Company: CMTV
Filing Date: 2025-04-09
Form Type: DEF 14A
Source: 0001174947-25-000534
Chunk: 20

Company: COMMUNITY BANCORP /VT
Filing Date: 2025-04-09
Form: DEF 14A
Chunk 20
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 Plan Prior to 2005, the Company maintained a non-qualified retirement plan for the Company’s outside directors. Non-employee directors who served on the Board of the Company or the Bank for at least five years between 1994 and 2004 are entitled to receive upon retirement a lump sum payment of $1,000 for each year of Board service. For this purpose, service as a director of the Company and of the Bank during the same year is not counted separately. Following a re-evaluation of the Company’s benefit plans affected by IRC Section 409A, the Company terminated any further accruals under the plan for years after 2004 and Board fees were increased to compensate for the loss of this retirement benefit. As of December 31, 2024, the total remaining accrued and unpaid benefit for all directors covered by the plan was $22,000. The participating directors are fully vested in their accrued benefits and would be entitled to payout of the full benefit upon retirement from the Board for any reason, regardless of age. Directors Adams and Couture each have an accumulated lump sum retirement benefit of $11,000. Accrued benefits do not earn interest, are not adjusted for inflation and will be paid out to participants when they retire from the Board. All benefit accruals under the plan represent a general unsecured obligation of the Company. No assets of the Company or the Bank have been segregated to satisfy the Company’s obligations under the plan. Director Compensation Table The following table shows the total compensation paid to each of our outside directors during 2024 for service on the Boards of the Company and the Bank. All such fees were paid in cash.

| 2024 Director Compensation (1) |                |
|                                | Fees Earned or |
| Name                           |   Paid in Cash |
| Thomas E. Adams                |        $45,925 |
| Bruce L. Baker                 |         43,175 |
| David M. Bouffard              |         43,175 |
| Aminta K. Conant               |         44,550 |
| Jacques R. Couture             |         45,925 |
| David P. Laforce               |         43,175 |
| Rosemary M. Lalime(2)          |         14,180 |
| Stephen P. Marsh               |         50,235 |
| Carol A. Martin                |         43,175 |
| Emma L. Marvin                 |         43,175 |
| Jeffrey L.