Company: COFS
Filing Date: 2025-04-08
Form Type: DEF 14A
Source: 0001140361-25-012677
Chunk: 32

Company: CHOICEONE FINANCIAL SERVICES INC
Filing Date: 2025-04-08
Form: DEF 14A
Chunk 32
---
 in fair value as of the vesting date of prior year awards that vested at the end of or during the covered fiscal year             |     | $(18,280) |     | $(6,926) |     |   $(930) |     |                 $(8,205) |     | $(4,467) |     |   $(930) |
| Compensation actually paid for year shown                                                                                                         |     |  $872,366 |     | $715,362 |     | $678,579 |     |                 $497,066 |     | $417,862 |     | $428,680 |

22

Relationship Between Compensation Actually Paid and Performance Measures Relationship Between Compensation Actually Paid to our PEO and the Average of the Compensation Actually Paid to the Non-PEO NEOs and the Company’s Cumulative Total Shareholder Return (TSR). From 2022 to 2023, the compensation actually paid to our PEO and the average of the compensation actually paid to the Non-PEO NEOs increased by 5% and decreased by 3%, respectively, compared to a 5% increase in our TSR over the same time period. From 2023 to 2024, the compensation actually paid to our PEO and the average of the compensation actually paid to the Non-PEO NEOs increased by 22% and 19%, respectively, compared to a 26% increase in our TSR over the same time period. Relationship Between Compensation Actually Paid to our PEO and the Average of the Compensation Actually Paid to the Non-PEO NEOs and the Company’s Net Income. From 2022 to 2023, the compensation actually paid to our PEO and the average of the compensation actually paid to the Non-PEO NEOs increased by 5% and decreased by 3%, respectively, compared to a 10% decrease in our Net Income over the same time period. From 2023 to 2024, the compensation actually paid to our PEO and the average of the compensation actually paid to the Non-PEO NEOs increased by 22% and 19%, respectively, compared to a 26% increase in our Net Income over the same time period. 23 Audit Committee Report The Audit Committee (“Audit Committee”) reviews and supervises ChoiceOne's procedures for recording and reporting the financial results of its operations on behalf of the Board of Directors. ChoiceOne's management has primary responsibility for the financial statements and the reporting process, including the internal