Company: FMFG
Filing Date: 2025-03-24
Form Type: DEFC14A
Source: 0001437749-25-008883
Chunk: 37

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-03-24
Form: DEFC14A
Chunk 37
---
 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 Insurance Act. Additionally, no benefit will be paid to the extent it constitutes an excess golden parachute payment under Section 280G of the IRC or is determined to be a prohibited golden parachute payment pursuant to 12 C.F.R. § 359.2. Because, both the Harris SERP Agreement and the Harris Sever