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Outbyte PC Repair FREERepair Windows errors before they cause bigger problemsFix Now →Outbyte Driver Updater FREEFix the driver behind crashes, sound loss and screen glitchesFind Drivers →Eagle Bancorp Montana disclosed two amendments to existing executive salary-continuation agreements and one newly adopted agreement in an October 1, 2026 Form 8-K. The annual benefit figures are conditional agreement terms—not immediate or unconditional cash awards—and the amounts depend on each executive’s separation, retirement-age, and other provisions.
What changed
On September 28, 2026, the boards of Eagle Bancorp Montana, Inc. and its wholly owned subsidiary Opportunity Bank of Montana approved changes 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 applicable conditions and payment terms. SEC Form 8-K, filed October 1, 2026.
These are executive-specific salary-continuation arrangements, not products offered to bank customers. The filing establishes the adopted terms but does not explain why the boards selected these amounts or show that they are comparable to peer arrangements.
How the three agreements differ
| Executive | Action | Annual benefit and trigger | Other stated terms |
|---|---|---|---|
| Laura F. Clark, CEO | Fifth amendment, adopted effective October 1, 2026 | $86,500 annually if separation from service occurs on or after May 1, 2027; an earlier separation uses the accrued benefit on the separation date. | Normal-retirement payments are equal monthly installments starting the following month and continue for life. If she dies before separation, her beneficiary receives $86,500 annually in monthly installments for 15 years. |
| Miranda J. Spaulding, EVP/CFO | Second amendment, adopted effective October 1, 2026 | $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. |
| 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 sets at 70. | Monthly installments continue for life. The agreement also includes a plan-year Schedule A benefit for early termination, a 15-year beneficiary benefit if he dies before separation, and continuation to a beneficiary if he dies after distributions begin but before 180 monthly installments have been paid. No benefits are payable if the employer terminates him for cause. |
Sources for the agreement terms: Clark fifth amendment, Spaulding second amendment, and Rensmon 2026 agreement.
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What the annual figures do—and do not—mean
The listed amounts describe annual benefit levels under specified agreement conditions. They should not be read as one-time payments, amounts payable immediately upon approval, or a straightforward ranking of compensation. Clark’s figure depends on a separation date threshold; Spaulding’s applies after normal retirement age; Rensmon’s applies after age 70. Their early-separation and beneficiary provisions also differ.
Eagle Bancorp Montana’s 2026 proxy statement describes the Compensation Committee’s broader responsibility for reviewing executive pay, including salary, incentive and deferred compensation, and says it considers performance, comparable-company compensation and recent pay levels. It also reports salary-continuation benefits among named executive officers’ “all other compensation” for 2025. That general context does not give a rationale for the September 2026 amounts or establish a peer comparison for these agreements. 2026 proxy statement.
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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.” That is contractual language expressing the parties’ intent; by itself, it is not an independent determination of the agreement’s tax treatment.
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