Company: CMTV
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000534
Chunk: 38

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 38
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 entered into change in control agreements with Ms. Austin, Ms. Bonvechio and Mr. Caldwell. As described below, the agreements may require the Company (or a successor company) to make payments to the covered executive officers in the event of the termination of their employment in specified circumstances, either in anticipation of or following a change in control of the Company. Ms. Austin retired as President and CEO of the Company on December 31, 2024, and accordingly, her change in control agreement is no longer in effect. The change in control agreements provide that the executive officer will be entitled to a specified severance payment if the executive’s employment is terminated by the Company (or its successor) without “cause” (as defined in the agreement), or the executive terminates his or her employment with the Company for “good reason” (as defined in the agreement), during the three-year period following a “change in control” (as defined in the agreement). The executive is also entitled to receive the specified severance benefit if his or her employment is terminated by the Company without cause or by the executive with good reason after public announcement of a proposed change in control and within 120 days prior to occurrence of the change in control. The severance benefit is equal to two times the executive’s highest total annual cash compensation (salary plus cash bonus, if any) in any of the three years immediately preceding the termination and is payable in a lump sum, subject to execution by the executive of a release of claims. The severance benefit is the only benefit payable under the change in control agreements and is in addition to any other compensation and benefits to which the executive is otherwise entitled, including accrued and unpaid salary and vested benefits under any employee compensation plan. For purposes of the agreements, “cause” means (i) personal dishonesty; (ii) willful misconduct; (ii) habitual incompetence or negligence; (iv) breach of fiduciary duty involving personal profit; (v) habitual failure to perform the executive’s stated duties; (vi) willful violation of law; (vii) conviction of, or plea of nolo contendere to a felony; or (viii) issuance of a prohibition order by a federal banking agency. “Good reason” means (i) a reduction in the executive’s total annual cash compensation in an amount equal to 15% or more of the executive’s highest total annual cash compensation in any of the preceding three (3) calendar years, unless the reduction is part of a general, non-discrim