Customers Bancorp Amends CFO Employment Agreement

What Happened

• Customers Bancorp, Inc. (CUBI) filed an 8-K (dated July 27, 2026) disclosing a First Amended Employment Agreement with Executive Vice President and Chief Financial Officer Mark R. McCollom, effective July 24, 2026. The Amended Agreement replaces the Original Employment Agreement dated June 10, 2025, and retains substantially all prior material terms while making several specified changes.

Key Details

• Term extension: the agreement now automatically renews for one-year terms on each anniversary of the Original Agreement unless either party gives at least 60 days’ prior notice to cancel.
• Notice period: McCollom’s required notice period for terminating his employment was shortened from 60 days to 45 days.
• Severance conditions and benefits: receipt of severance requires McCollom to sign a release of claims; the Company will continue his health, dental and life insurance during any period he receives cash severance payments.
• Post‑employment restrictions: adds a 12‑month non‑compete covering the Company’s defined Field of Interest in specified Restricted Area(s) and applies the Restricted Area concept to other restrictive covenants in the agreement.

Why It Matters

• This amendment signals steps to stabilize and retain the company’s CFO while adding conditions that limit his ability to join competitors for 12 months after departure. Investors should note changes that affect executive mobility (non‑compete), severance eligibility (release requirement), ongoing benefit obligations during severance, and the automatic annual renewal feature that can extend the CFO’s term unless timely canceled.