SEC Form 4 · accession 0001518715-16-000211
Mechanics Bancorp · MCHB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
David H Straus
Officer — Sr EVP, Comm'l Banking Dir.
Period of report
Jan 28, 2016
Accepted (ET)
Feb 2, 2016 · 9:34 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001518715
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF2,F1 | — | Jan 28, 2016 | A | 2,931 | A | — | — | Common Stock | 3 | 2,931 | D |
| Performance Share UnitsF3,F4 | $0.00 | Jan 28, 2016 | A | 4,397 | A | — | — | Common Stock | 4,397 | 4,397 | D |
Explanation of responses
- F1Each restricted stock unit represents a contingent right to receive one share of HomeStreet common stock.
- F2On January 28, 2016, the reporting person was granted 2,931 restricted stock units (RSUs), which vest incrementally in equal amounts on January 28, 2017, January 28, 2018 and January 28, 2019, respectively. In the event of a change in control, all unvested RSUs may vest immediately under certain circumstances. Upon vesting, the reporting person will receive a number of shares of HomeStreet common stock equal to the number of RSUs that have vested.
- F3The number of performance share units ("PSUs") represents the maximum number of shares of HomeStreet common stock to which the reporting person will be entitled. The target number of shares associated with the grant is 2,931 shares of common stock. Each PSU represents one share of common stock and will vest depending on the achievement of certain specified performance criteria including the return on average equity for each of HomeStreet's 12 fiscal quarters completed from January 1, 2016 through December 31, 2018.
- F4The PSUs are scheduled to vest in the first quarter of 2019 when the HomeStreet, Inc. Human Resources and Corporate Governance Committee certifies the achievement of the performance goals in accordance with the provisions of the reporting person's award agreement. In the event of a change of control, all outstanding PSUs may vest under certain circumstances at the target award level on the effective date of the change in control.