Company: ISBA
Filing Date: 2025-04-07
Form Type: 8-K
Source: 0000842517-25-000080
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Company: ISABELLA BANK CORP
Filing Date: 2025-04-07
Form: 8-K
Item: Item 5.02
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) Isabella Bank Corporation Restricted Stock Plan Award Agreements

Effective April 4, 2025, the registrant made annual grants under the Isabella Bank Corporation Restricted Stock Plan to Jerome Schwind, Neil McDonnell, and William Schaefer. Under Mr. Schwind's Award Agreement, Mr. Schwind is eligible for a grant of restricted stock equal in value to 40% of his annual salary if he meets his 2025 performance goals. Under Mr. McDonnell's Award Agreement, Mr. McDonnell is eligible for a grant of restricted stock equal in value to 30% of his annual salary if he meets his 2025 performance goals. Finally, under Mr. Schaefer's Award Agreement, Mr. Schaefer is eligible for a grant of restricted stock equal in value to 25% of his annual salary if he meets his 2025 performance goals. All Award Agreements contain vesting conditions and are subject to the Clawback Policy.

(e) The Supplemental Executive Retirement Plan

Effective April 4, 2025, the Board adopted a restated Isabella Bank Corporation Supplemental Executive Retirement Plan (the “ SERP”) to change the manner in which interest accrues on a Participant’s SERP account balance. Prior to the amendments, interest was calculated annually based on the Federated Investor’s Institutional Money Market Management Fund yield (MMPXX) of the current plan year and did not permit any interest crediting in the final year of distribution. The amendments changed the interest calculation to reflect a daily accrual based on the Vanguard Federal Money Market Fund yield of the current plan year, crediting such interest on the last day of the plan year, and permitting the accrual of interest for any partial year during which the final payment under the SERP is made.

The registrant made additional immaterial amendments to the SERP related to payment delays and claims procedures. The foregoing changes are effective for the plan year beginning January 1, 2025.

The Award Agreements and SERP are qualified in their entirety by reference to the text of the Award Agreements and SERP, copies of which are attached as Exhibits 10.1, 10.2, 10.3 and 10.4, respectively.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits