Northrim BanCorp : Management Change/Compensation - Form 8-K

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

Departure of a Named Executive Officer (Item 5.02(b))

Northrim BanCorp, Inc. (the "Company") reports that Benjamin Craig, the Executive Vice President and Chief Information Officer of the Company's wholly-owned subsidiary, Northrim Bank (the "Bank"), separated from employment with the Company and the Bank (collectively, the "Employer") effective April 9, 2024. Under the terms of his Employment Agreement with the Employer, dated January 1, 2024, Mr. Craig is entitled to be paid all base salary earned and all reimbursable expenses incurred through such separation date, and an amount equal to 0.75 times the highest base salary earned by Mr. Craig over the prior three years. Additionally, the Employer will continue to provide Mr. Craig, at its expense, health and dental insurance benefits for a period of nine months following termination of his Employment Agreement. The foregoing description is qualified in its entirety by the full text of Mr. Craig's Employment Agreement, a copy of which was filed as Exhibit 10.4 to the Company's Current Report on Form 8-K filed with the Securities and Exchange Commission on January 2, 2024, and is incorporated by reference herein.