First NW Bancorp adopts Executive CIC Plan for 6 officers (excl. CEO)

First Northwest Bancorp

Six executive officers of First NW Bancorp and First Fed (excluding CEO Matthew Deines) entered CIC Plan effective April 2024.
Plan pays lump sum of 2x (base salary + target bonus) if terminated without cause/for good reason within 24 months of a Change in Control.
Also provides pro-rata bonus, accrued obligations, and 24 months COBRA coverage; benefits subject to 280G parachute reduction.
CEO Deines not included because his existing employment agreement already provides CIC benefits and expires December 2024.

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