Farmers and Merchants Bancshares enters SERP with President Gary A. Harris

Farmers & Merchants Bancshares, Inc.

Retirement benefit: 35% of highest 3-year average base salary, paid monthly for 20 years starting at age 65.
Change in control benefit: present value of 20-year stream of 35% of high 3 average pay, paid over 5 years with 4% interest.
Death benefit: lump sum of greater of accrued benefit or $2,127,275.
Early termination and disability benefits: accrued benefit paid over 20 years with interest at Moody's AA bond rate minus 0.25%.
Benefits forfeited if termination for cause or violation of non-compete, confidentiality, or non-solicitation clauses.

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