Mr. Parsons’ appointment to the Board was made without any agreement or understanding with any individual. Mr. Parsons’ compensation will be in line with the previously disclosed standard arrangements for the Company’s non-employee directors, which are detailed on page 13 of the proxy statement the Company filed for its 2023 Annual Meeting of Shareholders on March 27, 2023, and which is incorporated herein by reference.
In addition to being named to the Board, Mr. Parsons was also designated as a audit committee financial expert under the guidelines established by the SEC in accordance with the Sarbanes-Oxley Act of 2002. He was assigned to the Company’s Audit Committee.
Additionally, Mr. Parsons was elected to the Board of Directors of City National Bank of West Virginia, an affiliate of the Company, with effect from January 31, 2024.
