David Laforce
About David P. Laforce
David P. Laforce, 51, is an independent director of Community Bancorp. (CMTV) and Community National Bank, serving since 2018. He is President and Owner of Built By Newport, a wood furniture and component manufacturing company; he is a lifelong resident of the Newport–Derby area and has served on several local boards. Laforce currently serves on the Company's Corporate Governance/Nominating Committee and the Bank’s Risk Management Committee, with no chair roles disclosed. He resides in Derby, Vermont .
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Built By Newport | President & Owner | Not disclosed | Brings small-business and local wood products industry perspective to the Board |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Several local boards (unspecified) | Board member | Not disclosed | Community engagement; specific organizations not disclosed |
Board Governance
- Independence: The Board determined Laforce is independent under NASDAQ standards; non-independent directors are Kathryn Austin, Christopher Caldwell, and Jacques Couture due to executive positions or sibling relationship to the CFO .
- Years of service: Director since 2018 (also a director of the Bank) .
- Committee memberships (2025): Corporate Governance/Nominating; Bank Risk Management .
- Committee memberships (2024): Corporate Governance/Nominating; Bank Risk Management .
- Attendance: The Board held four regular and four special Company meetings in 2024; each incumbent director attended at least 75% of aggregate Company Board and committee meetings, and all incumbent directors attended the 2024 Annual Meeting except Bruce Baker (no exception noted for Laforce). Similarly, in 2023, each incumbent director attended at least 75% and all attended the Annual Meeting .
| Governance Item | 2023 | 2024 |
|---|---|---|
| Board/Committee Attendance | ≥75% for all incumbents | ≥75% for all incumbents |
| Annual Meeting Attendance | All incumbents attended | All incumbents attended except Baker |
| Committee | 2024 Membership | 2025 Membership | Chair |
|---|---|---|---|
| Audit | No | No | No |
| Corporate Governance/Nominating | Yes | Yes | No |
| Compensation | No | No | No |
| Bank Risk Management | Yes | Yes | No |
- Lead Independent Director: Tom Adams (2025) ; Rosemary Lalime (2024) .
Fixed Compensation
- The Company and Bank pay directors cash-only fees; no stock-based compensation is paid to directors .
- Director fee schedules (Company and Bank) increased from 2023 to 2024 (retainer and meeting fees as shown).
| Component | 2023 Amount | 2024 Amount |
|---|---|---|
| Company Annual Retainer ($) | $11,780 | $12,140 |
| Company Board Meeting Fee ($) | $700 | $775 |
| Company Committee Meeting Fee ($) | $750 | $775 |
| Audit/Comp/Gov Chair Retainer ($) | $2,670 each | $2,750 each |
| Bank Annual Retainer ($) | $11,780 | $12,140 |
| Bank Board Meeting Fee ($) | $750 | $775 |
| Bank Committee Meeting Fee ($) | $750 | $775 |
| Advisory Council Meeting Fee ($) | $625 | $645 |
| Disclosure Control Committee Meeting Fee ($) | $750 | $775 |
| Director | Fees Earned (Cash) 2023 | Fees Earned (Cash) 2024 |
|---|---|---|
| David P. Laforce | $41,856 | $43,175 |
Other director plans:
- Deferred Compensation Plan: Available but no current participants .
- Directors’ Retirement Plan: Lump sum $1,000 per year of service for service between 1994–2004; remaining accrued benefit $22,000 as of 12/31/2024; participating directors listed do not include Laforce .
Performance Compensation
| Item | 2023 | 2024 |
|---|---|---|
| Stock awards (RSUs/PSUs) | None (Company does not pay stock-based compensation to directors) | None (Company does not pay stock-based compensation to directors) |
| Option awards | None | None |
| Performance metrics tied to director pay | None disclosed (director pay is cash retainers/meeting fees) |
Other Directorships & Interlocks
| Category | Details |
|---|---|
| Public company boards | None disclosed in proxy biographies for Laforce |
| Private/non-profit boards | “Several local boards” noted without specifics |
| Interlocks with competitors/suppliers/customers | None disclosed for Laforce; general related-party transactions disclosed for other directors and ordinary-course banking relationships on market terms |
Expertise & Qualifications
- Small-business operator in wood products manufacturing central to the regional economy; provides local market perspective and small-business lens to credit and risk oversight .
- Service on Corporate Governance/Nominating supports board composition, evaluation, and governance policy; Risk Management Committee role supports enterprise risk oversight .
Equity Ownership
| Metric | As of Mar 20, 2024 | As of Mar 26, 2025 |
|---|---|---|
| Shares beneficially owned | 7,470 | 8,502 |
| Ownership (% of outstanding) | 0.14% | 0.15% |
| Ownership type | Joint with spouse (shared voting/investment power) | Joint with spouse (shared voting/investment power) |
| Shares pledged as collateral | None disclosed for Laforce (Marsh disclosed pledging) | |
| Hedging/derivatives | No explicit anti-hedging policy; insiders discouraged from speculative transactions; no known hedging activity by insiders as of proxy date |
Stock ownership guidelines:
- Directors expected to attain “meaningful” ownership of 10,000 shares; non-employee directors below the target are expected to invest 25% of total Board compensation annually in Company stock until attainment .
Insider filings:
- One late Form 4 filing for Laforce relating to purchases in 2024 (not filed within two business days) .
- No late filings disclosed for Laforce in 2023; late filings in 2023 involved Wheeler and Bonvechio .
Governance Assessment
-
Positives:
- Independent director with consistent committee service in Corporate Governance/Nominating and Risk Management, supporting board effectiveness and risk oversight .
- Cash-only director pay avoids complex equity arrangements; Ownership guidelines require ongoing stock purchases to align interests (target 10,000 shares) .
- Attendance met at least 75% threshold; no absence noted for Annual Meeting participation in 2024 (exception disclosed for another director) .
-
Watch items / RED FLAGS:
- One late Section 16 Form 4 filing in 2024 indicates a minor compliance lapse; monitor for recurrence .
- Current holdings (8,502 shares as of 3/26/2025) are below the 10,000-share director guideline; continued purchases expected under policy for alignment .
- Company has no explicit hedging prohibition policy (insider trading policy discourages speculative trades); board-level alignment risk if hedging were to occur, though management is unaware of any such activity .
-
Conflicts/related-party exposure:
- No related-party transactions disclosed for Laforce; general disclosure notes some directors have ordinary-course loans/deposits on market terms, with directors receiving the lowest rate given to others on comparable loans .