Huston Michael G. 4
4 · NORTHRIM BANCORP INC · Filed Mar 25, 2026
Research Summary
AI-generated summary of this filing
Northrim (NRIM) CEO Michael G. Huston Exercises Awards, Sells Shares
What Happened
Michael G. Huston, Chairman, President & CEO of Northrim Bancorp (NRIM), exercised/converted a total of 33,533 derivative awards (performance and restricted stock units) on March 23, 2026. Of those, 17,143 shares were reported as acquired/delivered to him, and 4,268 shares were withheld/sold to cover taxes (1,763 shares for $40,285 and 2,505 shares for $57,239, totaling $97,524). Several other converted award tranches are reported as dispositions in the filing (16,390 shares reported as derivative dispositions). No cash exercise price applied to these conversions.
Key Details
- Transaction date: March 23, 2026; Form 4 filed March 25, 2026 (timely within the typical 2-business-day window).
- Reported conversions/exercises (code M) total 33,533 shares.
- Shares withheld/sold for taxes (code F): 1,763 @ $22.85 = $40,285 and 2,505 @ $22.85 = $57,239 (total ~$97,524).
- Footnotes: PSUs vested at 150% based on three‑year relative performance vs. peer group (F3, F7); total RSUs vested (F6); dividends issued as shares were included in some withholdings (F1, F4); shares were withheld at the reporting person’s request to satisfy tax withholding (F2). F5 notes no conversion/exercise price applies.
- Shares owned after the transactions are not specified in the provided data.
Context
These entries reflect vesting/conversion of company equity awards (performance stock units and restricted stock units), not an open-market buy. The withholding/disposition entries (code F) are routine tax-withholding or net-settlement actions following vesting; the cash generated (~$97.5K) represents proceeds from shares withheld/sold to cover tax liabilities. Performance units were credited at 150% based on the company’s peer-relative results over the performance period.
Insider Transaction Report
- Exercise/Conversion
Common Stock
[F1]2026-03-23+6,857→ 90,109 total - Tax Payment
Common Stock
[F2]2026-03-23$22.85/sh−1,763$40,285→ 88,346 total - Exercise/Conversion
Common Stock
[F3][F4]2026-03-23+10,286→ 98,632 total - Tax Payment
Common Stock
[F2]2026-03-23$22.85/sh−2,505$57,239→ 96,127 total - Exercise/Conversion
Restricted Stock Units
[F5][F6]2026-03-23−6,104→ 0 total→ Common Stock (6,104 underlying) - Exercise/Conversion
Performance Stock Units
[F5][F3][F4][F7]2026-03-23−10,286→ 0 total→ Common Stock (10,286 underlying)
Footnotes (7)
- [F1]Includes 753 shares issued for payment of dividends under the Northrim BanCorp, Inc. Stock Option Plan.
- [F2]Shares withheld by the Company at the request of the Reporting Person to pay taxes due following the expiration of the applicable restriction period, under the terms of the Northrim BanCorp, Inc. Stock Incentive Plan.
- [F3]Under the terms of the Northrim BanCorp, Inc. Stock Incentive Plan, the underlying securities were earned (150 percent) based on the Companys performance relative to an industry peer group over a three-year performance period. Determination of the percentage of the award earned was made by the Compensation Committee on March 23, 2026, and calculation of the underlying shares to be delivered, net of withholding, was completed on March 23, 2026.
- [F4]Includes 1,130 shares issued for the payment of dividends under the Northrim BanCorp, Inc. Stock Incentive Plan.
- [F5]No conversion or exercise price applies.
- [F6]The total grant of restricted stock units vested on March 23, 2026.
- [F7]Performance stock units vested at 150 percent based on the Companys performance relative to an industry peer group over a three-year performance period.