NRIM Northrim Bancorp
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
|Date of Report (Date of Earliest Event Reported):||April 28, 2020 (April 23, 2020)|
Northrim BanCorp, Inc.
(Exact name of registrant as specified in its charter)
(State or other jurisdiction
|of incorporation)||File Number)||Identification No.)|
|3111 C Street, Anchorage, Alaska||99503|
(Address of principal executive offices)
|Registrant’s telephone number, including area code:||907-562-0062|
Former name or former address, if changed since last report
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act: None
|TITLE OF EACH CLASS||TRADING SYMBOL||NAME OF EXCHANGE|
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.126-2 of this chapter).
Emerging growth company ¨
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Item 5.02 Departure of Directors or Certain Officer; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On March 27, 2019, the Compensation Committee of the Board of Directors (the “Board”) of Northrim BanCorp, Inc. (the “Company”) reviewed and approved amendments to the terms of the Company’s Profit Sharing Plan (the “Plan”). On April 23, 2020, the Board formally ratified and adopted the amendments to the Plan, effective as of April 1, 2019. Among others, the amendments to the Plan: establish a profit share target matrix based on employee grade; revise the profit share calculations to fund targets; revise employment and qualification requirements for Plan participants; and revise the requirements relating to limitations on the final Plan allocations and target amounts.
The foregoing description is qualified in its entirety by the full text of the Plan, a copy of which is attached hereto as Exhibit 10.1 and incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(a) Financial statements – not applicable
(b) Proforma financial information – not applicable
(c) Shell company transactions – not applicable
|(d) Exhibit No.||Description|
|10.1||Northrim BanCorp, Inc. Profit Sharing Plan.|
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Northrim BanCorp, Inc.|
|April 28, 2020||By:||/s/ Jed W. Ballard|
|Name: Jed W. Ballard|
|Title: EVP, Chief Financial Officer|