Company: FMFG
Filing Date: 2025-03-24
Form Type: DEFC14A
Source: 0001437749-25-008883
Chunk: 29

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-03-24
Form: DEFC14A
Chunk 29
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 because the payment thereof is conditioned on the occurrence of a separation from service or Mr. Harris reaching a certain age. |

| (5) | For Mr. Krebs, the amount includes matching contributions of $10,681 in 2024 and $10,797 in 2023 to the Bank’s 401(k) plan, $1,800 in 2024 and $1,800 in 2023 for medical insurance coverage foregone at his election, and imputed income of $3,128 in 2024 and $3,002 in 2023 attributable to the premium for group term life insurance coverage in excess of $50,000. Also included is imputed income of $30,964 in 2024 and $31,779 in 2023 attributable to the economic value of accrued benefits under his performance driven retirement plan agreement discussed below. Mr. Krebs did not receive any of these accrued benefits in 2024 or 2023 because the payment thereof is conditioned on the occurrence of a separation from service or Mr. Krebs reaching a certain age. |

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| (6) | For Mr. Oswald, the amounts include matching contributions of $7,818 in 2024 and $11,111 in 2023 to the Bank’s 401(k) plan, imputed income of $600 in 2024 and $570 in 2023 attributable to the economic value of his benefits under the bank owned life insurance plan discussed below, imputed income of $2,028 in 2024 and $2,922 in 2023 attributable to the premium paid for group term life insurance coverage in excess of $50,000, payment of unused vacation at his retirement of $1,147 in 2024, a retirement bonus of $44,733 in 2024, imputed income of $4,525 in 2024 and $64,550 in 2023 attributable to the economic value of accrued benefits under his supplemental executive retirement agreement. |

Employment Arrangements

Executive officers are appointed by the Company Board and the Bank Board annually and are employed on an at-will basis. No executive officer is a party to any written employment agreement with the Company or the Bank. Each executive officer is paid a base salary, participates in a bonus program, is eligible to receive awards under the Farmers and Merchants Bancshares, Inc. 2023 Equity Compensation Plan (the “Equity Plan”), and participates in various employee