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

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-03-13
Form: PREC14A
Chunk 25
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 their compensation in the form of shares of common stock, based upon a grant date fair market value of $17,25 per share, as computed in accordance with Financial Standards Accounting Standards Codification topic 718. Mr. Mekulski recived 1,359 shares, Mrs. Miller received 872 shares, Mr. Pollokoff received 1,373 shares, Mr. Schindler received 2,286 shares, and Ms. Smack received 841 shares.

In 2024, non-employee directors received $830 for each meeting of the Bank Board attended and $530 for each committee meeting attended. Director compensation is set by the entire Bank Board. Each year, the Bank Board reviews one or more independently conducted director compensation surveys provided by the Bank’s independent registered public accounting firm.

From time to time, the Boards may choose to appoint a person to serve as a director emeritus, where the Boards believe that they may benefit from such person’s experience, insight and other attributes. A director emeritus is invited to attend all of the Boards’ meetings and to participate in the Boards’ discussions, but he or she is not entitled to vote on any matter that may come before the Boards or any of its committees. A director emeritus is entitled to receive a cash fee for each meeting attended. For 2024, the fee amount was $830 for board meetings and $530 for committee meetings. These fees are paid by the Bank.

The Boards anticipate that they will appoint Paul F. Wooden, Jr. to serve as a director emeritus for a one-year term upon his retirement as a director at the conclusion of the Annual Meeting. Mr. Wooden has served on the Company Board since 2016 and on the Bank Board since 1987, and he served as Chairman of the Boards from 2015 to 2020. Through this service, along with his prior ownership of Taylor Technologies, Inc., a specialty chemical manufacturer of water testing supplies, service as Executive Director of the PFW Foundation, a 501(c)(3) nonprofit organization, and ownership of various real estate LLCs, Mr. Wooden has acquired valuable skills, experience, and knowledge about the Bank and its markets, the banking industry, and business operations in general.

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The Boards anticipate that they will re-appoint J. Lawrence Mekulski to serve as a director emeritus as his current term expires at the conclusion of the Annual Meeting. Mr. Mekul