FNRN First Northern Community Bancorp (QX)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

Current Report

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report   March 4, 2024

(Date of Earliest event reported)

FIRST NORTHERN COMMUNITY BANCORP

(Exact name of registrant as specified in its charter)

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

[ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company [ ]

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. [ ] 

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 the term of employment ends, in addition to certain other benefits described in the agreement.  There is no “Gross-up Payment” (excess parachute payment) provided in the agreement.

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.

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