Business Context and Reporting Period
Company: Customers Bancorp, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: July 8, 2026
Event: Entry into a Supplemental Executive Retirement Plan for Lyle Cunningham.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation arrangements.
Material Changes
The Company entered into a new Supplemental Executive Retirement Plan on July 8, 2026, which supersedes the prior plan adopted on April 27, 2022, for Executive Lyle Cunningham.
Management Commentary and Plan Details
- Plan Purpose: To provide supplemental nonqualified pension benefits and incentivize the Executive's continued contributions.
- Plan Structure: Administered as an income tax nonqualified, unfunded plan compliant with ERISA and Section 409A of the Internal Revenue Code.
- Key Benefits:
- Normal Retirement: Monthly benefit of $12,500 upon Separation from Service after Normal Retirement Age (lifetime).
- Early Termination: Vested benefit payment if Separation from Service occurs prior to Normal Retirement Age (lifetime).
- Change in Control: Monthly benefit if Separation from Service (except for Cause) occurs within 12 months following a Change in Control (lifetime).
- Other: Includes disability and death benefits.
- Restrictions: Includes Clawback, Noncompete, Non-Disclosure, and Non-Solicitation provisions. Benefits are forfeited if terminated for Cause.
Investor Verification Checklist
- Review the full text of the Supplemental Executive Retirement Plan (Exhibit 10.1) for specific definitions of "Normal Retirement Age," "Cause," and "Change in Control."
- Verify the total estimated liability impact of the new plan on the Company's future financial statements.
- Confirm the Executive's current tenure and projected retirement date to assess the timing of potential payouts.