Short answer
UNION BANKSHARES INC (UNB) filed an 8-K current report with the SEC on February 26, 2026 reporting Item 5.02 (Departure/Election of Directors or Officers). Jeffery F. Weidley (age 42) named CEO successor to David Silverman; joins as President May 4, 2026; assumes CEO title July 3, 2026.
UNION BANKSHARES INC 8-K event analysis
AI summary of each reported item and its exhibits
Item 5.02 · Departure/Election of Directors or Officers
- Jeffery F. Weidley (age 42) named CEO successor to David Silverman; joins as President May 4, 2026; assumes CEO title July 3, 2026
- Base salary $500,000/year plus 3,000 RSUs vesting over ~3 years and $25,000 relocation payment
- Termination without cause triggers 1.5x base salary + 1.5x STIPP target as lump-sum severance
- Change-in-control payout set at 2x base salary + 2x short-term bonus + 24 months benefits continuation: no tax gross-up
- Silverman (age 65, 39-year tenure) to remain on Board post-retirement; leadership continuity risk modest given structured 2-month overlap
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