Velarion · Company Intelligence
Compensation Brief
Fiscal year 2026 · Filings through 2026-09-02

Riverview Bancorp Inc (RVSB)

Fiscal year 2026 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$527,653
B. Nicole Sherman total, FY2026
CEO pay percentile vs peers
CEO-to-median pay ratio
63.94%
Say-on-pay support, latest vote
Companies that benchmark against RVSB
2 companies name RVSB as a compensation peer

Each company listed discloses RVSB in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named RVSB in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2026

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
B. Nicole Sherman$430,461$0$42,498$0$0$0$54,694$527,653
President and Chief Executive Officer
C. Evan Sowers354,497034,999044,864022,735457,095
President and Chief Executive Officer of Riverview Trust Company
Daniel Cox339,304033,50100022,403395,208
Executive Vice President and Chief Operating Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2026 totalFY2025 totalFY2024 totalΔ FY20252026
B. Nicole Sherman$527,653$1,481,716−954,063
C. Evan Sowers457,095540,651540,651−83,556
Daniel Cox395,208458,684

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2026 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Nierenberg Investment Management Company, LLCGreater-than-10% holder2026-07-22D5,000$5$26,250Common, indirectForm 4 ↗
Nierenberg Investment Management Company, LLCGreater-than-10% holder2026-07-22D5,000526,350Common, indirectForm 4 ↗
Nierenberg Investment Management Company, LLCGreater-than-10% holder2026-07-22D5,000526,450Common, indirectForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2026

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Daniel CoxPRSU$33,501
B. Nicole ShermanPRSU42,498
C. Evan SowersPRSU34,999
03b

Vehicle mix — grant-date fair value by award type

Grant-level vehicle detail not disclosed.

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2026

ExecutiveAwardShares unvestedExercise priceMarket value unvested
C. Evan SowersPSU17,858$98,219
Daniel CoxPSU17,05993,825
B. Nicole ShermanPSU153,673845,202
05

Incentive-plan design — the Compensation Discussion & Analysis

The purpose of our compensation policies and procedures is to attract, retain and motivate key executives of proven ability who are critical to our future success. We believe that our compensation policies and procedures are strongly aligned with the long-term interests of our shareholders. Our compensation programs are designed to balance short-term and long-term objectives, and to attract executive talent, retain a team of effective leaders and provide stability for Riverview. Our compensation program is guided by the philosophy that total executive compensation should vary based on achievement of corporate goals and objectives, and should closely align with Riverview s financial performance.

CEO STI target (% of salary)
CEO LTI target (% of salary)
Independent consultantAon McLagan
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-08-278,512,6014,800,546620,49063.94%Passed
20252025-08-289,117,6495,295,647663,60863.26%Passed
20242024-08-2813,643,1721,279,503737,57491.43%Passed
20242024-08-2813,643,1721,279,503737,57491.43%Passed
20232023-08-2312,763,0801,553,516788,25489.15%Passed
20222022-08-2413,298,950685,351670,03395.1%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-08-2763.94%a
20252025-08-2863.26%b
20242024-08-2891.43%c

a. Voting standard not stated in the filing.

b. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the proposal.”.

c. Approved under the standard stated in the filing — “Abstentions and broker non-votes will have no effect on the proposal.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)
CEO total compensation
Median employee compensation
08

Director compensation — fiscal year 2026

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Gerald L. NiesIndependent · Board Chair · Executive (Chair) · Technology · Senior Loan (Chair)$68,700$0$0$0$68,700
Stacey A. GrahamIndependent · Nominating and Governance (Chair) · Technology · Nominating andGovernance (Chair)49,70000049,700
Patricia W. EbyIndependent · Audit (Chair)48,80000048,800
Larry A. HoffIndependent · Executive · Audit · Compensation (Chair) · ​Compensation (Chair)45,50000045,500
Bess R. WillsIndependent · Lead Independent Director · Executive · Nominating and Governance · Compensation44,40000044,400
Valerie MorenoIndependent · Compensation · Technology (Chair)44,00000044,000
Bradley J. CarlsonIndependent · Audit · Nominating and Governance · Technology · Not standing for re-election43,30000043,300
Jon L. GirodIndependent · Partial-year service · Newly elected00000
B. Nicole ShermanEmployee director · Executive · Technology00000
Kourosh N. ZamanizadehIndependent · Partial-year service · Newly elected00000
09

Board fee structure and ownership guideline

Annual cash retainer$20,000
Annual equity retainer
Per board meeting fee$1,000
Committee chair fees (audit / comp / nom-gov)
Stock ownership guideline
09b

Total cost of the board

ComponentFY2026
Cash retainers and fees$344,400
Equity awards (grant-date value)$0
All other compensation$0
Total cost of the board$344,400

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Riverview Bancorp Inc2026B. Nicole Sherman$430,461$42,498$0$0$527,653

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, B. Nicole ShermanDEF 14A2026-07-170001041368-26-000012Section “Summary Compensation Table”. As printed: 527,653. Filing ↗machine: t41 · r6 · c14 · span 365682–365689
2Section 01, C. Evan SowersDEF 14A2026-07-170001041368-26-000012Section “Summary Compensation Table”. As printed: 457,095. Filing ↗machine: t41 · r12 · c14 · span 387930–387937
3Section 01, Daniel CoxDEF 14A2026-07-170001041368-26-000012Section “Summary Compensation Table”. As printed: 395,208. Filing ↗machine: t41 · r9 · c14 · span 376660–376667
4Section 03, Daniel Cox PRSUDEF 14A2026-07-170001041368-26-000012Section “E XECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t41 · r9 · c8 · span 375256–375262
5Section 03, B. Nicole Sherman PRSUDEF 14A2026-07-170001041368-26-000012Section “E XECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t41 · r6 · c8 · span 364164–364170
6Section 03, C. Evan Sowers PRSUDEF 14A2026-07-170001041368-26-000012Section “E XECUTIVE COMPENSATION” · grants of plan-based awards table. Filing ↗machine: t41 · r12 · c8 · span 386413–386419
7Section 07, pay ratio10-K2026-06-120001041368-26-000007Section “CEO Pay Ratio”. As printed: —. Filing ↗
8Section 08, Gerald L. NiesDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 68,700. Filing ↗machine: t39 · r3 · c2 · span 315565–315571
9Section 08, Stacey A. GrahamDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 49,700. Filing ↗machine: t39 · r7 · c2 · span 322362–322368
10Section 08, Patricia W. EbyDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 48,800. Filing ↗machine: t39 · r6 · c2 · span 320671–320677
11Section 08, Larry A. HoffDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 45,500. Filing ↗machine: t39 · r9 · c2 · span 325759–325765
12Section 08, Bess R. WillsDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 44,400. Filing ↗machine: t39 · r4 · c2 · span 317272–317278
13Section 08, Valerie MorenoDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 44,000. Filing ↗machine: t39 · r8 · c2 · span 324071–324077
14Section 08, Bradley J. CarlsonDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 43,300. Filing ↗machine: t39 · r5 · c2 · span 318962–318968
15Section 08, Jon L. GirodDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 0. Filing ↗machine: t39 · r10 · c6 · span 328374–328375
16Section 08, B. Nicole ShermanDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Kourosh N. ZamanizadehDEF 14A2026-07-170001041368-26-000012Section “Director Compensation”. As printed: 0. Filing ↗machine: t39 · r11 · c6 · span 330153–330154
18Section 02, Nierenberg Investment Management Company, LLC 2026-07-22Form 42026-07-240001013594-26-000773Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Nierenberg Investment Management Company, LLC 2026-07-22Form 42026-07-240001013594-26-000773Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Nierenberg Investment Management Company, LLC 2026-07-22Form 42026-07-240001013594-26-000773Insider equity transaction reported since the proxy statement. Filing ↗
21Section 06, 2026 voteForm 8-K2026-09-020000939057-26-000222Item 5.07 · say-on-pay result. As reported: 63.94% (votes for as printed: 8,512,601). Filing ↗
22Section 06, 2025 voteForm 8-K2025-09-040000939057-25-000252Item 5.07 · say-on-pay result. As reported: 63.26% (votes for as printed: 9,117,649). Filing ↗
23Section 06, 2024 voteForm 8-K2024-09-030000939057-24-000249Item 5.07 · say-on-pay result. As reported: 91.43%. Filing ↗
24Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
25Section 09b board cost (computed)ComputedcomputedCash 344,400 + equity 0 + all other 0 = 344,400, summed across the director compensation table rows.machine: formula: Σ = 344,400
26Riverview Bancorp Inc (subject), Section 10b CEO totalDEF 14A2026-07-170001041368-26-000012CEO total compensation as printed in Riverview Bancorp Inc's own proxy. As printed: 527,653. Filing ↗machine: t41 · r6 · c14 · span 365682–365689