Northrim BanCorp Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by Northrim BanCorp, Inc. on January 2, 2019, regarding events occurring on January 1, 2019. The filing addresses the execution of new employment agreements for the Company's named executive officers.
Key Financial Metrics
This filing does not contain financial statements, revenue, profit, cash flow, margin, debt, or liquidity data. The report focuses exclusively on executive compensation arrangements.
Material Changes
Effective January 1, 2019, the Compensation Committee entered into new employment agreements with five named executive officers. While terms generally remained the same as prior agreements, specific changes were made for four officers:
- Jed W. Ballard (CFO): No longer eligible for the supplemental executive retirement deferred compensation plan.
- Michael A. Martin (EVP, COO, General Counsel): Base salary increased to $236,391; no longer eligible for the supplemental executive retirement deferred compensation plan.
- Michael G. Huston (EVP, Chief Lending Officer): Base salary increased to $249,900; no longer eligible for the supplemental executive retirement deferred compensation plan.
- Benjamin Craig (EVP, CIO): Base salary increased to $226,080; no longer eligible for the supplemental executive retirement deferred compensation plan.
- Joseph M. Schierhorn (Chair, CEO, COO): Entered a new agreement with terms essentially the same as the prior agreement.
Guidance, Outlook, and Risks
The filing contains no management guidance, outlook, risk factors, or discussion of contingencies. It is a procedural disclosure regarding executive compensation contracts.
Key Facts for Investor Verification
- Verify the specific terms of the new employment agreements filed as Exhibits 10.1 through 10.5.
- Confirm the impact of removing eligibility for the supplemental executive retirement deferred compensation plan on total executive compensation packages.
- Note that the salary increases for Messrs. Martin, Huston, and Craig are effective as of January 1, 2019.