Company: CMTV
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000534
Chunk: 43

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 43
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 the future decide to conduct advisory votes on executive compensation on a more or less frequent basis and may vary its practice based on factors such as the adoption of material changes to our executive compensation programs. In accordance with SEC rules, we will periodically seek another advisory “say-on frequency” shareholder vote at least once every six years. As required under the Exchange Act, we are asking shareholders to vote on the preferred frequency of future advisory votes on executive compensation by selecting the option of one year, two years, or three years in response to the following proposal at the Annual Meeting: Resolved, that an advisory vote of the shareholders on approval of the compensation of the Named Executive Officers of Community Bancorp. should be held every year, every two years or every three years, as determined by a plurality of the votes cast. Vote Required A plurality of the shares present or represented and entitled to vote either in person or by proxy is required to determine the outcome of the non-binding vote on the frequency of future non-binding “say-on-pay” votes. THE BOARD OF DIRECTORS RECOMMENDS A VOTE ON PROPOSAL 3 TO CONDUCT FUTURE ADVISORY VOTES ON EXECUTIVE COMPENSATION ONCE EVERY THREE YEARS. Although your vote is advisory and will not be binding on Board of Directors or the Compensation Committee, the Board and Committee will take into account the outcome of the vote when considering when to hold future say on pay votes. PROPOSAL 4 - RATIFICATION OF SELECTION OF INDEPENDENT AUDITORS The Audit Committee of the Board has appointed BerryDunn as the Company’s independent registered public accounting firm to audit Community Bancorp.’s consolidated financial statements for the year ending December 31, 2025. BerryDunn served as the Company’s independent auditors for 2024 and 2023 and provided certain tax and other audit-related services in both years. See “Fees Paid to Independent Auditors” below. Representatives of BerryDunn are expected to attend the Annual Meeting and will be available to respond to appropriate questions and, if they desire, to make a statement. Although neither Vermont law nor the Company’s bylaws requires the submission of the selection of the Company’s independent auditors to the shareholders for approval, the Board of Directors believes it is appropriate to give shareholders the opportunity to vote on whether to ratify the decision of the Audit Committee. Neither the Audit Committee nor the Board has made any determination as to what action, if any, would be taken if the shareholders do not ratify