Document:

<PAGE>
[This document has important legal consequences. Consultation with an attorney
is encouraged with respect to its completion or modification.]

[AIA Document A201-1997, General Conditions of the Contract for Construction, is
adopted in this document by reference. Do not use with other general conditions
unless this document is modified.]

[This document has been approved and endorsed by The Associated General
Contractors of America.]

                                                                    1997 EDITION

                                                                   EXHIBIT 10.25

                                                          AIA DOCUMENT A101-1997

Standard Form of Agreement Between Owner and Contractor where the basis of
payment is a STIPULATED SUM

AGREEMENT made as of the eighth day of May in the year Two Thousand and Two
(In words, indicate day, month and year)

BETWEEN the Owner: Mercantile Bank Of West Michigan
(Name, address and other information)
             5650 Byron Center Ave.
             Wyoming, MI 49509

and the Contractor: Visser Brothers
(Name, address and other information)
             1946 Turner NE
             Grand Rapids, MI 49504

The Project is: Mercantile Bank of West Michigan
(Name and location)
             Kentwood Branch
             4860 Broadmoor Avenue
             Kentwood, MI 49512

The Architect is: Concept Design Group
(Name, address and other information)
             89 Monroe Center, Suite 400
             Grand Rapids, MI 49503

The Owner and Contractor agree as follows.

[AIA LOGO]
(C)1997 AIA(R)
AIA DOCUMENT A101-1997
OWNER-CONTRACTOR
AGREEMENT

The American Institute
of Architects
1735 New York Avenue, N.W.
Washington, D.C.  20006-5292

COPYRIGHT 1915, 1918, 1925, 1937, 1951, 1958, 1961, 1963, 1967, 1974, 1977,
1987, (C) 1997 by The American Institute of Architects. Reproduction of the
material herein or substantial quotation of its provisions without written
permission of the AIA violates the copyright laws of the United States and will
subject the violator to legal prosecution.

WARNING: UNLICENSED PHOTOCOPYING VIOLATES U.S. COPYRIGHT LAWS AND WILL SUBJECT
THE VIOLATOR TO LEGAL PROSECUTION.

                                                                               1
<PAGE>
ARTICLE 1 THE CONTRACT DOCUMENTS

     The Contract Documents consist of this Agreement, Conditions of the
     Contract (General, Supplementary and other Conditions), Drawings,
     Specifications, Addenda issued prior to execution of this Agreement, other
     documents listed in this Agreement and Modifications issued after execution
     of this Agreement; these form the Contract, and are as fully a part of the
     Contract as if attached to this Agreement or repeated herein. The Contract
     represents the entire and integrated agreement between the parties hereto
     and supersedes prior negotiations, representations or agreements, either
     written or oral. An enumeration of the Contract Documents, other than
     Modifications, appears in Article 8.

ARTICLE 2 THE WORK OF THIS CONTRACT

     The Contractor shall fully execute the Work described in the Contract
     Documents, except to the extent specifically indicated in the Contract
     Documents to be the responsibility of others.

ARTICLE 3 DATE OF COMMENCEMENT AND SUBSTANTIAL COMPLETION

     3.1 The date of commencement of the Work shall be the date of this
     Agreement unless a different date is stated below or provision is made for
     the date to be fixed in a notice to proceed issued by the Owner.
     (Insert the date of commencement if it differs from the date of this
     Agreement or, if applicable, state that the date will be fixed in a notice
     to proceed.)

     If, prior to the commencement of the Work, the Owner requires time to file
     mortgages, mechanic's liens and other security interests, the Owner's
     time requirement shall be as follows:

     3.2 The Contract Time shall be measured from the date of commencement.

     3.3 The Contractor shall achieve Substantial Completion of the entire Work
     not later than           days from the date of commencement, or as follows:
     (Insert number of calendar days. Alternatively, a calendar date may be used
     when coordinated with the date of commencement. Unless stated elsewhere in
     the Contract Documents, insert any requirements for earlier Substantial
     Completion of certain portions of the Work.)

                                November 15, 2002

     , subject to adjustments of this Contract Time as provided in the Contract
     Documents. (Insert provisions, if any, for liquidated damages relating to
     failure to complete on time or for bonus payments for early completion of
     the Work.)

[AIA LOGO]
(C)1997 AIA(R)
AIA DOCUMENT A101-1997
OWNER-CONTRACTOR
AGREEMENT

The American Institute
of Architects
1735 New York Avenue, N.W.
Washington, D.C.  20006-5292

WARNING: UNLICENSED PHOTOCOPYING VIOLATES U.S. COPYRIGHT LAWS AND WILL SUBJECT
THE VIOLATOR TO LEGAL PROSECUTION.

                                                                               2
<PAGE>

ARTICLE 4 CONTRACT SUM

     4.1 The Owner shall pay the Contractor the Contract Sum in current funds
     for the Contractor's performance of the Contract. The Contract Sum shall be
     Nine Hundred Thirty Thousand Seven Hundred Seventy Five and 71/100 Dollars
     ($930,775.71), subject to additions and deductions as provided in the
     Contract Documents.

     4.2 The Contract Sum is based upon the following alternates, if any, which
     are described in the Contract Documents and are hereby accepted by the
     Owner:
     (State the numbers or other identification of accepted alternates. If
     decisions on other alternates are to be made by the Owner subsequent to the
     execution of this Agreement, attach a schedule of such other alternates
     showing the amount for each and the date when that amount expires.)

          No deductive alternates were accepted.

     4.3 Unit prices, if any, are as follows:

          Placing new soil and removal and disposal of unsuitable soil offsite
          as selected by soil engineer.

                       Under parking lot                 15.00/cu. yd. in place
                       Under foundation & footing        18.00/cu. yd. in place
                       Under utility trenches            18.00/cu. yd. in place

ARTICLE 5 PAYMENTS

     5.1 PROGRESS PAYMENTS

     5.1.1 Based upon Applications for Payment submitted to the Architect by
     the Contractor and Certificates for Payment issued by the Architect, the
     Owner shall make progress payments on account of the Contract Sum to the
     Contractor as provided below and elsewhere in the Contract Documents.

     5.1.2 The period covered by each Application for Payment shall be one
     calendar month ending on the last day of the month, or as follows:

     5.1.3 Provided that an Application for Payment is received by the Architect
     not later than the thirtieth day of a month, the Owner shall make payment
     to the Contractor not later than the thirtieth day of the following month.
     If an Application for Payment is received by the Architect after the
     application date fixed above, payment shall be made by the Owner not later
     than thirty (30) days after the Architect receives the Application for
     Payment.

     5.1.4 Each Application for Payment shall be based on the most recent
     schedule of values submitted by the Contractor in accordance with the
     Contract Documents. The schedule of values shall allocate the entire
     Contract Sum among the various portions of the Work. The schedule of values
     shall be prepared in such form and supported by such data to substantiate
     its accuracy as the Architect may require. This schedule, unless objected
     to by the Architect, shall be used as a basis for reviewing the
     Contractor's Applications for Payment.

[AIA LOGO]
(C)1997 AIA(R)
AIA DOCUMENT A101-1997
OWNER-CONTRACTOR
AGREEMENT

The American Institute
of Architects
1735 New York Avenue, N.W.
Washington, D.C. 20006-5292

WARNING: UNLICENSED PHOTOCOPYING VIOLATES U.S. COPYRIGHT LAWS AND WILL SUBJECT
THE VIOLATOR TO LEGAL PROSECUTION.

                                                                               3
<PAGE>

     5.1.5 Applications for Payment shall indicate the percentage of completion
     of each portion of the Work as of the end of the period covered by the
     Application for Payment.

     5.1.6 Subject to other provisions of the Contract Documents, the amount of
     each progress payment shall be computed as follows:

          .1 Take that portion of the Contract Sum properly allocable to
          completed Work as determined by multiplying the percentage completion
          of each portion of the Work by the share of the Contract Sum allocated
          to that portion of the Work in the schedule of values, less retainage
          of five percent (5%). Pending final determination of cost to the Owner
          of changes in the Work, amounts not in dispute shall be included as
          provided in Subparagraph 7.3.8 of AIA Document A201-1997;

          .2 Add that portion of the Contract Sum properly allocable to
          materials and equipment delivered and suitably stored at the site for
          subsequent incorporation in the completed construction (or, if
          approved in advance by the Owner, suitably stored off the site at a
          location agreed upon in writing), less retainage of five percent(5%);

          .3 Subtract the aggregate of previous payments made by the Owner; and

          .4 Subtract amounts, if any, for which the Architect has withheld or
          nullified a Certificate for Payment as provided in Paragraph 9.5 of
          AIA Document A201-1997.

     5.1.7 The progress payment amount determined in accordance with
     Subparagraph 5.1.6 shall be further modified under the following
     circumstances:

          .1 Add, upon Substantial Completion of the Work, a sum sufficient to
          increase the total payments to the full amount of the Contract Sum,
          less such amounts as the Architect shall determine for incomplete
          Work, retainage applicable to such work and unsettled claims; and
          (Subparagraph 9.8.5 of AIA Document A201-1997 requires release of
          applicable retainage upon Substantial Completion of Work with consent
          of surety, if any.)

          .2 Add, if final completion of the Work is thereafter materially
          delayed through no fault of the Contractor, any additional amounts
          payable in accordance with Subparagraph 9.10.3 of AIA Document
          A201-1997.

     5.1.8 Reduction or limitation of retainage, if any, shall be as follows:
     (If it is intended, prior to Substantial Completion of the entire Work, to
     reduce or limit the retainage resulting from the percentages inserted in
     Clauses 5.1.6.1 and 5.1.6.2 above, and this is not explained elsewhere in
     the Contract Documents, insert here provisions for such reduction or
     limitation.)

     5.1.9 Except with the Owners prior approval, the Contractor shall not make
     advance payments to suppliers for materials or equipment which have not
     been delivered and stored at the site.

     5.2 FINAL PAYMENT

     5.2.1 Final payment, constituting the entire unpaid balance of the Contract
     Sum, shall be made by the Owner to the Contractor when:

     .1 the Contractor has fully performed the Contract except for the
     Contractor's responsibility to correct Work as provided in Subparagraph
     12.2.2 of AIA Document A201-1997, and to satisfy other requirements, if
     any, which extend beyond final payment; and

     .2 a final Certificate for Payment has been issued by the Architect.

[AIA LOGO]
(C)1997 AIA(R)
AIA DOCUMENT A101-1997
OWNER-CONTRACTOR
AGREEMENT

The American Institute
of Architects
1735 New York Avenue, N.W.
Washington, D.C. 20006-5292

WARNING: UNLICENSED PHOTOCOPYING VIOLATES U.S. COPYRIGHT LAWS AND WILL SUBJECT
THE VIOLATOR TO LEGAL PROSECUTION.

                                                                               4
<PAGE>
     5.2.2 The Owner's final payment to the Contractor shall be made no later
     than 30 days after the issuance of the Architect's final Certificate for
     Payment, or as follows:

ARTICLE 6 TERMINATION OR SUSPENSION

     6.1 The Contract may be terminated by the Owner or the Contractor as
     provided in Article 14 of AIA Document A201-1997.

     6.2 The Work may be suspended by the Owner as provided in Article 14 of AIA
     Document A201-1997.

ARTICLE 7 MISCELLANEOUS PROVISIONS

     7.1 Where reference is made in this Agreement to a provision of AIA
     Document A201-1997 or another Contract Document, the reference refers to
     that provision as amended or supplemented by other provisions of the
     Contract Documents.

     7.2 Payments due and unpaid under the Contract shall bear interest from the
     date payment is due at the rate stated below, or in the absence thereof, at
     the legal rate prevailing from time to time at the place where the Project
     is located.
     (Insert rate of interest agreed upon, if any.)

     (Usury laws and requirements under the Federal Truth in Lending Act,
     similar state and local consumer credit laws and other regulations at the
     Owner's and Contractor's principal places of business, the location of the
     Project and elsewhere may affect the validity of this provision. Legal
     advice should be obtained with respect to deletions or modifications, and
     also regarding requirements such as written disclosures or waivers.)

     7.3 The Owner's representative is:             Bob Kaminski
     (Name, address and other information)          5650 Byron Center Ave.
                                                    Wyoming, MI 49509

     7.4 The Contractor's representative is:        Jahn deBlecourt
     (Name, address and other information)          1946 Turner NE
                                                    Grand Rapids, MI 49504

     7.5 Neither the Owner's nor the Contractor's representative shall be
     changed without ten days' written notice to the other party.

     7.6 Other provisions:

[AIA LOGO]
(C)1997 AIA(R)
AIA DOCUMENT A101-1997
OWNER-CONTRACTOR
AGREEMENT

The American Institute
of Architects
1735 New York Avenue, N.W.
Washington, D.C.  20006-5292

WARNING: UNLICENSED PHOTOCOPYING VIOLATES U.S. COPYRIGHT LAWS AND WILL SUBJECT
THE VIOLATOR TO LEGAL PROSECUTION.

                                                                               5
<PAGE>
ARTICLE 8 ENUMERATION OF CONTRACT DOCUMENTS

     8.1 The Contract Documents, except for Modifications issued after execution
     of this Agreement, are enumerated as follows:

     8.1.1 The Agreement is this executed 1997 edition of the Standard Form of
     Agreement Between Owner and Contractor, AIA Document A101-1997.

     8.1.2 The General Conditions are the 1997 edition of the General Conditions
     of the Contract for Construction, AIA Document A201-1997.

     8.1.3 The Supplementary and other Conditions of the Contract are those
     contained in the Project Manual dated March 11, 2002, and are as follows:

     Document                           Title                           Pages

     See Exhibit "A"

     8.1.4 The Specifications are those contained in the Project Manual dated as
     in Subparagraph 8.1.3, and are as follows:
     (Either list the Specifications here or refer to an exhibit attached to
     this Agreement.)

     Section                            Title                           Pages

     See Exhibit "A"

     8.1.5 The Drawings are as follows, and are dated March 11, 2002 unless a
     different date is shown below:
     (Either list the Drawings here or refer to an exhibit attached to this
     Agreement.)

     Number                             Title                           Date

     See Exhibit "A"

[AIA LOGO]
(C)1997 AIA(R)
AIA DOCUMENT A101-1997
OWNER-CONTRACTOR
AGREEMENT

The American Institute
of Architects
1735 New York Avenue, N.W.
Washington, D.C. 20006-5292

WARNING: UNLICENSED PHOTOCOPYING VIOLATES U.S. COPYRIGHT LAWS AND WILL SUBJECT
THE VIOLATOR TO LEGAL PROSECUTION.

                                                                               6
<PAGE>
     8.1.6 The Addenda, if any, are as follows:

<TABLE>
<CAPTION>
       Number              Date                  Pages
<S>                  <C>                 <C>
     Addendum #1     March 28, 2002      l to 8 & AD1.1 to AD1.13 & AD1-S1 to
                                            S3 & AD1.M1 & SKE1

     Addendum #2     April 15, 2002      1 to 7 & AD2.1 to AD2.11 & AD-2-MI
     Addendum #3     April 18, 2002      l to 1 & AD3.1
</TABLE>

     Portions of Addenda relating to bidding requirements are not part of the
     Contract Documents unless the bidding requirements are also enumerated in
     this Article 8.

     8.1.7 Other documents, if any, forming part of the Contract Documents are
     as follows:

     (List here any additional documents that are intended to form part of the
     Contract Documents. AIA Document A201-1997 provides that bidding
     requirements such as advertisement or invitation to bid, Instructions to
     Bidders, sample forms and the Contractor's bid are not part of the Contract
     Documents unless enumerated in this Agreement. They should be listed here
     only if intended to be part of the Contract Documents.)

     Exhibit "B" Original Bid Form
     Exhibit "C" Bid Adjustment Letter dated May 1, 2002
     Exhibit "D" Project Schedule
     Exhibit "E" Letter for Sanitary Add dated May 6, 2002
     Exhibit "F" Letter for Sanitary & Water Add dated May 6, 2002

     This Agreement is entered into as of the day and year first written above
     and is executed in at least three original copies, of which one is to be
     delivered to the Contractor, one to the Architect for use in the
     administration of the Contract, and the remainder to the Owner.

     Mercantile Bank of West Michigan

     by /s/ Robert B. Kaminski                  /s/ Bruce Visser
     -----------------------------------        --------------------------------
     OWNER (Signature)                          CONTRACTOR (Signature)

     /s/ Robert B. Kaminski     SVP             Bruce Visser            C.E.O.
     -----------------------------------        --------------------------------
     (Printed name and title)                   (Printed name and title)

     CAUTION: You should sign an original AIA document or a licensed
     reproduction. Originals contain the AIA logo printed in red; licensed
     reproductions are those produced in accordance with the Instructions to
     this document.

[AIA LOGO]
(C)1997 AIA(R)
AIA DOCUMENT A101-1997
OWNER-CONTRACTOR
AGREEMENT

The American Institute
of Architects
1735 New York Avenue, N.W.
Washington, D.C. 20006-5292

WARNING: UNLICENSED PHOTOCOPYING VIOLATES U.S. COPYRIGHT LAWS AND WILL SUBJECT
THE VIOLATOR TO LEGAL PROSECUTION.

                                                                               7
<PAGE>
                                   EXHIBIT 'A'
                                     1 OF 2

<TABLE>
<CAPTION>
  SPECIFICATION
------------------------------------------------------------------------------------------------------------
<S>        <C>                                             <C>
  DIVISION 1 - GENERAL REQUIREMENTS                        05400    Light Gauage Metal Trusses
  00700    A.I.A General Conditions                        05500    Metal Fabrication
  00800    1987 Edition Supplementary Conditions
  01000    Special Conditions                              DIVISION 6 - WOOD AND PLASTICS
  01027    Applications for Payment                        06100    Rough Carpentry
  01030    Alternates                                      06402    Interior Architectural Woodwork
  01031    Unit Pricing
  01035    Modification Procedures                         DIVISION 7 - THERMAL AND MOISTURE
  01040    Project Coordination                                     PROTECTION
  01041    Cleaning and Debris Control                     07100    Water-Proofing
  01045    Cutting and Patching                            07160    Bituminous Dampproofing
  01050    Field Engineering                               07210    Building Insulation
  01095    Reference Standards and Definitions             07240    Exterior Insulation and Finish Systems
  01200    Project Meetings                                07412    Metal Wall Panel
  01300    Submittals                                      07533    Elastomeric Sheet Roofing & Roof
  01400    Quality Control Services                                 Insulation
  01500    Temporary Facilities and Utilities              07600    Flashing and Sheet Metal
  01520    Temporary Barriers and Fencing                  07610    Prefinished Metal Roofing
  01600    Materials and Equipment                         07901    Joint Sealants
  01631    Product Substitutions
  01700    Project Close-Out                               DIVISION 8 - DOORS AND WINDOWS
  01740    Warranties and Bonds                            08111    Standard Steel Doors and Frames
                                                           08211    Flush Wood Doors
  DIVISION 2 - SITE WORK                                   08410    Aluminum Entrances, Storefronts and
  02110    Site Clearing                                            Windows
  02200    Earthwork                                       08710    Door Hardware
  02511    Hot-Mixed Asphalt Paving                        08800    Glazing
  02520    Portland Cement Concrete Paving
  02715    Sanitary Sewer                                  DIVISION 9 - FINISHES
  02650    Domestic Water Service                          09250    Gypsum Drywall
  02720    Storm Sewer                                     09300    Tile
  02800    Irrigation                                      09511    Acoustical Panel Ceiling Systems
  02900    Landscaping                                     09660    Resilient Tile Flooring
                                                           09678    Resilient Wall Base and Accessories
  DIVISION 3 - CONCRETE                                    09680    Carpet
  03300    Cast-in-Place Concrete                          09900    Painting
                                                           09950    Wall Coverings
  DIVISION 4 - MASONRY
  04200    Masonry                                         DIVISION 10 -SPECIALTIES
                                                           10155    Toilet Compartments
  DIVISION 5 - METALS                                      10520    Fire Extinguishers, Cabinets and
  05120    Structural Steel                                         Accessories
  05220    Steel Joists and Joist Girders                  10800    Toilet and Bath Accessories
  05310    Steel Deck

<CAPTION>
  DRAWING INDEX
------------------------------------------------------------------------------------------------------------
<S>        <C>                                             <C>
  T1.1 -   TITLE SHEET, GENERAL NOTES,                     C1.1  -  ARCHITECTURAL SITE PLAN
           ABBREVIATIONS, GENERAL                          C4.1  -  ARCHITECTURAL SITE DETAILS
           INFORMATION, SYMBOL LEGEND,                     C4.2  -  ARCHITECTURAL SITE DETAILS
  C1   -   SITE LAYOUT & UTILITY PLAN (BY                  L1.1  -  LANDSCAPE PLAN & DETAILS
           FLEIS & VANDENBRINK)                            A1.0  -  BASEMENT FLOOR PLA N
  C2   -   PAVING, GRADING & DRAINAGE (BY                  A1.1  -  MAIN FLOOR PLAN
           FLEIS & VANDENBRINK)                            A1.2  -  ROOF PLAN
  C3   -   SOIL EROSION COTROL (BY FLEIS &                 A2.1  -  DOOR SCHEDULE & DOOR DETAILS
           VANDENBRINK)                                    A2.2  -  INTERIOR FINISH SCHEDULE &
  C4   -   DETAILS (BY FLEIS & VANDENBRINK)                         SPECIFICATIONS
  1/1  -   DRIVEWAY DETAIL (BY FLEIS &                     A3.0  -  BASEMENT REFLECTED CEILING
           VANDENBRINK)                                             PLAN
</TABLE>

<PAGE>
                                  EXHIBIT 'A'
                                     2 OF 2

  A3.1  -  MAIN FLOOR REFLECTED CEILING
           PLAN
  A4.1  -  INTERIOR ELEVATIONS
  A4.2  -  INTERIOR DETAILS
  A4.3  -  INTERIOR DETAILS
  A5.1  -  EXTERIOR ELEVATIONS
  A6.1  -  BUILDING SECTIONS
  A7.1  -  EXTERIOR WALL SECTIONS
  A7.2  -  EXTERIOR WALL SECTIONS
  A8.1  -  EXTERIOR DETAILS
  A8.2  -  EXTERIOR DETAILS
  F1.1  -  FURNITURE PLAN (FOR
           INFORMATION ONLY)
  S1.0  -  FOUNDATION PLAN
  S2.0  -  FOUNDATION DETAILS
  S3.0  -  MAIN FLOOR FRAMING PLAN
  S3.1  -  ROOF FRAMING PLAN
  S4.0  -  FRAMING DETAILS
  S4.1  -  STRUCTURAL NOTES
  P1.0  -  MAIN FLOOR PLUMBING PLAN
  M1.0  -  MAIN FLOOR MECHANICAL PLAN
  M2.0  -  SNOWMELT TUBING PLAN
  E1.0  -  BASEMENT & MAIN FLOOR LIGHTING
           PLANS
  E2.0  -  BASEMENT & MAIN FLOOR POWER
           PLANS
  E3.0  -  ONE-LINE DIAGRAM
  E4.0  -  ELECTRICAL NOTES &
           SPECIFICATIONS

<PAGE>
                               Exhibit "B" 1 of 3

BID FORM
NAME OF BIDDER    VISSER BROTHERS, INC.
                  --------------------------------------------------------------
ADDRESS           1946 Turner NW
                  ----------------------------------
                  Grand Rapids, Michigan  49504         PHONE  616-363-3825
                  ----------------------------------          ------------------
                                                        FAX    616-363-6477
                                                              ------------------

PROJECT:
     Mercantile Bank of West Michigan Kentwood Branch
     4860 Broadmoor Avenue
     Kentwood, MI 49506

ARCHITECT:
     Concept Design Group
     89 Monroe Centre NW
     Grand Rapids, Michigan 49518

The undersigned, having familiarized themselves with the local conditions
affecting the cost of the Work and with the Contract Documents including:
Drawings: T1.1, C1, C2, C3, C4, 1/1, L-1.1, A1.0, A1.1, A1.2, A2.1, A2.2, A3.1,
A3.2, A4.1, A4.2, A4.3, A5.1, A6.1, A7.1, A7.2, A8.1, A8.2, F1.0, S1.0, S2.0,
S3.0, S3.1, S4.0, S4.1, P1.0, M1.0, M2.0, E1.0, E2.0. E3.0, E4.0 Instruction to
Bidders, General and Supplementary Conditions, Specifications and General
Requirements dated March 11, 2002, hereby propose to furnish all labor,
materials, equipment and services necessary for and reasonably incidental to the
proper completion of the above named project, in accordance with the Contract
Documents including all addenda issued thereto.

BASE BID:

Eight Hundred Ninty Seven Thousand 00/100
--------------------------------------------------------------------------------
                                Dollars ($ 897,000.00                          )
------------------------------            -------------------------------------

ALTERNATES

A    Delete Masonry Retaining wall on South side of
     building and Taper grade down on adjoining site
     to the South

     (Fourteen Thousand, Four Hundred)                  Dollars $ (14,400.00)
     ---------------------------------------------               ---------------

B    Delete Boiler and Snow Melt System from front
     entry sidewalk.
     (Thirteen Thousand Three Hundred Fifty)            Dollars $ (13,350.00)
     ---------------------------------------------               ---------------

C                                                       Dollars $
     ---------------------------------------------               ---------------

D                                                       Dollars $
     ---------------------------------------------               ---------------

E                                                       Dollars $
     ---------------------------------------------               ---------------

UNIT PRICING
     Give unit price for removing and disposing of unsuitable soil offsite and
     replacing soil backfill material as selected by soils engineer. Remove soil
     and backfill with approved material.

           Under Parking lot                       Dollars $ 15.00 /cu.yd
           Under Foundations & Footing             Dollars $ 18.00 /cu.yd
           Under Utility Trenches                  Dollars $ 18.00 /cu.yd

<PAGE>
Bid Form                         Exhibit "B" 2 of 3
Page 2 of 2

FEES FOR ADDITIONAL WORK

     For additional work performed upon authorization of the Owner.
     1. Our own work: Actual cost to us of labor and materials plus a fee of;
             10      %.
     ----------------
     2. Sub-Contractor's work: Sub-Contractor's price to us plus a fee of;
             10      %.
     ----------------

ACKNOWLEDGMENT OF ADDENDA:

     The following Addenda have been received and are hereby acknowledged, and
     their execution included in the above Base Bid:

     Addenda Numbers: #1-dtd 3/28/02; #2 dtd 4/15/02; #3 - dtd 4/18/02
                     -------------------------------------------------

DATE OF COMPLETION

     Assuming a contract will be issued to the General Contractor by April 19th
     2002, please identify the anticipated dates of completion would be for each
     of these milestones.

<TABLE>
<CAPTION>
                                                                             Date
<S>                                                                          <C>
     Start Construction Date                                                 May 13, 2002
     Date of Setting of owner supplied Vault                                 June 24, 2002
     Date of generator and transformer delivery and set up                   Oct. 14, 2002
     Date for installation of AT&T phone lines                               Sept. 16, 2002
     Date of setting owner supplied teller equipment                         Oct. 14, 2002
     Date for setting owner supplied ATM and Night depository                Oct. 14, 2002
     Date of Substantial Completion / Temporary Occupancy / carpet and
        wall finishes are completed                                          Nov. 15, 2002
        Owner move will take 3 weeks to install furniture and
        bank equipment and communications and data wiring
     Date of Final Completion, Final Occupancy Branch open for Business      Dec. 13, 2002
</TABLE>

BID WITHDRAWAL

     In submitting this bid, it is understood that the right is reserved by the
     Owner to reject any or all bids or to waive irregularities and that this
     bid may not be withdrawn for a period of thirty days after opening.

This bid is submitted in the name of:

     (If a Corporation, affix seal)        VISSER BROTHERS, INC.
                                        ----------------------------------------

     BY         /s/ Bruce Visser
             ----------------------------------
     TITLE      CEO
             ----------------------------------
     DATE       April 24, 2002
             ----------------------------------
<PAGE>
                               Exhibit "B" 3 of 3

VISSER BROTHERS, INC.   [VB LOGO]
        GENERAL CONTRACTORS

     Wednesday, April 24, 2002

     JOB: MERCANTILE BANK - KENTWOOD BRANCH

                         CLARIFICATIONS TO OUR PROPOSAL

          1)   No Pylon sign or directional sign. No interior or exterior
               building signage or numbers.
          2)   All banking equipment furnished & installed by others.
          3)   No soil poisoning for termite protection.
          4)   We do not include excavation of buried top soil. See unit prices.
          5)   We do not include the sanitary sewer assessment fees, water meter
               connection fee or sanitary sewer connection fee.
          6)   No gas or electric service charges, fees or meter costs.
          7)   We do not include a Performance and Labor or Material Bond.
          8)   No Teller stations at 113
          9)   Our proposal includes the retaining wall on the south side of the
               property made of Landscape Masonry Block (Div. 2) not Building
               Masonry Block (Div. 4). We do not include a concrete footing
               under this wall.
          10)  The painter we used in our proposal did not include any painting
               in the basement.
          11)  Security System by others.
          12)  No new construction for Decel Lane. We include only new pavement
               marking on paving to create a decal lane.
          13)  Our Proposal includes 6" kraft faced fiberglass insulation in
               lieu of spray-on insulation in the high roof area.

1946 Turner Ave, NW - Grand Rapids, M1 49504
616.363.3825 - fax 616.363.6477

<PAGE>
                      EXHIBIT "C" - CONTRACT STIPULATED SUM
<TABLE>
<S>                                                             <C>
      ORIGINAL PROPOSAL:                                         $ 897,000.00
           Add for Irrigation - Constantine                            486.00
           Add for Landscaping - Landscape Design                    2,410.00
           Add for Caulking - Helms Caulking                           525.00
           Add for Aluminum storefronts & glass -
                   Grand Rapids Sash & Door                          1,100.00
           Add for painting & vinyl wallcovering -
                   Metro Painting                                   No Change
           Add for Fire Protection - Total Fire Protection             208.00
           Add for HVAC - Troost Mechanical                          1,025.00
           Add for spray-on insulation                               6,494.00
           Add for hollow metal hardware and doors -
                   S.A. Morman                                         600.00
           Add for Grand Rapids Water, Sanitary Fees, and
                   Charges                                          18,302.71
           Add for Kentwood Sanitary Lateral Fee                     2,625.00
                                                                   ----------
      REVISED PROPOSAL:                                            930,775.71

</TABLE>

<PAGE>
                                  EXHIBIT "D"

                       MERCANTILE BANK - KENTWOOD BRANCH

<Table>
<Caption>
----------------------------------------------------------------------------------------------
ID             Task Name                                               Task
----------------------------------------------------------------------------------------------
<S>      <C>                                                        <C>
1        Excavation & Site Utilities                                 5/12 - 6/30

2        Site Concrete                                               9/15 - 10/6

3        Lawn Irrigation                                                    10/6

4        Landscaping                                                10/6 - 10/13

5        Asphalt Paving                                                    10/20

6        Footings & Foundation Walls                                 6/2  - 6/23

7        Basement Floor Slab                                                7/14

8        Structural Steel, Joist & Deck                              6/30 - 7/14

9        Vault Installation                                                 6/30

10       Steel Roof Trusses                                                 7/21

11       Frame Exterior Walls                                         7/21 - 8/4

12       Rubber Roof                                                        8/11

13       Masonry                                                       8/4 - 9/8

14       Standing Seam Metal Roof                                     9/8 - 9/29

15       Aluminum Doors & Windows                                    9/15 - 9/22

16       Metal studs, Drywall, Acoust                               9/8  - 10/13

17       Painting, Staining, VWC                                    10/13 - 11/3

18       Install Millwork & Cabinetry                               10/20 - 11/3

19       Flooring                                                   11/3 - 11/10

20       Fire Protection                                             9/15 - 10/6

21       Plumbing                                                    7/7 - 11/10

22       H.V.A.C.                                                   8/18 - 11/10

23       Electrical                                                  8/4 - 11/10

----------------------------------------------------------------------------------------------
SUBSTANTIAL COMPLETION: 11/15/02        Task           Milestone           Rolled Up Task           Rolled Up Progress
Revised: 4/29/02
Jahn de Blecourt, Visser Brothers       Progress       Summary             Rolled Up Milestone
</Table>

                                     Page 1
<PAGE>

                                  Exhibit "E"

VISSER BROTHERS, INC.   [VB LOGO]
        GENERAL CONTRACTORS

     Monday, May 06, 2002

     Bill Granzow
     Concept Design
     89 Monroe Center
     Grand Rapids, MI. 49503

     RE: MERCANTILE BANK - KENTWOOD

     Dear Bill:

          Gordon Start from the City of Kentwood Engineering Department is
     requiring a $2,500.00 fee for the sanitary sewer lateral that is installed.
          Please include the following:

<TABLE>
                <S>                           <C>          <C>
                  City of Kentwood Fee:                    $2,500.00
                                              5% O/P          125.00
                                                           ---------
                                              TOTAL ADD:   $2,625.00
</TABLE>

          Sincerely,

          /s/ Bruce Visser

          Bruce Visser

1946 Turner Ave, NW - Grand Rapids, MI 49504
616.363.3825 - fax 616.363.6477

<PAGE>
                                  Exhibit "F"

VISSER BROTHERS, INC.   [VB LOGO]
        GENERAL CONTRACTORS

     Monday, May 06, 2002

     Bill Granzow
     Concept Design
     89 Monroe Center
     Grand Rapids, MI. 49503

     RE: MERCANITLE BANK - 4860 BROADMOOR SE

     Dear Bill:

          Please add the City of Grand Rapids fees for sewer and water to the
     contract. We have paid this invoice so we can get a building permit.

<TABLE>
<S>                                   <C>            <C>
             City of GR Invoice:                     $17,431.16
                                      5% O/P             871.55
                                                     ----------
                                      AMOUNT DUE:    $18,302.71
</TABLE>

     Sincerely,

     /s/ Bruce Visser

     Bruce Visser

     encl: City of Grand Rapids Invoice

1946 Turner Ave, NW - Grand Rapids, MI 49504
616.363.3825 - fax 616.363.6477<PAGE>

                                                                   EXHIBIT 10.26

                           MERCANTILE BANK CORPORATION
                     INDEPENDENT DIRECTOR STOCK OPTION PLAN

         1. Name and Purpose. This plan shall be called the Mercantile Bank
Corporation Independent Director Stock Option Plan (the "Plan"). The Plan is
intended to (a) encourage stock ownership by Independent Directors (as defined
below) of Mercantile Bank Corporation (the "Company") or any of the Company's
subsidiaries that adopts this Plan (individually, a "Subsidiary" and
collectively, the "Subsidiaries"), (b) to provide such directors with an
additional incentive to effectively manage the Company and/or the Subsidiaries
and to contribute to their success, and (c) to provide a form of compensation
which will attract and retain highly qualified individuals to serve as
directors.

         2. Effective Date and Term of the Plan. The Plan shall become effective
with respect to the Company upon the date of its approval (the "Effective Date")
by the Company's Board of Directors (the "Company Board"), and shall become
effective with respect to a Subsidiary upon the date of its approval by the
Board of Directors of the Subsidiary. However, the Plan is subject to approval
by the Company's stockholders, and if such stockholder approval is not granted
within twelve (12) months of the Effective Date, the Plan shall terminate.
Grants of options may be made prior to such stockholder approval, but any
options granted shall not be exercisable prior to such stockholder approval, and
shall automatically terminate if stockholder approval is not given. Options may
not be granted under the Plan after the tenth anniversary of the Effective Date
(the "Term"); provided, however, that all options outstanding as of that date
shall remain or become exercisable pursuant to their terms and the terms of the
Plan. The Company Board and the Boards of Directors of all of the Subsidiaries
are collectively referred to in this Plan from time to time as the "Board of
Directors" or the "Board," and the stockholders of the Company and of the
Subsidiaries are collectively referred to in this Plan from time to time as the
"Stockholders."

         3. Administration. The Plan shall be administered by a Committee of not
less than three (3) members of the Company Board (the "Committee"), none of whom
may be an employee of the Company or any subsidiary of the Company, and each of
whom must qualify as a Nonemployee Director, as defined in Rule 16b-3(b)(3)
promulgated by the Securities and Exchange Commission (the "SEC") pursuant to
the Securities Exchange Act of 1934, as amended (the "34 Act"). The members of
the Committee shall be appointed by the Company Board.

         The Committee may, from time to time, establish such regulations,
provisions and procedures, within the terms of the Plan, as in the opinion of
its members may be advisable in the administration of the Plan. The Committee
shall keep minutes of its meetings. A majority of the Committee shall constitute
a quorum, and the acts of a majority of a quorum at any meeting, or acts reduced
to or approved in writing by a majority of the members of the Committee, shall
be the valid acts of the Committee.

<PAGE>

         The interpretation and construction by the Committee of any provisions
of the Plan or of any option granted pursuant to the Plan shall be final and
binding upon the Company, each Subsidiary, the Board of Directors, the
Stockholders, any optionee and any Permitted Transferee (as defined below). No
member of the Board of Directors or the Committee shall be liable for any action
or determination made in good faith with respect to the Plan or any option
granted pursuant thereto.

         4. Participation. Subject to the limitations contained in this Section
4, any Independent Director, may be granted options to purchase shares of the
Company's common stock ("Common Stock") in accordance and consistent with the
terms and conditions of the Plan. An optionee or a Permitted Transferee may hold
more than one option, but only on the terms and subject to the restrictions
hereafter set forth. The Committee shall from time to time determine (from those
who are eligible) the directors to be granted options, the amount of stock to be
optioned to each director, and the terms and conditions of the options to be
granted. The amount and other terms and conditions of options granted to a
director at any given time need not be the same as for any other grant of
options. An Independent Director is any director of the Company or a Subsidiary
who (a) is not a contractual nor common law employee of the Company or a
Subsidiary or any of their subsidiaries, (b) qualifies as a Nonemployee
Director, as defined in Rule 16b-3(b)(3) promulgated by the SEC pursuant to the
34 Act, and (c) does not directly or indirectly own beneficially more than five
percent (5%) of any outstanding security of the Company or a Subsidiary
(including being a stockholder, owner, partner, director or holder of more than
ten percent (10%) of the equity or capital of any entity which owns beneficially
more than five percent (5%) of any outstanding security of the Company or a
Subsidiary).

         5. Stock Available for Options. Subject to the adjustments as provided
in Section 6(h), the aggregate number of shares of Common Stock (the "Shares")
reserved for purposes of the Plan shall be sixty-five thousand (65,000)
authorized and unissued Shares or issued Shares reacquired by the Company.
Determinations as to the number of Shares that remain available for issuance
under the Plan shall be made in accordance with such rules and procedures as the
Committee shall determine from time to time, which shall be consistent with the
requirements of Rule 16b-3 promulgated by the SEC pursuant to the 34 Act, and
interpretations thereof. If any outstanding option under the Plan expires or is
terminated for any reason before the end of the Term of the Plan, the Shares
allocable to the unexercised portion of such option shall become available for
the grant of other options under the Plan. No Shares delivered to the Company in
full or partial payment upon exercise of an option pursuant to Section 6(d)
shall become available for the grant of other options under the Plan.

         6. Terms and Conditions of Options. Each option granted under this Plan
shall be evidenced by an agreement ("Option Agreement" or "Agreement") in such
form as the Committee shall from time to time approve. No person shall have any
right with respect to the grant of an option unless and until he or she has
executed an Option Agreement. Option Agreements shall comply with and be subject
to the following conditions:

                  (a) Optionee's Agreement. Each optionee shall agree to
         continue to serve as a director of the Company or a Subsidiary for the
         lesser of at least twelve (12) months from the date of the grant of the
         option or for the remainder of optionee's term as a director ("Minimum
         Service Requirement"). Such agreement shall not impose upon the

                                       2
<PAGE>

         Company, a Subsidiary, the Board of Directors or the Stockholders any
         obligation to retain the optionee as a director for any period.

                  (b) Number of Shares and Term of Options. Each option shall
         state the number of Shares of the Common Stock of the Company to which
         it pertains. The term of each option shall be for a period of not
         greater than ten (10) years from the date of grant of the option.

                  (c) Option Price. The exercise price of each option shall not
         be less than one hundred twenty-five percent (125%) of the Fair Market
         Value of the Shares of Common Stock on the date of the grant of the
         option. For the purpose of this Section 6(c), the "Fair Market Value"
         per Share shall be the closing price on the national market list as
         quoted in the National Association of Securities Dealers Automated
         Quotation System ("NASDAQ") on the day the option is granted or if no
         sale of Shares is reflected in NASDAQ on that day, on the next
         preceding day on which there was a sale of Shares reflected in NASDAQ.
         If the Shares are not traded in the over-the-counter market but are
         listed upon an established stock exchange or exchanges, "Fair Market
         Value" shall be deemed to be the closing price of the Shares on such
         stock exchange or exchanges on the day the option is granted or if no
         sale of the Shares shall have been made on any stock exchange on that
         day, on the next preceding day on which there was a sale of the Shares.
         If Shares are not actively traded in any recognized market, "Fair
         Market Value" shall be the average price per Share at which purchasers
         and sellers, none of whom are directors or officers of the Company or
         any of its Subsidiaries, bought and sold Shares during the three (3)
         preceding months in transactions known to management of the Company
         involving one hundred (100) or more Shares, or if there have been no
         such transactions, the "Fair Market Value" shall be determined in good
         faith by the Committee.

                  (d) Medium of Payment. The option price shall be payable to
         the Company either (i) in United States dollars in cash or by check,
         bank draft, or money order payable to the order of the Company, (ii)
         through the delivery of Shares of the Company's Common Stock with a
         Fair Market Value on the date of the exercise equal to the option
         price, provided such Shares are utilized as payment to acquire at least
         one hundred (100) Shares of Common Stock, or (iii) by a combination of
         (i) and (ii) above. For the purpose of this Section 6(d), "Fair Market
         Value" will be determined in the manner specified in Section 6(c),
         except as to the date of determination, which shall be the date of
         exercise.

                  (e) Exercise of Options. Except as otherwise provided in
         Section 6(h) or as otherwise provided below, no option shall vest,
         either in whole or in part, prior to the expiration of sixty (60)
         months from the date of the grant of the option. Provided, however,
         that if an optionee has fulfilled his or her Minimum Service
         Requirement under Section 6(a) and the optionee (i) dies, (ii) resigns
         as a director because of a permanent and total disability preventing
         his or her continued service (as determined by the Committee in its
         sole discretion), or (iii) retires as a director upon or after reaching
         a normal retirement age (as determined by the Committee in its sole
         discretion), all options held by the optionee or his or her Permitted
         Transferee(s) shall immediately vest and be exercisable. Termination of
         service as a director for any of the reasons specified in (i), (ii), or
         (iii) above constitutes an "Immediate Vesting Termination." An option
         shall only be exercisable to the extent that it has vested. Subject to
         the foregoing, the Committee

                                       3
<PAGE>

         shall have the authority to determine, at the time of the grant of each
         option, the times at which an option shall vest and be exercisable and
         any conditions precedent to the exercise of an option. Once vested, an
         option shall be exercisable upon written notice to the Chief Financial
         Officer of the Company, as to any or all Shares covered by the option,
         until its termination or expiration in accordance with the terms of the
         Agreement and the provisions of the Plan. Notwithstanding the
         foregoing, an option shall not at any time be exercisable with respect
         to less than one hundred (100) Shares unless the remaining Shares
         covered by the option are less than one hundred (100) Shares and the
         option is exercised with respect to all such remaining Shares. The
         purchase price of the Shares purchased pursuant to an option shall be
         paid in full upon delivery to the optionee or a Permitted Transferee of
         certificates for such Shares. Exercise by an optionee's heir or
         personal representative or any Permitted Transferee shall be
         accompanied by evidence of his or her authority to act, in a form
         reasonably satisfactory to the Company.

                  (f) Options Transferable. Except as otherwise specifically
         provided in this Section 6(f), options may not be transferred,
         assigned, pledged or hypothecated in any way and shall not be subject
         to execution, levy, attachment or similar process; and any attempted
         transfer, assignment, pledge, hypothecation, or other disposition of an
         option or any execution, levy attachment or similar process upon an
         option shall be null and void and without effect. The Committee may, in
         its discretion, authorize all or a portion of the options granted to an
         optionee to be on terms which permit the transfer of such options by
         the optionee to (i) the spouse, children or grandchildren of the
         optionee ("Immediate Family Members"), (ii) a trust or trusts for the
         exclusive benefit of the optionee and/or one or more of such Immediate
         Family Members, or (iii) a partnership or limited liability company in
         which the optionee and/or one or more of such Immediate Family Members
         are the only partners or members. (The persons or entities described in
         (i) through (iii) above shall be referred to as "Permitted
         Transferees"). However, (i) there may be no consideration for any such
         transfer, (ii) the Option Agreement pursuant to which such options are
         granted must be approved by the Committee, and must expressly provide
         for transferability in a manner consistent with this Section 6(f), and
         (iii) subsequent transfers of transferred options pursuant to this
         Section 6(f) shall be prohibited. Following a permitted transfer, (i)
         any transferred options shall continue to be subject to the same terms
         and conditions as were applicable immediately prior to the transfer,
         and (ii) without limiting the generality of the foregoing, the events
         of termination of service of Section 6(g) and the vesting requirements
         of Section 6(e) shall continue to be applied with reference to the
         original optionee. The Company shall not be obligated to notify any
         Permitted Transferee of the expiration or termination of any option. No
         option may be transferred except strictly in accordance with the terms
         and conditions set forth above and any additional terms and conditions
         set forth in the relevant Agreement.

                  (g) Termination of Service as Director. In the event an
         optionee shall cease to serve the Company or a Subsidiary as a director
         for any reason other than by reason of an Immediate Vesting
         Termination, each option held by the optionee or his or her Permitted
         Transferee(s) shall terminate to the extent not vested immediately
         prior to such termination of service. If an optionee ceases to be a
         director of the Company or a Subsidiary by reason of an Immediate
         Vesting Termination, each option held by the optionee or his or her
         Permitted Transferee(s) shall be fully vested. Following an optionee's
         termination of service as a director for any reason, any options held
         by the

                                       4
<PAGE>

         optionee or his or her Permitted Transferee(s) shall, to the extent
         vested, be exercisable, for the shorter of the following periods: (i) a
         period of one (1) year from the date of the optionee's termination of
         service as a director, or (ii) the remaining term of the option,
         subject to limitations imposed by the Plan. In the event of termination
         as a result of death, the option may be exercised by the personal
         representative of the optionee's estate or by any person or persons who
         have acquired the option directly from the optionee by bequest or
         inheritance or by a Permitted Transferee(s). If an optionee dies during
         the exercise period following cessation of service as a director, the
         option, to the extent vested, may be exercised any time within one (1)
         year after the optionee's death, subject to the prior expiration of the
         term of the option and other limitations imposed by the Plan.

                  (h) Adjustment in Shares Covered by Option. The number of
         Shares covered by each outstanding option, and the purchase price per
         Share thereof, shall be proportionately adjusted for any increase or
         decrease in the number of issued and outstanding Shares resulting from
         a split in or combination of Shares or the payment of a stock dividend
         on the Shares or any other increase or decrease in the number of Shares
         effected without receipt of consideration by the Company.

                  If the Company is the surviving corporation in any merger or
         consolidation or if the Company is merged into a wholly-owned
         subsidiary solely for purposes of changing the Company's state of
         incorporation, each outstanding option shall pertain to and apply to
         the securities to which a holder of the number of Shares subject to the
         option would have been entitled. A dissolution or liquidation of the
         Company or a merger or consolidation in which the Company is not the
         surviving corporation, except as provided above, shall cause each
         outstanding option to terminate, provided, that each outstanding option
         shall become fully vested and be exercisable immediately prior to such
         dissolution or liquidation, or such merger or consolidation.

                  To the extent that the foregoing adjustments relate to stock
         or securities of the Company, such adjustments shall be made by the
         Committee, whose determination shall be final, binding and conclusive.
         Any such adjustment may provide for the elimination of any fractional
         Shares which might otherwise become subject to an option.

                  Except as expressly provided in this Section 6(h), an optionee
         or a Permitted Transferee shall have no rights by reason of any split
         or combination of shares of stock of any class or the payment of any
         stock dividend or any other increase or decrease in the number of
         shares of stock of any class or by reason of any dissolution,
         liquidation, merger, or consolidation or spinoff of assets or stock of
         another corporation, and any issuance by the Company of shares of stock
         of any class, or securities convertible into shares of stock of any
         class, shall not affect, and no adjustment by reason thereof shall be
         made with respect to, the number or price of Shares of stock subject to
         the option.

                  The grant of an option pursuant to the Plan shall not affect
         in any way the right or power of the Company to make adjustments,
         reclassifications, reorganizations, or changes of its capital or
         business structure, or to merge or to consolidate or to dissolve,
         liquidate or sell, or transfer all or any part of its business or
         assets.

                                       5
<PAGE>

                  (i) Rights of a Stockholder. An optionee or a Permitted
         Transferee shall have no rights as a Stockholder with respect to any
         Shares covered by his or her option until the date on which he or she
         becomes the holder of record of such Shares. No adjustment shall be
         made for dividends, distributions, or other rights for which the record
         date is prior to the date on which he or she shall have become the
         holder of record thereof, except as provided in Section 6(h).

                  (j) Postponement of Delivery of Shares and Representations.
         The Company, in its discretion, may postpone the issuance and/or
         delivery of Shares upon any exercise of an option until completion of
         the registration or other qualification of such Shares under any state
         and/or federal law, rule or regulation as the Company may consider
         appropriate, and may require any person exercising an option to make
         such representations, including, without limitation, a representation
         that it is his or her intention to acquire the Shares for investment
         and not with a view to distribution thereof, and furnish such
         information as it may consider appropriate in connection with the
         issuance or delivery of the Shares in compliance with applicable laws,
         rules, and regulations. In such event, no Shares shall be issued to
         such holder unless and until the Company is satisfied with any such
         representations.

                  (k) Other Provisions. The Option Agreements authorized under
         the Plan shall contain such other provisions, including, without
         limitation, restrictions upon the exercise of the option, as the
         Committee shall deem advisable.

         7. Adjustments in Shares Available for Options. The adjustments in
number and kind of shares and the substitution of shares, affecting outstanding
options in accordance with Section 6(h), shall also apply to the number and kind
of shares reserved for issuance pursuant to the Plan, but not yet covered by
options.

         8. Amendment of the Plan. The Committee, insofar as permitted by law,
shall have the right from time to time, with respect to any Shares at the time
not subject to options, to suspend or discontinue the Plan or revise or amend it
in any respect whatsoever, except that, without approval of the Board of
Directors and the stockholders of the Company, no such revision or amendment
shall:

                  (a) increase the maximum number of Shares which may be subject
         to the Plan,

                  (b) materially increase the benefits accruing to option
         holders under the Plan,

                  (c) decrease the exercise price of options granted under the
         Plan,

                  (d) remove the administration of the Plan from the Committee,
         or

                  (e) permit the granting of options under the Plan after the
         end of the Term of the Plan.

                                       6
<PAGE>

         9. Right to Terminate Director's Service. Nothing in this Plan or in
the grant of any option hereunder shall in any way limit or effect the right of
the Board of Directors or the Stockholders to remove any director or otherwise
terminate his or her service as a director, pursuant to law or the Articles of
Incorporation or Bylaws of the Company or a Subsidiary.

         10. Application of Funds. The proceeds received by the Company from the
sale of Shares pursuant to options will be used for general corporate purposes.

         11. No Obligation to Exercise Option. The granting of an option shall
impose no obligation upon the optionee or a Permitted Transferee to exercise
such option.

         12. Construction. This Plan shall be construed under the laws of the
State of Michigan, United States of America.

                                       7

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