Isabella Bank (ISBA) has provided an update.
Starting August 6, 2024, Isabella Bank Corporation’s CFO, William Schaefer, will receive twenty-one annual credits totaling $245,000 as part of a new Supplemental Executive Retirement Plan, allowing for early retirement at 55 and normal retirement at 65, paid in five annual installments. Additionally, Schaefer is set to receive an annual grant of restricted stock worth 25% of his salary contingent on meeting 2024 performance goals, with specific vesting conditions and subject to clawback provisions.
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