Northrim BanCorp Inc. 8-K Summary
Business Context and Reporting Period
This Form 8-K Current Report was filed by Northrim BanCorp Inc. on April 6, 2016, regarding an event that occurred on April 1, 2016. The filing addresses a change in the compensatory arrangements for a senior executive officer.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on executive compensation adjustments.
Material Changes
On March 25, 2016, the Compensation Committee approved a new employment agreement for Latosha M. Frye, Executive Vice President and Chief Financial Officer, effective April 1, 2016. The material changes from her previous agreement include:
- Base Salary: Adjusted to $197,003.
- Retirement Contribution: The annual contribution to the supplemental executive retirement plan increased from 5% to 10% of her base salary.
- Term: The agreement has an initial term ending December 31, 2016, with automatic one-year extensions unless terminated with 90 days' prior notice.
Guidance, Outlook, and Risks
The filing contains no guidance, outlook, management commentary on financial performance, or discussion of risks and contingencies beyond the standard terms of the employment agreement.
Key Facts for Investor Verification
- Confirmation of the new base salary of $197,003 for the CFO.
- Verification of the increased retirement plan contribution rate (10% of base salary).
- Review of the automatic renewal clause and termination notice requirements in the new agreement.