SEC Contract Filing

Filing Date: 2016-05-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>exhibit101fryecontract2016.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<div><a name="sb73c8557f68a48d9825a3049ba1af9f1"></a></div><div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div></div><div><br></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">THIS AGREEMENT (the &#8220;Agreement&#8221;) is made and entered into effective the 1st day of April, 2016 (the &#8220;Effective Date&#8221;), by and between NORTHRIM BANCORP, INC. and its wholly owned subsidiary, NORTHRIM BANK, a state&#8209;chartered commercial bank, with its principal office in Anchorage, Alaska (collectively, the &#8220;Employer&#8221;), and </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Latosha M. Frye </font><font style="font-family:inherit;font-size:12pt;">(the</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">&#32;</font><font style="font-family:inherit;font-size:12pt;">&#8220;Executive&#8221;).</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">In consideration of the mutual promises made in this Agreement, the parties agree as follows:</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">1.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Employment.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Employer employs Executive and Executive accepts employment with Employer as its </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Executive Vice President, Chief Financial Officer.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">2.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Term.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The term of this Agreement (the &#8220;Term&#8221;) shall commence on the Effective Date and, unless terminated earlier pursuant to Section 5, shall continue through December 31, 2016; </font><font style="font-family:inherit;font-size:12pt;font-style:italic;">provided, however</font><font style="font-family:inherit;font-size:12pt;">, that on January 1, 2017 and each succeeding January 1, the Term shall automatically be extended for one (1) additional year unless, not later than ninety (90) days prior to any such January 1, either party shall have given written notice to the other that it does not wish to extend the Term. In the event the Term is not extended, Executive shall have no rights to any of the severance payments or benefits continuation described in Section 5 except as specifically provided for in Section 5.a. </font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">3.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Duties.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">The Executive will serve as </font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Executive Vice President, Chief Financial Officer </font><font style="font-family:inherit;font-size:12pt;">of the Employer. Executive shall render such executive, management and administrative services and perform such tasks in connection with the affairs and overall operation of the Employer as is customary for her position, subject to the direction of Employer&#8217;s President and Board of Directors. Executive shall devote necessary time, attention and effort to Employer&#8217;s business in order to properly discharge her responsibilities under this Agreement.</font></div><div style="line-height:120%;padding-top:16px;text-align:justify;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">4.</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">Compensation, Benefits, Reimbursement and Profit Sharing.</font></d