First Northern Community Bancorp Files 8-K on Executive Changes

TL;DR

FNBC files 8-K: Exec changes, new employment agreement for Kevin Spink.

AI Summary

First Northern Community Bancorp entered into a material definitive agreement on March 4, 2024, with Kevin Spink, detailing his employment terms. The filing also reports on the departure of directors or certain officers, the election of directors, and the appointment of certain officers, along with compensatory arrangements for these officers.

Why It Matters

This filing indicates significant changes in the company's leadership and executive compensation structure, which could impact strategic direction and investor confidence.

Risk Assessment

Risk Level: medium — Changes in key personnel and executive compensation can introduce uncertainty and potential shifts in company strategy.

Key Players & Entities

• First Northern Community Bancorp (company) — Registrant
• Kevin Spink (person) — Subject of employment agreement
• March 4, 2024 (date) — Date of employment agreement and earliest event reported

FAQ

Key Financial Figures

• $301,764 — y stated in the Employment Agreement is $301,764, which may be adjusted annually, as det

Filing Documents

• form8_k.htm (8-K) — 13KB
• 0001114927-24-000026.txt ( ) — 14KB

01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT

ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT See disclosure at Item 5.02. ITEM 5.02 DEPARTURE OF DIRECTORS OR CERTAIN OFFICERS; ELECTION OF DIRECTORS; APPOINTMENT OF CERTAIN OFFICERS; COMPENSATORY ARRANGEMENTS OF CERTAIN OFFICERS (e) On March 4, 2024, First Northern Bank, the wholly owned subsidiary of First Northern Community Bancorp (the "Company"), and Kevin Spink, Executive Vice President/Chief Financial Officer of the Company, executed an Employment Agreement dated as of February 27, 2024. The Employment Agreement has a one-year term which renews automatically for consecutive one-year terms unless the executive officer or the Bank gives advance notice that the agreement will not be renewed. The annual base salary stated in the Employment Agreement is $301,764, which may be adjusted annually, as determined appropriate by the Board of Directors of the Bank and based upon Mr. Spink's performance. If, within two years following a Change of Control (as such term is defined in the Employment Agreement), Mr. Spink's employment is terminated under provisions of the agreement governing termination for Good Reason or Involuntary Termination (as those terms are defined in the agreement) or as a result of the Bank's election not to extend to the agreement, Mr. Spink shall receive 200% times the sum of his annual base salary as in effect on the date the term of employment ends and the average of the annual bonuses awarded to him by the Bank for the three most recent consecutive years prior to the date the term of employment ends, in addition to certain other benefits described in the agreement. If Mr. Spink's employment is terminated under the provisions governing Involuntary Termination or termination for Good Reason, Mr. Spink shall receive 100% of the sum of his annual base salary as in effect on the date the term of employment ends and the average of the annual bonuses awarded to him by the Bank for the three most recent consecutive years prior to the date t

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Date: March 8, 2024 First Northern Community Bancorp (Registrant) /s/ Jeremiah Z. Smith By: Jeremiah Z. Smith President/Chief Executive Officer

View Full Filing

View this 8-K filing on SEC EDGAR