Company: FMFG
Filing Date: 2025-03-13
Form Type: PREC14A
Source: 0001437749-25-007538
Chunk: 31

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-03-13
Form: PREC14A
Chunk 31
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 |         $144,375 | - | $165,000 |
| $6.00                    |    to | $6.75 |     | 3.30% of Net Income |     |         $198,000 | - | $222,750 |
| $6.75                    |    to | $7.50 |     | 3.85% of Net Income |     |         $259,875 | - | $288,750 |
| $7.50                    |    to | $8.25 |     | 4.37% of Net Income |     |         $327,750 | - | $360,525 |
| Over                     | $8.25 |       |     | 4.9% of Net Income  |     |        $404,250+ |   |          |

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 2024, the percentages of the pool paid to Messrs. Harris and Krebs were 28.32% and 17.04%, respectively. Mr. Oswald did not receive a bonus under this program for 2024, although the Bank Board did grant him a discretionary bonus of $55,733 in connection with his retirement. For 2023, the percentages of the pool paid to Messrs. Harris, Krebs, and Oswald were 26.99%, 15.70%, 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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Equity Compensation Plan

The Company Board adopted the Equity Plan on July 17, 2023. The Equity Plan authorizes the grant of various forms of incentive awards, including stock awards (both fully-vested and restricted), restricted stock units, and performance awards, to non-employee directors, employees, and consultants of the Company and its subsidiaries with respect to up to 30,000 shares of Common stock (subject to adjustment as provided in the Equity Plan). The Company Board or one of its committees will administer the Equity Plan (the “Administrator”). The Administrator has full and exclusive power to, among other things: (i) approve the forms of award agreements for use under the Equity Plan; (ii) determine the employees, non-employee directors and consultants to whom awards may