secwatch.observer — SEC 8-K summary
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Issuer:     ISABELLA BANK CORP (ISBA)
CIK:        0000842517
Form:       8-K
Filed at:   2024-08-08T23:59:59+00:00
Accession:  0000842517-24-000140
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Isabella Bank Corp enters SERP and restricted stock agreements with CFO Schaefer
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- 21-year SERP with CFO Schaefer provides annual credits totaling $245,000, effective August 6, 2024.
- Restricted stock grant eligible for 25% of annual salary upon meeting 2024 performance goals.
- Participation agreement replaces default payment form with five annual installments upon separation.
- Agreements include clawback policy and restrictive covenants (non-compete, confidentiality).

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/842517/000084251724000140/0000842517-24-000140-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/842517/000084251724000140/isba-20240806.htm
  HTML page:      https://secwatch.observer/filing/0000842517-24-000140

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