SEC Form 4 · accession 0001518715-16-000214
Mechanics Bancorp · MCHB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Darrell Van Amen
Officer — EVP, Chief Investment Officer
Period of report
Jan 28, 2016
Accepted (ET)
Feb 2, 2016 · 9:37 pm EST
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001518715
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1 | Jan 29, 2016 | M | 903 | $0.00 | A | 25,743 | D | |
| Common StockF2 | holding | — | — | — | 2,287 | I | HomeStreet, Inc. 401(k) Savings Plan |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF4,F3 | — | Jan 28, 2016 | A | 3,012 | A | — | — | Common Stock | 3,012 | 7,501 | D |
| Performance Share UnitsF5,F6 | $0.00 | Jan 28, 2016 | A | 4,518 | A | — | — | Common Stock | 4,518 | 12,587 | D |
| Restricted Stock UnitsF8,F3,F7 | — | Jan 29, 2016 | M | 903 | D | — | — | Common Stock | 903 | 6,598 | D |
Explanation of responses
- F1Common stock acquired upon vesting of Restricted Stock Unit granted on January 29, 2015.
- F2Participants in HomeStreet, Inc.'s 401(k) Savings Plan, or the "401(k) Plan", have the authority to direct voting of shares they hold through the 401(k) Plan.
- F3Each restricted stock unit represents a contingent right to receive one share of HomeStreet common stock.
- F4On January 28, 2016, the reporting person was granted 3,012 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.
- F5The 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 3,012 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.
- F6The 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.
- F7On January 29, 2015, the reporting person was granted 2,709 restricted stock units (RSUs), which vest incrementally in equal amounts on January 29, 2016, January 29, 2017 and January 29, 2018, 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.
- F8The reporting person's remaining RSUs also include 1,780 RSUs granted on May 29, 2014, which vest incrementally on May 29, 2016 and May 29, 2017 and 3,012 RSUs granted on January 28, 2016, 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.