Northrim BanCorp Inc. Form 8-K Summary
Business Context and Reporting Period
This Current Report on Form 8-K was filed by Northrim BanCorp, Inc. on January 15, 2008. The report discloses the appointment of a principal executive officer and the terms of his employment agreement.
Key Financial Metrics
The filing does not provide revenue, profit, cash flow, margin, debt, or liquidity metrics. This report focuses exclusively on executive compensation and personnel changes.
Material Changes
On January 10, 2008, the Board of Directors appointed Steven L. Hartung as a principal executive officer. Mr. Hartung serves as Executive Vice President and Quality Assurance Officer for both Northrim BanCorp, Inc. and its subsidiary, Northrim Bank.
Management Commentary and Employment Terms
- Compensation: Mr. Hartung receives an annual base salary of $165,006, subject to adjustment, plus a performance-based bonus.
- Term: The agreement is effective from December 1, 2007, through December 31, 2008, with automatic one-year renewals unless terminated with 90 days' notice.
- Benefits: The agreement includes severance, change of control benefits (including an excise tax gross-up), and participation in the Supplemental Executive Retirement Plan and Deferred Compensation Plan.
- Restrictions: Mr. Hartung is subject to a one-year non-compete clause following his departure.
- Background: Mr. Hartung, age 61, previously served as President and COO of Alaska International Industries, Inc. (1978-1995) and as an audit manager at KPMG LLP (1968-1978).
Investor Verification Checklist
- Review Exhibit 10.1 for the full text of the employment agreement with Steven L. Hartung.
- Verify the impact of the new executive appointment on the company's strategic direction.
- Check subsequent filings for any changes to the compensation structure or renewal of the agreement.