Central Plains Bancshares, Inc. 8-K

What Happened

• On July 8, 2026, Home Federal Savings and Loan Association of Grand Island (the Bank), a wholly owned subsidiary of Central Plains Bancshares, Inc., entered into a change-in-control agreement with Executive Vice President and Chief Financial Officer Bradley M. Kool. The company filed the related Form 8-K on July 14, 2026.
• The agreement has an initial three-year term and includes procedures for annual review and potential extension by the disinterested members of the board.

Key Details

• Term & renewal: Initial term is three years; at least 30 days before each October 24 the disinterested board must affirmatively approve a one-year extension or allow the agreement to expire. If a change in control occurs during the term, the agreement automatically renews for two years from the change-in-control date.
• Severance: If Mr. Kool is involuntarily terminated without cause, or resigns for “good reason,” during the agreement term, he will receive a single lump-sum severance payment equal to three times the sum of (a) his base salary in effect at termination (or immediately before a change in control, if higher) and (b) the highest annual cash bonus earned in the change-in-control year or any of the three prior calendar years.
• Benefits: If Mr. Kool elects COBRA coverage after a qualifying termination, the Bank will reimburse his monthly COBRA premiums for up to 18 months.
• “Good reason” includes a material reduction in base salary; a material reduction in duties, authority or responsibilities; a relocation increasing the daily commute by 35 miles or more; or a material breach of the agreement by the Bank.

Why It Matters

• For investors, this disclosure signals that the company has adopted a retention/protection arrangement for its CFO that could lead to a sizable one-time cash payout if a qualifying change in control and qualifying termination occur. The agreement caps the severance formula (3x base pay plus bonus) but does not specify actual dollar amounts, so the precise potential liability depends on Mr. Kool’s compensation levels.
• The protections may help retain senior financial leadership during strategic transactions (e.g., mergers or acquisitions), but also create a contingent cash obligation for the Bank (the subsidiary) in certain termination scenarios.