---
schema_version: "secwatch.filing_event.v1"
accession: "0001437749-23-018114"
form_type: "8-K"
ticker: "MBWM"
cik: "0001042729"
company_name: "MERCANTILE BANK CORP"
filed_at: "2023-06-22T23:59:59+00:00"
generated_at: "2026-06-13T18:45:46.184514+00:00"
event_type: "other"
sentiment: "neutral"
materiality_score: 0.2
calibrated_materiality_score: 0.2
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0001437749-23-018114
- form_type: 8-K
- ticker: MBWM
- cik: 0001042729
- company_name: MERCANTILE BANK CORP
- filed_at: 2023-06-22T23:59:59+00:00
- event_type: other
- sentiment: neutral
- materiality_score: 0.2
- calibrated_materiality_score: 0.2
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1042729/000143774923018114/0001437749-23-018114-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1042729/000143774923018114/mbwm20230622_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001437749-23-018114
- JSON: https://secwatch.observer/filing/0001437749-23-018114.json
- Plain text: https://secwatch.observer/filing/0001437749-23-018114.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.