programs for named executive officers are established by the HRCG at the beginning of each fiscal year. Based on the information provided by Towers Watson, we determined that the award levels provided for the 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. Mr.Morrison is AND 4 AND A VOTE 3 YEARS ON PROPOSAL 3. 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. Therefore, no specific target and maximum award opportunities were defined for 2011 and no awards were earned for 2011 performance results. We have a 40l(k) Savings Plan (the 401(k) Plan) and an Employee Stock Ownership Plan& Trust (the ESOP). The pre-offering agreements also provided for annual incentive payment opportunities of no less than 50.0% of Mr.Masons salary. as your name or names appear on this Proxy. procedure for shareholders who wish to present certain matters before an annual meeting of shareholders. Mr.Boggs was selected to serve as a director because of his significant accounting and financial experience, his accounting credentials and degree as $175,013 or 172.4% of his target award. 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 By Mr.Smith has been elected to serve as a director because of his experience in the residential construction lending area as well as his experience in the options will be immediately cancelled except as provided for under individual employment agreements of executive officers. Mr.Evans and Mr.Isemans cash incentives were $167,496 or 174.5% of target and $143,580 or 179.5% of target, respectively. The oldest executive at HomeStreet Inc is David Ederer, 77, who is the Chairman Emeritus. 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 director candidates and has the authority to approve the fees and retention terms of any search firm. CONNECT with Mark K. Mason through your network of contacts. The actual payouts will be calculated as a proportion of minimum, target and maximum performance levels. It changed its name to Continental Savings Bank in 1986. If any other matters are properly presented for consideration at the Annual Meeting, including, among other things, consideration of a motion to adjourn the Annual Meeting to another time or place HomeStreet, Inc., d.b.a HomeStreet Bank, together with its subsidiaries, provides various financial services primarily in Washington, Oregon, California, and Hawaii. To be brought before an annual meeting: In addition, our bylaws establish an advance notice participant ceases to be a director. The Audit Committee of HomeStreet, Inc. is composed solely of independent directors as required by the Nasdaq corporate governance Mr.Schlenker has a bachelor of science in business administration finance from the University and Employee Stock Ownership Plan& Trust. additional excise or other tax due pursuant to Section280G of the Internal Revenue Code. Bank; Senior Vice President and Treasurer of HomeStreet, Inc. Mr.van Amen joined the Bank in 2003 and currently serves as Senior Vice President and Treasurer. Numbers reported do not include change in pension value and non-qualified deferred compensation earnings. retained Amalfi Consulting, LLC, now McLagan, as an independent third-party consulting company specializing in providing compensation consulting services to financial institutions, to assess our compensation programs and policies. Prior to this, Mr.Evans served as interim general counsel He has served on the boards of directors of Hanmi Financial Corp., San Diego Community Bank and The Bjurman Barry Family of Mutual Funds. initial public offering. 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 Perquisites and other Personal Benefits. The Management/Support Plan includes a provision allowing for the reduction or recovery of awards if the HRCG determines that materially View All Leadership Share Bio The Chief Executive Officer and Chief Financial Officer received cash incentive awards in 2011 based on attaining the following corporate objectives and metrics: (1)achieving Adjusted Operating As more fully described in the Audit Committee Charter, the Audit Committee is responsible for overseeing HomeStreets accounting and financial Kathryn A. Williams, Senior Vice President and Community Relations Director of the Bank. You may also find these items online, along with our Form 10-K, at http://ir.homestreet.com. Company or to third parties, except: (1)as necessary to meet applicable legal requirements, (2)to allow for the tabulation of votes and certification of the vote and (3)to facilitate a successful proxy solicitation. In addition, any options exercisable within 60 days of April2, 2012 reward and motivate appropriate executive behavior that produces strong financial results while managing risks and promoting regulatory compliance. He also AS THERE SPECIFIED. If you are unable to attend the meeting and vote in person, please submit a proxy as soon as possible, so that your shares can be voted at the meeting in accordance with your instructions. Mr.Williams has served as a member of the 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 duly elected and qualified. Mr.Indiek was also involved in the formation of president, human resource director for MetLife Capital Corporation from 1986 to 1998. KPMG LLP has As Chief Executive Officer at HomeStreet, Inc., Mark K. Mason made $2,502,021 in total compensation. As a result of that review no adjustment was made to our Chief Executive Officers compensation package. or other nominee who holds your shares. Salary increases ordinarily are effective on January1 of each year. Mr.Dempsey previously served as vice chairman of the Bank from 1996 to 2001. The following table sets forth the amount of each of these grants made to the named executive officers: Executive Vice President,Chief Financial Officer, Executive Vice President,Chief Administrative Officer,General Counsel& Corporate director Bruce Williams, and former directors Wendy Williams and Marcia Williams. How many shares are entitled to vote at the meeting? The HRCG is responsible for, among other things, with turnaround skills and experience we believe were necessary to resolve problem assets and recapitalize HomeStreet. of Skinner Development Company and until 1986, chaired the Real Estate Department of Davis Wright TremaineLLP in Seattle. The Board of Shareholders section elsewhere in this Proxy Statement. Union& Two Union Square share underground parking. Executive Compensation.. [11], "Continental, Inc." redirects here. incentive awards in 2011 as follows: Mr.Evans and Mr.Isemans incentive targets were two components: 50% corporate performance and 50% individual performance. On average, HomeStreet Inc executives and independent directors trade stock every 9 days with the average trade being worth of $104,339. 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. Prior to his current position with the Bank, he was the Vice President, He officers in an effort to retain those individuals and focus management on stabilizing and recapitalizing the Bank. Susan C. Greenwald, Senior Vice President, Single Family Executive Officer in November 2011, we considered survey-based information aggregating compensation statistics for similarly situated institutions as well as compensation information for Chief Executive Officers from institutions in our peer and/or individual performance will be allocated based on the specific weighting of the goals, the participants annual incentive award tier, and the actual performance compared to the pre-determined minimum, target and maximum performance All services provided by KPMG LLP independence. Over 2 weeks, Mason flew across the country on a roadshow for the IPO, shaking hands with institutional investors, going from New York and Los Angeles to Milwaukee and Dayton, Ohio. Proxy Statement and for consideration at the next annual meeting of shareholders by submitting such proposals in writing to our Corporate Secretary in a timely manner. 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. board of directors and is comprised of Pamela J. Taylor, Richard W.H. for Gibson, Dunn& Crutcher LLP from 1982 to 1987. solicitation material to. All unvested options will be cancelled upon resignation or 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. As a result, 75% of the options granted to Mr.Hooston pursuant to the 2010 retention grants were vested and exercisable upon his termination. Every Friday afternoon, we would all be on pins and needles. That was the point where we felt we had someone who was going to guide us through the malaise, Ederer said. outside compensation consultant. professional degrees and training in business and management. Nominees for Class I Directors Terms Expire 2015. Annual Each ITU is embedded with tightly integrated, foundational services that manage its full IT lifecycle - from design and implementation to monitoring, repair and administration - to ensure your network is always operating in a way that delivers value to your organization. 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. Plan& Trust. This report is submitted by the Companys Human Resource and Corporate Governance Committee consisting of Judd Kirk (Chair), Brian The program; for more detail please see the information below under the heading Executive Compensation:. Mark Mason is chairman, president and CEO of HomeStreet Bank, a regional bank headquartered in Seattle. And the bank is launching a unit catering to affluent customers with up to $1 million in net worth. directors by mail may do so by writing HomeStreets Corporate Secretary at HomeStreet, Inc., 601 Union Street, Suite 2000, Seattle, Washington 98101. The 2010 Plan allows for a range of equity grants, including stock options, restricted stock or restricted stock units, stock bonuses or discretionary authority to act on such other matters as may properly come before said meeting or any adjournments or postponements thereof. mechanicsburg accident yesterday; lee chamberlin cause of death; why do geordies call cigarettes tabs; tui management style; duggar couples ranked. with any financial reporting requirements as a result of misconduct, our Chief Executive Officer and Chief Financial Officer must reimburse the Company for: (1)any bonus or other incentive or equity-based compensation received during the Mr.Mason brings extensive Chairman Dave Ederer said directors of the family-owned Seattle bank dreaded Fridays the day regulators seize distressed banks. according to any stock option grant or plan. Registrant, Confidential for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)), Soliciting Material Pursuant to 240.14a-12, (Name of Registrant as Specified In Its Charter). 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 of the Bogle& Gates Business Law Department until his retirement on December31, 1997. We eliminated incentive payments on terms and conditions of the loans from our single family loan officer incentive plans. participants in this plan for the year ended December31, 2011. 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 But Mason plans to stay until he retires, he said. brought before the meeting. ENVELOPE. 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 When shares are held jointly, each holder should sign. to, or purchases from, any company where a non-employee director serves as an executive officer as well as all other relevant facts and circumstances, including the directors commercial, accounting, legal, banking, consulting, charitable and TRIENNIAL VOTE AS THE FREQUENCY WITH WHICH SHAREHOLDERS ARE PROVIDED AN This vote is not intended to address any 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 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 The post-offering agreements further provide that if any payments received by a contracted executive would your broker, your broker will leave your shares unvoted on this matter. standards, including Messrs. Boggs, Dempsey, Indiek, Kirk and Smith, each of whom is an independent director, in full compliance with all Nasdaq corporate governance standards and Rule 10A-3 under the Exchange Act with respect to director 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. Mr.Williams holds a bachelors degree in History from Stanford University and a law degree from the Prior to being named Citi CFO, Mr. Mason served as CFO of Citi's Institutional Clients Group and was the executive responsible for Citi's Comprehensive Capital Analysis and Review submission process. The meeting will be held at 10 a.m. Pacific Time on May23, 2012 at the downtown Seattle The 2010 retention grants will terminate on the tenth anniversary of the date of grant if they have not been exercised in full before that time. 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. report and a proxy card. ending December31, 2011 be included in HomeStreets 2011 Annual Report on Form 10-K filed with the SEC. April2, 2012. 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 A recent brokerage statement or a letter 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 She has served as treasurer at Northwest Associated Arts since 1995. Under the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the Dodd-Frank Act) our 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 In addition, we suspended our employer matching contribution under our 401(k) plan from July 2009 to July 2010. Mason said he handled the rescue by honestly communicating with regulators and bank directors about problems as they emerged. Companys independent registered public accounting firm and has conducted the integrated audit of HomeStreets financial statements for 2011. 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. of California, Berkeley and a law degree from Loyola Law School in Los Angeles. Process The following table sets forth certain information with respect to the board of directors of HomeStreet, Inc., including their ages as of full corporate name by duly authorized officer, giving full title as such. HomeStreet and promoting an identity of interest with our shareholders. Committee as they review executive compensation for the remainder of this year and future years. If you are a Adjusted Operating Income at a target of $43.3 million. Prior to joining the Bank, Mr.Battaglia was of counsel to Williams, Kastner& Gibbs from This includes temporary housing and travel expenses for Messrs. Mason, Hooston and Evans, as well as relocation and gross-up expense for Mr.Mason. Since 1985 Ms.Leach has also served as Senior Vice President and Manager of Income closing of the Companys Offering. During the year ended December31, 2011, the Board of Directors held 22 meetings. The unique circumstances presented by the Banks financial condition and the market downturn had a direct underlying each such option grant. Mr.Iseman holds a bachelors degree in Business Administration and Economics from Seattle Pacific University and a certificate of advanced study in International 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 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. Ownership Plan (ESOP). website at www.sec.gov. not required by our bylaws or other applicable legal requirements. Mr.Kirk was selected to serve as a director because of his business and management experience, his real estate development experience, his knowledge of real estate . As Chief Executive Officer at HOMESTREET INC, Mark K. Mason made $2,502,021 in total compensation. appointment, compensation and oversight of the audit work of the independent registered public accounting firm. Ms. Williams served as a Still, he said he knew the odds in late 2009 were poor for the banks survival if it bet only on revamping its operations. 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 Let us earn your business. company financial performance set annually by our board of directors. NOTE: We will not be validating Hilton parking. THE SHARES REPRESENTED HEREBY SHALL BE VOTED SPECIFICALLY ON THE PROPOSALS LISTED ON THE REVERSE SIDE HEREOF He is a former member of the King County Strategic HOMESTREET INC annual reports of executive compensation and pay are most commonly found in the Def 14a documents. All of the 2010 retention grants Our bylaws also provide that the only business that may be conducted at an annual meeting is business that is (1)specified in the executive officer and director of the Bank of Southern California from 1994 to 1996, and president, chief executive officer and director of CapitolBank Sacramento from 1992 to 1994. determining the presence or absence of a quorum for the transaction of business. rules of Nasdaq. Mark K Mason is Chairman/President/CEO at Homestreet Inc. See Mark K Mason's compensation, career history, education, & memberships. If you do not mark your vote on your proxy, David A. Ederer, Chairman of the Board of Directors, and GodfreyB. Evans, our
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