secwatch.observer — SEC 8-K summary
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Issuer:     UNION BANKSHARES INC (UNB)
CIK:        0000706863
Form:       8-K
Filed at:   2026-02-26T23:59:59+00:00
Accession:  0000706863-26-000012
Event type: leadership
Sentiment:  neutral
Materiality: 0.65
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Union Bankshares names Jeffery Weidley as next President and CEO; Silverman to retire July 2026
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- Weidley to join as President on May 4, 2026; will become CEO after Silverman's retirement on July 3, 2026.
- Silverman, 65, to retire after 39 years; will remain on board and stand for re-election at 2026 annual meeting.
- Weidley, 42, previously EVP-Chief Deposit Officer at MVB Bank; also held senior roles at Sandy Spring Bank.
- Employment Agreement: $500k base salary, sign-on of 3,000 RSUs (3-yr vesting), $25k relocation, and split-dollar life insurance $700k.
- Change of Control Agreement provides 200% base salary plus bonus severance; no tax gross-up.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/706863/000070686326000012/0000706863-26-000012-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/706863/000070686326000012/unb-20260226.htm
  HTML page:      https://secwatch.observer/filing/0000706863-26-000012

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer