Company: CMTV
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000534
Chunk: 39

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 39
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inatory reduction in base salary and/or bonus applicable to all similarly situated officers; (ii) a material reduction in the executive’s authority, duties or responsibilities; (iii) a relocation of the executive’s principal place of employment by more than 75 miles from the Bank’s main office; or (iv) failure by the Bank or the Company to obtain a written assumption of the agreement from any successor entity. A “change in control” is defined in the agreements to include (i) a merger, consolidation or plan of share exchange which results in the shareholders of the Company owning less than a majority of the surviving company; (ii) the acquisition by any person or group of more than 50% of the Company’s voting stock; (iii) a sale of substantially all the assets of the Company or the Bank; or (iv) a turnover during 26 any twelve month period of a majority of the members of the Board not endorsed by a majority of the directors in office before such election appointment. The agreements have an initial three-year term, with automatic three-year renewals on each third anniversary unless notice of termination is provided by either party at least 30 days prior to a renewal date. If a change in control occurs during the term, the agreements will renew automatically for a period of three years following the change in control. The change in control agreements provide that if the excise tax on excess parachute payments under Internal Revenue Code Sections 280G and 4999 would be imposed, the executive’s severance benefit under the agreement will be reduced to a level at which the excise tax will not apply. In the event of a payment under the agreements, the executives will be subject to certain post-termination confidentiality and non-disparagement covenants. The following table shows the lump sum cash payments that would be payable under the change in control agreements to Mr. Caldwell and Ms. Bonvechio, assuming the executive had experienced a qualifying termination of employment at the end of 2024. Potential Payments Under Change in Control Agreements

| Executive Officer       |                 Change 
 in Control Payment (1) |
| Louise M. Bonvechio     |               $661,590 |
| Christopher L. Caldwell |               $729,392 |

| (1) | The amounts shown in the table are for illustrative purposes only, and are equal to two times the named                                
 executive officer’s highest total annual cash compensation (salary plus cash bonus) paid in any of the last three completed fiscal     
 years. Payment is triggered only upon