other material
confidence high
sentiment neutral
materiality 0.45
Customers Bancorp adopts new SERP for EVP Samvir Sidhu with $600k annual benefit
Customers Bancorp, Inc.
- New SERP replaces prior plan; provides $50K/month ($600K/yr) lifetime benefit upon Normal Retirement Age (65).
- Early Termination and Disability benefits vest 20% after 6 years, fully after 10 years.
- Change-in-Control benefit: full vesting if terminated within 12 months post-CIC.
- Includes noncompete/non-solicit covenants and clawback/recoupment provisions.