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

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 25
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 earnings per share) at maximum (125%), target (100%) and threshold (25%) and completion of a five-year service period. 2023 stock awards consist of awards of time-based restricted stock units, which will vest in full on the three-year anniversary of the grant date, and performance-based restricted stock units, which will vest upon satisfaction of the relevant performance metric (five-year cumulative earnings per share) at maximum (125%), target (100%) and threshold (75%) levels and completion of a five-year service period. Any stock awards that vest will be converted to shares of Company common stock on a one-for-one basis. Stock awards that do not vest will be forfeited and the named executive officer will receive no shares of Company common stock attributable to the forfeited units. A holder of stock awards has no rights as a shareholder of the Company until such time as the awards vest and convert into shares of Company common stock. The value of the stock awards reported in this column assumes that the performance-based restricted stock units vest at the target level of performance. Assuming achievement of the highest possible level of performance, the value of the total stock awards for the year ended December 31, 2024 for Mr. Potes, Mr. Burke, and Mr. Henion is $196,420, $106,376, and $58,651, respectively. |

| (3) | Reflects the dollar value of non-equity incentive plan compensation earned during 2023 and 2024. |

| (4) | Amounts reflected in “All Other Compensation” include, as applicable, the reporting person's car allowance, group term life insurance premiums, HSA employer contributions, and 401(k) matching contributions. |

2024 Base Compensation In view of ChoiceOne Bank’s operating performance and financial condition, the Personnel and Benefits Committee approved a 4% merit-based increase for each of Messrs. Potes, Burke and Henion’s base salary for 2024.

17

2024 Incentive Plan The 2024 Incentive Plan provided for the grant of short-term annual cash awards and the grant of long-term equity awards. In each case these amounts were adjusted to 92% of target amounts based on the defined plan model as described above. The grant of long-term equity awards was converted equally between time-based restricted stock units and performance-based restricted stock units. Time-based restricted stock units granted vest in full upon completion of a three-year service period. Performance-based restricted stock units vest upon satisfaction of the relevant