Company: COFS
Filing Date: 2025-03-03
Form Type: 8-K
Source: 0000950170-25-030833
Chunk: 1

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-03-03
Form: 8-K
Item: Item 5.02
Chunk 1
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Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Pursuant to the Merger Agreement and effective as of the effective time of the Merger, ChoiceOne’s Board of Directors (the “ Board”) increased in size to 15 directors and the Board appointed Brian Petty and Randy Hicks, M. D., former directors of Fentura, as directors of ChoiceOne to fill the resulting vacancies. The Board determined that Mr. Petty and Dr. Hicks are each independent under the listing standards of the Nasdaq Stock Market.

Pursuant to the Merger Agreement, ChoiceOne agreed to take all appropriate action, subject to and in accordance with its articles of incorporation and bylaws and corporate governance standards, to appoint two individuals serving on the Fentura board of directors to the Board, effective immediately following the effective time of the Merger, to serve until ChoiceOne’s next annual meeting of shareholders. Pursuant to the Merger Agreement, ChoiceOne shall endeavor to nominate Mr. Petty and Dr. Hicks for reelection to the Board for a subsequent term following their initial term.

It is expected that Mr. Petty will serve on the Audit Committee and that Dr. Hicks will serve on the Personnel and Benefits and Governance and Nominating Committees of the Board.

Mr. Petty and Dr. Hicks will each be entitled to receive compensation for their services as a director consistent with the compensation paid to other directors as described in the Proxy Statement for ChoiceOne's 2024 annual meeting of shareholders.

Item 8.01 Other Events.