UNION BANKSHARES INC 8-K

What Happened
Union Bankshares, Inc. (and its subsidiary Union Bank) announced the hiring of Jeffery F. Weidley as President effective May 4, 2026. Current President and CEO David S. Silverman will continue as CEO through a transition period ending July 3, 2026, when he will retire from executive management and Mr. Weidley will assume the CEO role. Mr. Weidley, age 42, will join the Bank’s board on his Employment Date and will stand for election to the Company’s board at the 2026 annual meeting.

Key Details

• Start and transition dates: Weidley employment date May 4, 2026; Silverman transition ends/retirement July 3, 2026.
• Pay and equity: $500,000 annual base salary; sign-on grant of 3,000 restricted stock units (RSUs) vesting in three equal installments over ~3 years.
• Relocation and benefits: $25,000 relocation payment, reimbursement of moving expenses, Bank-owned auto and related expenses, credited PTO reflecting 15 years of service, participation in bonus, LTIP, retirement and split-dollar life insurance (face amount $700,000).
• Term and severance: Initial 3-year term with one-year renewals; if terminated without cause (or he resigns for good reason) he would receive 1.5x base salary plus 1.5x target STIPP (subject to release). Change-in-control (CIC) agreement provides 200% of salary and 200% of short-term bonus, continuation of health benefits for 24 months, and other benefits if involuntary termination occurs around a change in control.

Why It Matters
This filing notifies investors of a planned CEO succession and management continuity with specific dates and compensation terms. The agreement outlines upfront costs (salary, relocation, sign-on equity) and potential future payouts (severance and CIC protections) that could affect executive expense and governance. Mr. Weidley’s board appointment and his equity award align his interests with shareholders, while the CIC and severance protections are standard protections that investors should note when evaluating potential future costs tied to leadership changes.