Business Context and Reporting Period
Company: Customers Bancorp, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: March 19, 2026
Event: Entry into a Supplemental Executive Retirement Plan for Samvir Sidhu.
Key Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on executive compensation arrangements.
Material Changes
The Company entered into a new Supplemental Executive Retirement Plan on March 19, 2026, which supersedes the prior plan adopted on May 3, 2021, for Executive Samvir Sidhu.
Management Commentary and Plan Details
- Purpose: To provide supplemental nonqualified pension benefits and incentivize the Executive's continued contributions.
- Plan Type: Nonqualified, unfunded deferred compensation plan compliant with ERISA and Section 409A of the Internal Revenue Code.
- Key Benefits:
- Normal Retirement: Monthly benefit of $50,000 for life upon separation after Normal Retirement Age (excluding death).
- Early Termination: Vested benefit payment for life if separation occurs prior to Normal Retirement Age (excluding death or Change in Control).
- Change in Control: Monthly benefit for life if separation occurs within 12 months of a Change in Control (excluding termination for Cause).
- Other: Includes disability and death benefits.
- Restrictions: Includes Clawback, Noncompete, Non-Disclosure, and Non-Solicitation provisions. Benefits are forfeited if the Executive is 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 potential liability of the plan against the Company's current financial statements in the most recent 10-K or 10-Q.
- Confirm if this plan triggers any specific disclosure requirements regarding executive compensation in future proxy statements.