secwatch.observer — SEC 8-K summary
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Issuer:     First Northwest Bancorp (FNWB)
CIK:        0001556727
Form:       8-K
Filed at:   2024-04-04T23:59:59+00:00
Accession:  0001437749-24-011079
Event type: other_material
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1556727/000143774924011079/0001437749-24-011079-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1556727/000143774924011079/fnwb20240403_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-24-011079

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