Mercantile Bank adopts new deferred compensation plan for executives and directors

MERCANTILE BANK CORP

Adopted Nonqualified Deferred Compensation Plan #2, effective Jan 1, 2025, replacing prior plan.
Eligible: directors and executive VPs; defer up to 80% salary, 100% bonus, 100% director fees.
No employer contributions; participants always 100% vested; account credited with investment returns.
Distributions: separation, death, disability, in-service (lump sum or 5-yr installments), or emergency.
Rabbi trust with Principal Trust Company holds assets; assets subject to general creditor claims.

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