Mercantile Bank shifts 2025 executive stock grants: 35% time-based, 65% performance vs peer index

MERCANTILE BANK CORP

35% of 2025 restricted stock grants to executive officers will cliff vest in 3 years with no performance conditions; 65% tied to performance metrics.
Performance goals now measured against a Comparative Index of similarly-sized bank holding companies on TSR, ROAA, and diluted EPS change.
Target award shares calculated as base salary multiplied by percentage (CEO 65%, CFO 45%, others 45%/40%) divided by closing price on grant date.
Awards can range from 0% to 150% of target depending on Company's percentile rank relative to the index.

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