Mercantile Bank expands board to 13, updates exec employment terms, names new officers

MERCANTILE BANK CORP

Board increased from 8 to 13; five new directors appointed effective Jan 1, 2025, including Dickinson, Jones, MacDonald, Schmidt, Williams.
Amended employment agreements for CEO Reitsma, CFO Christmas, EVP Hoover; severance raised to 300% of base pay over 36 months.
CEO Reitsma gets death benefit of 50% of base salary; other officers get 40%; base salary increases shift to March 1.
Mark Augustyn (Chief Commercial Banking Officer) and Tara Randall (Chief Experience Officer) designated as new executive officers.
Director appointees all previously served on bank's board; committees assigned; compensation per standard director fee schedule.

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