Northrim BanCorp : Management Change/Compensation - Form 8-K
December 04, 2023 at 03:09 pm EST
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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.
(e) On November 29, 2023, the Compensation Committee (the "Committee") of the Board of Directors (the "Board") of Northrim BanCorp, Inc. (the "Company") approved and adopted the Northrim Bank 2023 Deferred Compensation Plan (the "Plan"). On November 30, 2023, the Board and the Board of Directors of the Company's wholly-owned subsidiary, Northrim Bank (the "Bank"), formally adopted the Plan, effective as of November 30, 2023.
The purpose of the Plan is to provide benefit planning to key employees of the Bank and certain of its subsidiaries by permitting them to defer the receipt of compensation. The Plan provides that on or prior to December 31 of each year the Plan is in effect, any eligible employee may elect in writing to defer receipt of up to ninety percent (90%) of their salary and/or incentive compensation to be paid in the calendar year following the year of election. According to the Plan, the Bank (or its appropriate subsidiary) may, but is not obligated to, make additional contributions to the participant accounts under the Plan. All amounts deferred, and any elective contributions made by the Bank (or its appropriate subsidiary) are credited to participant accounts and invested as designated by the participant in one or more investment options approved by the Committee. Payment of the deferred compensation to participants will be made from the participant's plan balance upon termination of employment or retirement and in certain other circumstances set forth in the Plan.
The foregoing description is qualified in its entirety by the full text of the Plan, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Northrim BanCorp Inc. published this content on 04 December 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 December 2023 20:07:39 UTC.
Northrim BanCorp, Inc. is a bank holding company. The Company is primarily engaged in the delivery of business and personal banking services through its wholly owned banking subsidiary, Northrim Bank (the Bank). It operates through two segments: Community Banking and Home Mortgage Lending. The Community Banking segment's principal business focus is the offering of loan and deposit products to business and consumer customers in its primary market areas. The Home Mortgage Lending segment's principal business focus is the origination and sale of mortgage loans for one-to-four family residential properties. The Bank also engages in retail mortgage origination services through its wholly owned subsidiary, Residential Mortgage Holding Company, LLC. Additionally, the Bank, through its wholly owned subsidiary, Northrim Funding Services (NFS), operates a factoring division in Bellevue, Washington. The Bank has about 19 branches in Anchorage, the Matanuska Valley, Soldotna, Juneau, and others.
NORTHRIM BANCORP, INC. 
