Farmers & Merchants Bancshares, Inc.
For the period ended Apr 28, 2026. Filed Mar 26, 2026.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Apr 28, 2026 · Filed Mar 26, 2026
Contents
Bonus Program
The Bank Board has implemented a bonus program under which certain officers are entitled to share each year in a bonus pool the amount of which is based on the Bank’s net income for that year. Participation is available to the CEO, President, Executive Vice Presidents, Senior Vice Presidents and Vice Presidents, other than Senior Vice Presidents and Vice Presidents who are involved in lending activities. The bonus pool amount is determined as follows:
| Net Income (in millions) · Bonus Pool · Bonus Pool Range | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Less than | $4.50 | 0.00% of Net Income | $0 | ||||||
| $4.50 | to | $5.25 | 2.50% of Net Income | $112,500 | - | $131,250 | |||
| $5.25 | to | $6.00 | 3.05% of Net Income | $160,125 | - | $183,000 | |||
| $6.00 | to | $6.75 | 3.60% of Net Income | $216,000 | - | $243,000 | |||
| $6.75 | to | $7.50 | 4.15% of Net Income | $280,125 | - | $311,250 | |||
| $7.50 | to | $8.25 | 4.67% of Net Income | $350,250 | - | $385,575 | |||
| Over | $8.25 | 5.20% of Net Income | $429,000+ | ||||||
There is no formula for determining how much of the pool is paid to a particular officer. Rather, the amount for each officer is recommended by the Compensation Committee and approved by the Bank Board. For 2025, the percentages of the pool paid to Messrs. Harris, Susie and Luciani were 25.43%, 11.96% and 13.07%, respectively. Mr. Krebs did not receive a bonus under this program for 2025, although the Bank Board did grant him a discretionary bonus of $50,000 in connection with his retirement. For 2024, the percentages of the pool paid to Messrs. Harris, Luciani, and Krebs were 26.99%, 8.37% and 15.70%, respectively. These bonus amounts are shown in the Summary Compensation Table above under the heading “Nonequity incentive plan compensation”.
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