SEC Contract Filing

Filing Date: 2020-03-09

Document Content:
<DOCUMENT>
<TYPE>EX-10.9
<SEQUENCE>3
<FILENAME>a109directorscompensationp.htm
<DESCRIPTION>EXHIBIT 10.9 DIRECTORS COMPENSATION POLICY 2019
<TEXT>
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<div><a name="s6DD9D31DEF36A739985DA8B68B997F35"></a></div><div><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EXHIBIT 10.9</font></div></div><div><br></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FIRST FEDERAL and FIRST NORTHWEST BANCORP </font></div><div style="line-height:120%;text-align:center;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;"><br></font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-weight:bold;text-decoration:underline;">Non-Employee Director Compensation Policy</font></div><div style="line-height:120%;text-align:center;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;">(effective January 1, 2020)</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;font-style:italic;font-weight:bold;text-decoration:underline;">Compensation for Non-Employee Directors</font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">For purposes of this Policy, it is anticipated that the non-employee directors of First Northwest Bancorp (&#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">FNWB</font><font style="font-family:inherit;font-size:11pt;">&#8221;) will also serve as the non-employee directors of First Federal Savings and Loan Association of Port Angeles (&#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">First Federal&#8221;</font><font style="font-family:inherit;font-size:11pt;">, and, together with FNWB, the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Company</font><font style="font-family:inherit;font-size:11pt;">&#8221;). Directors of FNWB and First Federal will be collectively referred to as &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Directors</font><font style="font-family:inherit;font-size:11pt;">.&#8221; It further anticipated that Directors will serve in identical roles for the Boards and Committees of FNWB and First Federal to the extent such roles exist for both companies. The Boards have therefore determined that Directors shall be compensated for their collective service to the Company unless Directors serve a specific role with either FNWB or First Federal, but not both. </font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;"><br></font></div><div style="line-height:120%;text-align:left;font-size:11pt;"><font style="font-family:inherit;font-size:11pt;">Effective January 1, 2020, Directors shall be compensated for their service on the boards of FNWB and First Federal in accordance with the following: </font></div><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:53px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:36px;"><font style="font-family:inherit;font-size:11pt;">1.</font></div></td><td style="vertical-align:top;padding-left:2.6666666666666665px;"><div style="line-height:120%;text-align:left;font-size:11pt;text-indent:-2.6666666666666665px;"><font style="font-family:inherit;font-size:11pt;">The Company pays each Director an annual retainer of </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">$32,000</font><font style="font-family:inherit;font-size:11pt;">&#32;which amount shall be paid in equal monthly installments of </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">$2,667 </font><font style="font-family:inherit;font-size:11pt;">(the &#8220;</font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">Annual Retainer</font><font style="font-family:inherit;font-size:11pt;">&#8221;). Non-employee directors are not compensated for participation in Board or Committee meetings.</font></div></td></tr></table><div style="line-height:120%;text-align:left;font-size:6pt;"><font style="font-family:inherit;font-size:6pt;"><br></font></div><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:53px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:120%;font-size:11pt;padding-left:32px;"><font style="font-family:inherit;font-size:11pt;">2.</font></div></td><td style="vertical-align:top;padding-left:2.6666666666666665px;"><div style="line-height:120%;text-align:left;font-size:11pt;text-indent:-2.6666666666666665px;"><font style="font-family:inherit;font-size:11pt;">In addition to the Annual Retainer, the Chairperson of the Boards of Directors shall be paid an annual retainer of </font><font style="font-family:inherit;font-size:11pt;font-weight:bold;">$9,600</font><font style="font-family:inherit;font-size:11pt;">&#32;which amount shall be paid in equal monthly installments of