Company: COFS
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012677
Chunk: 30

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 30
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One common stock (rounded to the nearest whole share) determined by dividing the dollar amount of fees payable that the director has elected to receive as ChoiceOne common stock by the market value of ChoiceOne common stock on the last day of the month preceding the stock purchase date. Neither Mr. Potes nor Mr. Burke received compensation for their service as a director of ChoiceOne or its subsidiaries. Potential Payments Upon Termination or Change in Control Pursuant to the Employment Agreements between ChoiceOne and each of Kelly J. Potes and Michael J. Burke, Messrs. Potes and Burke may be entitled to certain severance benefits following a termination or change in control, as described above under the heading “Employment Agreements,” which description is here incorporated by reference. ChoiceOne has granted certain equity awards pursuant to the Stock Incentive Plan of 2012 and the Equity Incentive Plan of 2022 that are subject to accelerated vesting upon a change in control of ChoiceOne. The following table summarizes the potential payments and benefits payable to each of ChoiceOne's named executive officers upon termination of employment in connection with each of the triggering events set forth in the

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table below, assuming, in each situation, that the termination of employment took place on December 31, 2024. No named executive officer is entitled to any payments or benefits in the event of a change in control absent a qualifying termination.

| Triggering Event and Payments/Benefits |     | Kelly J. Potes |     | Michael J. Burke, Jr. |     | Bradley A. Henion |
| Change in Control(1)(2)                |     |     $1,607,550 |     |            $1,192,102 |     |           $58,984 |
| Death(3)(4)                            |     |       $575,146 |     |              $421,169 |     |          $278,685 |
| Disability or Retirement(4)            |     |       $107,146 |     |               $66,169 |     |           $33,685 |

| (1) | Pursuant to the Employment Agreement between ChoiceOne and each of Mr. Potes and Mr. Burke (as applicable, the “Executive”), the Executive will receive severance benefits in the event of a Change in Control (as defined in the Employment Agreement) and a qualifying termination within six months before or three years after the change in control in the form of a lump-sum cash payment equal to three