Item 5.02 Departure of Directors or Certain Officer; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) Effective January 1, 2021, the Compensation Committee of the Board of
Directors of Northrim BanCorp, Inc. (the "Company") and its wholly owned
subsidiary, Northrim Bank (the "Bank") (collectively, the "Employer") deemed it
appropriate that the Employer and each of the following named executive officers
of the Company, Joseph M. Schierhorn, Chairman, President & Chief Executive
Officer and Chief Operating Officer of the Company and Chairman, President and
Chief Executive Officer of the Bank; Michael A. Martin, Executive Vice
President, General Counsel and Corporate Secretary of the Company and Executive
Vice President, General Counsel, Chief Operating Officer and Corporate Secretary
of the Bank; , Jed W. Ballard, Executive Vice President and Chief Financial
Officer of the Company and the Bank;, Michael G. Huston, Executive Vice
President and Chief Lending Officer of the Bank; and Benjamin Craig, Executive
Vice President and Chief Information Officer of the Bank, enter into a new
employment agreement under which the provisions and terms remain, essentially,
the same as their respective employment agreements that were in effect at
December 31, 2020, except for certain changes to the employment agreement with
Messrs. Schierhorn, Martin, Ballard, Huston and Craig discussed below.
Mr. Schierhorn's new employment agreement provides for an increase in base
salary to $441,418.
Mr. Martin's new employment agreement provides for an increase in base salary to
$318,725.
Mr. Ballard's new employment agreement provides for an increase in base salary
to $288,590.
Mr. Huston's new employment agreement provides for an increase in base salary to
$288,310.
Mr. Craig's new employment agreement provides for an increase in base salary to
$242,291.
Copies of the new employment agreements in their entirety for Messrs.
Schierhorn, Martin, Ballard, Huston and Craig are filed herewith as Exhibits
10.1, 10.2, 10.3, 10.4 and 10.5, respectively.
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements - not applicable
(b) Proforma financial information - not applicable
(c) Shell company transactions - not applicable
(d) Exhibit No. Description
10.1 Employment agreement with Joseph M. Schierhorn dated January 1, 2021
10.2 Employment agreement with Michael A. Martin dated January 1, 2021
10.3 Employment agreement with Jed W. Ballard dated January 1, 2021
10.4 Employment agreement with Michael G. Huston dated January 1, 2021
10.5 Employment agreement with Benjamin Craig dated January 1, 2021
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