secwatch.observer — SEC 8-K summary
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Issuer:     ISABELLA BANK CORP (ISBA)
CIK:        0000842517
Form:       8-K
Filed at:   2024-04-01T23:59:59+00:00
Accession:  0000842517-24-000069
Event type: other_material
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Isabella Bank adopts clawback policy, grants $1.4M SERP credits, restricted stock to two execs
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- Board adopted clawback policy effective Jan 1, 2024 for performance-based compensation.
- Restated SERP grants Schwind $800,000 and McDonnell $600,000 in additional credits.
- Restricted stock plan grants Schwind 40% of salary, McDonnell 30% of salary, contingent on 2024 goals.
- Plans incorporate clawback policy; all grants subject to recoupment on accounting restatements.
- Compensation for CEO Schwind and CFO McDonnell under restated incentive plans.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/842517/000084251724000069/0000842517-24-000069-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/842517/000084251724000069/isba-20240326.htm
  HTML page:      https://secwatch.observer/filing/0000842517-24-000069

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer