SEC Form 4 · accession 0001518715-17-000066
Mechanics Bancorp · MCHB
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Mark K Mason
Officer — CEO, President · Director
Period of report
Mar 8, 2017
Accepted (ET)
Mar 10, 2017 · 5:57 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 | Mar 8, 2017 | A | 7,461 | $0.00 | A | 133,663 | D |
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Restricted Stock UnitsF3,F4,F2 | — | Mar 8, 2017 | A | 11,280 | A | — | — | Common Stock | 11,280 | 32,744 | D |
Explanation of responses
- F1Delivery of shares of the company's common stock was made to the reporting person without payment of any consideration in connection with the vesting of underlying Performance Share Units ("PSUs") awarded as compensation in 2014 and converted to common stock on the basis of the achievement of certain performance factors. These PSUs were previously reported on a Form 4 filed June 2, 2014 with a maximum award amount of 12,510 shares. Any portion of the award not vested terminated as of the date of this issuance.
- F2Each Restricted Stock Unit ("RSU") represents a contingent right to receive one share of HomeStreet common stock.
- F3On March 8, 2017, the reporting person was granted 11,280 RSUs, which vest incrementally in equal amounts on March 8, 2018, March 8, 2019 and March 8, 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.
- F4The reporting person's remaining RSUs includes 2,780 RSUs granted on May 29, 2014, which vest on May 29, 2017, 2,821 RSUs granted on January 29, 2015, which vest on January 29, 2018, 6,818 RSUs granted on January 28, 2016, which vest incrementally in equal amounts on January 28, 2018 and January 28, 2019, respectively, and 9,045 RSUs granted on January 26, 2017, which vest incrementally in equal amounts on January 26, 2018, January 26, 2019 and January 26, 2020. 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.