Company: FMFG
Filing Date: 2025-03-24
Form Type: DEFC14A
Source: 0001437749-25-008883
Chunk: 44

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-03-24
Form: DEFC14A
Chunk 44
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| Compensation Actually Paid                                                                                                                                                 |     | $    | 468,403 |   |     | $         | 250,723 |

23

The graphs below describe the relationship between pay and performance by comparing compensation actually paid to our PEO and the average actual compensation paid to our Non-PEO named executive officers to our cumulative total shareholder return (TSR) and our net income for each of the last three fiscal years. As noted above, readers are reminded that Mr. Oswald retired on August 19, 2024; accordingly, the following graphs are based on the compensation that Mr. Oswald actually received through his retirement date and not on the compensation (annualized) that he would have received had he been employed through December 31, 2024.

24

<div align='center'>CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS</div>

The following paragraphs discuss related party transactions that occurred thus far in 2025 and during 2024 and 2023, as well as related party transactions that are contemplated during the remainder of 2025 (other than compensation paid or awarded to the Company’s directors and executive officers that is discussed above). For this purpose, the term “related party transaction” is generally defined as any transaction (or series of related transactions) in which (i) the Company or any of its subsidiaries is a participant, (ii) the amount involved exceeds the lesser of (a) $120,000 or (b) 1.0% of the Company’s average total assets at year-end for the last two completed fiscal years, and (iii) any director, director nominee or executive officer of the Company or any person who beneficially owns more than 5% of the outstanding shares of the Company’s common stock (and the immediate family members and affiliates of the foregoing) has a direct or indirect interest. The term includes most financial transactions and arrangements, such as loans, guarantees and sales of property, and remuneration for services rendered (as an employee, consultant or otherwise) to the Company and its subsidiaries.

Thus far in 2025 and during 2024 and 2023, the Company, through the Bank, had banking transactions in the ordinary course of its business with the Company’s directors, executive officers and immediate family members and affiliates of the foregoing. All of these transactions were substantially the same terms, including interest rates, collateral, and repayment terms on loans, as those prevailing at the same time for comparable transactions with