Mercantile Bank adopts 2022 executive bonus plan with $729,950 pool

MERCANTILE BANK CORP

Maximum bonus pool $729,950; payouts based on seven metrics: EPS (25%), NPA, NIM, revenue, efficiency ratio, ROA, ROE (12.5% each).
Pro rata allocation based on salary caps: CEO 55%, President 45%, CFO 35%, CRO 20%.
Bonuses payable on or before March 15, 2023, subject to clawback for inaccurate financials or misconduct.
Plan effective Jan 1, 2022; covers executives Kaminski, Reitsma, Christmas, Worthington.

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