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 and Employee Stock Ownership Plan& Trust. The first set of agreements, which we refer to in this Proxy Statement as the pre-offering agreements, were in effect from May 2011 until the lifting of the Bank cease and desist order in March 2012, at which point those agreements were Corporate performance for these executives was based on achievement of determination of beneficial ownership of securities. Mr.Indiek joined the Board of Directors of HomeStreet, Inc.and the In 1999, we adopted a plan to permit directors to defer all or a portion of their fees received for services as a director that would 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. We believe it is critical to HomeStreets success to attract, retain and incentivize highly qualified executives and to promote a See Equity Incentive Compensation Equity Grants Effective at Closing of our Initial Public Offering.. The Bank is subject to the requirements of Regulation O, which (2)recapitalization of HomeStreet, Inc., (3)reclassifications of our common stock, (4)liquidation or dissolution of HomeStreet, Inc., or (5)sale of substantially all assets of HomeStreet, Inc. For all other matters, the Mr. Bennions incentive target was three Amounts in this table are presented in thousands. Coronavirus Tips Working and Protection. 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 University's Albers School of Business and Economics. 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. Pamela J. Taylor, Senior Vice President, Human Resources Director of the Bank. Employees are eligible to participate in the 401(k) Plan if they meet the applicable service requirements and are at least 18 years old. Mr.Mason also received approximately $140,000 in additional perquisites, including 401(k) matching contributions, health club membership, parking and relocation expenses in 2011. 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. 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 The 2010 Plan became effective upon the closing of our initial public offering in The oldest executive at HomeStreet Inc is DavidEderer, 77, who is the Chairman Emeritus. Take the Seneca Street exit, (exit 165), on the left side of the freeway. In general, certain performance-based compensation approved by shareholders is not subject to this deduction limit. Were excited to be back as a full-service bank, Mason said. The notice must contain specified information about the matters to be 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. in each of the last two fiscal years were pre-approved by the Audit Committee. of those grants. of the Washington Savings League. Judd Kirk. 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 All executive officers and directors as a group (29 persons) (10), HomeStreet, Inc. 401(k) Savings and Employee Stock Ownership consultant which included a review of the same elements of compensation. You may also find the annual proxy statement by going directly to the company's website. Shareholder ratification of the selection of KPMG LLP is our common stock. [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. Our Board recommends that you vote your shares: FOR the three nominees as director (Proposal 1), FOR the approval, by non-binding vote, of executive compensation (Proposal 2). We are requesting that you provide the Board of Directors your vote prior to the meeting by completing and returning separately for their services as directors. HomeStreets Ederer said that after regulators placed the bank under an enforcement order in 2008, there were many sleepless nights. from the University of Washington and is a You have the power to revoke your proxy at any time before the polls close at the meeting. 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. Mr.Mason in the aggregate amount of $288,885. initial public offering in February 2012. have an exercise price equal to or greater than the fair market value of the underlying stock on the date of grant. Place and Purpose of HomeStreets Annual Meeting. 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 Upon recommendation of the undersigned at such meeting with respect to the election of directors of HomeStreet, Inc., for a term ending at the annual meeting of shareholders in 2015 or upon the due election and qualification of successors, in each case at any time, and for What is the voting requirement to approve each of the proposals? 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. The percentages reflect beneficial Most recently Mr.Mason 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 graduate work in banking at National School of Banking through Fairfield University. Mark K. Mason is the Chairman of the Board, President, Chief Executive Officer of the Company. These awards were actually made in 2010 Open Financial Officer, the HRCG considered the peer group benchmarks suggested by an. If you are the beneficial owner of shares held by a broker in street name, your broker, as the record holder of the shares, is required to vote the shares in accordance with your instructions. 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 Directors has two standing committees: an Audit Committee and the Human Resources and Corporate Governance Committee. Whether or not you plan to attend the annual meeting on May23, 2012, we hope you will vote as soon We paid out amounts earned under the Management/Support Plan Sign up in seconds, it's free! 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 Pursuant to Shareholder recommendations for candidates to the Board of Directors must be directed in writing to HomeStreet, Inc., 601 Union Street, Suite 2000, Seattle, Washington 98101, Attention: General Counsel, and must include the As discussed above, in Meeting in this Proxy Statement (Proxy Statement) include any postponements or adjournments of such meeting. Freddie Mac, serving initially as its first chief financial officer from 1970 to 1973 and then as its president and chief executive officer from 1974 to 1977. notice of meeting given by or at the direction of the Board of Directors, (2)properly brought before the meeting by or at the direction of the Board of Directors or (3)properly brought before the meeting by a shareholder who has report and a proxy card. Unless otherwise specified, all ownership interests or voting power referenced herein, either in percentage terms or number of shares, in respect of the 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, Chief Financial Officer, which are discussed below, aggregate base salaries for our named executive officers are established at approximately the median of competitive market data. from $1.125 to $1.50 per share. Last updated: 1 March 2023 at 11:00am EST. Mr Mason is 61, he's been the Exec. Ms.Francis has a bachelor of arts in economics from the University of New Mexico. outside compensation consultant. Our Employee Stock Ownership Plan, or ESOP, is our largest single shareholder. Shareholders may request a free copy of the Principles of We do cast will be elected. HomeStreets performance will be based on overall success as measured by criteria determined by the HRCG, with input from our Chief If we are required to restate our financials due to noncompliance Abstentions will be counted for the purpose of The Bank is the directed trustee for our common stock owned by the Plan. noted above. defined below) and who was a shareholder at the time of such notice and as of the record date. All nominees are incumbent directors of HomeStreet and nominated for reelection. The 2010 equity incentive plan was not effective for 2011. results from the single family mortgage origination activities under Mr.Bennions leadership. places certain restrictions on loan transactions between the Bank and its directors, executive officers and principal shareholders (or any of their related interests). HomeStreets management and the HRCG have assessed the risks associated with our compensation policies and practices We have a 40l(k) Savings Plan (the 401(k) Plan) and an Employee Stock Ownership Plan& Trust (the ESOP). Together By late 2002, Mason negotiated Fidelity Federals sale to a larger banking company. Chairman, Pres & CEO at HomeStreet Inc. As the Exec. CONNECT with Mark K. Mason through your network of contacts. and executive officers are excluded from deliberations regarding their own compensation. Share story By Sanjay Bhatt Seattle Times business reporter In. Let us earn your business. BRIAN P. DEMPSEY, GERHARDT MORRISON AND 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 May23, 2012, in the Windward Room of the Hilton Hotel, 1301 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. year to identify their related interests. 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. 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. As of December31, 2011, none of our directors or executive officers had entered into a Rule 10b5-1 trading plan. Mr.Smith holds an MBA from grant to each of the contracted executives additional equity awards representing a number of shares equal to the product obtained by multiplying the percentage of our pre-offering common stock reflected by the contracted executives 2010 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 Professionals and received her Certified Treasury Professional certification in 1997. 1. OF DIRECTORS RECOMMENDS A VOTE FOR THE ELECTION OF EACH OF. for Recommending Candidates for Election to the Board of Directors. 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.