Mercantile Bank adopts 2025 executive bonus plan with metrics-based pool up to $1.6M

MERCANTILE BANK CORP

Target bonus pool $1,071,011; max $1,606,516 based on six financial metrics.
Metrics: EPS (25%), ROA (12.5%), NIM (12.5%), efficiency ratio (12.5%), non-performing assets (12.5%), loans-to-deposits (25%).
CEO target 60% salary (max 90%); CFO 40% (max 60%); COO 35% (max 52.5%).
Award paid pro rata based on uniform percentage of 2025 salary; payouts by March 15, 2026.
Plan subject to clawback; effective Jan 1, 2025.

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