Document ID: 15031

Text:
(i) Change of Control. For purposes of this Agreement, the term Change of Control shall mean the occurrence of one or more of the following events: (A) one (1) person or entity acquiring or otherwise becoming the owner of twenty- five percent (25%) or more of Employers outstanding common stock; (B) replacement of a majority of the incumbent directors of Northrim BanCorp, Inc . or Northrim Bank by directors whose elections have not been supported by a majority of the Board of either company, as appropriate; (C) dissolution or sale of fifty percent (50%) or more in value of the assets, of either Northrim BanCorp, Inc . or Northrim Bank; or (D) a change in the ownership or effective control or in the ownership of a substantial portion of the assets of Employer, within the meaning of Section 280G of the Internal Revenue Code .

Named Entities:
48
54
Percentage
76
80
Parties
115
116
Percentage
171
173
Act

Tokenized Text:
(
i
)
Change
of
Control
.
For
purposes
of
this
Agreement
,
the
term
Change
of
Control
shall
mean
the
occurrence
of
one
or
more
of
the
following
events
:
(
A
)
one
(
1
)
person
or
entity
acquiring
or
otherwise
becoming
the
owner
of
twenty
-
five
percent
(
25
%
)
or
more
of
Employers
outstanding
common
stock
;
(
B
)
replacement
of
a
majority
of
the
incumbent
directors
of
Northrim
BanCorp
,
Inc
.
or
Northrim
Bank
by
directors
whose
elections
have
not
been
supported
by
a
majority
of
the
Board
of
either
company
,
as
appropriate
;
(
C
)
dissolution
or
sale
of
fifty
percent
(
50
%
)
or
more
in
value
of
the
assets
,
of
either
Northrim
BanCorp
,
Inc
.
or
Northrim
Bank
;
or
(
D
)
a
change
in
the
ownership
or
effective
control
or
in
the
ownership
of
a
substantial
portion
of
the
assets
of
Employer
,
within
the
meaning
of
Section
280G
of
the
Internal
Revenue
Code
.