Mercantile Bank Corp adopts 2023 executive bonus plan with $884,496 max pool

MERCANTILE BANK CORP

Maximum bonus pool of $884,496 allocated among 5 named executive officers, including CEO Robert Kaminski.
Bonuses tied to 7 metrics: EPS (25%), ROA, ROE, NIM, efficiency ratio, NPA, wholesale funds (12.5% each).
Each metric target independently; aggregate payout percentage applied to pool to determine Award Amount.
Individual payouts capped at % of salary: CEO 55%, President 50%, CFO 40%, HR Dir 30%, CRO 20%.
Earned bonuses paid on or before March 15, 2024; plan includes clawback provisions for inaccurate financials.

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