Company: CMTV
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000534
Chunk: 33

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 33
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 time from $246,750 to $300,000 then in July 2024 to $315,000. In January 2025, his salary was increased to $425,000 upon succeeding Ms. Austin as President and CEO. The Committee’s recommendations were approved by the full Board. In Ms. Austin’s case, the Board’s annual review process also included consideration of her self-evaluation covering certain key elements of her written job description, including strategic planning, establishment and overall implementation of operating policies, and regulatory matters. The Board also undertook its own evaluation of Ms. Austin, reviewing various matters, including leadership, planning and organization abilities, creativity and problem solving, CRA (community reinvestment) and bank regulatory compliance. The Committee’s evaluation resulted in an excellent performance rating for Ms. Austin in 2024. Ms. Austin does not participate in the Committee’s determinations regarding her own compensation. In addition to base salary, a total of $182,483 was paid in February 2025, to the three executive officers named in the Summary Compensation Table for 2024 performance under the Bank’s Officer Incentive Plan. The Committee believes that the recommended salary adjustments made in 2024 are appropriate based in part on competitive factors and that they have designed an executive compensation package that will attract and retain competent senior management and provide appropriate rewards for both individual and Bank-wide performance. Submitted by the Community Bancorp. Compensation Committee, Aminta Conant, Chair Thomas E. Adams Kathryn M. Austin Bruce L. Baker David M. Bouffard Aminta K. Conant Stephen P. Marsh Carol A. Martin James G. Wheeler, Jr. EXECUTIVE COMPENSATION The executive officers of the Company did not receive any compensation for services rendered to the Company in 2024 or 2023 but did receive compensation for services rendered in their capacities as executive officers of the Bank. Accordingly, references in this proxy statement to the Company’s executive compensation program relate to the Bank’s executive compensation payments, practices and objectives. Executive Compensation Program Objectives and Risk Management Considerations The key objectives of the Company’s executive compensation programs are to support and drive business objectives and strategies; to reward competent stewardship of the enterprise; to provide a cost-effective, competitive total compensation package that enables the Company to attract and retain qualified executives for leadership roles; and to motivate and reward these executives for creating value for the Company and its shareholders. The cash incentive bonus program, in particular, is intended to reward exceptional financial performance of the Company, while at