SEC Form 4 · accession 0001518715-17-000041
Mechanics Bancorp · MCHB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Paulette Lemon
Officer — EVP - Retail Banking Director
Period of report
Jan 26, 2017
Accepted (ET)
Jan 30, 2017 · 5:33 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 28, 2017 | M | 614 | $0.00 | A | 1,486 | D | |
| Common StockF2 | Jan 29, 2017 | M | 294 | $0.00 | A | 1,780 | D | |
| Common StockF3 | holding | — | — | — | 2,401 | 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 UnitsF5,F4 | — | Jan 26, 2017 | A | 1,587 | A | — | — | Common Stock | 1,587 | 4,306 | D |
| Performance Share UnitsF6,F7 | $0.00 | Jan 26, 2017 | A | 2,381 | A | — | — | Common Stock | 2,381 | 7,768 | D |
| Restricted Stock UnitsF4,F8 | — | Jan 28, 2017 | M | 614 | D | — | — | Common Stock | 614 | 3,692 | D |
| Restricted Stock UnitsF10,F4,F9 | — | Jan 29, 2017 | M | 294 | D | — | — | Common Stock | 294 | 3,398 | D |
Explanation of responses
- F1Common stock acquired upon vesting of Restricted Stock Units ("RSUs") granted on January 28, 2016.
- F10The reporting person's remaining RSUs includes 289 RSUs granted on May 29, 2014, which vest on May 29, 2017, 294 RSUs granted on January 29, 2015, which vest on January 29, 2018, and 1,228 RSUs granted on January 28, 2016, which vest incrementally in equal amounts on 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.
- F2Common stock acquired upon vesting of RSUs granted on January 29, 2015.
- F3Participants 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.
- F4Each RSU represents a contingent right to receive one share of HomeStreet common stock.
- F5On January 26, 2017, the reporting person was granted 1,587 RSUs, which vest incrementally in equal amounts on January 26, 2018, January 26, 2019 and January 26, 2020, 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.
- F6The 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 1,587 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, 2017 through December 31, 2019.
- F7The PSUs are scheduled to vest in the first quarter of 2020 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 in control, all outstanding PSUs may vest under certain circumstances at the target award level on the effective date of the change in control.
- F8On January 28, 2016, the reporting person was granted 1,842 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.
- F9On January 29, 2015, the reporting person was granted 882 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.