SEC Contract Filing

Filing Date: 2019-03-15

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>4
<FILENAME>exhibit101-fnwbx123118x10k.htm
<DESCRIPTION>EXHIBIT 10.1
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<div><a name="s9DB9CD71E9F84A068764786870683509"></a></div><div><div style="line-height:120%;padding-bottom:8px;text-align:right;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Exhibit 10.1</font></div></div><div><br></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">First Northwest Bancorp <br>2015 Equity Incentive Plan</font></div><div style="line-height:120%;padding-bottom:8px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;"><br></font></div><div style="line-height:120%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE I <br>ESTABLISHMENT, PURPOSE AND DURATION</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Section 1.1&#160;&#160;&#160;&#160;Establishment of the Plan. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">First Northwest Bancorp (the &#8220;Company&#8221;) hereby establishes an incentive compensation plan to be known as the &#8220;First Northwest Bancorp 2015 Equity Incentive Plan&#8221; (the &#8220;Plan&#8221;), as set forth in this document. The Plan permits the granting of Incentive Stock Options, Non-Qualified Stock Options, Restricted Stock and Restricted Stock Units.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;">The Plan was originally adopted effective as of July 28, 2015 by the Board, and became effective on November 16, 2015 (the &#8220;Effective Date&#8221;), the date the Plan was approved by the Company&#8217;s shareholders. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;"></font><font style="font-family:inherit;font-size:10pt;background-color:#ffffff;font-style:italic;font-weight:bold;">Section 1.2&#160;&#160;&#160;&#160;Purpose of the Plan. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The purpose of the Plan is to promote the long-term growth and profitability of First Northwest Bancorp, to provide Plan Participants with an incentive to achieve corporate objectives, to attract and retain individuals of outstanding competence and to provide Plan Participants with incentives that are closely linked to the interests of all shareholders of First Northwest Bancorp. The Plan is not intended to expose the Company to imprudent risks.</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%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Section 1.3 &#160;&#160;&#160;&#160;Duration of the Plan. </font></div><div style="line-height:120%;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Subject to approval by the shareholders of the Company, the Plan shall commence on the Effective Date, and shall remain in effect, subject to the right of the Board to terminate the Plan at any time pursuant to Article VIII herein. However, in no event may an Award be granted under the Plan on or after the tenth anniversary of the Effective Date. Nor may an Incentive Stock Option be granted under the Plan on or after the tenth anniversary of the date the Plan was adopted by the Board. </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%;padding-bottom:16px;text-align:center;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ARTICLE II <br>DEFINITIONS</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The following definitions shall apply for the purposes of this Plan, unless a different meaning is plainly indicated by the context:</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Affiliate</font><font style="font-family:inherit;font-size:10pt;">&#32;means any &#8220;parent corporation&#8221; or &#8220;subsidiary corporation&#8221; of the Company, as those terms are defined in Section 424(e) and (f), respectively, of the Code.</font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-indent:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Award</font><font style="font-family:inherit;font-size:10pt;">&#32;means the grant by the Committee of an Incentive Stock Option, a Non-Qualified Stock Option, or a Restricted Stock Award. </font></div><div style="line-height:120%;padding-bottom:16px;text-align:left;text-