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                                                                    EXHIBIT 10.9

                                  NORTHRIM BANK
                        SUPPLEMENTAL EXECUTIVE RETIREMENT
                           DEFERRED COMPENSATION PLAN
                        Effective as of February 01, 2002
                                   [Plan 001]

RECITALS:

A.       This Northrim Bank Supplemental Executive Retirement Deferred
         Compensation Plan (the Plan) is adopted by Northrim Bank (the Employer)
         for a limited number of its executive employees.

B.       It is the desire of the Northrim Bank (the Employer) to provide to
         certain executive employees (the Employees) a supplemental executive
         retirement fund so that upon certain conditions, there will be funds
         available to them on their respective retirement.

C.       This NORTHRIM SUPPLEMENTAL RETIREMENT DEFERRED COMPENSATION PLAN (the
         Plan) is adopted by the Northrim Bank (the Employer) for such Employees
         to provide termination of employment and related retirement benefits
         taxable pursuant to IRC Section 451.

D.       It is anticipated that once this Plan is approved, contributions will
         be made to the Participant Account(s) for their respective benefit.

E.       The Plan is intended to be an unfunded defined contribution
         non-qualified deferred compensation plan maintained by the Employer for
         the sole benefit of executive employees for the purpose of providing
         for retirement or deferred compensation benefits. All Participants are
         considered by the Employer to be in the upper level of "management."

F.       The Plan is intended to be a top-hat plan [a/k/a "supplemental
         executive retirement plan], i.e., an unfunded deferred compensation
         plan maintained for a select group of management or highly compensated
         employees, under Sections 201(2), 301(a)(3), and 401(a)(1) of the
         Employee Retirement Income Security Act of 1974 (ERISA). All provisions
         of this Plan shall be interpreted consistent with that intent.

G.       It is the intent of the Employer and the Participant's, that until
         distributed, a Participant's Account shall at all times remain unfunded
         and unvested, and subject to the general creditors of the Employer.

Accordingly, the following Plan is adopted.

1.       DEFINITIONS.

         a.       BENEFICIARY means any person or person designated in
                  accordance with the provisions of Section 6 of the Plan.

         b.       CODE or IRC shall mean the Internal Revenue Code of 1986 and
                  the regulations there under, as amended from time to time.

         c.       EFFECTIVE DATE means the effective date of the Plan, which
                  shall be February 01, 2002.

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         d.       EMPLOYER means Northrim Bank, an Alaska corporation and its
                  successors and assigns or any other corporation or business
                  organization that assumes the Employer's obligations
                  hereunder.

         e.       FINANCIAL HARDSHIP shall mean (i) a severe financial hardship
                  to the Participant resulting from a sudden and unexpected
                  illness or accident of the Participant or of a dependent (as
                  defined in IRC ss.152(a)) of the Participant; (ii) loss of the
                  Participant's property due to casualty, or (iii) other similar
                  extraordinary and unforeseeable circumstances arising as a
                  result of events beyond the control of the Participant, each
                  as determined to exist by the Employer.

         f.       NORMAL AGE OF RETIREMENT shall mean the age referenced in
                  Section 3 below.

         g.       PARTICIPANT means any Employee so designated in accordance
                  with the provisions of Section II who is or may become (or
                  whose Beneficiaries may become) eligible to receive a benefit
                  under the Plan.

         h.       PARTICIPANT ACCOUNT shall mean then current balance (as
                  adjusted pursuant to the terms of this Plan) of the funds that
                  are set aside by the Employer for the Participant pursuant to
                  the Plan, and shall include contribution credits and deemed
                  income, gains, and losses (to the extent realized as
                  determined by the Employer, in its discretion) and credited
                  thereto. A Participant's or Beneficiary's Account shall be
                  determined as of the date of reference. Until distributed, a
                  Participant's Account shall at all times remain unfunded and
                  unvested, and subject to the general creditors of the
                  Employer.

         i.       PLAN means this NORTHRIM BANK SUPPLEMENTAL EXECUTIVE
                  RETIREMENT DEFERRED COMPENSATION PLAN, as amended from time to
                  time.

2.       ELIGIBILITY AND PARTICIPATION.

         a.       REQUIREMENTS. The following conditions must be met before an
                  Employee may participate in the Plan:

                  i.       An Employee must be at all times a member of a select
                           group of executive management or highly compensated
                           employees.

                  ii.      Participation in the Plan is contingent on the
                           Employer determining that it wants to extend benefits
                           under the Plan to the Employee; such determination
                           shall be at all times in the sole and absolute
                           discretion of the Employer.

                  iii.     The Employee must elect to participate in the Plan as
                           a Participant.

         b.       REEMPLOYMENT. If a Participant whose employment with the
                  Employer is terminated is subsequently reemployed, he or she
                  may become a Participant in the Plan only in accordance the
                  provisions of Section 2.a., above.

3.       CONTRIBUTIONS AND BENEFITS.

         a.       CONTRIBUTIONS. Each year, the Employer shall contribute to
                  each Participant's Account the following amounts:

<TABLE>
<CAPTION>
      Participant        Normal Retirement Age   Annual Contribution
      -----------        ---------------------   -------------------
<S>                      <C>                     <C>
R. Marc Langland                  70                  $ 92,511
Christopher N. Knudson            60                  $ 54,225
Victor P. Mollozzi                60                  $ 45,000
</TABLE>

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<PAGE>

         b.       INTENT. The funds contributed to the Participant's Account are
                  for the purpose of providing the Participant a source of funds
                  for future retirement. The funds are being set aside not as
                  part of his current or past compensation, but rather as an
                  excess supplemental executive employee retirement benefit to
                  be paid to the Participant at some time in the future as
                  further provided within this Plan.

         c.       DEFINED CONTRIBUTION. The contribution of the funds to the
                  Participant's Account are intended to be a defined
                  contribution and not provide a defined benefit.

         d.       SUBJECT TO CLAIMS. Until distributed, a Participant's Account
                  shall at all times remain unfunded and unvested, and subject
                  to the general creditors of the Employer.

4.       ALLOCATION OF FUNDS.

         a.       ADJUSTMENTS: The total of the Participant's Account will be
                  adjusted from time to time to reflect (i) distributions; (ii)
                  the performance of the investments; and, (iii) credited or
                  debited with the increase or decrease in the realizable net
                  asset value or credited interest, as applicable, from the
                  designated investments, if any.

         b.       SEPARATE PARTICIPANT ACCOUNT. The Employer shall establish and
                  maintain a separate Participant Account for each Participant.

         c.       DEEMED INVESTMENT DIRECTIONS OF PARTICIPANTS. Subject to such
                  limitations as may from time to time be required by the Plan,
                  the Employer or applicable law, the Participant may direct the
                  Employer in writing as to how the funds held in the
                  Participant's Account are to be invested from time to time.
                  When such written directions are given, the Employer may
                  invest the funds accordingly, but is not so required.

5.       DISTRIBUTION OF BENEFITS. The Participant's Account shall at all times
         remain unfunded and unvested (i.e., subject to the claims of the
         Employer's general creditors) until the occurrence of such condition
         specifically provided below, and each of which shall be construed as a
         condition precedent to any distribution being required under the terms
         of this Plan.

         a.       RETIREMENT OF EMPLOYEE. Unless otherwise agreed to in writing
                  by the Employer and the Participant, the entire remaining
                  balance of that Participant's Account shall be distributed to
                  the Participant (or his designated Beneficiary) upon the
                  occurrence of both of the following: (i) the Employee's
                  written notice of retirement or termination of employment;
                  and, (ii) the Employee attaining the Normal Age of Retirement.
                  At the election of the Participant, in lieu of receiving the
                  remaining balance of the Participant's Account, the
                  Participant may request a distribution in-kind of the assets
                  held by the Employer in the Participant's Account.

         b.       DISABILITY OF THE PARTICIPANT. Unless otherwise agreed to in
                  writing by the Employer and the Participant, if the Employee
                  become permanently (partial or full) disabled in such a manner
                  that the Employer determines in its sole and absolute
                  discretion that Participant can no longer fulfill his
                  obligations of employment to the Employer, then the Employer
                  may distribute from the Participant's Account, at its
                  discretion, such amounts as it deems necessary and
                  appropriate.

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         c.       DISTRIBUTIONS ON DEATH. Upon the death of the Participant, the
                  following death benefit shall be paid by the Employer to the
                  Participant's Beneficiary(-ies) from the Participant's Account
                  or from the general funds of the Employer:

<TABLE>
<CAPTION>
      Participant         Death Benefit
      -----------         -------------
<S>                       <C>
R. Marc Langland            $ 500,000
Christopher N. Knudson      $ 630,000
Victor P. Mollozzi          $ 500,000
</TABLE>

d.                HARDSHIP DISTRIBUTIONS.

                  i.       In the event of a Financial Hardship of the
                           Participant, the Participant may apply in writing to
                           the Employer for the distribution of all or any part
                           of the Participant's Account. The Participant shall
                           set forth the hardship.

                  ii.      The Employer shall consider the circumstances of the
                           request and the best interests of the Participant and
                           his family and shall have the right, in its sole
                           discretion, if applicable, to allow such
                           distribution, or, if applicable, to direct a
                           distribution of part of the amount requested, or to
                           refuse to allow any distribution.

                  iii.     Upon a finding of Financial Hardship, the Employer
                           shall make the appropriate distribution to the
                           Participant from the Participant's Account. In no
                           event shall the aggregate amount of the distribution
                           exceed either the full value of the Participant's
                           Account or the amount determined by the Employer to
                           be necessary to alleviate the Participant's financial
                           hardship (which financial hardship may be considered
                           to include any taxes due because of the distribution
                           occurring because of this Section), and that it is
                           not reasonable available from other resources of the
                           Participant.

                  iv.      A hardship distribution shall be made only with the
                           written consent of the Employer's board of director's
                           compensation committee.

         e.       ACQUISITION OF NORTHRIM. Unless otherwise agreed to in writing
                  by the Employer and the Participant, if there is a change in
                  the control of the Employer, then the entire remaining balance
                  of that Participant's Account shall be distributed to the
                  Participant. For purposes of this Section, a "change of
                  control" shall occur when any person or entity obtains
                  ownership or voting power with respect to greater than fifty
                  percent (50%) of the aggregate value or voting power, as
                  applicable, of the Employer's capital stock.

         f.       METHOD OF PAYMENT. Unless otherwise agreed to in writing by
                  the Employer and the Participant, all distributions from the
                  Participant's Account shall be made in cash or by a transfer
                  of funds from the Employer to or for the benefit of the
                  Participant, as so directed by the Participant. Any payment
                  due hereunder that is not paid out of the Participant's
                  Account shall be by the Employer from its general assets.

         g.       TERMINATION. After all funds held in the Participant Account
                  have been distributed pursuant to the above, the interest of
                  the Participant in the Plan shall terminate.

         h.       INCOME TAXES ON DISTRIBUTIONS. The Participant shall be solely
                  responsible for the payment of all applicable federal and
                  state income related taxes on amounts distributed to him. At
                  the election of the Participant, the taxes maybe withheld by
                  the Employer at the time of distribution.

6.       BENEFICIARIES; EMPLOYEE DATA. The Participant may designate any person
         or persons (who may be named contingently or successively) to receive
         such benefits as may be payable under the Plan

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         upon or after the Participant's death, and such designation may be
         changed from time to time by the Participant filing a new designation.
         Each designation will revoke all prior designations by the Employee,
         and shall be in a form prescribed by the Employer, and will be
         effective only when filed in writing with the Employer during the
         Employee's lifetime. The written designation may take a form similar to
         attached Exhibit "A".

         a.       In the absence of a valid Beneficiary designation, or if, at
                  the time any benefit payment is due to a Beneficiary, there is
                  no living Beneficiary validly named by the Employee, the
                  Employer shall pay any such benefit payment to the Employee's
                  spouse, if then living, but otherwise to the Employee's then
                  living issue, if any, per stirpes, but, if none, then to the
                  Employee's estate.

         b.       In determining the existence or identity of anyone entitled to
                  a benefit payment, the Employer may rely conclusively on
                  information supplied by the Employee's personal representative
                  or administrator. If a question arises as to the existence or
                  identity of anyone entitled to receive a benefit payment, or
                  if a dispute arises with respect to any such payment, then,
                  notwithstanding the foregoing, the Employer, in its sole
                  discretion, may distribute such payment to the Employee's
                  estate or may take such other action as the Employer deems to
                  be appropriate.

7.       ADMINISTRATION.

         a.       ADMINISTRATIVE AUTHORITY. Except as otherwise specifically
                  provided herein, the Employer board of director's compensation
                  committee shall have the sole responsibility for and the sole
                  control of the operation and administration of this Plan and
                  shall have the power and authority to take all action and to
                  make all decisions and interpretations that may be necessary
                  or appropriate in order to administer and operate the Plan,
                  including, without limiting the generality of the foregoing,
                  the power, duty, and responsibility to:

                  i.       Resolve and determine all disputes or questions
                           arising under the Plan, including the power to
                           determine the rights of the Employee and
                           Beneficiaries, and their respective benefits, and to
                           remedy any ambiguities, inconsistencies, or omissions
                           in the Plan.

                  ii.      Adopt such rules of procedure and regulations as in
                           its opinion may be necessary for the proper and
                           efficient administration of the Plan and as are
                           consistent with the Plan.

                  iii.     The Employer may authorize one or more persons to
                           execute any certificate or document on behalf of the
                           Employer, in which event any person notified by the
                           Employer of such authorization shall be entitled to
                           accept and conclusively rely upon any such
                           certificate or document executed by such person as
                           representing action by the Employer until such third
                           person shall have been notified of the revocation of
                           such authority.

         b.                PAYMENT OF FEES, EXPENSES AND TAXES.

                  i.       All income taxes generated from a distribution to the
                           Employee (or Beneficiaries), shall be paid either out
                           of the Participant's Account or directly by the
                           Employee-Participant. All income taxes generated as a
                           result of accumulated but not distributed income, if
                           any, shall be paid by the Employer out of its own
                           funds.

                  ii.      All other expenses incurred in the administration and
                           operation of the Plan shall be paid by the Employer
                           out of its own funds.

         c.       CLAIMS PROCEDURE. Any person claiming a benefit under the Plan
                  (a Claimant) shall present the claim, in writing, to the
                  Employer, and the Employer shall respond in writing. If the
                  claim is denied, the written notice of denial shall state, in
                  a manner calculated to be understood by the claimant:

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<PAGE>

                  i.       The specific reason or reasons for the denial, with
                           specific references to the Plan provisions on which
                           the denial is based; and,

                  ii.      A description of any additional material or
                           information necessary for the Claimant to perfect his
                           or her claim and an explanation of why such material
                           or information is necessary.

8.       AMENDMENT.

         a.       RIGHT TO AMEND. The Employer, by written instrument executed
                  by the Employer, shall have the right to amend the Plan at any
                  time and with respect to any provisions hereof, and all
                  parties hereto or claiming any interest hereunder shall be
                  bound by such amendment; provided however, that no such
                  amendment shall deprive a Participant or a Beneficiary of a
                  right provided under the terms of this Plan or the
                  Participant's Account.

         b.       AMENDMENTS TO ENSURE PROPER CHARACTERIZATION OF PLAN.
                  Notwithstanding the above, the Plan may be amended by the
                  Employer at any time, retroactively if required, if found
                  necessary, in the opinion of the Employer, in order to ensure
                  that the Plan is characterized as a top-hat plan of deferred
                  compensation maintained for a single member of management or
                  highly compensated employee as described under ERISA Sections
                  201(2), 301(a)(3), and 401(a)(1) and to conform the Plan to
                  the provisions and requirements of any applicable law
                  (including ERISA and the Code). No such amendment shall be
                  considered prejudicial to any interest of a Employee or a
                  Beneficiary hereunder.

9.       MISCELLANEOUS.

         a.       LIMITATIONS ON LIABILITY OF EMPLOYER. Neither the
                  establishment of the Plan or any modification thereof, nor the
                  creation of any account under the Plan, nor the payment of any
                  benefits under the Plan shall be construed as giving to any
                  other employee or any other person any legal or equitable
                  right against the Employer or any officer thereof, except as
                  provided by law or by any specific Plan provision. The
                  Employer does not in any way guarantee any Employee's Account
                  from loss, depreciation or decline in value, whether caused by
                  poor investment performance of a deemed investment or the
                  inability to realize upon an investment due to an insolvency
                  affecting an investment vehicle or any other reason. In no
                  event shall the Employer, any employee, officer, or director
                  of the Employer, be liable to any person on account of any
                  claim arising by reason of the Plan or of any instrument or
                  instruments implementing its provisions, or for the failure of
                  the Employee, Beneficiary, or other person to be entitled to
                  any particular tax consequences with respect to the Plan, or
                  any credit or distribution hereunder.

         b.       CONSTRUCTION. If any provision of the Plan is held to be
                  illegal or void, such illegality or invalidity shall not
                  affect the remaining provisions of the Plan, but shall be
                  fully severable, and the Plan shall be construed and enforced
                  as if said illegal or invalid provision had never been
                  inserted herein. For all purposes of the Plan, where the
                  context admits, the singular shall include the plural, and the
                  plural shall include the singular. Headings of Articles and
                  Sections herein are inserted only for convenience of reference
                  and are not to be considered in the construction of the Plan.
                  The laws of the State of Alaska shall govern control and
                  determine all questions of law arising with respect to the
                  Plan and the interpretation and validity of its respective
                  provisions, except where those laws are preempted by the laws
                  of the United States. Participation under the Plan will not
                  give any Employee the right to be retained in the service of
                  the Employer nor any right or claim to any benefit under the
                  Plan unless such right or claim has specifically accrued
                  hereunder.

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                  i.       The Plan is intended to be and at all times shall be
                           interpreted and administered so as to qualify as an
                           unfunded non-qualified deferred compensation plan,
                           and no provision of the Plan shall be interpreted so
                           as to give the Employee-Participant any right in any
                           assets held pursuant to this Plan which right is
                           greater than the rights of a general unsecured
                           creditor of the Employer.

         c.       SPENDTHRIFT PROVISION. No amount payable to the Employee or a
                  Beneficiary under the Plan will, except as otherwise
                  specifically provided by law, shall be subject in any manner
                  to anticipation, alienation, attachment, garnishment, sale,
                  transfer, assignment (either at law or in equity), levy,
                  execution, pledge, encumbrance, charge or any other legal or
                  equitable process, and any attempt to do so will be void; nor
                  will any benefit be in any manner liable for or subject to the
                  debts, contracts, liabilities, engagements, or torts of the
                  person entitled thereto. Further, the withholding of taxes
                  from Plan benefit payments; the recovery under the Plan of
                  overpayments of benefits previously made to a Employee or
                  Beneficiary; if applicable, the transfer of benefit rights
                  from the Plan to another plan, or the direct deposit of
                  benefit payments to an account in a banking institution (if
                  not actually part of an arrangement constituting an assignment
                  or alienation) shall not be construed as an assignment or
                  alienation.

                  i.       In the event that any Employee's or Beneficiary's
                           benefits hereunder are garnished or attached by order
                           of any court, the Employer may bring an action or a
                           declaratory judgment in a court of competent
                           jurisdiction to determine the proper recipient of the
                           benefits to be paid under the Plan. During the
                           pendency of said action, any benefits that become
                           payable shall be held as credits to the Employee's or
                           Beneficiary's Account or, if the Employer prefers,
                           paid into the court as they become payable, to be
                           distributed by the court to the recipient as the
                           court deems proper at the close of said action.

Now therefore, this Plan is adopted this 27th day of December, 2002.

WITNESS                             NORTHRIM BANK

/s/ Gerri D. Tokar-Hines                By:  /s/ Ron Davis
--------------------------------             -----------------------------------
Print Name: Gerri D. Tokar-Hines

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