HomeStreet had planned to complete its IPO in early August. Pursuant to members serving in the role of director and one vacant position on the board. 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 The HRCG has reviewed the Compensation Discussion and Analysis included in this Proxy Statement and discussed it with 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. Ms.Greenwald joined the Bank in 1984 and currently serves as Senior Vice President, Single Family Lending Operations Director. Management Director of the Bank. Payment of Filing Fee (Check the appropriate box): Fee computed on table below per Exchange Act Rules 14a-6(i)(l) and 0-11. Mr.Iseman has served as Senior Vice President, Credit Administration and Vice President, Special Assets Group and OREO Group Manager and Income Property Credit Administrator. Previously, Mark was a Board Member at Washing Read More Contact Mark Mason's Phone Number and Email Last Update 12/10/2022 12:56 AM Email m***@homestreet.com Engage via Email Contact Number (206) ***-**** Engage via Phone Mobile Number professional human resource certification from the Society for Human Resource Management and a bachelors degree in English from California State University, Northridge. He is currently a Source: HomeStreet, Inc. on 04/15/2022 Sign up for Equilar ExecAtlas and view Mark K. Mason's full . performance in light of those goals and objectives, if any; establish and provide oversight of compensation philosophy and programs; and. 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. Mr.Morrison served as a member of the board of directors of HomeStreet, Inc. from 2003 until May 2008, The HRCG periodically solicits advice from outside compensation consultants on its compensation policies and practices. HomeStreet, Inc. Mr. Mason has been the Company's Chief Executive Officer ("CEO") and a member of the Company's Board and HomeStreet Bank's Chairman of the Board and Chief Executive Officer since January 2010. Mr. Bennions incentive target was three the Cascade Land Conservancy Advisory Board. the current composition and size of the Board of Directors. Wallmine is a radically better financial terminal. shareholders to provide input on our compensation philosophy, policies and practices while allowing the Company, Board of Directors and Human Resources and Corporate Governance Committee adequate time to evaluate the effects of our compensation skills. Lending Operations Director of HomeStreet Bank. Actual compensation in a given year will vary from the target compensation levels based primarily on the attainment of operating goals, the Our compensation philosophy and programs have been directly impacted by the economic downturn that began in late 2007. George See Management Committees of the Board of Directors 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 Mr.Stewart was previously the director of finance at Volt Information Sciences, Inc. from We do such beneficial owners. addition, the Board has. to serve for a three year-term or until a successor is duly elected and qualified. Ms.Greenwald began her career at the Bank as a secondary director candidates and has the authority to approve the fees and retention terms of any search firm. with the SEC are also available on HomeStreets website at http://ir.homestreet.com after the reports are filed with the SEC. However, if you hold your shares in street name (in the name of a bank or some other nominee), you THE BOARD Charles Schwab Trust (3)payment of health insurance premiums for executive and his dependents for up to 18 months. Meeting, proxy statement and proxy card are available at www.homestreet.com/proxy Please sign, date and mail your proxy card in the envelope provided as soon as possible. number of directors may not shorten the term of an incumbent. 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, Your vote will not be disclosed either within the This analysis provided competitive data on long-term awards expressed as a multiple of base salary. Repertory Theatre. organizations, including serving on the Advisory Board for the University of Washington, School of Social Work, the board of directors of the Woodland Park Zoo, the board of directors of the Mountain-to-Sound Greenway, the board of trustees of The notice must contain specified information about the nominees and about the shareholder proposing such nominations. Non-employee directors of HomeStreet, Inc. and the Bank will each earn an annual retainer of $20,000, other than for committee chairs, who 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. From 1969 to 1992, Mr.King held various senior positions in As a $16.1million, respectively. Its like triage, Mason said. our executive compensation program was designed appropriately and is working to align the interests of our management team with the interests of our shareholders to support long-term value creation. If we are required to restate our financials due to noncompliance Among other things, this charter calls upon HRCG to: develop criteria for selecting new directors and to identify individuals qualified to become board members; select, or recommend that the board select, the director nominees for each annual meeting of shareholders; develop and recommend to the board a set of corporate governance principles applicable to the corporation, including periodic review and reassessment In their discretion, the proxies are authorized to vote upon such other not required by our bylaws or other applicable legal requirements. The 2010 Plan will be administered by Inc. following the closing of our initial public offering in February 2012. Who is paying Prior to that, Mr.Schlenker was president and program manager for Klamath 1st Bank from June 2001 to January 2004. September 17, 2021 at 11:19 am Seattle lawmakers must acknowledge our public safety. The Company is paying all such costs. ending December31, 2011 be included in HomeStreets 2011 Annual Report on Form 10-K filed with the SEC. Committee of the Board of HomeStreet, Inc. from $1.125 to $1.50 per share. The information Other than as set forth in this section, the Financial Officer, David Hooston, effective as of March31, 2012. The principles underlying our executive The Annual There are no executives at HomeStreet Inc getting paid more. Association. From 1998 to 2002, Mr.Mason was president, chief The HRCG held 14meetings during the last fiscal year. executive officers during fiscal 2011 was competitive with those offered by our peers and competitors and consistent with our level of performance while being commensurate with the roles those executives played in implementing the Companys If you mark your voting instructions on the proxy card, Summary Mark K. Mason is a businessperson who has been at the helm of 5 different companies and presently holds the position of Chairman, President & Chief Executive Officer at HomeStreet, Inc. and Chairman, President & Chief Executive Officer of HomeStreet Bank (a subsidiary of HomeStreet, Inc.). brought before such meeting and about the shareholder proposing such matters, including information related to the shareholders ownership interest in the Company and any material interests of the shareholder in the business desired to be From January 2010 until March 2015, Mr. Mason was the Vice Chairman of the Companys Board. Mr.Mason and Mr.Hoostons incentive award payments were contingent on the company achieving positive net Adjusted Operating Income at a target of $43.3 million. Its principal subsidiaries are HomeStreet Bank and HomeStreet Capital Corporation. executive officers were granted incentive awards that the company paid in cash on April15, 2012 based solely on the terms of the Management/Support Plan described above. And hes the chief financial officer until he hires a new one. The HRCG has considered the potential future effects of Section162(m) of the Internal Revenue Code on the compensation paid to certain of our executive officers. He has also served as a trustee of the Northwest Hospital and as chairman of its audit (1)two times his then current base salary, (2)an amount equal to two times the greater of (a)his annual incentive payment earned in the year prior to termination or (b)his target incentive payment for the current year and Mr.Evans and Mr.Isemans cash incentives were $167,496 or 174.5% of target and $143,580 or 179.5% of target, respectively. We evaluate each The institution probably would have been a goner had it not been for luck, Masons team and regulators patience. During 2011, Directors David Ederer, Brian Dempsey, Janet Westling and Bruce Williams served on the Companys Audit Committee. Every Friday afternoon, we would all be on pins and needles. judgment. See The companys 2011 annual report is due to federal regulators at the end of this month. The proxy statement includes footnotes and explanations of this information plus other information that is pertinent in assessing the overall value and appropriateness of the compensation information. FBR Capital Markets, HomeStreets underwriter, presold two-thirds of the shares and offered to buy $5 million worth of the banks stock more than it was being paid for the IPO. Mary Francis, Senior Vice President, Cash under the 2010 retention grants. 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 The bank has nearly doubled its market share by hiring agents from MetLife, which decided to exit the business. He sold the credit-card operations that had pushed the bank to the brink. Mr.Bennions cash incentive was Mason said he handled the rescue by honestly communicating with regulators and bank directors about problems as they emerged. You have the power to revoke your proxy at any time before the polls close at the meeting. We suspended this plan in 2008 due to HomeStreets financial condition and as a result none of our named executive officers were On average, Mark trades about 13,844 units every 126 days since 2007. outstanding common shares entitled to vote at the Annual Meeting, present in person or represented by proxy, will constitute a quorum at the meeting. Though far short of the $180 million it first sought, the IPO raised the banks capital levels enough that regulators could soon lift the restrictions on HomeStreet. The chairman of HomeStreet received a one-time grant of discussed with the independent registered public accounting firm that firms independence. initially joined us as a member of the Board of Directors of the Bank as a member of the board of directors in 1996. 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 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. submitting for your approval four proposals including the election of three directors to a three-year term, commencing at the annual meeting. The HomeStreet IPO appears to be the first time since at least the 2008 crisis that a troubled bank has recapitalized through an IPO instead of being sold. 61 HomeStreet, Inc.s board of directors has authorized by resolution a 12-member board of directors, however, we currently have 11 For its 2021 fiscal year, HOMESTREET INC, listed the following CEO pay ratio data on its annual proxy statement to the SEC. 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 plan, equity opportunity awards, a 401(k) plan, health and welfare benefits plan and perquisites. employment agreements to retain certain executives and the talent, skills, experience and expertise that they provide to HomeStreet, with a goal of protecting the Company and the shareholders and to provide the stability and skilled leadership 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? The Audit Committee of HomeStreet, Inc. is composed solely of independent directors as required by the Nasdaq corporate governance 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 In 2011, our chief executive officer, chief financial officer, chief credit Additional copies of the Annual Report on Form 10-K may be The Audit Committee and HRCG report to the Board as We design our compensation programs and make individual pay decisions and adjustments in the context of this philosophy. Even if the selection is ratified, the Audit Committee in its discretion may direct the appointment of a different accounting firm at any time during the year if the Audit Committee determines that such a 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 In 2017, HomeStreet CEO Mark Mason explained why. Looking forward, Mason said hes excited to see HomeStreet grow its mortgage-lending business. Among other things, the audit committee charter requires the Audit Committee to: oversee the financial reporting process on behalf of our board of directors, review and discuss the audited financial statements with management and Regulatory Oversight Director. Mr. Williams currently serves on the board of trustees of PCC Natural Markets and is Treasurer and immediate Past Chair of Forterra (formerly known as the Cascade Land Conservancy). He spent the next five years as a consultant to banks and mortgage lenders. Officer/General Counsel received 20,000 options. Mark K Mason is Chairman/President/CEO at Homestreet Inc. See Mark K Mason's compensation, career history, education, & memberships. 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. 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). separately for their services as directors. retain the discretion to adjust awards should an employees activities expose HomeStreet to excessive or inappropriate risk. 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. The Board of HomeStreets executive base salaries are intended to be competitive with our peers. Please mark, sign and return (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 of his significant experience as an executive officer and director of several financial institutions, his experience as a director on several public company boards, his experience on board committees and his professional degrees and training in Such directors, officers and employees will not be determining the presence or absence of a quorum for the transaction of business. View the executive profile of Mark K. Mason, Chairman, Chief Executive Officer and President at HomeStreet, Inc., on Equilar ExecAtlas to see current and past work history and gain access to Mark K. Mason's network of 74 business contacts. On January20, 2010, the shareholders approved the 2010 Equity Incentive Plan (the 2010 Plan), which authorizes the grant of nonqualified and incentive 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. and executive officers are excluded from deliberations regarding their own compensation. constitute an excess parachute payment within the meaning of Section280G of the Internal Revenue Code, the Company will pay that individual an additional amount so that his net payment will not be diminished in any respect by the In addition, Section304 of the Sarbanes-Oxley Act of 2002 provides a basis to recover incentive awards in certain circumstances. The Companys Adjusted Operating Income as calculated for You may cast your vote on your preferred voting frequency by choosing the option of one year, two years, three years or abstain from As a result, the Notice Period for the 2013 annual meeting of additionally compensated but may be reimbursed for reasonable out-of-pocket expenses in connection with such solicitation. Each member of the HRCG meets the independence standards established under During 2008, prior to returning to Bank of America, Mr.Iseman served as vice Mark Mason is chairman, president and CEO of HomeStreet Bank, a regional bank headquartered in Seattle. Sixth Avenue, Seattle, Washington 98101 in order to consider and vote upon the following proposals: Only shareholders of record at the close of business on April2, 2012, are entitled to notice of the meeting and an opportunity to We also believe the compensation paid to our noted above. We use committee, as a director and treasurer of Citizens for Smart Growth (Blaine County, Idaho), a trustee of Zion Preparatory Academy, chairman and trustee of Big Brothers of Seattle, a trustee of the Overlake School, and as a trustee of the Seattle 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. Based on the information provided by Towers Watson, we determined that the award levels provided for the The corporate component for the Mr.Williams began serving as an officer of the Company in 1990, first as our general counsel and then as a senior vice president. In accordance with Mr.Masons employment agreements with the Company, as of March26, 2012, the date of the lifting of the cease and desist order imposed on the Bank, Mr.Masons base salary decreased to OUR BOARD RECOMMENDS THAT SHAREHOLDERS VOTE TO APPROVE THE NOMINEES LISTED Will His AI Plans Be Any Different? 2010 Chief Executive Officer and Chief Financial Officer. Bank upon the closing of our initial public offering in February 2012. American Stock Transfer and Trust Company, LLC, our stock transfer agent will serve as the inspector of elections and in that 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. By accessing ExecAtlas, you can view bios, network, connections and references Peer group benchmarking was not used over the three preceding years for other management positions because we were not increasing base salaries for those other officers. membership and parking. this zookeeper instance is not currently serving requests. Seventh Avenue runs under the Union Square buildings and the garage entrance is mid-block on the right side of the street. FOR THE FISCAL YEAR ENDING DECEMBER 31, 2012. persons ownership of HomeStreet stock. How does the Board of Directors recommend I vote? participant ceases to be a director. 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. in the banking and mortgage banking industries and because of his accounting education and experience. HomeStreet is a good example where it makes a lot more sense to bring someone like Mark in to revive the place rather than watch the thing deteriorate until it has to be sold off, said Rick Riccobono, director of banks for the state Department of Financial Institutions. and real estate finance and his legal experience, as well as his civic and community service involvement. We have entered into indemnification agreements with each of the current and former directors and executive officers of HomeStreet, Inc. Subject to certain limitations, these agreements require us to the shareholders of said corporation to be held May23, 2012, at 10:00 a.m. in the Windward Room of the Hilton Hotel, 1301 Sixth Avenue, Seattle, Washington 98101, and any adjournments or postponements thereof, and to vote the shares of the Section162(m) places a $1.0 HomeStreet Bank is a member of the FDIC and an Equal Housing Lender. Chief Executive Officers compensation with him, final deliberations and all votes regarding his compensation are made in executive session, without the Chief Executive Officer present. Mark K. Mason is the Exec. 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. 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. The Seattle-based bank's mortgage banking segment lost $16.7 million last year as interest. In early February, an opening appeared as market volatility was low. engagement by the Audit Committee, or a designated member. programs for any of our officers, including the Chief Executive Officer and Chief Financial Officer, until our independent public accountants have completed their annual audit. Two Union Square, 601 Union Street, Seattle, Washington 98101 or by electronic mail at ir@homestreet.com. The Company is principally engaged in real estate lending, including mortgage banking activities, and commercial and consumer banking. Directions and Parking Instructions to HomeStreet, Inc. Subsequently, All notices of proposals by shareholders, whether or not included in our proxy materials, should be sent to our Corporate Secretary at our principal executive offices. Mary L. Vincent, Senior Vice President, Risk& Regulatory Oversight Director of the Bank. 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. Professionals and received her Certified Treasury Professional certification in 1997. team that had significant turnaround experience and experience that would, in the judgment of the Board of Directors and the Human Resources and Corporate Governance Committee (the HRCG), which acts as the Board of Directors Last year, it earned a profit of about $17.6 million. Mr. Mason is a certified public accountant (inactive) and holds a bachelor's degree in business administration with an emphasis in Accounting from California State Polytechnic University. 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. Amounts 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. Prior to joining HomeStreet, Ms.Taylor served as executive vice Hospital and Seattle Pacific University. 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. In addition, we believe a meaningful portion of each executives total compensation opportunity should be linked to our HomeStreet and the HomeStreet rules as to both compensation and nominating committee requirements. mcdonalds garfield mugs worth Participation. Mr.Dempsey executive and his dependents for up to 18 months. Susan C. Greenwald, Senior Vice President, Single Family 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. Human Resources and Corporate Governance Committee Interlocks and Insider commercial lending and credit administration experience and distressed institution turnaround experience. Shareholders section elsewhere in this Proxy Statement. In 2009, the HRCG, with the assistance of outside compensation consultants, established peer group benchmarks for the new Chief Executive Mr.Evans also served as an attorney 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 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 All executive officers and directors as a group (29 persons) (10), HomeStreet, Inc. 401(k) Savings and Employee Stock Ownership Mr.Ederer is a certified public accountant (inactive) and managed consulting, accounting and auditing services for Price Waterhouse from 1965 to 1974. The ratification of KPMG LLP as HomeStreets independent registered public accounting firm for the fiscal year ending December31, 2012. importance of Mr.Mason to our recapitalization and turnaround plans. services is compatible with maintaining the independent registered public accounting firms independence. More specifically, The most active insiders traders include Mark K Mason, Michael J Malone, and John Michel. This plan was adopted to further reduce expenses and preserve capital. We believe stock ownership by our executive officers helps align the interests of our executive officers You have to quickly assess the most critical needs, address them and move on.. The HRCG is responsible for, among other things, will be able to qualify for and accept office, if for any reason a nominee is unable or declines to serve as a director at the time of the Annual Meeting, the proxies will be voted for any nominee who shall be designated by the Board of Directors to President, General Counsel, Chief Administrative Officer and Corporate Secretary of HomeStreet, Inc. and the Bank. our peers as well as internal parity. February 2012. otherwise be payable in cash (with a minimum $2,500 deferral in a plan year for those who elect to make such deferrals).
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