Company: COFS
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012677
Chunk: 31

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 31
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 times the Executive's then-current base salary and monthly health care continuation payments for twelve months or until the commencement of new employment. The payments to each Executive under his Employment Agreement after a Change in Control are limited by Section 280G of the Code. The amount shown in the table for each Executive reflects this limitation. |

| (2) | In accordance with the Stock Incentive Plan of 2012 and the Equity Incentive Plan of 2022, all outstanding unvested equity awards and stock options shall become immediately fully vested upon a change in control. The amount shown includes the value of accelerated vesting of restricted stock units and stock options. |

| (3) | ChoiceOne Bank has obtained bank-owned life insurance on certain key executives. Under ChoiceOne Bank's policies, if Mr. Potes, Mr. Burke or Mr. Henion die while still working for ChoiceOne Bank, his respective estate will receive compensation. |

| (4) | In accordance with the Stock Incentive Plan of 2012 and the Equity Incentive Plan of 2022, restrictions on all outstanding unvested restricted stock units will be removed on a pro rata basis equal to the total number of such awards multiplied by the number of full months elapsed since grant date divided by the total number of full months in the respective restricted period upon death, disability, or retirement. |

Pay versus Performance Table

| Pay Versus  
 Performance 
 Year(1)     |     |      Summary 
 compensation 
  table total 
      for PEO |     |  Compensation 
 actually paid 
     to PEO(2) |     |            Average 
            Summary 
       Compensation 
    Table Total for 
      Non-PEO named 
 executive officers |     |          Average 
     Compensation 
 Actually Paid to 
    non-PEO named 
        executive 
   officers(1)(2) |     | Value of Initial 
       Fixed $100 
       Investment 
  Based on: Total 
      Shareholder 
           Return |     |  Net Income |
| 2024        |     |     $888,391 |     |      $872,366 |     |           $511,960 |     |         $497,066 |     |          $135.60 |     | $26,727,000 |
| 2023        |     |     $722,253 |     |      $715,362 |     |           $422,686 |     |         $417,862