Company: FMFG
Filing Date: 2025-03-13
Form Type: PREC14A
Source: 0001437749-25-007538
Chunk: 37

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-03-13
Form: PREC14A
Chunk 37
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encing within 90 days of the triggering event. After his retirement and before December 31, 2024, Mr. Oswald received $24,429 under his supplemental executive retirement agreement.

The following table sets forth the current amounts that could be paid to Mr. Harris under each of the situations described above and that will be paid to Mr. Oswald, calculated as of December 31, 2024.

|            |     | Normal Retirement Benefit |         |    |     | Early                           
 Involuntary Termination Benefit |        |     | Early                         
 Voluntary Termination Benefit |        |     | Disability Benefit |        |     | CIC Benefit |         |     | Death Benefit |         |     | Benefit Upon Termination of Agreement |           |
|:-----------|:----|:--------------------------|--------:|:---|:----|:--------------------------------|-------:|:----|:------------------------------|-------:|:----|:-------------------|-------:|:----|:------------|--------:|:----|:--------------|--------:|:----|:--------------------------------------|----------:|
| Mr. Harris |     | $                         | 154,923 | -a |     | $                               | 21,148 |     | $                             | 21,148 |     | $                  | 21,148 |     | $           | 314,233 |     | $             | 272,193 |     | $                                     | 2,127,275 |
| Mr. Oswald |     | $                         |  73,287 | -b |     |                                 |    n/a |     |                               |    n/a |     |                    |    n/a |     |             |     n/a |     |               |     n/a |     |                                       |       n/a |

If benefit payments have begun and an executive dies before all payments have been made, then the Bank will distribute the remaining benefits to the executive’s designated beneficiaries, at the same times and in the same manner as if the executive had not died. If an executive becomes entitled to benefits but dies before payments begin, then the Bank will pay the benefits, in a single lump sum on the first day of the fourth month following death, to the executive’s designated beneficiaries.

No benefits will be paid if an executive’s employment is terminated by the Bank for cause or if he is subject to a final removal or prohibition order issued by an appropriate federal banking agency pursuant to Section 8(e) of the Federal Deposit