Company: CMTV
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000534
Chunk: 26

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 26
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 prepared or audited public company financial statements or have had similar management experience or responsibility for others performing those or comparable functions. Given the Company’s rural market area and the limited number individuals in the area with the requisite business or professional experience, the Board in prior years has not deemed it advisable to require that the Audit Committee include a person qualifying as a financial expert under this definition. However, effective January 1, 2022, Director Carol A. Martin was appointed to the Audit Committee and the Board has designated her as the Committee’s financial expert. In making that designation the Board considered Director Martin’s professional training as a Certified Public Accountant, her duties and responsibilities as Vice President Finance US Head of Group Accounting and Reporting for Weidmann Electrical Technology Inc. and previous finance positions with Weidmann, as well as her previous experience as a CPA participating in audits of local banks and her experience serving as a bank internal auditor. In addition to designating Director Martin as the Audit Committee’s financial expert, the Board has considered the business experience, past performance as a Board and/or Audit Committee member and other qualifications of each of the other members of the Committee and has concluded that each of them has demonstrated that he or she is capable of (i) understanding generally accepted accounting principles ( “GAAP”) and financial statements, (ii) assessing the general application of GAAP principles in connection with the accounting for estimates, accruals and reserves, (iii) analyzing and evaluating the Company’s financial statements, (iv) understanding internal controls and procedures for financial reporting, and (v) understanding audit committee functions. Given the business experience and acumen of each of the members of the Audit Committee, the Board believes that each of such persons, is qualified to carry out all of the duties and responsibilities of a member of the Company’s Audit Committee. The members of the Audit Committee are Thomas Adams (Chair), Bruce Baker, David Bouffard, Aminta Conant, Carol Martin and James Wheeler. All members of the Audit Committee are considered independent directors under the applicable NASDAQ standard as well as under the standards applicable to FDIC-insured depository institutions and their holding companies with assets of $1 billion or more. During 2024, the Committee met four times. A report of the Audit Committee is set forth elsewhere in this proxy statement under the caption “AUDIT COMMITTEE REPORT.” Compensation Committee.The responsibilities of the Company’s Compensation Committee include reviewing and making recommendations to the Board of Directors concerning the compensation of the Company’s executive officers and directors, establishing