Northrim BanCorp Inc filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
$NRIM
Savings Institutions
Finance
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
| Date of Report (Date of Earliest Event Reported): | April 10, 2024 | ( | ) | ||||||||||||||
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.126-2 of this chapter).
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Departure of a Named Executive Officer (Item 5.02(b))
Northrim BanCorp, Inc. (the “Company”) reports that Benjamin Craig, the Executive Vice President and Chief Information Officer of the Company’s wholly-owned subsidiary, Northrim Bank (the “Bank”), separated from employment with the Company and the Bank (collectively, the “Employer”) effective April 9, 2024. Under the terms of his Employment Agreement with the Employer, dated January 1, 2024, Mr. Craig is entitled to be paid all base salary earned and all reimbursable expenses incurred through such separation date, and an amount equal to 0.75 times the highest base salary earned by Mr. Craig over the prior three years. Additionally, the Employer will continue to provide Mr. Craig, at its expense, health and dental insurance benefits for a period of nine months following termination of his Employment Agreement. The foregoing description is qualified in its entirety by the full text of Mr. Craig’s Employment Agreement, a copy of which was filed as Exhibit 10.4 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 2, 2024, and is incorporated by reference herein.
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) Exhibits – not applicable
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Northrim BanCorp, Inc. | ||||||||||||||
| April 10, 2024 | By: | /s/ Michael G. Huston | ||||||||||||
| Name: Michael G. Huston | ||||||||||||||
| Title: President & Chief Executive Officer | ||||||||||||||