secwatch.observer — SEC 8-K summary
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Issuer:     FIRST NORTHERN COMMUNITY BANCORP (FNRN)
CIK:        0001114927
Form:       8-K/A
Filed at:   2022-12-28T23:59:59+00:00
Accession:  0001114927-22-000022
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

First Northern appoints Jeremiah Smith as CEO; discloses $475K base salary and severance terms
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- Jeremiah Smith named President and CEO effective Jan 1, 2023, succeeding retiring Louise Walker.
- Annual base salary of $475,000 effective Jan 1, 2023; eligible for annual bonus and incentive programs.
- Severance: 150% of base + avg bonus (three-year) for involuntary termination outside change of control; 250% within 2 years post-change of control.
- Executive Retirement/Retention Award becomes 50% vested immediately; full vesting at age 62 with performance goals.
- SERP death benefit increased from $10,000 to $15,000/month (max 180 months); normal retirement age set to 62 for CEO.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1114927/000111492722000022/0001114927-22-000022-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1114927/000111492722000022/form8_ka.htm
  HTML page:      https://secwatch.observer/filing/0001114927-22-000022

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