secwatch.observer — SEC 8-K summary
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Issuer:     NORTHRIM BANCORP INC (NRIM)
CIK:        0001163370
Form:       8-K
Filed at:   2023-01-03T23:59:59+00:00
Accession:  0001163370-23-000003
Event type: leadership
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Northrim BanCorp enters new employment agreements with five executives; raises base salaries
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- CEO Schierhorn base salary increased to $483,866; Ballard to $307,308; Huston to $332,872; Craig to $259,914.
- Baldwin enters employment agreement with $300K base salary plus monthly bonus of 2% of cumulative net earnings of RMHC.
- Agreements effective Jan 1, 2023; terms automatically renew annually unless notice given 90 days prior.
- Change-in-control severance: 2x highest base salary + 2x avg profit share (Schierhorn); 1x base for others with COBRA coverage.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1163370/000116337023000003/0001163370-23-000003-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1163370/000116337023000003/nrim-20230101.htm
  HTML page:      https://secwatch.observer/filing/0001163370-23-000003

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