Union Bankshares Inc. filed SEC Form 8-K: Leadership Update, Submission of Matters to a Vote of Security Holders, Financial Statements and Exhibits
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Major Banks
Finance
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 15, 2024
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Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangement of Certain Officers.
(e) Union Bankshares, Inc. 2024 Equity Incentive Plan
As reported in Item 5.07 of this report, at the 2024 annual meeting of shareholders of Union Bankshares, Inc. (the “Company”) held on May 15, 2024, the shareholders approved the Union Bankshares, Inc. 2024 Equity Incentive Plan (the “Equity Plan”). The Equity Plan had been previously approved by the Company’s Board of Directors at a meeting held on March 20, 2024, subject to receipt of shareholder approval and became effective upon approval at the annual meeting. The Equity Plan is intended to replace the Company’s 2014 Equity Incentive Plan and applies to awards granted on or after the date of the Annual Meeting. By approving the Equity Plan, the shareholders also approved the performance criteria for performance-based awards under the Plan for purposes of the Internal Revenue Code.
The Equity Plan will be administered by the Compensation Committee of the Company’s Board of Directors (the “Committee”). The Committee, in its discretion, may grant stock-based awards, including incentive stock options, non-qualified stock options, restricted stock units (including dividend equivalent rights) and restricted stock to officers and non-employee directors of the Company and its affiliates, as designated by the Committee. The Equity Plan permits awards with respect to up to 250,000 shares of the Company’s common stock, which includes approximately 69,135 unused shares remaining from the authorization under the discontinued 2014 Equity Incentive Plan. A description of the material features of the plan is filed as Exhibit 10.1 to this report and is incorporated by reference herein. That description and the other information relating to the Plan included herein are qualified in their entirety by reference to the text of the Plan, which is attached as Appendix A to the 2024 Proxy Statement and is filed as Exhibit 10.2 to this report and incorporated herein by reference.
Item 5.07: Submission of Matters to a Vote of Security Holders
The Company held its annual meeting of shareholders on May 15, 2024. Of 4,519,388 shares outstanding on the record date of the meeting (March 22, 2024) and entitled to vote, 3,166,296 shares were represented in person or by proxy. The following two matters were voted on by the shareholders and approved at the meeting:
1.To fix the number of directors at nine for the ensuing year and to elect the following individuals as directors to serve a one year term:
| Nominees | Votes For | Votes Withheld | Broker Non-votes | |||||||||||
| Joel S. Bourassa | 1,999,404 | 263,727 | 903,165 | |||||||||||
| Dawn D. Bugbee | 2,011,181 | 251,950 | 903,165 | |||||||||||
| Mary K. Parent | 2,004,032 | 259,099 | 903,165 | |||||||||||
| Nancy C. Putnam | 2,008,892 | 254,239 | 903,165 | |||||||||||
| Gregory D. Sargent | 1,999,388 | 263,743 | 903,165 | |||||||||||
| Timothy W. Sargent | 2,005,043 | 258,088 | 903,165 | |||||||||||
| David S. Silverman | 2,233,825 | 29,306 | 903,165 | |||||||||||
| Janet P. Spitler | 2,004,756 | 258,375 | 903,165 | |||||||||||
| Cornelius J. Van Dyke | 1,983,968 | 279,163 | 903,165 | |||||||||||
2.To approve the Union Bankshares, Inc. 2024 Equity Incentive Plan. The number of votes in favor was sufficient to approve the resolution.
| Votes For | Votes Against | Abstained | Broker Non-votes | ||||||||||||||
| 2,096,323 | 152,477 | 14,331 | 903,165 | ||||||||||||||
3.To ratify the appointment of the firm of Berry Dunn McNeil & Parker, LLC as the Company’s external auditors for 2024. The number of votes in favor was sufficient to ratify the appointment.
| Votes For | Votes Against | Abstained | ||||||||||||
| 3,131,603 | 21,719 | 12,974 | ||||||||||||
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
The following Exhibits, referred to in Item 5.02 of the Report, are filed herewith:
Exhibit 10.1 Description of material terms of the Union Bankshares, Inc. 2024 Equity Incentive Plan approved by the shareholders of Union Bankshares, Inc. at the 2024 annual meeting held on May 15, 2024.
Exhibit 10.2 Union Bankshares, Inc. 2024 Equity Incentive Plan approved by the shareholders of Union Bankshares, Inc. at the 2024 annual meeting held on May 15, 2024.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Union Bankshares, Inc. | |||||
| May 16, 2024 | /s/ David S. Silverman | ||||
| David S. Silverman | |||||
| President and Chief Executive Officer | |||||
| May 16, 2024 | /s/ Karyn J. Hale | ||||
| Karyn J. Hale | |||||
| Chief Financial Officer | |||||
EXHIBIT INDEX
| Description of material terms of the Union Bankshares, Inc. 2024 Equity Incentive Plan approved by the shareholders of Union Bankshares, Inc. at the 2024 annual meeting held on May 15, 2024. | |||||
| Union Bankshares, Inc. 2024 Equity Incentive Plan approved by the shareholders of Union Bankshares, Inc. at the 2024 annual meeting held on May 15, 2024. | |||||
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