Item 5.02 Departure of Directors or Certain Officer; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Effective January 1, 2021, the Compensation Committee of the Board of Directors of Northrim BanCorp, Inc. (the "Company") and its wholly owned subsidiary, Northrim Bank (the "Bank") (collectively, the "Employer") deemed it appropriate that the Employer and each of the following named executive officers of the Company, Joseph M. Schierhorn, Chairman, President & Chief Executive Officer and Chief Operating Officer of the Company and Chairman, President and Chief Executive Officer of the Bank; Michael A. Martin, Executive Vice President, General Counsel and Corporate Secretary of the Company and Executive Vice President, General Counsel, Chief Operating Officer and Corporate Secretary of the Bank; , Jed W. Ballard, Executive Vice President and Chief Financial Officer of the Company and the Bank;, Michael G. Huston, Executive Vice President and Chief Lending Officer of the Bank; and Benjamin Craig, Executive Vice President and Chief Information Officer of the Bank, enter into a new employment agreement under which the provisions and terms remain, essentially, the same as their respective employment agreements that were in effect at December 31, 2020, except for certain changes to the employment agreement with Messrs. Schierhorn, Martin, Ballard, Huston and Craig discussed below.

Mr. Schierhorn's new employment agreement provides for an increase in base salary to $441,418.

Mr. Martin's new employment agreement provides for an increase in base salary to $318,725.

Mr. Ballard's new employment agreement provides for an increase in base salary to $288,590.

Mr. Huston's new employment agreement provides for an increase in base salary to $288,310.

Mr. Craig's new employment agreement provides for an increase in base salary to $242,291.

Copies of the new employment agreements in their entirety for Messrs. Schierhorn, Martin, Ballard, Huston and Craig are filed herewith as Exhibits 10.1, 10.2, 10.3, 10.4 and 10.5, respectively.

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                          Employment agreement with Joseph M. Schierhorn dated January 1, 2021
10.2                          Employment agreement with Michael A. Martin dated January 1, 2021
10.3                          Employment agreement with Jed W. Ballard dated January 1, 2021
10.4                          Employment agreement with Michael G. Huston dated January 1, 2021
10.5                          Employment agreement with Benjamin Craig dated January 1, 2021

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