Business Context and Reporting Period
This Form 8-K, filed on February 26, 2026, by Union Bankshares, Inc. (Union Bankshares), discloses a significant executive leadership transition. The filing details the appointment of Jeffery F. Weidley as the successor to current President and CEO David S. Silverman, who is set to retire in July 2026.
Key Financial Metrics
This filing is a Current Report regarding corporate governance and executive compensation; it does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The filing text does not provide a clear value for any financial performance indicators.
Material Changes
- Executive Succession: Jeffery F. Weidley has been selected to succeed David S. Silverman. Mr. Weidley will join as President of Union Bankshares and Union Bank effective May 4, 2026.
- Transition Period: Mr. Silverman will continue as CEO through a transition period ending July 3, 2026, after which Mr. Weidley will assume the CEO title.
- Board Appointments: Mr. Weidley will be appointed to the Bank's Board of Directors effective May 4, 2026, and will stand for election to the Company's Board at the 2026 Annual Meeting. Mr. Silverman is expected to remain on both Boards following his retirement from executive management.
Guidance, Outlook, and Compensation Details
The filing outlines the compensatory arrangements for the incoming executive rather than providing financial guidance or outlook.
- Base Salary: Mr. Weidley's annual base salary will be $500,000 commencing on the Employment Date.
- Equity Award: A sign-on award of 3,000 restricted stock units (RSUs) under the 2024 Equity Incentive Plan, vesting in three equal increments over approximately three years.
- Relocation: Reimbursement for moving expenses plus a $25,000 relocation assistance payment.
- Benefits: Eligibility for the Short-Term Incentive Program (STIPP), Long-Term Incentive Plan (LTIP), and a split-dollar life insurance policy with a face amount of $700,000. Mr. Weidley will be credited with 15 years of service for Paid Time Off calculations.
- Severance Provisions:
- Termination without Cause/Good Reason: Lump sum equal to 1.5x base salary plus 1.5x target STIPP award.
- Change in Control: If terminated without cause or for good reason within 24 months of a change in control, severance includes 200% of base salary, 200% of short-term bonus, and 24 months of continued health benefits.
Investor Verification Checklist
- Verify the exact start date of Mr. Weidley's employment (May 4, 2026) and the end of Mr. Silverman's transition period (July 3, 2026).
- Confirm the total equity grant size (3,000 RSUs) and the specific vesting schedule details in the full Equity Incentive Plan.
- Review the full text of the Employment Agreement and Change in Control Agreement (to be filed as exhibits to the 2025 Form 10-K) for specific definitions of "Cause" and "Good Reason."
- Monitor the 2026 Annual Meeting of Shareholders for the election of Mr. Weidley to the Company's Board of Directors.