Document:

EX-4.3

 Exhibit 4.3 

Form of Permanent Global Certificate 

(Globalurkunde auf Dauer) 

of 
 CHF 270,000,000

 (270,000,000 Swiss francs) 

Digital Intrepid Holding B.V. 

H.J.E. Wenckebachweg 127 
 1096 AM
Amsterdam 
 The Netherlands 

(organized under the laws of the Netherlands with its offices at H.J.E. Wenckebachweg 127, 1096 AM Amsterdam, the Netherlands) 

0.55 percent Notes due 2029 

(the Notes) 
 Swiss
Security Number 112’183’724 / ISIN CH1121837244/ Common Code 236540154 
 Digital Intrepid Holding B.V., H.J.E. Wenckebachweg 127, 1096 AM
Amsterdam, the Netherlands (the Issuer) owes to the bearer of this Permanent Global Certificate (Globalurkunde auf Dauer), upon 

 
presentation and surrender of this Permanent Global Certificate, the amount of CHF 270,000,000 (270,000,000 Swiss francs), plus interest at a rate of 0.55 percent, in accordance with the
Bond Purchase Agreement (the Agreement) and pursuant to the Terms and Conditions of the Notes (the Conditions of the Notes) included as Schedule II thereto, concluded as of July 13, 2021 between the Issuer, Digitial Realty Trust,
Inc., Digital Realty Trust, L.P., UBS AG on behalf of Deutsche Bank Aktiengesellschaft, acting through Deutsche Bank AG, Zurich Branch, Credit Suisse AG and UBS AG. This Permanent Global Certificate has been delivered as part of an arrangement that
results in the issuance of a debt obligation in “registered form” for United States federal income tax purposes. Capitalized terms used herein but not defined shall have the terms ascribed to them in the Conditions of the Notes. 

Pursuant to the Paying Agency Agreement dated as of July 13, 2021, (the Paying Agency Agreement), among the Issuer, Digital Realty Trust, Inc.,
Digital Realty Trust, L.P., and UBS AG as principal paying agent (the Principal Paying Agent), the Principal Paying Agent undertakes to deposit this Permanent Global Certificate for the entire duration of the Notes and until their complete
redemption with SIX SIS Ltd, Baslerstrasse 100, CH-4600 Olten, Switzerland (hereinafter referred to as SIX SIS) as recognized intermediary for such purposes by SIX Swiss Exchange Ltd except as provided
in paragraph(c) of Condition 1 of the Conditions of the Notes. 
 Except as provided in paragraph(c) of Condition 1 of Conditions of the Notes, once the
Permanent Global Certificate is deposited with SIX SIS, the Notes shall constitute intermediated securities (Bucheffekten) in accordance with the provisions of the Swiss Federal Intermediated Securities Act (Bucheffektengesetz) for the
entire duration of the Notes. On behalf of the Issuer, SIX SIS shall maintain records of the number of Notes held through each participant in SIX SIS for the entire duration of the Notes and until their complete redemption, except as provided in
paragraph (c) of Condition 1, and the Notes may only be transferred by the entry of the transferred Notes in a securities account of the transferee. 

The records of SIX SIS will determine the number of Notes held through each participant in SIX SIS. In respect of Notes held in the form of intermediated
securities the Holders will be the persons holding the Notes in a securities account (Effektenkonto). 
 Neither the Issuer nor the Holder shall at
any time have the right to effect or demand the conversion of the Permanent Global Certificate into, or the delivery of uncertificated securities (Wertrechte) or individually certificated securities (Wertpapiere). 

To the extent that SIX SIS is no longer able act as depositary, the Principal Paying Agent, in consultation with the Issuer, will deposit the Notes with
another recognized depositary in accordance with the provisions of the Swiss Federal Intermediated Securities Act (Bucheffektengesetz) and such depositary shall be subject to all the obligations and requirements that apply to SIX SIS in
respect of the Notes. 
 Individually certificated securities shall be issued only when no such depositary can be procured, and if they are to be issued,
such securities will not be issued in bearer form, but exclusively in registered form such that the Notes qualify as being in “registered form” for United States federal income tax purposes whereby, inter alia, (i) the Noteholders of
the individually certificated securities shall be registered in a register (the Register) to be established and maintained by a registrar (the Registrar) appointed by the Issuer and acting on its behalf after consultation with the
Principal Paying Agent and duly notified to the Noteholders in accordance with the Conditions of the Notes, (ii) no transfer of the individually 

 
certificated securities shall be valid unless and until entered into the Register and (iii) any other requirement is satisfied to ensure that the Notes are treated as issued exclusively in
registered form under Section 5f.103-1(c) of the United States Treasury Regulations and Section 1.163-5(b) of the Proposed United States Treasury Regulations
(or any successor provisions). In the case Notes documented by individually certificated securities are delivered, the Permanent Global Certificate will immediately be cancelled by the Principal Paying Agent and the individually certificated
securities shall be delivered instead to the Holders, who for this purpose must be registered in the Register, against cancellation of the intermediated securities in their respective securities accounts. Notes documented by individually
certificated securities shall not be included in the records of SIX SIS or any other clearing system or any other intermediary and, therefore shall not constitute intermediated securities. 

The registration of a new Holder by the Registrar will only occur upon presentation of the relevant individually certificated securities at the specified
office of the Registrar or the Principal Paying Agent. No transfer of such individually certificated securities will be valid unless and until entered into the Register. Individually certificated securities may be registered only in the name of and
transferred to a specified person. Only the duly registered Holder will be entitled to payments on the individually certificated securities. 
 This
Permanent Global Certificate, including any claim or controversy arising out of or related to this Permanent Global Certificate, shall be governed by the laws of the State of New York. Each of the Issuer and the Principal Paying Agent hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to the Conditions of the Notes or the Notes. 

The place of jurisdiction for any dispute, claim or controversy arising under, out of or in connection with or related to this Permanent Global Certificate
shall be the courts of the State of New York or the courts of the United States of America located in the Borough of Manhattan, The City of New York. 

Capitalized terms and expressions not otherwise defined herein shall have the same meaning ascribed to them in the Conditions of the Notes. 

THIS NOTE AND ANY INTEREST HEREIN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE U.S. SECURITIES
ACT), AND, ON OR PRIOR TO THE DATE (THE RESALE RESTRICTION TERMINATION DATE) WHICH IS 40 DAYS AFTER THE LATER OF THE COMMENCEMENT OF THE OFFER OF THIS NOTE AND THE ISSUE DATE OF THE OFFER OF THIS NOTE (OR SUCH SHORTER PERIOD OF TIME
PERMITTED BY REGULATION S UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THEREUNDER), MAY NOT BE OFFERED, SOLD, ASSIGNED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF EXCEPT (I) TO NON-U.S. PERSONS
IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE U.S. SECURITIES ACT (REGULATION S), TO THE GUARANTORS OR ANY SUBSIDIARY THEREOF; OR PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE U.S.
SECURITIES ACT AND (II) IN COMPLIANCE WITH ALL APPLICABLE LAWS OF ANY OTHER JURISDICTION. AFTER THE RESALE RESTRICTION TERMINATION DATE, THIS NOTE AND ANY INTEREST HEREIN MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE U.S. SECURITIES ACT AND
ALL APPLICABLE LAWS OF ANY OTHER JURISDICTION. 

 Amsterdam, the Netherlands, as of July 15, 2021 

Digital Intrepid Holding B.V. 
  

					
	 By:
	 	  

	Name/	 	Title:	 	Jeannie Lee
		 		 	Director

 This Permanent Global Certificate (Globalurkunde auf Dauer) becomes valid only if 

countersigned by two (2) officials of UBS AG: 

UBS AG 
 without recourse,
warranty or liability 
  

									
	By:	 	  
	 		 	By:	 	  

  

  

Signature Page to Permanent Global Certificate (2029 Notes)ex_263656.htm

 

Exhibit 10.1

 

MERCANTILE BANK CORPORATION/MERCANTILE BANK OF MICHIGAN

 

2021 MERCANTILE EXECUTIVE OFFICER BONUS PLAN

 

 

1.         Purpose of this Plan

 

This 2021 Mercantile Executive Officer Bonus Plan (this “Plan”) is designed to reflect that the directors of Mercantile Bank Corporation (the “Company”) and Mercantile Bank of Michigan (the “Bank”) believe that the Company’s shareholders are willing to share financially in operating results that exceed certain specific financial metrics.

 

The purpose of this Plan is to:

 

	 	
			•

				
			Promote the growth, profitability and expense control necessary to accomplish corporate strategic long-term plans;

			

 

	 	
			•

				
			Encourage superior results by providing a meaningful incentive; and

			

 

	 	
			•

				
			Support teamwork among employees.

			

 

2.         Eligibility

 

Robert B. Kaminski, Jr., Charles E. Christmas, Raymond E. Reitsma, Lonna Wiersma and Robert T. Worthington (the “Executive Officers,” and each an “Executive Officer”) are included in this Plan. The following provisions (a) – (d) set forth circumstances where an Executive Officer will, or will not, be eligible for a bonus payout, or where an unpaid bonus award will be cancelled:

 

(a) Except as provided below, an Executive Officer must be an active employee as of December 31, 2021 to be eligible to receive a bonus payout.

 

(b) An Executive Officer that is out on medical leave as of December 31, 2021 will be eligible to receive a bonus award.

 

(c) An Executive Officer that is suspended with or without pay or is on final written warning as of December 31, 2021 will not be eligible to receive a bonus award.

 

(d) If an Executive Officer terminates his or her employment with the Bank during 2021, any unpaid bonus award for the Executive Officer is cancelled.

 

 

 

 

Notwithstanding any of the provisions (a), (b), (c) or (d) above, no such provision shall adversely affect an Executive Officer’s eligibility for, or right to receive, any bonus award, if during 2021, or during the first four months of 2022 pursuant to a notice given in 2021, the employment of the Executive Officer terminates under one or more circumstances set forth in Section 8.5 or 9 of the Employment Agreement dated as of November 29, 2018, and effective as of December 31, 2018, between such Executive Officer, the Company and the Bank, in which case, such Executive Officer is eligible for 100% of his or her bonus payout (a “Special Termination”).

 

3.         Bonus Pool, Performance Metrics and Bonus Awards

 

The maximum amount that will be allocated to the bonus pool under this Plan (the “Executive Bonus Pool”) is $706,040, provided, however, that the maximum amount will be appropriately adjusted if (a) a newly hired employee becomes a named executive officer (as defined in Item 402(a)(3) of SEC Regulations S-K) and becomes eligible to participate in this Plan, (b) an Executive Officer's base salary is adjusted during the year, or (c) an Executive Officer becomes ineligible before December 31, 2021.

 

Payment from the Executive Bonus Pool, if any, is based on the achievement of targets under the following 2021 Executive Bonus Metrics:

 

16.7%         Non-performing assets

16.7%         Net interest margin

16.7%         Non-interest income

16.7%         Efficiency ratio

16.7%         Return on assets

16.7%         Return on equity

 

The specific targets for each metric will be established by the Compensation Committee of the Company.

 

Each individual target must be met or exceeded in order for the percentage associated with that metric to be credited toward payment from the Executive Bonus Pool. The accumulated percentage for each individual target attained will be applied to the Executive Bonus Pool to determine the total amount of the Executive Bonus Pool to be awarded (the “Award Amount”). For example, if the first three factors are attained and the next three factors are not attained, and if the maximum amount is allocated to the Executive Bonus Pool, the Award Amount under this Plan would be $706,040 x 50% = $353,020.

 

 

 

 

The Award Amount will be paid to each Executive Officer pro rata based on a uniform percentage of the Executive Officer's 2021 salary, not to exceed:

 

	 	
			●

				
			50% of the 2021 salary of the Chief Executive Officer;

			

 

	 	
			●

				
			40% of the 2021 salary of the President of the Bank;

			

 

	 	
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			35% of the 2021 salary of the Chief Financial Officer;

			

 

	 	
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			32.5% of the 2021 salary of the Human Resources Director; and

			

 

	 	
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			25% of the 2021 salary of the Chief Operating Officer.

			

 

4.         Clawback Provision

 

Payouts made under this Plan are subject to recovery or clawback, and an Executive Officer receiving a payout will be required to promptly return the monies (or any portion of the monies requested by the Company) in each of the following circumstances:

 

	 	
			●

				
			if it is determined that the Executive Officer was engaging in an activity during 2021 that would have resulted in the employee being suspended without pay, placed on final written warning or terminated on or before December 31, 2021, and no Special Termination of the Executive Officer is involved.

			

 

	 	
			●

				
			If the payout is based on materially inaccurate financial statements (which includes, but is not limited to statements of earnings, revenues, or gains) or any other materially inaccurate performance metric criteria, including net income.

			

 

	 	
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			If the payout is required to be returned pursuant to a policy adopted by the Company regarding clawback in order to comply with the Dodd-Frank Wall Street Reform and Consumer Protection Act or any stock exchange or other rule adopted pursuant to that Act.

			

 

In the event that the Company or Bank demands recovery or clawback of any payout (or portion of any payout), and the Executive Officer who received the payout does not promptly return the payout (or demanded portion of the payout) to the Company or the Bank, the Executive Officer shall be required to pay to the Company or the Bank, immediately upon demand, all expenses, including reasonable attorneys’ fees, incurred to recover the payout (or demanded portion of the payout), unless the Executive Officer establishes in an appropriate legal proceeding that he or she had no obligation under this Section of this Plan to return the payout (or demanded portion of the payout). Executive Officers, as a condition to receiving a payout under this Plan, may be required to agree in writing to the terms of this Section.

 

 

 

 

5.          Timing of Bonus Payouts

 

Bonus awards that are earned under this Plan will be paid to eligible Executive Officers on or before March 15, 2022.

 

6.          Plan Administration

 

The Board of Directors of the Company and its Compensation Committee, or if the Board of Directors of the Company so designates, another committee of the Board of Directors of the Company or the Bank (each, an "Administrator"), will each have the authority to administer and interpret this Plan, and approve or determine the amounts to be distributed under this Plan as bonus awards, in its sole discretion. Any interpretation or construction of this Plan or approval or determination of bonus awards by an Administrator will be final and binding on the Company, the Bank and their respective subsidiaries, all employees and past employees of any of them, their heirs, successors and assigns. No member of the Board of Directors of the Bank or the Company, or any of their affiliates, or any committee of the Board of Directors of the Bank, the Company, or any affiliate, will be liable for any action or determination made in good faith regarding this Plan or any bonus award.

 

7.          No Right to Employment

 

This Plan does not give any Executive Officer any right to continued employment, or limit in any way the right of the Bank or any affiliated company to terminate his employment at any time.

 

8.          Withholding of Taxes

 

The Bank and any affiliated company will have the right to deduct from any payment to be made pursuant to this Plan any Federal, state or local taxes required by law to be withheld. It is contemplated that substantially all payments that are made under this Plan will be made by the Bank or one of its subsidiaries, and not by the Company.

 

 

 

 

9.          Amendment of this Plan

 

This Plan may be amended from time to time by the Compensation Committee of the Company, without the consent of any Executive Officer or past Executive Officer, (a) to the extent required to comply with applicable law; (b) to make reasonable adjustments for any acquisition or sale of a business or branch, merger, reorganization, or restructuring, change in accounting principles or their application, or special charges or extraordinary items, that materially affect the Company or any of its consolidated subsidiaries; (c) to make any changes that do not materially and adversely affect the bonus award payable to any eligible employee; (d) to expand the Executive Officers or other employees who are eligible to receive a bonus from the amounts available for bonuses under this Plan; or (e) to make any other changes that the Compensation Committee of the Company, in its sole discretion, deems appropriate, even if such changes materially and adversely affect, or eliminate, the bonus award payable to any Executive Officer or past Executive Officer; provided that, after a Special Termination or notice that will result in a Special Termination, no amendment made under provision (d) or (e) of this paragraph above shall adversely affect an Executive Officer’s rights under this Plan.

 

10.         Governing Law

 

The validity, construction and interpretation of this Plan will be determined in accordance with the laws of the State of Michigan.

 

11.         Effective Date

 

This Plan was approved by the Boards of Directors of the Company and the Bank on July 15, 2021, and is effective as of January 1, 2021.

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