Farmers & Merchants enters new 3-year employment agreement with CEO Lars Eller

FARMERS & MERCHANTS BANCORP INC

Base salary of $504,686, subject to upward adjustment; term Sept 1, 2024 to Aug 31, 2027.
Annual restricted stock grants equal to 25% of base pay; plus unrestricted shares equal to nonemployee director grants ($15,000 in 2024).
Change-in-control severance: 2x sum of base salary and average 3-year cash bonus/incentive, plus 12 months benefit continuation.
Non-compete applies without geographic limit during employment; post-termination limited to counties with bank offices in OH, IN, MI.
F&M guarantees Bank's performance; terms substantially similar to prior agreement.

This headline and bullets were generated automatically by deepseek-v4-flash:cloud@v2 from the public filing. Read the source on SEC.gov before relying on any specific claim. Not investment advice. See methodology for how this pipeline works.