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Repair Windows errors before they cause bigger problemsFix Now →Scan for outdated or missing drivers - takes under a minuteDriver Scan →Eagle Bancorp Montana’s September 2026 board action amended salary-continuation agreements for CEO Laura F. Clark and EVP/CFO Miranda J. Spaulding, and approved a new agreement for President and COO P. Darryl Rensmon. The annual benefit figures in those agreements apply only when specified separation, retirement-age, or death conditions are met; they are not immediate or unconditional cash awards.
What the company disclosed
The boards of Eagle Bancorp Montana, Inc. and its wholly owned subsidiary Opportunity Bank of Montana approved the actions on September 28, 2026. The company reported them in a Form 8-K dated October 1, 2026. Two actions changed existing agreements; the third established a new agreement for Rensmon.
These are executive-specific salary-continuation arrangements, not bank accounts, consumer retirement products, or benefits available to customers generally. The 8-K summarizes the actions; the attached agreements set out the payment conditions.
How the three agreements differ
| Executive | Action | Annual benefit and trigger | Other stated terms |
|---|---|---|---|
| Laura F. Clark, CEO | Fifth amendment to existing agreement | $86,500 annually if separation from service occurs on or after May 1, 2027; an earlier separation uses her accrued benefit as of the separation date. | Normal-retirement payments are equal monthly installments beginning the next month and continue until death. Death before separation triggers $86,500 annually in monthly installments to her beneficiary for 15 years. |
| Miranda J. Spaulding, EVP/CFO | Second amendment to existing agreement | $136,500 annually upon separation from service after normal retirement age, in lieu of other benefits under the agreement. | Payments are equal monthly installments beginning the next month and continue until death. The amendment replaces early involuntary termination and early termination provisions, with applicable annual amounts set by a replacement Schedule A. Death before separation triggers $136,500 annually in monthly installments to her beneficiary for 15 years. |
| P. Darryl Rensmon, President and COO | New agreement, made September 30 and effective October 1, 2026 | $47,500 annually upon separation from service after normal retirement age, which the agreement defines as age 70. | Normal-retirement benefits are paid in equal monthly installments for life. The agreement also specifies early-termination benefits by plan year and death-benefit provisions; no benefits are payable if the employer terminates him for cause. |
Clark: the date of separation determines the amount
Clark’s fifth amendment is adopted as of October 1, 2026. The $86,500 annual normal-retirement figure applies only if her separation from service occurs on or after May 1, 2027. If separation happens before that date, the annual benefit is based on the accrued benefit on the separation date, rather than automatically being $86,500.
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If Clark dies before separating from service, her beneficiary receives $86,500 annually in equal monthly installments for 15 years, beginning the month after her death. That is a distinct death-before-separation provision, not the normal-retirement payment stream.
Spaulding: normal-retirement and early-termination terms both changed
Spaulding’s second amendment is adopted as of October 1, 2026. Its $136,500 annual benefit applies upon separation from service after normal retirement age and replaces other benefits under the agreement. Payments begin in equal monthly installments the following month and continue until her death.
The amendment also replaces provisions for early involuntary termination and early termination. The applicable annual benefits for those cases are determined by a replacement Schedule A; the $136,500 normal-retirement figure should not be assumed to describe those early-termination outcomes.
If Spaulding dies before separation from service, her beneficiary is entitled to $136,500 annually in monthly installments for 15 years.
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Rensmon: a new agreement with an age-70 trigger
Rensmon’s agreement was made September 30, 2026, and takes effect October 1. It defines normal retirement age as 70. If he separates from service after reaching that age, it provides $47,500 annually, paid in equal monthly installments for life.
Other provisions address early termination and death. Early-termination benefits are specified by plan year in Schedule A. If Rensmon dies before separating from service, his beneficiary is entitled to $47,500 annually over 15 years. If he dies after distributions begin but before 180 monthly installments have been paid, the agreement provides for the beneficiary to continue receiving installments. No benefits are payable if the employer terminates him for cause.
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Why the annual amounts should not be ranked at face value
The three figures—$86,500, $136,500, and $47,500—are annual benefit terms attached to different agreements and triggers. Clark’s amount depends on a specific separation date; Spaulding’s normal-retirement amount depends on separation after normal retirement age and sits alongside revised early-termination terms; Rensmon’s depends on separation after age 70 and includes a distinct installment-continuation rule. The figures alone do not establish equivalent benefits or make a like-for-like comparison.
Eagle Bancorp Montana’s 2026 proxy statement describes the Compensation Committee’s role in reviewing executive compensation, including salary, incentive, and deferred compensation, and its consideration of performance, comparable-company compensation, and recent pay levels. It also reports salary-continuation benefits as part of named executive officers’ “all other compensation” for 2025. That general context does not explain why the boards selected these particular 2026 amounts or establish a peer comparison for these agreements.
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Random freezes, missing sound and display glitches usually trace back to one bad driver. Find and replace yours safely.Free scan · under a minuteWhat the agreements say about tax administration
Rensmon’s contract 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 language in the agreement, not an independent determination of the tax treatment of a benefit.
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