Company: CMTV
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000534
Chunk: 37

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 37
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 service, with full vesting after six years of service. Vesting in any discretionary profit-sharing employer contribution begins in the first year of service, with full vesting after six years of service. Participants may direct the investment of their plan account among several funds maintained by the plan trustee, including a Community Bancorp. stock fund. Distributions of accounts are generally deferred until the participant’s death, disability or retirement, except in cases of financial hardship (as defined in the plan). Benefits are subject to income tax upon distribution and certain early withdrawals may be subject to an additional 10% penalty tax. Distribution of plan benefits may be in the form of an annuity, a lump sum in cash, or in certain circumstances, common stock of the Company. 25 In addition to 401(k) compensation deferrals and matching employer contributions, the plan permits the Company to make a discretionary profit-sharing contribution in any year for the account of all participants, including the three executive officers named in the Summary Compensation Table. The amount of the contribution for any year is determined annually based on a calculation of the maximum allowable deductible contribution that the Company is permitted to make on behalf of the executives, but subject to the annual contribution limitations of the Internal Revenue Code. The profit-sharing contributions made for 2024 and 2023 to the account of Ms. Austin, Ms. Bonvechio, and Mr. Caldwell are included in the “All Other Compensation” column of the Summary Compensations Table. Perquisites and Other Personal Benefits The Company does not generally provide its executive officers with perquisites or other personal benefits such as club memberships, financial planning assistance, tax preparation, living allowances, commuting expenses, or similar benefits not described in this proxy statement. However, the Company provides a Company-owned vehicle to Ms. Bonvechio and Mr. Caldwell and, prior to her retirement at the end of 2024, Ms. Austin; The Company also pays related gas and maintenance charges for those vehicles. In addition, the Company pays the expenses of the executive officers and their spouses for attendance at certain banking-related functions, such as bankers’ association conventions. Health and Welfare Benefits The Company offers the same health and welfare benefits to all salaried and non-salaried employees, although benefits may vary depending on whether the employee is employed full-time or part-time. These benefits include health insurance, life insurance, short-term disability insurance, long-term disability insurance, an employee assistance program, wellness reimbursement, education benefits and Combined Time Off. Change in Control Agreements The Company has