First Northwest Bancorp Enters into New Employment Agreement with President and CEO

On December 6, 2024, First Northwest Bancorp (“First Northwest”) and its wholly owned subsidiary First Fed Bank entered into a new employment agreement with Matthew P. Deines, First Northwest’s President and Chief Executive Officer. This agreement replaces the previous arrangement in effect.

Under the terms of the Employment Agreement, Mr. Deines will continue to serve as the President and CEO of both the Company and First Fed, with a base salary of $515,000 per year. This salary may be adjusted with the approval of First Northwest’s Board of Directors or the Compensation Committee. Additionally, Mr. Deines is eligible for an incentive bonus, equity incentive awards, and participation in employee benefit plans.

The Employment Agreement includes provisions restricting Mr. Deines from soliciting First Northwest’s employees, customers, suppliers, and engaging in competitive activities within the company’s territory for one year following his employment termination. The initial term of the agreement is one year, starting December 7, 2024, with a possible extension at First Northwest’s discretion.

Termination of the Employment Agreement can occur by either party, upon Mr. Deines’ death or Disability, or under certain defined circumstances without Cause or for Good Reason. In the event of termination without Cause or for Good Reason following a Change in Control, Mr. Deines is entitled to specific severance payments and benefits outlined in the agreement.

The Employment Agreement also covers standard provisions related to confidentiality, intellectual property, and compensation clawback. The full text of the agreement can be referred to in Exhibit 10.1 attached to the Form 8-K filing submitted to the Securities and Exchange Commission.

First Northwest Bancorp (NASDAQ: FNWB) reported the new Employment Agreement in a recent SEC filing dated December 6, 2024.

This news update is provided for informational purposes only and does not constitute investment advice or a solicitation to buy or sell securities.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read First Northwest Bancorp’s 8K filing here.

About First Northwest Bancorp

First Northwest Bancorp operates as a bank holding company for First Fed Bank that provides commercial and consumer banking services to individuals, businesses, and nonprofit organizations in western Washington, the United States. The company accepts various deposit instruments, including checking, money market deposit, savings, and transaction accounts, as well as certificates of deposit.