SEC Contract Filing

Filing Date: 2025-01-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>a103schierhorn2025employme.htm
<DESCRIPTION>EX-10.3
<TEXT>
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<title>Document</title></head><body><div id="ifbf6335f8495413a98cfa0e4f92d638e_1"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:700;line-height:120%">Exhibit 10.3</font></div></div><div style="margin-bottom:10pt;text-align:center"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:14pt;font-style:italic;font-weight:700;line-height:133%">EMPLOYMENT AGREEMENT</font></div><div style="margin-bottom:5pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">This Employment Agreement (the &#8220;Agreement&#8221;) is made and entered into effective the 1st day of January, 2025 (the &#8220;Effective Date&#8221;), by and between Northrim BanCorp, Inc. and its wholly owned subsidiary, Northrim Bank, a state-chartered commercial bank, with its principal office in Anchorage, Alaska (collectively, the &#8220;Employer&#8221;) and Joseph M. Schierhorn (the &#8220;Executive&#8221;).</font></div><div><font><br></font></div><div style="margin-bottom:5pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">In consideration of the mutual promises made in this Agreement, the parties agree as follows&#58;</font></div><div style="margin-bottom:5pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:100%">1.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:100%;padding-left:27pt">Employment.</font></div><div style="margin-bottom:5pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">Employer employs Executive and Executive accepts employment with Employer as Chairman of Northrim BanCorp, Inc. and Chairman of Northrim Bank.</font></div><div style="margin-bottom:5pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:100%">2.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:100%;padding-left:27pt">Term.</font></div><div style="margin-bottom:5pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">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, 2025&#59; provided, however, that on January 1, 2026, and each succeeding January 1, the Term shall automatically be extended for one additional year unless, not later than ninety 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="margin-bottom:5pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:100%">3.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:100%;padding-left:27pt">Duties.</font></div><div style="margin-bottom:5pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">The Executive will serve as Chairman of Northrim BanCorp, Inc and Chairman of Northrim Bank. 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 the Executive&#8217;s position, subject to the direction of Employer&#8217;s Board of Directors. Executive shall devote necessary time, attention and effort to Employer&#8217;s business in order to properly discharge the Executive&#8217;s responsibilities under this Agreement.</font></div><div style="margin-bottom:5pt;padding-left:72pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:100%">4.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:100%;padding-left:27pt">Compensation, Benefits, Reimbursement and Profit Sharing.</font></div><div style="padding-left:108pt;text-align:justify;text-indent:-36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:100%">a.</font><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-style:italic;font-weight:700;line-height:100%;padding-left:27pt;text-decoration:underline">Base Salary.</font></div><div style="margin-bottom:5pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:133%">In consideration for all services rendered by Executive during the term of this Agreement, E