Company: FMFG
Filing Date: 2025-03-13
Form Type: PREC14A
Source: 0001437749-25-007538
Chunk: 33

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-03-13
Form: PREC14A
Chunk 33
---
 of the Change in Control (and, for the avoidance of doubt, if as of the date of the occurrence of the Change in Control the Administrator determines in good faith that no amount would have been attained upon the realization of the participant’s rights, then such award may be terminated by the Company without payment), or (B) the replacement of such award with other rights or property selected by the Administrator in its sole discretion; or (v) any combination of the foregoing. Notwithstanding the foregoing, with respect to awards granted to an Outside Director (as defined in the Equity Plan) while such individual was an Outside Director that are assumed or substituted for, if on the date of or following such assumption or substitution the participant’s status as a director or a director of the successor entity, as applicable, is terminated other than upon a voluntary resignation by the participant (unless such resignation is at the request of the successor entity), then all restrictions on restricted shares and restricted stock units will lapse, and, with respect to awards with performance-based vesting, all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met, unless specifically provided otherwise under the applicable award agreement or other written agreement authorized by the Administrator between the participant and the Company or any of its affiliates, as applicable.

During 2023, the Administrator granted to Mr. Harris (i) 2,000 fully-vested shares of Common Stock having an aggregate grant date fair value of $38,250 and (ii) time-vesting RSUs with respect to 3,000 shares of Common Stock having an aggregate grant date fair value of $54,440.

<div align='center'>17</div>

Outstanding Equity Awards

The following table shows information regarding all unvested equity awards held by the named executive officers at December 31, 2024. All awards were granted under the Equity Plan and are subject to forfeiture until vested.

| Stock Awards      
 Executive Officer | Grant Date |     | Number     
 of shares  
 or units   
 of stock   
 that have  
 not vested 
 (#)        |       |     | Market         
 value of       
 shares or      
 units of stock 
 that have not  
 vested         
 ($)(1)         |        |    |
|:------------------|:-----------|:----|:-----------|------:|:----|:---------------|-------:|---:|
| Gary A. Harris    
 President & CEO   | 10/24/2023