Company: CMTV
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000534
Chunk: 22

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 22
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 family member who is not an executive officer of the Company or the Bank |

| ● | certain retirement benefits or non-discretionary compensation and |

| ● | payments arising solely from investments in the Company’s common stock; |

| ● | has a close family member who during the past three years was an executive officer of the Company or the 
 Bank;                                                                                                    |

| ● | has been a principal, or has a close family member who was a principal, of any organization to which the                                   
 Company made or from which it received payments, in any of the past three years, that exceeded the greater of $200,000 or 5% of the annual 
 consolidated gross revenues of the other entity;                                                                                           |

| ● | has been an executive officer of any other entity, or has a close family member who was an executive officer        
 of any other entity, where any of the Company’s executives serves on that other entity’s compensation committee; or |

| ● | has been, or had a family member who was, a partner or employee of the Company’s independent auditor 
 at any time during the last three years.                                                             |

In determining whether a director or nominee for director is independent, the Board considers all relevant facts and circumstances and may consider a director or nominee not to be independent even if none of the disqualifying factors listed above applies. However, if any of the above disqualifying factors apply, a director or nominee will not be considered independent. Based on the information available to it, the Company’s Board of Directors has determined that each of the incumbent directors is independent within the meaning of the listing standards of NASDAQ, except for (i) former President and CEO of the Company and Bank Kathryn Austin, (ii) current President and CEO of the Company and Bank Christopher Caldwell and (iii) director Jacques Couture, who is the brother of the Company’s Corporate Secretary and Treasurer and the Bank’s Executive Vice President and CFO, Louise Bonvechio. Board Leadership Structure and Risk Oversight Our Board of Directors believes that each business is unique, and that therefore, the appropriate board leadership structure will depend upon each company’s unique and changing circumstances and needs. At times in the past the Board has deemed it advisable to combine 15 the positions of Board Chair and CEO and at other times has separated those positions. The CEO and Board Chair positions have remained separate since 2017, when Kathryn Austin succeeded Stephen Marsh as CEO of the Company and Mr. Marsh became the Board Chair. The Board believes that the Company has been well