Eagle Bancorp Montana disclosed two amendments to existing executive salary-continuation agreements and one new agreement in an October 1, 2026 Form 8-K. The annual benefit figures are conditional: eligibility, separation timing, retirement age and other agreement terms determine whether and how benefits are paid. These are executive-specific arrangements, not customer bank products or immediate cash awards.
What the company disclosed
On September 28, 2026, the boards of Eagle Bancorp Montana, Inc. and its wholly owned subsidiary Opportunity Bank of Montana approved amendments to agreements for CEO Laura F. Clark and EVP/CFO Miranda J. Spaulding. The company’s October 1 Form 8-K also reported a new agreement for President and COO P. Darryl Rensmon. The filing summarizes the changes; the attached agreements set out the detailed conditions and payment terms. SEC Form 8-K, October 1, 2026.
How the three agreements differ
| Executive | Action | Normal-retirement benefit and trigger | Other terms disclosed |
|---|---|---|---|
| Laura F. Clark, CEO | Fifth amendment to an existing agreement | $86,500 annually if separation from service occurs on or after May 1, 2027. If separation occurs earlier, the annual amount is based on her accrued benefit on the separation date. | Monthly installments begin the month after separation and continue for life. If she dies before separation, her beneficiary receives $86,500 annually in monthly installments for 15 years, beginning the month after death. Clark fifth amendment. |
| Miranda J. Spaulding, EVP/CFO | Second amendment to an existing agreement | $136,500 annually upon separation from service after normal retirement age, in lieu of other benefits under the agreement. | Monthly installments begin the following month and continue for life. The amendment replaces early involuntary termination and early termination provisions, with applicable annual amounts set by a replacement Schedule A. If she dies before separation, her beneficiary receives $136,500 annually in monthly installments for 15 years. Spaulding second amendment. |
| P. Darryl Rensmon, President and COO | New agreement, made September 30 and effective October 1, 2026 | $47,500 annually upon separation from service after age 70, his defined normal retirement age. | Monthly installments continue for life. The agreement also includes a plan-year Schedule A early-termination benefit; a $47,500 annual beneficiary benefit for 15 years if he dies before separation; and continued installments for a beneficiary if he dies after payments begin but before 180 monthly installments have been paid. No benefits are payable if the employer terminates him for cause. Rensmon 2026 agreement. |
How to interpret the amounts
The figures are annual benefit amounts under particular contractual conditions, not lump-sum awards. For Clark, the May 1, 2027 separation threshold is material: earlier separation invokes an accrued-benefit calculation instead of the stated $86,500 amount. Spaulding’s $136,500 normal-retirement amount requires separation after normal retirement age, while the amendment separately revises early-termination terms. Rensmon’s $47,500 normal-retirement amount requires separation after age 70; other provisions govern early termination and death.
The dollar figures should not be ranked as though they were identical benefits. The agreements have different triggers, beneficiary terms and other provisions, and the disclosures do not establish a peer comparison or explain why the boards selected these amounts.
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What the filings do—and do not—say about compensation context
Eagle Bancorp Montana’s 2026 proxy statement describes the Compensation Committee’s review of executive compensation components, including salary, incentives and deferred compensation, and says it considers performance, comparable-company compensation and recent pay levels. It also lists salary-continuation benefits among named executive officers’ “all other compensation” for 2025. That general context does not give a change-specific rationale for the September 2026 terms or demonstrate that these agreements are comparable to peer arrangements. Eagle Bancorp Montana 2026 proxy statement.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.Tax language in Rensmon’s agreement
Rensmon’s agreement says: “The Employer and the Executive intend this Agreement shall at all times be administered and interpreted in compliance with Code Section 409A;” This is contractual language in the agreement, not an independent determination of tax treatment.
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