---
schema_version: "secwatch.filing_event.v1"
accession: "0000950170-24-102663"
form_type: "8-K"
ticker: "FMAO"
cik: "0000792966"
company_name: "FARMERS & MERCHANTS BANCORP INC"
filed_at: "2024-09-03T23:59:59+00:00"
generated_at: "2026-05-31T06:43:12.830648+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000950170-24-102663
- form_type: 8-K
- ticker: FMAO
- cik: 0000792966
- company_name: FARMERS & MERCHANTS BANCORP INC
- filed_at: 2024-09-03T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/792966/000095017024102663/0000950170-24-102663-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/792966/000095017024102663/fmao-20240829.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950170-24-102663
- JSON: https://secwatch.observer/filing/0000950170-24-102663.json
- Plain text: https://secwatch.observer/filing/0000950170-24-102663.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.