SECURITIES AND EXCHANGE COMMISSION
Securities Exchange Act of 1934 (Amendment No. )
201 WELLS AVENUE SOUTH
RENTON, WASHINGTON 98057
(425) 255-4400
Chair of the Board
201 WELLS AVENUE SOUTH
RENTON, WASHINGTON 98057
(425) 255-4400
Secretary
Renton, Washington
FIRST FINANCIAL NORTHWEST, INC.
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Recommendation of the Board of Directors” beginning on page 35. The Company board of directors recommends that you vote “FOR” the asset sale proposal; “FOR” the Company dissolution proposal; “FOR” the golden parachute proposal; and “FOR” the adjournment proposal.
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Transaction Value / Fully Diluted Tangible Book Value:
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| | | | 141.4% | | |
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Transaction Value / LTM(1) Earnings:
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| | | | 26.8x | | |
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Transaction Value / Estimated 2023 Earnings:
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| | | | 34.9x | | |
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Core Deposit Premium(2):
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| | | | 7.1% | | |
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Market Premium as of January 9, 2024:
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| | | | 75.2% | | |
| BayCom Corp (BCML) | | | Provident Financial Holdings (PROV) | |
| Central Valley Community Bancorp (CVCY) | | | Riverview Bancorp Inc. (RVSB) | |
| Eagle Bancorp Montana Inc. (EBMT) | | | Sound Financial Bancorp Inc. (SFBC) | |
| First Northwest Bancorp (FNWB) | | | Southern California Bancorp (BCAL) | |
| FS Bancorp Inc. (FSBW) | | | Summit State Bank (SSBI) | |
| Northrim BanCorp Inc (NRIM) | | | Territorial Bancorp Inc. (TBNK) | |
| Oak Valley Bancorp (OVLY) | | | Timberland Bancorp Inc. (TSBK) | |
| PCB Bancorp (PCB) | | | United Security Bancshares (UBFO) | |
| Plumas Bancorp (PLBC) | | | | |
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FFNW
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Median
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Mean
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Total Assets ($ millions)
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| | | $ | 1,526 | | | | | $ | 2,063 | | | | | $ | 1,978 | | |
Market Capitalization ($ millions)
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| | | $ | 126 | | | | | $ | 225 | | | | | $ | 190 | | |
Price / Tangible Book Value
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| | | | 79.9% | | | | | | 105.7% | | | | | | 117.7% | | |
Price / LTM EPS(1)
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| | | | 15.3x | | | | | | 9.6x | | | | | | 9.2x | | |
Dividend Yield
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| | | | 3.8% | | | | | | 2.9% | | | | | | 3.1% | | |
LTM ROAA(1)
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| | | | 0.55% | | | | | | 1.12% | | | | | | 1.12% | | |
LTM ROAE(1)
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| | | | 5.2% | | | | | | 11.3% | | | | | | 12.3% | | |
TCE / TA
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| | | | 5.5% | | | | | | 8.0% | | | | | | 8.6% | | |
NPA / Assets
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| | | | 0.01% | | | | | | 0.21% | | | | | | 0.45% | | |
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FFNW
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High
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Median
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Low
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Deal Value ($ millions)
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| | | $ | 223 | | | | | $ | 448 | | | | | $ | 121 | | | | | $ | 32 | | |
Target Total Assets ($ millions)
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| | | $ | 1,526 | | | | | $ | 4,552 | | | | | $ | 1,448 | | | | | | 521 | | |
Target TCE / TA
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| | | | 10.4% | | | | | | 9.4% | | | | | | 7.5% | | | | | | 4.8% | | |
Target NPA / Assets
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| | | | 0.01% | | | | | | 0.80% | | | | | | 0.28% | | | | | | 0.01% | | |
Target LTM ROAA(1)
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| | | | 0.64% | | | | | | 1.41% | | | | | | 1.06% | | | | | | 0.30% | | |
Transaction Value / Tangible Book Value
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| | | | 141.4% | | | | | | 184.7% | | | | | | 127.4% | | | | | | 101.8% | | |
Transaction Value / LTM Earnings(1)
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| | | | 26.8x | | | | | | 20.2x | | | | | | 9.4x | | | | | | 6.5x | | |
Core Deposit Premium
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| | | | 7.1% | | | | | | 8.5% | | | | | | 2.3% | | | | | | 1.4% | | |
One-Day Market Premium
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| | | | 75.2% | | | | | | 53.3% | | | | | | 5.3% | | | | | | (7.3)% | | |
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FFNW
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High
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Median
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Low
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Deal Value ($ millions)
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| | | $ | 223 | | | | | $ | 100 | | | | | $ | 30 | | | | | $ | 15 | | |
Target Total Assets ($ millions)
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| | | $ | 1,526 | | | | | $ | 1,131 | | | | | $ | 383 | | | | | $ | 175 | | |
Target TCE / TA
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| | | | 10.4% | | | | | | 11.5% | | | | | | 8.5% | | | | | | 6.3% | | |
Target NPA / Assets
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| | | | 0.01% | | | | | | 0.81% | | | | | | 0.23% | | | | | | 0.00% | | |
Target LTM ROAA(1)
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| | | | 0.64% | | | | | | 1.05% | | | | | | 0.93% | | | | | | 0.47% | | |
Transaction Value / Tangible Book Value
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| | | | 141.4% | | | | | | 161.0% | | | | | | 96.4% | | | | | | 88.0% | | |
Transaction Value / LTM Earnings(1)
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| | | | 26.8x | | | | | | 29.4x | | | | | | 9.0x | | | | | | 8.4x | | |
Core Deposit Premium
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| | | | 7.1% | | | | | | 6.6% | | | | | | (0.4)% | | | | | | (1.4)% | | |
One-Day Market Premium
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| | | | 75.2% | | | | | | 147.6% | | | | | | 49.6% | | | | | | (12.3)% | | |
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Price / Tangible Book Value Multiples
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Discount Rate
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1.3x
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1.4x
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1.5x
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1.6x
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1.7x
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12.0%
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| | | $ | 15.12 | | | | | $ | 16.13 | | | | | $ | 17.14 | | | | | $ | 18.15 | | | | | $ | 19.17 | | |
12.5%
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| | | $ | 14.79 | | | | | $ | 15.78 | | | | | $ | 16.77 | | | | | $ | 17.76 | | | | | $ | 18.75 | | |
13.0%
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| | | $ | 14.47 | | | | | $ | 15.43 | | | | | $ | 16.40 | | | | | $ | 17.37 | | | | | $ | 18.33 | | |
13.5%
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| | | $ | 14.16 | | | | | $ | 15.10 | | | | | $ | 16.04 | | | | | $ | 16.99 | | | | | $ | 17.93 | | |
14.0%
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| | | $ | 13.85 | | | | | $ | 14.78 | | | | | $ | 15.70 | | | | | $ | 16.62 | | | | | $ | 17.54 | | |
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Price / Earnings Multiples
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Discount Rate
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13.0x
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14.0x
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15.0x
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16.0x
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17.0x
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12.0%
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| | | $ | 8.53 | | | | | $ | 9.03 | | | | | $ | 9.54 | | | | | $ | 10.04 | | | | | $ | 10.55 | | |
12.5%
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| | | $ | 8.35 | | | | | $ | 8.84 | | | | | $ | 9.34 | | | | | $ | 9.83 | | | | | $ | 10.33 | | |
13.0%
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| | | $ | 8.18 | | | | | $ | 8.66 | | | | | $ | 9.14 | | | | | $ | 9.63 | | | | | $ | 10.11 | | |
13.5%
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| | | $ | 8.01 | | | | | $ | 8.48 | | | | | $ | 8.95 | | | | | $ | 9.43 | | | | | $ | 9.90 | | |
14.0%
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| | | $ | 7.85 | | | | | $ | 8.31 | | | | | $ | 8.77 | | | | | $ | 9.23 | | | | | $ | 9.69 | | |
Executive Officer
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Shares of
Restricted Stock |
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Estimated
Value(1) |
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Joseph W. Kiley III
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| | | | 2,208 | | | | | $ | 51,800 | | |
Richard P. Jacobson
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| | | | 1,044 | | | | | $ | 24,492 | | |
Dalen D. Harrison
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| | | | 710 | | | | | $ | 16,657 | | |
Ronnie J. Clariza
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| | | | 571 | | | | | $ | 13,396 | | |
Simon Soh
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| | | | 698 | | | | | $ | 16,375 | | |
Executive Officer
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Company
Vested Stock Options |
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Company Unvested
Stock Options |
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Aggregate Estimated
in-the-Money Value(1) |
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Joseph W. Kiley III
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| | | | 50,000 | | | | | | — | | | | | $ | 628,500 | | |
Richard P. Jacobson
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| | | | 40,000 | | | | | | 40,000 | | | | | $ | 872,800 | | |
Dalen D. Harrison
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| | | | 7,500 | | | | | | — | | | | | $ | 95,175 | | |
Simon Soh
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| | | | 25,000 | | | | | | — | | | | | $ | 322,000 | | |
Executive Officer
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Company
Shares held in ESOP |
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Estimated
Value(1) |
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Joseph W. Kiley III
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| | | | 41,228 | | | | | $ | 967,208.88 | | |
Richard P. Jacobson
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| | | | 34,680 | | | | | $ | 813,592.80 | | |
Dalen D. Harrison
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| | | | 26,178 | | | | | $ | 614,135.88 | | |
Ronnie J. Clariza
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| | | | 55,697 | | | | | $ | 1,306,651.62 | | |
Simon Soh
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| | | | 49,505 | | | | | $ | 1,161,387.30 | | |
Director/Executive Officer
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Employment or
Change in Control Agreement |
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Cash Out Value
of Stock Options(1) |
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Value of
Restricted Stock(2) |
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SERP
Termination |
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Tax Gross-Up
Payments for Split Dollar Arrangements and SERPs |
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Total
Cash Value to be Received |
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Joseph W. Kiley III
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| | | $ | 2,328,454 | | | | | $ | 628,500 | | | | | $ | 51,800 | | | | | $ | 1,173,428 | | | | | $ | 839,529 | | | | | $ | 5,021,711 | | |
Richard P. Jacobson
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| | | $ | 1,424,753 | | | | | $ | 872,800 | | | | | $ | 24,492 | | | | | $ | 1,087,411 | | | | | $ | 773,366 | | | | | $ | 4,182,822 | | |
Dalen D. Harrison
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| | | $ | 623,493 | | | | | $ | 95,175 | | | | | $ | 16,657 | | | | | | — | | | | | $ | | | | | | | | | |
Ronnie J. Clariza
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| | | $ | 518,584 | | | | | | — | | | | | $ | 13,396 | | | | | | — | | | | | $ | | | | | | | | | |
Simon Soh
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| | | $ | 621,654 | | | | | $ | 322,000 | | | | | $ | 16,375 | | | | | | — | | | | | $ | | | | | | | | | |
Diane C. Davis
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| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | | | | | | | | | |
Joann E. Lee
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| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | | | | | | | | | |
Roger H. Molvar
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| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | | | | | | | | | |
Cindy L. Runger
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| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | | | | | | | | | |
Ralph C. Sabin
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| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | | | | | | | | |
The Asset Sale Proposal — Distributions to the Company Shareholders” beginning on page 42 and “— Other Factors That May Reduce the Amount of Shareholder Distributions” beginning on page 44.
Named Executive Officer
|
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Cash(1)
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Equity(2)
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Pension/
NQDC(3) |
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Perquisites/
benefits(4) |
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Tax
Reimbursements and Gross-Ups(5) |
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Total ($)
|
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Joseph W. Kiley III
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| | | $ | 2,303,308 | | | | | $ | 541,948 | | | | | $ | 126,932 | | | | | $ | 25,146 | | | | | $ | 839,529 | | | | | $ | 3,836,863 | | |
Richard P. Jacobson
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| | | $ | 1,376,004 | | | | | $ | 682,526 | | | | | $ | 276,576 | | | | | $ | 48,749 | | | | | $ | 773,366 | | | | | $ | 3,157,221 | | |
Dalen D. Harrison
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| | | $ | 590,000 | | | | | $ | 90,075 | | | | | | — | | | | | $ | 33,493 | | | | | | | | | | | | | | |
Ronnie J. Clariza
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| | | $ | 470,000 | | | | | $ | 11,883 | | | | | | — | | | | | $ | 48,584 | | | | | | | | | | | | | | |
Simon Soh
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| | | $ | 570,000 | | | | | $ | 270,275 | | | | | | — | | | | | $ | 51,654 | | | | | | | | | | | | | | |
Named Executive Officer
|
| |
Accelerated vesting of
restricted stock awards |
| |
Accelerated vesting of
stock option awards |
| |
Payments in cancellation of
stock option awards |
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Joseph W. Kiley III
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| | | $ | 45,948. | | | | | | — | | | | | $ | 496,000 | | |
Richard P. Jacobson
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| | | $ | 21,726 | | | | | $ | 350,000 | | | | | $ | 310,800 | | |
Dalen D. Harrison
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| | | $ | 14,775 | | | | | | — | | | | | $ | 75,300 | | |
Ronnie J. Clariza
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| | | $ | 11,883 | | | | | | — | | | | | | — | | |
Simon Soh
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| | | $ | 14,525 | | | | | | — | | | | | $ | 255,750 | | |
Name of Beneficial Owner
|
| |
Number of Shares
Beneficially Owned |
| |
Percentage
Beneficially Owned (%) |
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Beneficial Owners of More than 5% | | | | | | | | | | | | | |
First Financial Northwest Foundation
|
| | | | 877,882(1) | | | | | | 9.57 | | |
First Financial Northwest, Inc. Employee Stock Ownership Plan
|
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(2)
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Dimensional Fund Advisors LP
|
| | | | 752,529(3) | | | | | | 8.20 | | |
Strategic Value Investors, LP
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| | | | 503,567(4) | | | | | | 5.49 | | |
Renaissance Technologies, LLC
|
| | | | 486,801(5) | | | | | | 5.31 | | |
Directors | | | | | | | | | | | | | |
Diane C. Davis
|
| | | | 6,868 | | | | | | ** | | |
Richard P. Jacobson*
|
| | | | 109,027(6) | | | | | | 1.18 | | |
Joseph W. Kiley III*
|
| | | | 145,579(7) | | | | | | 1.58 | | |
Joann E. Lee
|
| | | | 104,432 | | | | | | ** | | |
Roger H. Molvar
|
| | | | 18,135 | | | | | | ** | | |
Cindy L. Runger
|
| | | | 4,822 | | | | | | ** | | |
Ralph C. Sabin
|
| | | | 14,377 | | | | | | ** | | |
Named Executive Officers | | | | | | | | | | | | | |
Ronnie J. Clariza
|
| | | | 84,048(8) | | | | | | ** | | |
Dalen D. Harrison
|
| | | | 63,494(9) | | | | | | ** | | |
Simon Soh
|
| | | | 121,314(10) | | | | | | 1.32 | | |
All Executive Officers and Directors as a Group (10 persons)
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1290 Avenue of the Americas, 9th Floor
New York, New York 10104
Telephone: (866) 529-1711
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| Exhibit A | | | Form of Assignment and Assumption Agreement | |
| Exhibit B | | | Form of Limited Warranty Deed | |
| Exhibit C | | | Form of Bill of Sale and Assignment | |
| Exhibit D | | | Form of Retirement Account Transfer Agreement | |
| Exhibit E | | | Form of Limited Power of Attorney | |
| Exhibit F | | | Form of Non-Solicitation Agreement | |
| Exhibit G | | | Form of Voting Agreement | |
DEFINITIONS
TERMS OF PURCHASE AND SALE
TRANSFER OF ASSETS
CLOSING
REPRESENTATIONS AND WARRANTIES OF SELLER AND HOLDING COMPANY
REPRESENTATIONS AND WARRANTIES OF BUYER
COVENANTS
EMPLOYEES AND DIRECTORS
CONDITIONS TO CLOSING
TERMINATION
OTHER AGREEMENTS
GENERAL PROVISIONS
201 Wells Ave South
Renton, Washington 98057
Attn: Joseph W. Kiley III
Email: [email protected]
201 Wells Ave South
Renton, Washington 98057
Attn: Joseph W. Kiley III
Email: [email protected]
191 Peachtree Street NE
Suite 849
Atlanta, Georgia 30303
Crystal L. Huffman
4000 Credit Union Dr
Anchorage, AK 99503
Attn: Geofferey S. Lundfelt
Email: [email protected]
P.O. Box 196613
Anchorage, AK 99519-6613
Attn.: Jessica Graham
[email protected]
Honigman LLP
650 Trade Centre Way
Kalamazoo, Michigan 49002
Email: [email protected]
| Exhibit A | | | Form of Assignment and Assumption Agreement | |
| Exhibit B | | | Form of Limited Warranty Deed | |
| Exhibit C | | | Form of Bill of Sale and Assignment | |
| Exhibit D | | | Retirement Account Transfer Agreement | |
| Exhibit E | | | Limited Power of Attorney | |
| Exhibit F | | | Non-Solicitation Agreement | |
| Exhibit G | | | Voting Agreement | |
GLOBAL FEDERAL CREDIT UNION
4000 Credit Union Dr
Anchorage, AK 99503
Tax Parcel Number(s):
Title: CEO and President
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PLAN OF DISSOLUTION OF
FIRST FINANCIAL NORTHWEST, INC.
President
First Financial Northwest, Inc.
First Financial Northwest Bank
201 Wells Avenue South
Renton, Washington 98057