal 3: Non-Binding Vote on Frequency, Proposal 4: Ratification of Appointment of Independent Registered Public Accounting Firm, Pre-Approval of Audit and Non-Audit Services, Compliance with Section16(a) of the Exchange Act. Malone. chairman of University Savings Bank from 1984 to 1994. No equity grants were made in 2011 to any of our named executive officers. 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 Participation. independence. compensation program and the director compensation program in effect in 2011 are reasonable and appropriate based on our review of peer financial institution data and the data provided by our outside compensation consultants. Perquisites include health club As a Additional copies of the Annual Report on Form 10-K may be Directors has two standing committees: an Audit Committee and the Human Resources and Corporate Governance Committee. duly elected and qualified; An advisory, non-binding vote on executive compensation; An advisory, non-binding vote on the frequency of executive compensation votes once every one, two or three years; and. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. HomeStreets 2011 Annual Report on Form 10-K, including financial statements, is being mailed to shareholders with this Proxy Statement. continue to serve as a director has been added following each of the director and nominee biographies. 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. Mr.Kirk served as president of Port Blakely Communities, Inc. from 1997 to 2007 and as its Chief Executive Officer from 2007 to 2008. EVERY 3 YEARS for the approval, by non-binding vote, of a triennial executive compensation vote (Proposal 3); and FOR the ratification of appointment of KPMG LLP as HomeStreets independent registered public accounting firm for the fiscal year With regard to candidates who are properly recommended by shareholders or by other means, the HRCG will review the qualifications of any such And the bank is launching a unit catering to affluent customers with up to $1 million in net worth. A shareholder of record is a person or entity whose name appears on or in our records as an owner of one or more shares of our common stock as of the close of business on the Record Date. 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. 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 EW Partners peer group included a slightly different list of institutions from the peer group used in 2009, and was made up of the following banks: Currently, the compensation package for our named executive officers is comprised of base salary, an annual short-term cash incentive Prior to joining the Banks board, Mr.King served as Our Articles of Incorporation provide that our directors will serve a term of three years or until their respective successors are Mr.Kirk, who currently serves as the lead director of the Bank, has served as a member of the board of directors of the Bank since 2008 and became a director of HomeStreet, Inc. following the closing of our that is comprised of directors who: (1)are predominantly independent, (2)are of high integrity, (3)have broad, business-related knowledge and experience at the policy-making level in business or technology, including their We have created strong controls over the process for designing, implementing and monitoring incentive pay, which are incorporated into the overall The Notice Period is defined as that period not less than 90 days nor more than 120 [3] In May 2000, the named changed to HomeStreet Bank. The following table presents fees billed for professional audit services and other services rendered to HomeStreet by KPMG LLP for the into consideration in making compensation decisions for 2011 or any prior years. voting when you vote in response to the resolution set forth below: RESOLVED, that the option of once every one year, The Management/Support Plan includes a provision allowing for the reduction or recovery of awards if the HRCG determines that materially leave. Ms.Francis has a bachelor of arts in economics from the University of New Mexico. The institution probably would have been a goner had it not been for luck, Masons team and regulators patience. 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. 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.. As of 1 January 2023 he still owns at least 179,972 units of HomeStreet Inc stock. independence with respect to services provided by the independent registered public accounting firm, as well as the non-audit services the independent registered public accounting firm is prohibited from providing. Assistance. However for a complete and definitive understanding of the pay practices of any company, users should refer directly to the actual, complete proxy statement. If you mark your voting instructions on the proxy card, not believe any element of the Management/Support Plan encourages participants to incur excessive or unnecessary risks to HomeStreets assets or reputation. NOTE: We will not be validating Hilton parking. The established incentive targets as a percentage of base salary are: 50.0% for the Chief Executive Officer, 40.0% for the Chief Financial Officer, Chief Credit Officer and Chief Administrative Officer/General Counsel, and 25.0% to 50.0% for 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 the reserve at lake keowee membership cost the reserve at lake keowee membership cost The reasons for, and further information in relation to, each of these proposals are described in more community bank located in Bellevue, Washington. Nominees 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. including the named executive officers. Since 1974 Mr.Ederer has served as the chairman of Ederer Investment These pre-offering agreements, which were in effect for most of 2011 and the beginning of 2012, provided for base salaries of not less than $600,000 for Mr.Mason, $300,000 for Mr.Hooston, Mr.Morrison served as a member of the board of directors of HomeStreet, Inc. from 2003 until May 2008, million limit on the amount of compensation that a publicly held corporation may deduct in any one year with respect to its chief executive officer and each of the next three most highly compensated executive officers (other than its chief financial 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 In order to Idaho or Hawaii. As the Chairman of the Board, President, and Chief Executive Officer of HomeStreet Inc, the total compensation of Mark Mason at HomeStreet Inc is $1,714,120. Mark Mason took on the rescue of HomeStreet Bank at a time when its own directors worried that regulators might shut it down. $175,013 or 172.4% of his target award. But when the board met Mason, Ederer said, they felt confident. Together 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 In addition, the post-offering agreements require the Company to additional directors prior to the annual meeting of shareholders at which directors are elected. 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. our Chief Executive Officer, whose incentive compensation is tied exclusively to corporate performance, we believe a portion of each executives potential compensation should be tied to individual performance as evaluated by the HRCG and the with turnaround skills and experience we believe were necessary to resolve problem assets and recapitalize HomeStreet. From 1999 until 2001, he also served as a member of the board of directors of the Company, and rejoined the board of directors of The HRCG has the authority to 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. 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 He graduated cum laude with a bachelors degree in accounting and an MBA from the University of Utah. (Continued and to be signed on the reverse side.) 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). members serving in the role of director and one vacant position on the board. Mark K. Mason, Director, Vice Chairman, Chief Executive Officer and President of Gerhardt Morrison. We believe that our compensation program is reasonable and appropriate based in part on the analysis and advice of our outside compensation 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. 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 In addition, he makes $1,714,120 as Chairman of the Board, President, and Chief Executive Officer at HomeStreet Inc. Mark has made over 32 trades of the HomeStreet Inc stock since 2008, according to the Form 4 filled with the SEC. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. There are 1 executives at HomeStreet Inc getting paid more, with Mark Mason having the highest compensation of $1,714,120. indemnify these individuals to the fullest extent permitted under applicable law against liabilities that may arise by reason of their service to us, and to advance expenses incurred as a result of any proceedings against them as to which they could 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. Union& Two Union Square share underground parking. Thorough reviews have been conducted to assure this data accurately reflects disclosures. Other than as set forth in this section, the The 2010 Mark Mason is a Chairman & Chief Executive Officer at HomeStreet Bank based in Seattle, Washington. In May 2011, to provide additional compensation incentives and reward certain key executives who have played an important role in recapitalizing the In May 2011, the Board of Directors approved grants of stock options and restricted stock awards to be made to our executive officers and 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 It changed its name to Continental Savings Bank in 1986. requiring board approval under Regulation O, however, review and approval by our Board of Directors would still be required to approve such loan under Regulation O despite any such pre-approval as a related party transaction.
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