Adom J. Greenland
About Adom J. Greenland
Adom J. Greenland, 44, is ChoiceOne’s Chief Financial Officer, Treasurer, and Secretary (since 2022). He joined ChoiceOne in 2013 after 11 years as a Certified Public Accountant at PwC; he holds a B.A. and M.S. in Accounting from Michigan State University . Company-level performance over his CFO tenure shows TSR rising from $102.02 to $135.60 on a $100 base (2022→2024) alongside net income increasing from $21.3m to $26.7m (2023→2024) . Revenues rose from FY2022 to FY2024; see table below for details (source: S&P Global via Capital IQ for financials).
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ChoiceOne Financial Services, Inc. | Chief Financial Officer, Treasurer, and Secretary | 2022–present | Not disclosed |
| ChoiceOne Bank | Various roles including Chief Operating Officer | 2013–2022 | Not disclosed |
| PwC LLP | Certified Public Accountant (Senior Manager) | 11 years prior to 2013 | Not disclosed |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| — | — | — | No external directorships or public company boards disclosed |
Fixed Compensation
| Year | Salary ($) | Notes |
|---|---|---|
| 2017 | 145,000 | Disclosed when serving as a senior executive; source: 2018 proxy |
Performance Compensation
- Annual incentive plan structure: cash and long-term equity, with awards based on a model using expected asset growth and return on average assets (ROAA), adjusted by an asset quality modifier; payouts capped at 200% of target and paid in cash, time-based RSUs, and performance-based RSUs (PSUs) .
- Long-term equity metrics: PSUs vest on five-year service plus cumulative five-year EPS growth; time-based RSUs vest after three years .
- 2024 plan calibration: 2024 short-term and long-term awards were adjusted to 92% of target based on plan model results .
- Award design change: In January 2024, performance stock units granted in 2022 and 2023 had performance and vesting horizons extended from three to five years (reduces near-term vesting/selling pressure) .
Performance-based RSU EPS five-year growth payout schedule:
| EPS 5-Year Growth | Payout % |
|---|---|
| 7% (Maximum) | 125% |
| 5% (Target) | 100% |
| 3% | 67% |
| 2% | 50% |
| 1% | 33% |
| 0% (Threshold) | 25% |
Note: The 2024 proxy provides NEO targets for CEO/President/CLO; CFO-specific targets or payouts were not disclosed. Plan participation is governed by eligibility criteria; company did not list Greenland among 2024 NEOs .
Equity Ownership & Alignment
Historical beneficial ownership and outstanding awards for Greenland (where disclosed):
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Beneficial ownership as of 12/31/2018: | As of 12/31/2018 | Sole | Shared | Options (unexercised) | Total | |---|---:|---:|---:|---:| | Adom J. Greenland | 1,974 | 2,794 | 3,407 | 8,175 |
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Outstanding equity awards as of 12/31/2020: | Instrument | Status | Quantity | Price/Value | Key Dates/Terms | |---|---|---:|---:|---| | Stock options | Unexercisable | 1,500 | $27.25 strike | Granted 4/30/2019; expire 4/30/2029 | | Time-based RSUs (2019 grant) | Unvested | 600 | $18,486 market value | Vest 4/30/2022 | | Time-based RSUs (2020 grant) | Unvested | 738 | $22,735 market value | Vest 4/30/2023 |
Alignment policies and guidelines:
- Anti-hedging and anti-pledging policy: prohibits hedging and pledging, with a narrow exception permitting pledges to FDIC-insured depositories on standard terms; directors and Section 16 officers must also pre-clear trades and avoid blackout periods .
- Director stock ownership guideline: minimum 5,000 shares for non-employee directors; all directors in compliance as of proxy date (note: executive officer ownership guidelines not disclosed) .
- Pledging disclosure: proxy footnote identifies pledged shares for a director; no pledging specifically attributed to Greenland in available tables .
Employment Terms
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Change-in-control and termination economics (as of 12/31/2020 scenario analysis in 2021 proxy): | Triggering Event | Estimated Payment/Benefit | |---|---:| | Change in Control (CIC) | $46,684 (accelerated equity and plan benefits; no separate CIC employment agreement disclosed for CFO) | | Death | $226,224 (includes bank-owned life insurance benefit; one year’s compensation per policy) | | Disability/Retirement | $41,224 (pro-rata RSU vesting by service) |
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Equity plan acceleration: Upon CIC, unvested equity and stock options vest immediately under the 2012/2022 plans; death/disability/retirement trigger pro-rata RSU vesting .
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Clawback: Company adopted an incentive compensation recoupment policy compliant with SEC Rule 10D-1 and NASDAQ rules .
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Insider trading controls: pre-clearance, blackout restrictions, and prohibitions on short-term trading, short sales, options on company stock, and margin transactions for Covered Persons .
Performance & Track Record
Company pay-versus-performance disclosures (company-level metrics):
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| TSR: value of $100 initial investment | $102.02 | $107.40 | $135.60 |
| Net Income ($) | $23,640,000 | $21,261,000 | $26,727,000 |
Company financial trend across Greenland’s CFO tenure:
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($) | 13,798,000 | 14,906,000 | 17,295,000* |
Values retrieved from S&P Global.
- FY2024 value lacks a document citation from the tool and is provided via S&P Global Capital IQ.
Context:
- Executive compensation governance: Personnel and Benefits Committee is fully independent; met five times in 2024; did not retain a compensation consultant in 2024, but intends to do so in 2025 .
- Say-on-Pay and frequency: Annual advisory vote on executive compensation on the 2025 agenda; board recommends annual frequency .
Compensation Committee Analysis
- Committee members (2025): Harold J. Burns (Chair), Eric (Rick) E. Burrough, Jack G. Hendon, Randy D. Hicks, M.D., Bradley F. McGinnis, Roxanne M. Page, Michelle M. Wendling; fully independent .
- Consultant usage: None retained in 2024; intends to engage a consultant in 2025 .
- Design features: Balanced focus on growth and risk via asset growth/ROAA with asset quality modifier; long-term PSUs tied to multi-year EPS, with 2024 extension to five-year horizon .
Additional Governance and Policies
- Anti-hedging/pledging and insider trading policies detailed above; communications to the board are directed to CFO and Secretary Adom J. Greenland for forwarding, highlighting governance role in shareholder communications .
- Director independence and committee structures disclosed; CFO is an executive officer, not a director (listed explicitly among “Executive Officers who are not Directors”) .
Investment Implications
- Alignment and retention: Multi-year vesting (three-year RSUs and five-year PSUs) plus the 2024 extension on legacy PSUs increase long-dated equity exposure, which supports retention and reduces near-term selling pressure; anti-hedge/pledge policy strengthens alignment .
- Pay-for-performance linkage: Short-term incentives tie to asset growth/ROAA with an asset quality limiter, while long-term PSUs key off cumulative EPS—constructively linked to bank value drivers; company-level TSR and net income improved in 2024, aligning with higher “compensation actually paid” in the PVP disclosure .
- Change-in-control risk: As of the 2020 scenario, CFO’s CIC exposure appeared modest ($46,684), indicating limited parachute risk relative to CEO/President; equity acceleration remains the main component—typical for community banks .
- Disclosure gaps for modeling: Recent CFO-specific salary/bonus/targets and current beneficial ownership are not itemized in 2024–2025 proxies (he was not among 2024 NEOs), which limits precision for current pay-for-performance and ownership sizing; investors may need Form 4 monitoring to assess current holdings and potential selling pressure .