Corporate GovernanceJul 8, 2026, 05:17 PM
Customers Bancorp Adopts New Executive Retirement Plan
AI Summary
Customers Bancorp, Inc. adopted a new Supplemental Executive Retirement Plan (SERP) for Lyle Cunningham, superseding a prior plan from April 2022. The Plan aims to provide supplemental nonqualified pension benefits and incentivize the Executive's continued contributions. It includes a monthly benefit of $12,500 upon separation after normal retirement age, early termination benefits, change in control benefits, and disability/death benefits. The plan also features clawback, noncompete, non-disclosure, and non-solicitation provisions.
Key Highlights
- Customers Bancorp adopted a new Supplemental Executive Retirement Plan (SERP) for Lyle Cunningham.
- The new SERP supersedes a prior plan adopted on April 27, 2022.
- Plan provides a monthly benefit of $12,500 upon separation after Normal Retirement Age.
- Includes early termination, change in control, disability, and death benefits.
- Features clawback, noncompete, non-disclosure, and non-solicitation provisions.
- Intended to comply with Section 409A of the Internal Revenue Code.
Price Impact
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