secwatch.observer — SEC 8-K summary
======================================

Issuer:     NORTHRIM BANCORP INC (NRIM)
CIK:        0001163370
Form:       8-K
Filed at:   2025-01-02T23:59:59+00:00
Accession:  0001163370-25-000002
Event type: other_material
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Northrim BanCorp enters new employment agreements with five executives; salary increases for Ballard and Zins
--------------------------------------------------------------------------------

- New employment agreements effective Jan 1, 2025 for CEO Huston (base $535K), CFO Ballard ($376,375), Chairman Schierhorn, EVP Zins ($329,935), and new EVP Edwards ($289,682).
- Ballard’s salary increased to $376,375; Zins’ salary increased to $329,935; other officers’ terms essentially unchanged from prior agreements.
- Mark Edwards appointed EVP/Chief Credit Officer/Bank Economist; initial term to Dec 31, 2025, with automatic renewal; base salary $289,682 plus SERP contribution.
- Severance includes 2x salary for Huston, 1x for others under change of control; standard non-compete and non-solicitation clauses.
- Agreements filed as Exhibits 10.1-10.5; contain clawback provisions under company policy.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1163370/000116337025000002/0001163370-25-000002-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1163370/000116337025000002/nrim-20250101.htm
  HTML page:      https://secwatch.observer/filing/0001163370-25-000002

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer