Document:

Exhibit

EXHIBIT 10.19

Advances, Pledge and Security Agreement

Blanket Pledge

This Advances, Pledge and Security Agreement ("Agreement"), effective June 1, 2015, is entered between HomeStreet Bank ("Member"), with principal offices at 601 Union St #2000 Seattle, WA 98101 and the Federal Home Loan Bank of Des Moines ("Bank"), with principal offices in Des Moines, Iowa.  

WHEREAS, the Bank may from time to time make available extensions of credit to the Member ("Advances"), in accordance with the Federal Home Loan Bank Act, the regulations and directives of the Federal Housing Finance Board, the Confirmations issued hereunder, and the policies and procedures currently set forth in the Bank’s Member Products and Services Policy, as amended, superseded or replaced by the Bank’s Board of Directors from time to time, and the Bank’s Credit and Collateral Procedures, as amended, superseded or replaced by the Bank’s management from time to time (collectively referred to herein as the “Member Policies and Procedures”);

WHEREAS, the Member desires, from time to time, to obtain Advances from the Bank in accordance with the terms and conditions of this Agreement, the Confirmations issued hereunder and the Member Policies and Procedures; and

WHEREAS, the Bank requires that all Advances, and all other indebtedness, arising from any and all obligations or liabilities of the Member to the Bank be secured pursuant to this Agreement, and the Member agrees to provide such security; 
    
NOW THEREFORE, for valuable consideration, intending to be legally bound, and with respect to each and every such Advance, the Bank and Member agree as follows:

Section 1. Applications.  The Member shall request an Advance in such form as shall be specified by the Bank.  Nothing contained in this Agreement or the Member Policies and Procedures shall be construed as an agreement or commitment by the Bank to grant any Advance hereunder.  The Bank expressly reserves its right and power to either grant or deny in its sole discretion any Advance.  

Section 2. Confirmation of Advance.  Each Advance, and, except as otherwise provided, all other indebtedness, shall be evidenced by a writing or electronic record, in such form or forms as may be determined by the Bank from time to time ("Confirmation"), issued by the Bank to the Member. The Member and the Bank shall be bound by the terms and conditions set forth herein, in the Confirmation and in the Member Policies and Procedures. Any inconsistencies between the terms and conditions of a Confirmation, this Agreement, or the Member Policies and Procedures, shall be resolved in favor of this Agreement.  

Section 3. Payment to the Bank.  The Member shall repay each Advance and make payments of interest thereon and any and all costs, expenses, fees and penalties relating thereto as specified herein and in the Member Policies and Procedures and the related Confirmation.  All payments shall be made at the office of the Bank in Des Moines, Iowa, or at such other place as the Bank, or its successors or assigns, may from time to time appoint in writing.

The Member shall maintain in its demand deposit account(s) with the Bank (collectively, the "Demand Deposit Account") an amount at least equal to the amounts then currently due and payable to the Bank on outstanding Advances.  The Member hereby authorizes the Bank to debit the Demand Deposit Account for all amounts due and payable to the Bank on any Advance or other indebtedness.  If the amount in the Demand Deposit Account is, at any time, insufficient to pay such due and payable amounts, the Bank may, without notice to the Member, apply any other funds or assets then in the possession of the Bank to the payment of such amounts.

Past due payments of principal, interest, or other amounts payable in connection with any Advance may, at the option of the Bank, bear interest until paid at a default rate that is 3% per annum higher than the then current rate being charged by the Bank for Advances.

Section 4. Creation of Security Interest in Collateral.  As collateral security for any and all such Advances, Member assigns, transfers, pledges, and grants a security interest to the Bank, its successors or assigns, in all Mortgage Collateral, Securities Collateral, Deposits and other collateral (as described in the Member Policies and Procedures and referred to herein collectively as "Collateral") now or hereafter acquired by the Member, and all proceeds thereof;  provided, however, that the Member may freely dispose of Collateral that is not used to satisfy its collateral maintenance level as set forth below in B.  With respect to the Collateral, Member undertakes and agrees as follows:

A.    That such security interest shall extend to after acquired Collateral of a similar nature;

B.    To keep and maintain an amount of such Collateral free and clear of pledges, liens, and encumbrances to others as is required to meet the Member's collateral maintenance level.  The "required Collateral Maintenance Level" means the amount of Collateral the Member is required to maintain to secure its Advances with the Bank as set forth and calculated in accordance with the Member Policies and Procedures;

C.    That the Member shall be at liberty to use, commingle, and dispose of all or part of the Collateral, and to collect, compromise, and dispose of the proceeds of the Collateral without being required to account for the proceeds or replace the Collateral subject only to its obligation to meet its Collateral Maintenance Level as set forth above;

D.    To assemble and deliver Collateral to the Bank or its authorized agents immediately upon demand of the Bank; and as specified by the Bank in the Member Policies and Procedures to pay for the safekeeping of Collateral as established by the Bank; and

E.    To make, execute, and deliver to the Bank such assignments, endorsements, listings, powers, financing statements or other instruments as the Bank may reasonably request respecting such Collateral.

Without limitation of the foregoing, all tangible and intangible property heretofore assigned, transferred or pledged by the Member to the Bank as Collateral for Advances prior to the date hereof is hereby assigned, transferred and pledged to the Bank as Collateral hereunder.

Section 5. Assignment to Bank of Security Interests in Bank Stock.  The Member hereby assigns, transfers and pledges to the Bank, its successors or assigns, all stock of the Federal Home Loan Bank of Des Moines owned by the Member as additional collateral security for payment of any and all indebtedness, whether in the nature of an Advance or otherwise, of the Member to the Bank, its successors and assigns.

Section 6. Covenants.  The Member represents, warrants, and covenants to the Bank, which representations, warranties, and covenants shall be deemed to be repeated at all times until the termination of this Agreement:

A.No Event of Default, as defined in Section 9, with respect to the Member has occurred and is continuing or would occur as a result of the Member entering into or performing its obligations under this Agreement or any Advance.

B.The Member owns and has marketable title to the Collateral free and clear of any and all liens, claims, or encumbrances of any kind, and has the right and authority to grant a security interest in the Collateral and to subject all of the Collateral to this Agreement. 

C.All of the Collateral meets the standards and requirements with respect thereto established by the Member Policies and Procedures.

D.The Member shall at all times maintain and accurately reflect the terms of this Agreement, including the Bank’s interest in Collateral, and all Advances and other indebtedness on its books and records.

E.The Member has the full power and authority and has received all corporate and governmental authorizations and approvals as may be required to enter into and perform its obligations under this Agreement and any Advance.  

Section 7. Duty to Use Reasonable Care.  In the event Member delivers Collateral to Bank or its agent pursuant to Section 4 above, the duty of the Bank with respect to said Collateral shall be solely to use reasonable care in the custody and preservation of the Collateral in its possession.

Section 8. Additional Security.  Member shall assign additional or substituted Collateral for Advances at any time the Bank shall deem it necessary for the Bank's protection.

Section 9. Events of Default.  The Bank may consider the Member in default hereunder upon the occurrence of any of the following events or conditions:

A.Failure of the Member to pay any interest, or repay any principal, or pay any other amount due in connection with any Advance; or

B.Breach or failure to perform by the Member of any covenant, promise, condition, obligation or liability contained or referred to herein, or any other agreement to which the Member and the Bank are parties; or

C.Proof being made that any representation, statement or warranty made or furnished in any manner to the Bank by or on behalf of the Member in connection with all or part of any Advance was false in any material respect when made or furnished; or

D.Any tax levy, attachment, garnishment, levy of execution or other process issued against the Member or the Collateral; or

E.    Any suspension of payment by the Member to any creditor or any events which result in acceleration of the maturity of any indebtedness of the Member to others under any indenture, agreement or other undertaking the aggregate amount of which is greater than the lesser of five percent (5%) of Member’s capital and surplus or five percent (5%) of the Bank’s capital and surplus, as determined in accordance with the accounting principles governing the Member’s or Bank’s published financial statements, respectively; or

F.    Application for, or appointment of, a receiver of any part of the property of the Member, or in case of adjudication of insolvency, or assignment for benefit of creditors, or general transfer of assets by the Member, or if management of the Member is taken over by any supervisory authority, or in case of any other form of liquidation, merger, sale of a substantial portion of the Member’s assets outside of the ordinary course of the Member’s business or voluntary dissolution, or upon termination of the membership of the Member in the Federal Home Loan Bank of Des Moines, or in the case of Advances made under the provisions of 12 U.S.C. § 1431(g)(4) or any successor provisions, if at any time thereafter the creditor liabilities of the Member, excepting its liabilities to the Bank, are increased in any manner to an amount exceeding 5% of its net assets; or

G.    Determination by the Bank that a material adverse change has occurred in the financial condition of the Member from that disclosed at the time of the making of any Advance, or from the condition of the Member as theretofore most recently disclosed to the Bank in any manner; or

H.    If the Bank reasonably and in good faith deems itself insecure even though the Member is not otherwise in default.

Section 10. Bank Remedies in the Event of Default.  Upon the occurrence of any default hereunder, the Bank may, at its option, declare the entire amount of any and all Advances or other indebtedness to be immediately due and payable.  Without limitation of any of its rights and remedies hereunder or under other law, the Bank shall have all of the remedies of a secured party under the Uniform Commercial Code of the State of Iowa.  The Member agrees to pay all the costs and expenses of the Bank in the collection of the secured indebtedness and enforcement of the Bank's rights hereunder including, without limitation, reasonable attorney's fees.  The Bank may sell the Collateral or any part thereof in such manner and for such price as the Bank deems appropriate without any liability for any loss due to decrease in the market value of the Collateral during the period held.  The Bank shall have the right to purchase all or part of the Collateral at public or private sale.  If any notification of intended disposition of any of the Collateral is required by law, such notification shall be deemed reasonable and properly given if mailed, postage prepaid, at least five days before any such disposition to the address of the Member appearing on the records of the Bank.  The proceeds of any sale shall be applied in the following order:  first, to pay all costs and expenses of every kind for the enforcement of this Agreement or the care, collection, safekeeping, sale, foreclosure, delivery or otherwise respecting the Collateral (including expenses for legal services); then to interest and fees on all indebtedness of the Member to the Bank; then to the principal amount of any such indebtedness whether or not such indebtedness is due or accrued.  The Bank, 

at its discretion or as assigned by law, may apply any surplus to indebtedness of Member to third parties claiming a secondary security interest in the Collateral.  Any remaining surplus shall be paid to the Member.

Section 11. Appointment of Bank as Attorney-in-Fact.  Member does hereby make, constitute and appoint Bank its true and lawful attorney-in-fact to deal with the Collateral in the event of default and, in its name and stead to release, collect, compromise, settle, and release or record any note, mortgage or deed of trust which is a part of such Collateral as fully as the Member could do if acting for itself.  The powers herein granted are coupled with an interest, and are irrevocable, and full power of substitution is granted to the Bank in the premises.

Section 12. Audit and Verification of Collateral.  In extension and not in limitation of all requirements of law respecting examination of the Member by or on behalf of the Bank, the Member agrees that all Collateral pledged hereunder shall always be subject to audit and verification by or on behalf of the Bank in its corporate capacity.

Section 13. Resolution to be Furnished by Member.  The Member agrees to furnish to the Bank at the execution of this Agreement, and from time to time hereafter, a certified copy of a resolution of its Board of Directors or other governing body authorizing such of the Member's officers, agents, and employees as the Member shall select, to apply for Advances from the Bank.  In lieu of requiring an additional resolution upon execution of this Agreement, the Bank may rely on a previously furnished resolution of the Member’s Board of Directors or other governing body with respect to Advances made pursuant to this Agreement.

Section 14. Applicable Law.  This Agreement and all Advances and other indebtedness obtained hereunder shall be governed by the statutory and common law of the United States and, to the extent federal law incorporates or defers to state law, the laws (exclusive of choice of law provisions) of the State of Iowa.  Notwithstanding the foregoing, the Uniform Commercial Code as in effect in the State of Iowa shall apply to the parties’ rights and obligations with respect to the Collateral.  If any portion of this Agreement conflicts with applicable law, such conflict shall not affect any other provision of this Agreement that can be given effect without the conflicting provision, and to this end the provisions of this Agreement are severable.   

Section 15. Jurisdiction.  In any action or proceeding brought by the Bank or the Member in order to enforce any right or remedy under this Agreement, Member hereby submits to the jurisdiction of the United States District Court for the Southern District of Iowa, or if such action or proceeding may not be brought in Federal Court, the jurisdiction of the Iowa District Court in Polk County.  If any action or proceeding is brought by the Member seeking to obtain relief against the Bank arising out of this Agreement and such relief is not granted by a court of competent jurisdiction, the Member will pay all attorney's fees and court costs incurred by the Bank in connection therewith.

Section 16. Effective Date; Agreement Constitutes Entire Agreement.  This Agreement shall be effective on the later of May 1, 2006 or the date of execution of this Agreement by the parties hereto.  Except as set forth in this paragraph, this Agreement, together with the Member Policies and Procedures and any applicable Confirmations, shall embody the entire agreement and understanding between the parties hereto relating to the subject matter hereof and thereof.  This Agreement may not be amended except by written amendment executed by the Bank and the Member.  Each such Confirmation and the Member Policies and Procedures shall be incorporated herein.  Advances made by the Bank to the Member prior to the effective date of this Agreement shall be governed exclusively by the terms of the prior agreements pursuant to which such Advances were made, except that (i) any default thereunder shall constitute default hereunder, (ii) Collateral furnished as security hereunder shall also secure such prior Advances and (iii) the rights and obligations with respect to such Collateral shall be governed by the terms of this Agreement.  

Section 17. Section Headings.  Section headings are not to be considered part of this Agreement.  Section headings are solely for convenience of reference, and shall not affect the meaning or interpretation of this Agreement or any of its provisions.

Section 18. Successors and Assigns.  This Agreement shall be binding upon each of the parties, successors and permitted assigns.  The Member may not assign any obligation hereunder without the prior written consent of the Bank.  The Bank may assign any or all of its rights and obligations hereunder or with respect to any Advance or other indebtedness to any other party.  

Section 19. No Waiver of Rights.  A failure or delay in exercising any right, power or privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise of any right, power, or privilege or the exercise of any other right, power or privilege.  

Section 20. Remedies Cumulative.  The rights, powers, remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law.

    
IN WITNESS WHEREOF, each of the parties has caused this Agreement to be signed in its name by its duly authorized representatives as of the dates below.

HomeStreet Bank
Full Corporate Name of Customer

By:          

Title:          

Date:          

FEDERAL HOME LOAN BANK OF DES MOINES

By:          

Title:          

Date:Exhibit

EXHIBIT 10.28

HomeStreet Bank
Performance Based
Annual Incentive Plan
Effective as of January 1, 2015

HomeStreet (the “Company”) provides annual cash incentive opportunities for eligible employees through the use of a performance-based incentive compensation plan (the “Plan”).  The annual incentive awards will provide a payment based upon attainment of specified goals that align the interests of employees with the interests of the Company.

PARTICIPATION & ELIGIBILITY

The Plan is limited to selected employees of the Company.  Each Plan participant shall be notified of eligibility for participation in the Plan.  Additional eligibility requirements are the following:

		
	•
	New employees must be employed by September 30 in a given Plan Year to be eligible for an award related to performance in that Plan Year.

		
	•
	Employees hired after September 30 must wait until the next fiscal year to be eligible for an award.

		
	•
	Employees who become a Plan participant during the year and work a partial year, will receive pro-rated awards based on the number of months worked during the partial Plan Year. 

		
	•
	A Plan participant must be an active employee as of the award payout date to earn and receive an award, except for partial awards available in limited circumstances as outlined in this Plan.

		
	•
	Plan participants must not be on a Performance Improvement Plan at the time the award is to be paid in order to earn an award; otherwise the award is neither earned, nor will be paid.

		
	•
	Participants will not earn incentive pay if the Participant’s conduct during the Plan Year or before the award is paid is considered by the Company to be a violation of applicable laws or regulations or in violation of the Company’s professional or ethical standards.

PLAN YEAR & PERFORMANCE PERIOD

The Plan operates on a calendar year basis (January 1 to December 31), which is the same as the Performance Period.  Plan payouts covering the Performance Period will generally be made after Company financials have been audited and bonus award amounts have been reviewed by the Human Resource and Corporate Governance Committee (HRCG) of the Board of Directors.  

PLAN DESIGN

The Plan design is based on allocation of an incentive pool that is linked to the achievement of pre-defined corporate goal(s) and individual goals or pre-defined business unit and individual goal(s).  The pre-defined corporate goal(s) are reviewed and approved by the HRCG of the Board of Directors and are communicated to participants.  The pre-defined business unit goal(s) are reviewed and approved by the CEO and the Board as part of the Strategic Planning process.  One half of the pool available for incentive awards will be allocated based on the Company’s or business unit’s success against those goals.  The other half of the pool available for incentive awards will be allocated based on the annual accrual for individual participants and is based on 50% of the participant’s total annual target incentive percentage.  Each eligible employee is assigned an incentive target percent designed to provide for a potentially market competitive payout following achievement of individual goals.  The potential dollar value of the target is calculated by multiplying the target percentage by the individual’s salary or expected annual wage.  At the end of the year, the Company will advise managers of the amount of incentive awards available to distribute. Each manager evaluates each eligible employee’s individual performance against goals and, in his/her discretion, awards a cash incentive based on the pool created by the company or business unit performance achievement and individual performance. Company performance or business unit performance that is at threshold will start at a 50% payout. 

PERFORMANCE GOALS

Performance goals for the company and participants are set in the following manner: 

		
	•
	Company Performance Goal(s) - The Company’s goal(s) are determined by using performance history, peer data, market data and management’s judgment of what reasonable levels can be reached, based on previous experience and projected market conditions.  Once the target performance is established, the threshold and maximum performance will also be determined.  The specific Company performance criteria for Plan participants will be recommended by management to the HRCG of the Board of Directors

		
	•
	Business Unit Goal(s) - The business unit goal(s) are determined by using performance history, financial forecasting and management’s judgment of what reasonable levels can be reached based on previous experience and projected market conditions.  The specific business unit performance criteria for Plan participants will be recommended by senior management to the CEO.

		
	•
	Individual Goal(s) - Each participant will set target performance goals that are Specific Measurable, Achievable, Relevant and Time based (SMART).  Business Unit participants will develop goals that focus primarily on supporting department objectives such as production and profitability as well as specific business strategies that support the overall company goals. Non-business units or support departments will set similar SMART goals which will be aligned with the department and corporate goals. The number of performance criteria included, the specific type of performance criteria to use, and the weighting of each criterion for the overall incentive award will vary based on the position and role of each participant and will be determined by each participant’s manager.

AWARD OPPORTUNITIES & CALCULATION
Award opportunity levels, expressed as a percent of salary, will be set for each job that each eligible employee is assigned to for each Plan Year.  Actual payouts will be as described in the Plan Design section and will factor in the following:

		
	•
	Personal Performance - Each participant’s performance will be assessed at year-end against established goals by his/her manager. Exceeding goal expectations is reserved for a small segment of the plan participant population who achieve extraordinary results impacting the success of the organization.  Payout will not exceed 150% of target. In certain instances the Plan participant’s individual incentive award may be reduced or increased at the discretion of management. This adjustment may be tied to the individual participant’s performance for the year as documented by their annual performance rating. Personal Performance constitutes 50% of the overall incentive target.

		
	•
	Corporate Or Business Unit Performance - The Company’s performance will be based on the Company’s success as measured by criteria determined by the HRCG of the Board of Directors, with input from the CEO.  The percentage of payout for overall Company performance will be allocated based on the corporate achievement. The business unit’s performance will be based on the business unit’s success as measured by criteria determined by the senior manager, with input from the CEO.  The percentage of payout for overall business unit performance will be allocated based on the business unit achievement.  Corporate or Business Unit Performance constitutes 50% of the overall incentive target.

  
		
	•
	Threshold Performance - The minimum level of performance needed for corporate or business unit performance incentives to be paid. 

		
	•
	Target Performance - The expected level of corporate or business unit performance based upon both historical performance and management’s best judgment of expected performance during the performance period.

		
	•
	Maximum Performance - The level of corporate or business unit performance, which based upon historical performance and management’s judgment, would be exceptional or significantly beyond the expected.

Calculation Examples (Target dollar figures are for display purposes only and do not represent actual target):

		
	•
	Corporate or Business Unit measures result in a below target achievement interpolated result of 75% and individual achieves target:

		
	▪
	Individual 2015 Annual Bonus Target of $10,000

		
	▪
	Individual Performance equals 100%

		
	▪
	Corporate/Business Unit  Performance equals 75%

		
	▪
	Individual payout: $10,000 X 50% X 100% = $5,000

		
	▪
	Corporate/Business Unit payout: $10,000 X 50% X 75% = $3,750

		
	▪
	Total payout: $5,000 + $3,750 = $8,750

		
	•
	Corporate or Business Unit measures result in an above target achievement of 125% and individual achieves 75%:

		
	▪
	Individual 2015 Annual Bonus Target of $10,000

		
	▪
	Individual Performance equals 75%

		
	▪
	Corporate/Business Unit Performance equals 125%

		
	▪
	Individual payout: $10,000 X 50% X 75% = $3,750

		
	▪
	Corporate/Business Unit payout: $10,000 X 50% X 125% = $6,250

		
	▪
	Total payout: $6,250 + $3,750 = $12,500

ALLOWANCE FOR DISCRETION  

The Plan allows for final payouts to be discretionarily adjusted by senior managers within their incentive pool and by the CEO for allocating pool dollars between departments based on performance.  The HRCG of the Board of Directors has discretion to change the pool amount as well as, modify or change the plan at any time.

PLAN TRIGGER

In order for there to be any payout to employees under the Corporate or Business Unit components of the Plan, the Company or business unit must achieve the threshold as established. 

PROVISION FOR AWARD ADJUSTMENT 

For officers classified as Executive Vice President and above, the HRCG of the Board of Directors shall determine the amount of any such award paid as a result of the inaccurate information (the “overpayment amount”) or the amount of loss resulting from the imprudent risk presented by the participant’s activities and shall send the participant a notice of recovery, which will specify the overpayment amount or loss and the terms for repayment. 

For other individuals classified as Senior Vice President and below, the Chief Executive Officer or Business Unit Leader in coordination with Human Resources shall determine the amount of any such award paid as a result of the inaccurate information (the “overpayment amount”) or the amount of loss resulting from the imprudent risk presented by the participant’s activities and shall send the participant a notice of recovery, which will specify the overpayment amount or loss and the terms for repayment.

The Company reserves the right to make an adjustment to a participant’s award under the following circumstances:

		
	•
	Materially inaccurate financial information was used in determining or setting such incentive award.  The claw-back period will be a rolling three year look back.

		
	•
	A participant’s activities posed imprudent risk to the organization.  The claw-back period will be a rolling three year look back.  In other words, if the participant’s activities at any time in the preceding three years posed imprudent risk to the Bank, the Bank may claw-back or recover the amount paid to him/her as a result of the imprudent risk.

TERMINATION OF EMPLOYMENT/PARTIAL YEAR PAYMENTS

A participant must be an active employee on the date the incentive is paid to earn and receive an award.  However, there are exceptions for terminations as a result of the circumstances identified below:  
		
	•
	Eligible employees whose performance otherwise qualifies them for an annual incentive award and whose employment is terminated due to disability can receive a pro-rata award for the Plan Year, even if they are not employed as of the award payout date.

		
	•
	An eligible employee whose performance otherwise qualifies them for an annual incentive award, attains age 65 (or greater) and voluntarily retires will receive payment for a pro-rata portion of the award based on their retirement date.

		
	•
	In the event of death, the Company will pay to the participant’s beneficiary the pro-rata portion of the award that had been earned by the participant in the Plan year based on their date of death.  The beneficiary will be the person or entity named on the employee’s life insurance beneficiary form, unless otherwise designated in writing by the employee.

		
	•
	In the event Plan participant’s employment is terminated as part of a reduction in force or other elimination of his/her position and as governed by his/her separation agreement, the award will be paid pro-rata based on the separation date.

		
	•
	For any Plan participant with a written employment agreement that specifically provides for benefits upon termination by HomeStreet without Cause or terminated by the Plan participant for Good Reason, then upon any termination without Cause or by the Plan participant for Good Reason, the terms are defined in the employment agreement and the payout will be governed by the employment agreement. 

Calculation of Partial Year Payment: In the event that a Plan participant qualifies for a partial year payment, the Plan Administrator will calculate the payment based on the corporate achievement, if the Plan is funded.  In consultation with the Plan participant’s manager(s) and the HRCG of the Board of Directors shall have the discretion to determine the amount of the payout.  Final calculations of the Partial Year Payment shall be completed after the end of the Plan Year.  

Timing of Payment: The partial year payout shall be made at the same time that other Plan participants receive their payments after the end of the Plan Year.  

Notwithstanding any other documents or communications to the contrary, employment with the Company is terminable at will, meaning that either the employee or the Company may terminate employment at any time, for any reason, with or without cause and with or without prior notice.

DISPUTES

In the event that there is any dispute about the application of the Plan, the employee should discuss such dispute with the Chief Executive Officer and the Director of Human Resources in order to resolve the matter. If the employee and Company have entered into an Arbitration Agreement, the dispute or claim may be resolved in accordance with such Arbitration Agreement. 

MISCELLANEOUS

The Company shall withhold any taxes that are required to be withheld from the awards provided under the Plan.

Employee’s benefits under this Plan cannot be sold, transferred, assigned, pledged, attached or encumbered in any manner.

Plan payouts will be made in a manner such that they are exempt from the Internal Revenue Code Section 409A.
 
The Plan is designed to comply with Internal Revenue Code Section 162(m), but if any amount payable as part of this Plan would not be deductible by the Company because of the limitations of that section, the payment shall be made in the next year in which the deduction is allowed.

The Plan and all rights hereunder shall be governed by the laws of the State of Washington, except to the extent preempted by federal law.

If any provision of this Plan is determined to be void or otherwise unenforceable, such determination shall not affect the validity of the remainder of this Plan.  Waiver by either party of any breach of this Plan shall not operate or be construed as a waiver of any subsequent breach, or of the condition itself.  

This Plan constitutes the entire Plan between the Company and the Plan participant as to the subject matter hereof.  No rights are granted to the Plan participant by virtue of this Plan other than those specifically set forth herein.
 
This Plan replaces and supersedes any prior agreements between the Employee and HomeStreet, except for any written employment agreements between the Employee and the Company.  In the event of any conflict between this Plan and the written employment agreement, the provisions of the written employment agreement shall govern.  The Plan may be amended, terminated or suspended at any time and for any reason or for no reason upon notice in the sole discretion of the Company.  This Plan will remain in effect until revised. Notwithstanding any other documents or communications to the contrary, employment with the Company is terminable at will, meaning that either the employee or the Company may terminate employment at any time, for any reason, with or without cause and with or without prior notice.

                                                                                                                                                                                                               

ACKNOWLEDGMENT

I have read, understand and accept all of the terms of this Plan.

                                                                                                                                                                                                              
Printed Name                    Signature                    Date

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00255-of-00352.parquet"}]]