Company: FMFG
Filing Date: 2025-03-13
Form Type: PREC14A
Source: 0001437749-25-007538
Chunk: 20

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-03-13
Form: PREC14A
Chunk 20
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, oversees the maintenance of the Bank’s facilities and is composed of Ronald W. Hux, Chairman, Steven W. Eline, Gary A. Harris, Emily B. Miller, Robert G. Pollokoff, Teresa L. Smack, and Paul F. Wooden, Jr. The Asset/Liability Committee, which met four times in 2024, oversees the asset and liability positioning of the Bank and is composed of Ronald W. Hux, Chairman, James R. Bosley, Jr., Gary A. Harris, and Paul F. Wooden, Jr. The Marketing Steering Committee, which met once in 2024, oversees the Bank’s marketing strategies and assists the Bank Board with strategic development and is composed of Bruce L. Schindler, Chairman, Roger D. Cassell, Gary A. Harris, Ronald W. Hux, Emily B. Miller, Robert G. Pollokoff, and Teresa L. Smack.

Director Independence

To determine whether each of the directors is independent, the Company Board has adopted the independence standards of The NASDAQ Stock Market Rules (the “NASDAQ Rules”). The Company Board has determined that each of Roger D. Cassell, Steve W. Eline, Edward A. Halle, Jr., Ronald W. Hux, Emily B Miller, Robert G. Pollokoff, Bruce L. Schindler, Teresa L. Smack, and Paul F. Wooden, Jr., is an “independent director” as that term is defined by Rule 5605(a)(2) of the NASDAQ Rules. Each member of the Compensation Committee is an “independent director”. Each member of the Nominating Committee is an “independent director”. During his term of service, J. Lawrence Mekulski was an “independent director” as that term is defined by Rule 5605(a)(2) of the NASDAQ Rules. Each member of the Audit Committee satisfies the audit committee independence requirements of NASDAQ Rule 5605(c)(2)(A). In determining that each of the independent directors is independent, the Company Board considered, in addition to the transactions described in the “CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS” section of this proxy statement, the Bank’s purchase of products from a company in which Mr. Schindler has a controlling interest, the Bank’s purchase of products from a company in which Mr. Eline has a controlling interest and the Bank’s purchase of products from a company in which Mrs. Miller has a controlling