secwatch.observer — SEC 8-K summary
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Issuer:     MERCANTILE BANK CORP (MBWM)
CIK:        0001042729
Form:       8-K
Filed at:   2022-11-18T23:59:59+00:00
Accession:  0001437749-22-027733
Event type: leadership
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Mercantile Bank promotes Brett Hoover to SVP, HR Director effective Jan 1, 2023
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1042729/000143774922027733/0001437749-22-027733-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1042729/000143774922027733/mbwm20221117_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-22-027733

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