Union Bankshares board adopts 20-year director tenure limit; exempts two current directors

UNION BANKSHARES INC

Board amended Bylaws to impose a 20-year tenure limit for directors, effective November 20, 2024.
Directors David Silverman and Timothy Sargent exempted from the tenure limit via board resolution.
Director Mary Parent and future directors will be subject to the new tenure limitation.
Tenure limit operates independently from the existing age-72 qualification; current term allowed to expire.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

UNION BANKSHARES INC: Adopted a 20-year tenure limitation on director service, operating independently from the existing age qualification (effective 2024-11-20).

Change: bylaw amendment
Effective: 2024-11-20

Exact text from the filing

On November 20, 2024, the Board of Directors (the “ Board ”) of Union Bankshares, Inc. (the “ Company ”) adopted an amendment to Article III, Section 3.2 of the Company's Bylaws providing for a twenty (20) year limitation on service as a director, which will operate independently from the existing age qualification.

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Source: SEC EDGAR

accession 0000706863-24-000075

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