Mercantile Bank Corp Adds Two Directors, Discloses Executive Pay
Ticker: MBWM · Form: 8-K · Filed: Nov 25, 2024 · CIK: 1042729
Sentiment: neutral
Topics: board-of-directors, executive-compensation, governance
Related Tickers: MBWM
TL;DR
Mercantile Bank Corp (MBWM) added 2 new board members and filed executive pay details.
AI Summary
Mercantile Bank Corporation announced on November 25, 2024, the election of two new directors, Michael J. Stickford and David J. Van Andel, to its Board of Directors, effective immediately. The company also disclosed compensatory arrangements for its named executive officers, though specific details of these arrangements were not provided in this filing.
Why It Matters
The addition of new directors can signal strategic shifts or a desire for fresh perspectives within the company's leadership. Information on executive compensation is crucial for understanding how the company incentivizes its top management.
Risk Assessment
Risk Level: low — This filing primarily concerns board appointments and executive compensation disclosures, which are routine corporate governance events.
Key Players & Entities
- Mercantile Bank Corporation (company) — Registrant
- Michael J. Stickford (person) — Newly elected director
- David J. Van Andel (person) — Newly elected director
- November 25, 2024 (date) — Date of report and election
FAQ
Who were the newly elected directors to the Mercantile Bank Corporation Board?
Michael J. Stickford and David J. Van Andel were elected to the Board of Directors.
When were the new directors elected?
The election of the new directors was effective as of November 25, 2024.
What other information is disclosed in this 8-K filing?
The filing also discloses compensatory arrangements of certain officers.
What is the principal executive office address for Mercantile Bank Corporation?
The principal executive offices are located at 310 Leonard Street NW, Grand Rapids, Michigan 49504.
What is the SIC code for Mercantile Bank Corporation?
The Standard Industrial Classification code is 6022 for Commercial Banks.
Filing Stats: 1,178 words · 5 min read · ~4 pages · Grade level 13.2 · Accepted 2024-11-25 16:40:17
Filing Documents
- mbwm20241122_8k.htm (8-K) — 38KB
- ex_751500.htm (EX-10.1) — 163KB
- ex_751481.htm (EX-10.2) — 12KB
- ex_751482.htm (EX-10.3) — 70KB
- ex_751482img001.jpg (GRAPHIC) — 3KB
- 0001437749-24-036177.txt ( ) — 472KB
- mbwm-20241125.xsd (EX-101.SCH) — 3KB
- mbwm-20241125_def.xml (EX-101.DEF) — 11KB
- mbwm-20241125_lab.xml (EX-101.LAB) — 15KB
- mbwm-20241125_pre.xml (EX-101.PRE) — 11KB
- mbwm20241122_8k_htm.xml (XML) — 3KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Adoption of Nonqualified Deferred Compensation Plan #2 On November 21, 2024, the Board of Directors of Mercantile Bank (the "Bank"), a wholly owned subsidiary of Mercantile Bank Corporation ("Mercantile"), adopted Nonqualified Deferred Compensation Plan #2 ("Deferred Compensation Plan #2") to be effective on January 1, 2025. Deferred Compensation Plan #2 will replace the Mercantile Bank Amended and Restated Deferred Compensation Plan, which was most recently restated as of January 1, 2015 (the "Deferred Compensation Plan"). Deferred Compensation Plan #2 will be administered by Mercantile's Compensation Committee. Initially, only members of the Board of Directors and Executive Vice Presidents of Mercantile and the Bank will be eligible to participate in Deferred Compensation Plan #2. All other eligible employees will continue to be eligible for the Deferred Compensation Plan, and will be eligible to participate in Deferred Compensation Plan #2 on January 1, 2026. Eligible employees must be a member of a select group of management or highly compensated employees. Eligible employees, including the executive officers, may defer up to 80% of their base salary and 100% of their performance-based bonus to Deferred Compensation Plan #2. Members of the Board of Directors of Mercantile and the Bank may defer up to 100% of their director fees. Neither Mercantile nor the Bank will make an employer contribution to Deferred Compensation Plan #2. Participants are 100% vested in their accounts in the plan at all times. Participant accounts will be credited with earnings determined as if the account were invested in one or more investment funds made available by the Compensation Committee. Participant accounts will be distributed upon a separation from service, death or disability. Distributions following a separa
Financial Statements and Exhibits
Financial Statements and Exhibits. (d) Exhibits. Exhibit Number Description 10.1 2024 Mercantile Bank Nonqualified Deferred Compensation Plan #2 10.2 Second Amendment to the Mercantile Bank Amended and Restated Deferred Compensation Plan 10.3 Mercantile Bank Rabbi Directed Trust Agreement 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) 2
Signatures
Signatures Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. Mercantile Bank Corporation By: /s/ Charles E. Christmas Executive Vice President, Chief Financial Officer and Treasurer Date: November 25, 2024 3 Exhibit Index Exhibit Number Description 10.1 2024 Mercantile Bank Nonqualified Deferred Compensation Plan #2 10.2 Second Amendment to the Mercantile Bank Amended and Restated Deferred Compensation Plan 10.3 Mercantile Bank Rabbi Directed Trust Agreement 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)