Company: FMFG
Filing Date: 2025-05-23
Form Type: S-1
Source: 0001437749-25-018314
Chunk: 30

Company: Farmers & Merchants Bancshares, Inc.
Filing Date: 2025-05-23
Form: S-1
Chunk 30
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 be timely, a nomination must be given not less than 150 days nor more than 180 days prior to the date of the meeting of stockholders called for the election of directors which, for purposes of this requirement, is deemed to be on the same day and month as the annual meeting of stockholders for the preceding year. The notice must contain the following information to the extent known by the notifying stockholder:

| ● | the name and address of each proposed nominee; |

| ● | the principal occupation of each proposed nominee; |

| ● | the class or series and number of shares of capital stock of the Company owned by each proposed nominee; |

| ● | the name and residence address of the notifying stockholder; |

| ● | the class or series and number of shares of capital stock of the Company owned by the notifying stockholder; |

| ● | the consent in writing of the proposed nominee as to the proposed nominee’s name being placed in nomination for director; and |

| ● | all information relating to the proposed nominee that would be required to be disclosed by Regulation 14A under the Exchange Act, assuming such provisions would be applicable to the solicitation of proxies for the proposed nominee. |

Classified Board; Removal of Directors

The Charter provides that the members of the Company’s board of directors are divided into four classes, as nearly equal in number as possible. Each class is elected for a four-year term. At each annual meeting of stockholders, approximately one-fourth of the members of the board are elected for a four-year term and the other directors remain in office until their four-year terms expire. The Charter and Bylaws provide that no director may be removed without cause, which term is defined to include any of the following: (i) an act or failure to act by the director that constitutes fraud, misappropriation or damage to the property or business of the Company; (ii) the director’s commission of an act of dishonesty or of a crime, or causing the Company to commit a crime; or (iii) an act or failure to act by the director that is prejudicial to the interest of the Company. Any removal for cause requires the affirmative vote of the holders of at least a majority of the outstanding voting stock of the Company. Further, stockholders may attempt to remove a director for cause after service of specific charges, adequate notice and a full opportunity to refute the charges. Thus, control of the board of directors cannot be changed in one year without removing the directors for cause as described above