Ballard Jed W 4

What Happened
Jed W. Ballard, EVP and CFO of Northrim Bancorp (NRIM), converted/settled vested equity awards on March 23, 2026. The filing shows two "acquired" derivative conversions totaling 15,025 shares (6,010 + 9,015) at $0 exercise price. To cover tax obligations, 3,860 shares were withheld/disposed at $22.85 each (1,664 and 2,196 shares), totaling about $88,201. The report also records additional derivative settlement entries of 5,344 and 9,015 shares (no cash proceeds), which reflect award settlement mechanics rather than open-market sales. Based on the reported acquired and withheld entries, Ballard received a net ~11,165 shares after tax withholding.

Key Details

• Transaction date: March 23, 2026; Form 4 filed March 25, 2026 (timely filing).
• Acquired (conversion/exercise): 6,010 and 9,015 shares at $0.00 (total 15,025).
• Shares withheld for taxes (Disposition code F): 1,664 and 2,196 shares at $22.85 each; cash value ~ $38,022 and $50,179 (total ≈ $88,201).
• Additional derivative settlement entries: 5,344 and 9,015 shares shown as disposed with $0 proceeds (reflecting award settlement).
• Footnotes: PSUs vested at 150% based on three‑year performance vs. peers; RSU grant fully vested; some shares issued for dividend equivalents (666 and 999 shares). No exercise price applied to these conversions.
• Shares owned after the transactions are not provided in the excerpt of the filing.

Context

• These transactions are compensation-related (vesting/settlement of restricted and performance stock units), not open-market purchases or discretionary sales. Withholding of shares to cover taxes is a common, routine practice and should not be interpreted as a directional market bet.
• The PSU payout at 150% indicates the earned performance multiplier for the three-year performance period, per the filing.