Mercantile Bank promotes Brett Hoover to SVP, HR Director effective Jan 1, 2023
MERCANTILE BANK CORP
Brett Hoover, age 52, promoted from Bank's HR Director to same role at holding company effective 1/1/2023.
Amended employment agreement includes 3-year term with automatic renewal; base salary not less than prior year.
Death benefit of $100,000; severance of greater of remaining salary or $250,000 plus 18 months benefits on termination without cause.
Non-compete covenant for 18 months post-termination; change-in-control agreement provides $250,000 lump sum if terminated within 24 months after change.
Mr. Hoover has been with the Bank over 15 years; no family relationships or material related-party transactions.
On November 17, 2022, the board of directors of Mercantile Bank Corporation (the “Company”) promoted Brett Hoover to the role of Senior Vice President, Human Resources Director of the Company.
Key facts
Extracted from this filing and checked against the source text.
Executive changeSEC 8-K Item 5.02confidence 0.95
Brett Hoover changed role as Senior Vice President, Human Resources Director at MERCANTILE BANK CORP.
Action
promoted
Role
Senior Vice President, Human Resources Director
Exact text from the filing
On November 17, 2022, the board of directors of Mercantile Bank Corporation (the “Company”) promoted Brett Hoover to the role of Senior Vice President, Human Resources Director of the Company.
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