4/A: Northrim Bancorp EVP, CFO Jed W. Ballard Amends Form 4 Filing to Correctly Report Securities Ownership
SEC Filing (Form 4/A)
Jed W. Ballard, EVP and CFO of Northrim Bancorp, files an amendment to a previous Form 4 to correct inaccuracies in reported securities holdings, specifically regarding restricted stock units (RSUs).
Summary
- Jed W. Ballard, the EVP and CFO of Northrim Bancorp, filed an amended Form 4 with the SEC.
- The amendment corrects inaccuracies in a previous Form 4 filing from March 24, 2023, regarding the amount of securities held.
- The original filing inadvertently included RSU awards that had not yet vested.
- The corrected filing shows Ballard directly owns 3,749 shares of common stock.
- Ballard was also granted 1,336 restricted stock units on March 23, 2023, which vest 100% three years from the grant date.
- The RSUs represent a contingent right to receive one share of Northrim common stock each.
- The grant of restricted stock units was awarded for no consideration.
Sentiment
Score: 7
Explanation: The document is a routine regulatory filing. The correction of an error is a neutral event, and the grant of RSUs is generally viewed positively as it aligns management's interests with shareholders.
Positives
- The amended filing provides a more accurate representation of the reporting person's securities holdings.
- The grant of restricted stock units aligns the executive's interests with those of the shareholders.
Future Outlook
The restricted stock units will vest on March 23, 2026, contingent on continued employment.
Management Comments
- The original Form 4 filing inadvertently reported incorrect amounts held by the Reporting Person, which included RSU awards that had not vested.
- The grant of restricted stock units were awarded for no consideration.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Amendments are sometimes necessary to correct errors or omissions in the original filings.
Stakeholder Impact
- Shareholders benefit from accurate and transparent reporting of insider transactions.
Key Dates
| Date | Description |
|---|---|
| 03/23/2023 | Date of the original transaction and grant date of restricted stock units. |
| 03/24/2023 | Date of the original Form 4 filing that contained errors. |
| 04/01/2025 | Date of signature on the amended form. |
Keywords
Form 4, Amendment, Securities, Ownership, Northrim Bancorp, NRIM, Jed W. Ballard, Restricted Stock Units, RSU, Vesting
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