secwatch.observer — SEC 8-K summary
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Issuer:     NORTHRIM BANCORP INC (NRIM)
CIK:        0001163370
Form:       8-K
Filed at:   2024-03-29T23:59:59+00:00
Accession:  0001163370-24-000012
Event type: leadership
Sentiment:  neutral
Materiality: 0.75
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Northrim BanCorp promotes Huston to President/CEO; Schierhorn resigns as CEO but remains Chairman
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- Joseph Schierhorn resigns as President, CEO, COO of Northrim BanCorp and CEO of Northrim Bank effective April 6, 2024; remains Chairman.
- Michael Huston promoted to President, CEO, COO of BanCorp and President/CEO of Bank, effective April 6, 2024.
- Huston receives annual base salary of $535,000 with increases to profit share, equity comp, and SERP contributions.
- Schierhorn's base salary reduced to $200,000; no longer eligible for profit sharing, equity comp, or SERP.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1163370/000116337024000012/0001163370-24-000012-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1163370/000116337024000012/nrim-20240329.htm
  HTML page:      https://secwatch.observer/filing/0001163370-24-000012

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