Corporate GovernanceMay 28, 2026, 05:31 PM
Customers Bancorp Shareholders Approve Stock Plan Amendment, Grants
AI Summary
Customers Bancorp, Inc. shareholders approved an amendment to the 2019 Stock Incentive Plan, increasing authorized shares by 750,000 to 4,070,325 and raising non-employee director compensation limits. This approval enabled the grant of 71,935 restricted stock units (RSUs) in short-term performance awards and an aggregate of 15,043 RSUs and 22,563 performance-based restricted stock units (PBRSUs) in long-term incentive awards to executives. Shareholders also re-elected three Class III directors, ratified Deloitte & Touche LLP as auditor, and approved named executive officer compensation on an advisory basis.
Key Highlights
- Shareholders approved an amendment to the 2019 Stock Incentive Plan.
- Authorized shares under the plan increased by 750,000 to 4,070,325.
- 71,935 RSUs were granted as short-term annual performance awards to executives.
- 15,043 RSUs and 22,563 PBRSUs were granted as long-term incentive awards.
- Jay S. Sidhu received 16,030 short-term RSUs with a $1,037,400 fair value.
- Jay S. Sidhu received 7,047 long-term RSUs and 10,570 PBRSUs.
- Three Class III directors were re-elected by shareholders.
- Deloitte & Touche LLP was ratified as the independent auditor with 30,414,702 votes For.
- Named executive officer compensation was approved on an advisory basis with 19,160,697 votes For.
Price Impact
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