secwatch.observer — SEC 8-K summary
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Issuer:     Farmers & Merchants Bancshares, Inc. (FMFG)
CIK:        0001698022
Form:       8-K
Filed at:   2023-02-27T23:59:59+00:00
Accession:  0001437749-23-004638
Event type: leadership
Sentiment:  neutral
Materiality: 0.55
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1698022/000143774923004638/0001437749-23-004638-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1698022/000143774923004638/fmfg20230224_8k.htm
  HTML page:      https://secwatch.observer/filing/0001437749-23-004638

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer