Document:

EX-10.3

 Exhibit 10.3 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (this
“Agreement”) is made as of August 14, 2013, by and among MERCANTILE BANK CORPORATION, a Michigan corporation (“Mercantile Corp”), MERCANTILE BANK OF MICHIGAN (“Mercantile Bank”) (together referred to as
“Mercantile”), FIRSTBANK CORPORATION, a Michigan Corporation (“Firstbank”), and SAMUEL STONE (“Executive”). 
 Mercantile Corp and Firstbank, are parties to an Agreement and Plan of Merger, dated August 14, 2013, pursuant to which Firstbank will merge with and into Mercantile Corp (the “Merger”).
This Agreement is intended to define the entire terms and conditions of the employment relationship between Mercantile and Executive after the Merger. This Agreement will become effective if and only if the Merger is consummated. 

In consideration of Executive’s continued employment and the other provisions of this Agreement, the parties agree as follows:

 1. Effective Date. This Agreement will become effective if and only if the Merger occurs and will automatically become
effective at the effective time of the Merger (the “Effective Time”). At the Effective Time, this Agreement will supersede all previous agreements and understandings pertaining to Executive’s employment with and compensation by
Firstbank or Mercantile or any of their affiliates or subsidiaries, including, but not limited to, the Change in Control Severance Agreement dated November 27, 2000, between Executive and Firstbank (the “CIC Agreement”). The CIC
Agreement will terminate and will have no further force or effect at the Effective Time. 
 2. Employment. During the
Term, Executive will be employed by Mercantile as its Executive Vice President – Corporate Finance and Strategic Planning and Executive’s entire business time and best efforts will be devoted to the performance of Executive’s duties
for Mercantile. Executive shall perform his duties under this Agreement in accordance with reasonable standards and policies established from time to time by the Board of Directors of Mercantile Corp and Mercantile Bank. Executive’s employment
with Mercantile will continue for eighteen (18) months after the Effective Time (the “Term”). Mercantile may continue Executive’s employment after the Term, but there is no further guarantee of continued employment, salary or
benefits other than what is stated in this Agreement. 
 3. Severance Payment and Benefits. 

A. Change in Control Payment. In the first payroll period following the Effective Time of the Merger, Mercantile shall pay
Executive a lump sum cash Change in Control Payment equal to the sum of: 
 (i) $390,000 [150% of salary], plus 

(ii) $97,500 [150% of target incentive compensation], plus 

 (iii) $65,000 multiplied by the fraction D/365, where D is the number of days from and
including, January 1, 2013 through the Effective Time (pro-rated bonus) [we understand the numerator could be more than 365]; minus 
 (iv) Amount of any bonus or incentive compensation previously paid for 2013. 
 B.
Severance Payment. In the event that Mercantile terminates Executive’s employment prior to the end of the Term, Mercantile will continue Executive’s base salary through the end of the Term. 

C. Health Care Benefit. Executive’s coverage under Mercantile’s group health insurance plans will terminate at the end
of Executive’s employment with Mercantile. Mercantile will reimburse Executive for the COBRA continuation coverage premiums incurred and paid by Executive to continue Executive’s then current employee and dependent health, dental, and
prescription drug coverage for eighteen (18) months after Executive’s employment with Mercantile terminates, provided that (A) Executive elects and remains eligible for COBRA continuation coverage, and (B) Mercantile’s
obligation to provide coverage will end if Executive becomes eligible for comparable coverage from a new employer. Reimbursement for each monthly premium paid by Executive will be made not later than thirty (30) days after Executive requests
reimbursement, but in no event later than the end of the year after the year in which the expense was incurred. In addition, in the first payroll period following the conclusion of the eighteen (18) month COBRA continuation period, Mercantile
will pay Executive a lump sum cash payment of $9,000, which Executive can use to offset the cost of obtaining individual health insurance or for any other purpose. Any payments under this Section 3C will be reported as part of Executive’s
W-2 compensation and will be subject to Federal income tax withholding. In the event of Executive’s death while he remains employed by Mercantile or during the period he is receiving COBRA continuation coverage, Executive’s surviving
spouse shall have the same right to reimbursement that Executive is entitled to receive hereunder for the same period and, if the $9,000 payment has not been made at the time of Executive’s death, Mercantile shall make such payment directly to
Executive’s surviving spouse. 
 D. Life Insurance Benefit. Executive shall be entitled to life insurance coverage
or reimbursement for the cost of life insurance coverage for a period of two (2) years after Executive’s employment with Mercantile terminates. The life insurance coverage will have a death benefit equal to the largest death benefit
provided for Executive under Firstbank’s group life insurance plan during the twelve (12) month period ending at the Effective Time. If Executive has a conversion right under the Firstbank plan, the coverage may be provided by exercising
the conversion right under a split-dollar arrangement that allows Executive to designate a beneficiary for the two (2) year period. If a conversion right is not available, or if Mercantile and Executive cannot agree on a split-dollar
arrangement, Mercantile will pay or reimburse Executive for the premium cost of other life insurance coverage. In either case, (i) Mercantile will have no obligation to provide or obtain coverage for Executive, (ii) Mercantile’s total
payment or reimbursement obligation will be capped at $45,383 for the two (2) year period; and (iii) reimbursements, if payable, will be payable at the same time as the life insurance premium is due. Any payments under this Section 3D
will be reported as part of Executive’s W-2 compensation and will be subject to Federal income tax withholding 

  
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 E. Conditions. In order to receive the payments and reimbursements listed in Sections
3B, 3C and 3D above, Executive must be and remain in compliance with the Non-Compete and Non-Solicitation Agreement referenced in Section 9 of this Agreement and must execute and not revoke a general release of all claims against Mercantile,
Firstbank, their affiliates and subsidiaries and their owners, officers, directors, employees and agents, in the form attached to this Agreement as Exhibit B. The above-listed payments and benefits are in lieu of any and all payments and benefits to
which Executive may otherwise have been entitled under the CIC Agreement or any other agreement or practice. 
 4.
Compensation. During the Term, Mercantile agrees to pay Executive an annual salary of Two Hundred Seventy-Four Thousand Dollars ($274,000) subject to normal withholdings and payable in accordance with the normal payroll practices of
Mercantile. 
 5. Benefits. During Executive’s employment, Executive shall be eligible to receive fringe and welfare
benefits consistent with those provided to other similarly situated executives at Mercantile subject to the terms and conditions of those plans. The benefits include, but are not limited to, health insurance, 401(k) participation, bonus plan(s),
salary merit adjustments, stock based compensation and paid vacation. Executive will not be eligible for any Mercantile life insurance benefit except as provided for in Section 3D. Executive may purchase the company automobile he used while
employed by Firstbank at its depreciated value on Firstbank’s accounting records as of 12/31/13. 
 6. At-Will
Employment. Executive’s employment shall be “at will” and may be terminated by Mercantile at any time, with or without cause, at or before the end of the Term. 

7. Death. In the event of the death of Executive during the Term, Executive’s estate shall be entitled to receive the Change
in Control Payment under Section 3 (if not already paid), the salary through the end of the Term plus such other benefits as shall have accrued under this Agreement. 
 8. Non-Compete and Non-Solicitation Agreement. As a material condition of this Agreement, Executive must immediately execute and abide by Mercantile’s Non-Compete and Non-Solicitation
Agreement which is attached to this Agreement as Exhibit A. Executive agrees that the Non-Compete and Non-Solicitation Agreement will be effective immediately at the Effective Time of the Merger. 

9. Parachute Payment Limitations. 
 A. Maximum Payment. Except as otherwise provided in subsection B below, if part or all of any amount to be paid to Executive by Mercantile under this Agreement or otherwise constitutes a
“parachute payment” (or payments) under Section 280G or any other similar provision of the Internal Revenue Code of 1986, as amended (the “Code”), the following limitation shall apply: 

If the aggregate present value of such parachute payments (the “Parachute Amount”) exceeds 2.99 times Executive’s
“base amount” as defined in Section 280G of the Code, the amount otherwise payable to or for the benefit of the Executive subsequent to the termination of his employment, and taken into account in calculating the Parachute Amount (the
“Termination Payment”), shall be reduced as further described below, to the extent necessary so that the Parachute Amount is equal to 2.99 times the Executive’s “base amount”. 

  
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 Any determination or calculation described in this Paragraph shall be made by Mercantile’s independent
accountants at Mercantile’s expense. Such determination, and any proposed reduction in termination payments shall be furnished in writing promptly by the accountants to the Executive. The Executive may then elect, in his sole discretion, which
and how much of any particular termination payment shall be reduced and shall advise Mercantile in writing of his election, within thirty (30) days of the accountant’s determination, of the reduction in Termination Payments. If no such
election is made by the Executive within such thirty (30) day period, Mercantile may elect which and how much of any termination payment shall be reduced and shall notify the Executive promptly of such election. As promptly as practicable
following such determination and the elections hereunder, Mercantile shall pay to or distribute to or for the benefit of the Executive such amounts as are then due to the Executive. 
 Any disagreement regarding a reduction in termination payments will be subject to arbitration under this Agreement. Neither the Executive’s designation of specific payments to be reduced nor the
Executive’s acceptance of reduced payments shall waive the Executive’s right to contest such reduction. 
 B.
Certain Additional Payments by Mercantile. Anything in this Agreement to the contrary notwithstanding, Mercantile shall make a Gross-Up Payment to Executive as provided in this Section 9(B) if such a payment is called for by
Section 9(B)(i). If application of the Excise Tax (as defined in Section 9(B)) can be avoided by reduction of up to two percent (2%) of the Termination Payment, however, such reduction shall be made using the process described in
Section 9(A) and no Gross-Up Payment will be made. If a reduction of up to two percent (2%) of the Termination Payment is insufficient to avoid the application of the Excise Tax, then there shall be no reduction to the Termination Payment.

 (i) Section 9(B) shall only apply if Mercantile terminates Executive’s employment without Cause or Executive
terminates his employment for Good Reason. “Cause” is defined as: (a) an act or acts of dishonesty committed by Executive and intended to result in the personal gain or enrichment (other than to a trivial extent) of Executive at the
expense of Mercantile; (b) Executive’s continuing intentional neglect by Executive of his duties to Mercantile which is not promptly remedied after receipt of notice from Mercantile; (c) Executive’s conviction of a felony;
(d) Executive’s intentional breach of any of his obligations under the Non-Compete and Non-Solicitation Agreement; or (e) if any supervising agency with jurisdiction over the affairs of Mercantile directs, or any court orders, that
Executive no longer be permitted to participate in the affairs of Mercantile or that payments under this Agreement be suspended or terminated. “Good Reason” is defined as: (a) a reduction in Executive’s base salary listed above;
(b) a reduction in Executive’s title listed above; or (c) a relocation that is not located within twenty-five (25) miles of Grand Rapids, Alma or Kalamazoo, Michigan. If this section applies, then if any Termination Payment
(whether paid or payable or distributed or distributable pursuant to the terms of this 

  
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Agreement or otherwise) triggers application of the excise tax imposed by Section 4999 of the Code, or any successor Code provision (such excise tax, together with any interest and
penalties, are hereinafter collectively referred to as the “Excise Tax”), or any interest or penalties are incurred by Executive with respect to the Excise Tax on such amount, then Executive shall be entitled to receive an additional
payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any interest or penalties imposed with respect to such taxes) including, without limitation, any income and employment taxes (and any
interest and penalties imposed with respect thereto) and any Excise Tax imposed upon the Gross-Up Payment, Executive retains an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Termination Payment, it being the intent of this
Section that the Executive shall be held harmless from all Excise Tax and interest and penalties on Excise Tax. 
 (ii) Subject
to the provisions of Section 9(B)(iii), all determinations required to be made under this Section 9(B), including whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in
arriving at such determination, shall be made by Mercantile’s independent accountants consistent with the process described in Section 9(A) (collectively, the “Determination”). Any Gross-Up Payment, as determined pursuant to this
Section 9(B), shall be paid by Mercantile to Executive within five (5) business days of the receipt of the Determination, but in no case later than the end of the year after that in which Executive remits the Excise Tax, provided that in
no event shall such payment be made until six (6) months following Executive’s separation from service, if at the time of such separation from service the Executive is a Specified Employee as defined by Section 409A of the Code and
the payment to be made to Executive under this Section 9(B) is considered deferred compensation under Section 409A of the Code. If Mercantile’s independent accountants determine that no Excise Taxes are payable by Executive, it shall
furnish Executive with a written opinion that failure to report the Excise Tax on Executive’s applicable federal income tax return would not result in the imposition of a negligence or similar penalty. The Determination by Mercantile’s
independent accountants shall be binding upon Mercantile and Executive; however, as a result of the uncertainty in the application of Section 4999 of the Code at the time of the Determination, it is possible that Gross-Up Payments which will
not have been made by Mercantile should have been made (“Underpayment”) consistent with the calculations required to be made hereunder. In the event that Mercantile exhausts its remedies pursuant to Section 9(B)(iii) and Executive
thereafter is required to make payment of any Excise Tax that qualifies for a Gross-Up Payment in accordance with this Section 9(B), Mercantile’s independent accountant shall determine the amount of the Underpayment that has occurred and
any such Underpayment shall be promptly paid by Mercantile to or for the benefit of Executive. 
 (iii) Executive shall notify
Mercantile in writing of any claim by the Internal Revenue Service that, if successful, would require the payment by Mercantile of a Gross-Up Payment. Such notification shall be given as soon as practicable but no later than ten (10) business
days after Executive is informed in writing of such claim and shall apprise Mercantile of the nature of such claim and the date on which such claim is requested to be paid. Executive shall not pay such claim prior to the expiration of the thirty
(30) day period following the date on which Executive gives such notice to Mercantile (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If Mercantile notifies Executive in writing prior to
the expiration of such period that it desires to contest such claim, Executive shall: 
 (a) give Mercantile any information
reasonably requested by Mercantile relating to such claim; 

  
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 (b) take such action in connection with contesting such claim as Mercantile shall reasonably
request in writing from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by Mercantile; 
 (c) cooperate with Mercantile in good faith in order effectively to contest such claim; and 
 (d) permit Mercantile to participate in any proceeding relating to such claim; 
 provided,
however, that Mercantile shall reimburse Executive for all costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold Executive harmless, on an after-tax basis, for any
Excise Tax or income or employment tax (including interest and penalties with respect thereto) imposed as a result of such contest and payment of costs and expenses. Any reimbursement under this Section 9(B) must be made within thirty
(30) days after Executive requests reimbursement, but in no event after the end of the year following that in which the Executive incurs the expense. Without limitation on the foregoing provisions of this Section 9(B), Mercantile shall
control all proceedings taken in connection with such contest and, at its sole option, may pursue or forego any and all administrative appeals, proceedings, hearings, and conferences with the taxing authority in respect of such claim and may, at its
sole option, either direct Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and Executive agrees to prosecute such contest to a Determination before any administrative tribunal, in a court of
initial jurisdiction and in one or more appellate courts, as Mercantile shall determine; provided further, that if Mercantile directs Executive to pay such claim and sue for a refund, Mercantile shall advance the amount of such payment to Executive
on an interest-free basis and shall indemnify and hold Executive harmless, on an after-tax basis, from any Excise Tax or income or employment tax (including interest or penalties with respect thereto) imposed with respect to such advance or with
respect to any imputed income with respect to such advance; and provided further, that any extension of the statute of limitations relating to payment of taxes for the taxable year of Executive with respect to which such contested amount is claimed
to be due is limited solely to such contested amount. Furthermore, Mercantile’s control of the contest shall be limited to issues with respect to which a Gross-Up Payment would be payable hereunder and Executive shall be entitled to settle or
contest, as the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. 
 (iv) If,
after the receipt by Executive of an amount advanced by Mercantile pursuant to Section 9(B), Executive becomes entitled to receive, and receives, any refund with respect to such claim, Executive shall (subject to Mercantile’s complying
with the requirements of Section 9(B)) promptly pay to Mercantile the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by Executive of an amount advanced by
Mercantile pursuant to Section 9(B), a Determination is made that Executive shall not be entitled to any refund with respect to such claim and Mercantile does not notify Executive in writing of its intent to contest such denial of refund prior
to the expiration of thirty (30) days after such Determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 

  
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 10. Other Contracts. As of the Effective Time of the Merger, all other prior
agreements regarding conditions of Executive’s employment, whether written or oral, are hereby terminated and superseded by this Agreement. This Agreement contains the entire understanding of the parties concerning Executive’s employment
and supersedes all previous oral and written agreements. 
 11. Assignments. This Agreement contemplates personal
services by Executive. Executive may not transfer or assign Executive’s rights or delegate Executive’s duties and obligations under this Agreement. This Agreement may be assigned by Mercantile to any entity that succeeds to all or
substantially all of the Company’s businesses. 
 12. Notices. Any notices under this Agreement shall be deemed
given when in writing and delivered personally or sent by certified mail, postage prepaid, to the last known address of the party to whom notice is given. If sent by mail, notice shall be deemed given on the third day after mailing. 

13. Amendments. No amendments or additions to this Agreement shall be binding unless in writing and signed by each of the parties.

 14. Paragraph Headings. The paragraph headings used in this Agreement are included solely for convenience and shall
not affect or be used in connection with the interpretation of this Agreement. 
 15. Severability. The provisions of
this Agreement shall be deemed severable, and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof. If any provision contained in this Agreement shall be determined by a
court of competent jurisdiction to be unenforceable as written because it is excessively broad as to duration, activity, subject, geographic coverage, or any other matter, it is the intent of the parties that such provision shall be construed by
limiting and reducing it so as to be enforceable to the maximum extent allowed by applicable law. 
 16. Arbitration.
Except as stated in the Non-Compete and Non-Solicitation Agreement, any dispute, controversy, or claim arising under or in connection with this Agreement shall be settled exclusively by arbitration, conducted in Grand Rapids, Michigan, before a
panel of three arbitrators, in accordance with the rules of the American Arbitration Association then in effect. Judgment may be entered on the arbitrators’ award in any court having jurisdiction. Unless otherwise provided in the Rules of the
American Arbitration Association, the arbitrators shall, in their award, allocate between the parties the arbitrators’ fees and expenses, in such proportions as the arbitrators deem just. Each party shall be responsible for their own attorney
fees. 

  
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 17. Governing Law. This Agreement shall be governed by the laws of the United States
of America and the State of Michigan with venue and jurisdiction limited to the Circuit Court for Kent County, Michigan. 
 18.
Section 409A. This Agreement is intended to be exempt from Section 409A of the Internal Revenue Code to the greatest extent possible, to comply with Section 409A to the extent it is applicable and is to be interpreted and
operated consistently with those intentions. 
 IN WITNESS WHEREOF, the parties have executed this Employment Agreement on the
day and year first above written. 
  

													
	MERCANTILE BANK CORPORATION	 		 	MERCANTILE BANK OF MICHIGAN
					
	By: 	 	 	 		 	By: 	 	 
							
		 	Its 	 	 	 		 		 	Its 	 	 
					
	EXECUTIVE	 		 		 		 	
					
		 		 		 		 	
	Samuel Stone	 		 		 		 	
					
	FIRSTBANK CORPORATION	 		 		 		 	
						
	By: 	 	 	 		 		 		 	
							
		 	Its: 	 	 	 		 		 		 	

  
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 EXHIBIT A 
 NON-COMPETE AND NON-SOLICITATION AGREEMENT 
 In consideration of my employment by
Mercantile Bank Corporation (“Mercantile”), Mercantile Bank of Michigan (the “Bank”) or any of their subsidiaries or affiliates (each a “Company”, and together the “Companies”) and the benefits that I have
received and will receive from the Companies, I agree as follows: 
  

	 	1.	Acknowledgment. I acknowledge that I am and will be in possession of confidential information regarding the Companies and their customers, and have or may
establish or continue relationships with customers on behalf of the Companies that are valuable to them and their businesses. 

  

	 	2.	Non-Competition. 

  

	 	a.	I agree that from the date of this agreement through the earlier of (i) the date one year after I am no longer an employee of any of the Companies, or
(ii) the date of an occurrence of a Change in Control of Mercantile as defined below (the “Non-Compete Period”); I will not directly or indirectly own, manage, control, participate in, consult with, render services to, be employed by,
or in any manner engage in, any business or enterprise (other than any of the Companies) that is competitive with the Companies. A business or enterprise is competitive with the Companies if it engages in the business of banking, lending money,
taking deposits, lease financing or is in any other way competitive with the Companies within a fifty (50) mile radius of any city, township or village in which at any time during the Non-Compete Period the Bank or any of the other Companies
has a branch or other office. This paragraph shall not be construed to prohibit me from (i) being a passive owner of not more than 1% of any publicly-traded class of capital stock of any entity, or (ii) being an employee of a financial
institution having consolidated assets of more than $50 billion where I have no involvement of any type with any customers or business of such financial institution or any of its affiliates within 120 miles of any city, township or village in which
at any time during the Non-Compete Period the Bank or any of the other Companies has a branch or other office. 

  

	 	b.	For purposes of this agreement a “Change in Control” occurs if and only if (i) any “person” or “group of persons,” as such terms are
defined in Section 13 or 14 of the Securities Exchange Act of 1934 (the “Exchange Act”), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of
Mercantile representing 50% or more of the combined voting power of Mercantile’s then outstanding securities, or (ii) any merger or consolidation of Mercantile, other than a merger or consolidation in which the voting securities of
Mercantile immediately prior to the merger or consolidation continue to represent (either by remaining outstanding or being converted into securities of the surviving entity) 50% or more of the combined voting power of Mercantile or surviving entity
immediately after the merger or consolidation with another entity. 

  

	 	3.	Non-Solicitation. I agree that during the Non-Compete Period, I will not directly or indirectly (i) induce or attempt to induce any employee, contractor or
agent of any of the Companies to terminate his/her relationship with any of the Companies, (ii) in any way materially interfere with the relationship between any of the Companies and any employee, contractor or agent of any of the Companies,
(iii) hire or attempt to hire, directly or through any entity, any person who was an employee, contractor or agent of any of the Companies at any time during the Non-Compete Period, or (iv) induce or attempt to induce any partner, client,
referral source, customer, supplier, licensee, or any other person with a business relationship with any of the Companies to cease or reduce their business with the Company or to do business with any other person, business or entity.

	 	4.	Injunctive Relief. I agree that the Companies would be irreparably harmed by my breach or threatened breach of this agreement and that damages would be difficult
to quantify and would not be sufficient to compensate the Companies for the breach. Accordingly, if I breach or threaten to breach any of the terms of this Agreement, any of the Companies, in addition to any other rights or remedies, shall be
entitled to injunctive relief, specific enforcement or other equitable relief to prevent any actual or threatened breach and I waive the defense in any equitable proceeding that there is an adequate remedy at law for such breach.

  

	 	5.	Agreement Reasonable and Necessary. I agree that the duration, area and scope of my agreements in paragraphs 2 and 3 above are reasonable and necessary to
protect the legitimate business interests of the Companies, and do not unduly limit my ability to obtain employment or otherwise earn a living at the same general level of economic benefit as I currently enjoy. If at the time of enforcement of this
agreement, a court shall hold (and such holding is not reversed on appeal) that the duration, area or scope provided for in paragraphs 2 or 3 above is unreasonable, then such duration, area or scope shall be reduced to the maximum duration, area and
scope that is not unreasonable. 

  

	 	6.	Confidential Information. I acknowledge that all confidential and non-public information obtained by me during my employment with any of the Companies concerning
their business or customers (“Confidential Information”) is the property of the Companies. Confidential Information includes, but is not limited to: customer lists, needs and information; product and services pricing and information;
information on target employees or customers; marketing and business development information; strategic plans and information; financial information; computer software use and information; personnel information and all other trade secrets of the
Companies. I will not at any time, during or after my employment, without the prior written consent of the CEO of Mercantile, disclose to any person other than a director, officer or appropriate employee of any of the Companies, or use for my own
account or for the account of any person other than a Company, any Confidential Information, except to the extent necessary to comply with applicable laws or to the extent that such information becomes generally known to and available for use by the
public other than as a result of my acts or omissions to act. Upon termination of my employment with a Company, or at the request of any of the Companies at any time, I will deliver to the Company that employed me or that makes the request, all
documents (including all documents stored electronically) containing Confidential Information or relating to the business or affairs of the Company that I may then possess or have under my control. 

 

	 	7.	At Will Employment. I continue to be an at will employee. This Agreement does not confer on me any right to continue as an employee of any of the Companies. I
have the right, in my sole discretion, to resign at any time, and any of the Companies, in its sole discretion, may terminate my employment with it at any time. 

 

	 	8.	Amendments and Prior Agreements. No provision of this Agreement may be amended or waived, except by a written agreement signed by me and the CEO of Mercantile
which expressly refers to and amends this Agreement. This Agreement contains the entire agreement and understanding between me and the Companies with respect to the matters addressed by this Agreement, and no representation, promise, agreement, or
understanding, written or oral, with respect to such matters that are not contained in this Agreement shall be of any force or effect. This Agreement shall survive the termination of my employment. 

 

	 	9.	Successors, Assigns, Benefit and Reliance. This Agreement shall inure to my benefit and to the benefit of the Companies, their successors and assigns. Each of
the Companies is expressly authorized to rely upon and enforce my agreements and obligations set forth in this Agreement. 

  
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	 	10.	Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Michigan, without giving effect to the principles of
conflicts of law. Each party agrees to the exclusive venue of the State or Federal Courts located in Kent County, Michigan and waives any right to assert any defense of lack of subject matter jurisdiction, improper venue or preferred venue in any
action commenced in such courts. 

 This Agreement is effective this
             day of                     ,
2        . 
  

	
	EMPLOYEE
	
	  

	(Sign Name Above)
	
	  

	
	  

	
	  

	(Print Name and Address)

  
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 EXHIBIT B 
 RELEASE OF ALL LIABILITY 
 This Release of All Liability Agreement (“Agreement”)
is entered into between                                  (“Employee”)
and Mercantile Bank Corporation and Mercantile Bank of Michigan (together referred to as “Mercantile” or “Employer”). 
 1.
In return for the payments and benefits described in the attached Employment Agreement, Employee unconditionally releases and forever discharges the Released Parties (as defined below) from any and all Covered Claims (as defined below). 

(a) The Released Parties include Employer, Employer’s Affiliates, and all of their owners, officers, directors, employees, and
agents. Employer’s Affiliates include Employer’s predecessors, successors, parents, subsidiaries and other affiliated organizations. 
 (b) The Covered Claims include any claim or cause of action arising out of or relating to any act, omission or occurrence up to and including the date Employee signs this Agreement. This includes any
claim or cause of action arising out of or relating to Employee’s employment and termination of employment with Employer, including claims and causes of action under any statute, regulation, ordinance, or rule, including but not limited to:
Title VII of the Civil Rights Act of 1964, the Age Discrimination in Employment Act of 1967, the Older Workers Benefit Protection Act, the Employee Retirement Income Security Act, the Americans with Disabilities Act, the Family and Medical Leave
Act, the Michigan Civil Rights Act, the Michigan Whistleblowers’ Protection Act, and the Michigan Persons With Disabilities Civil Rights Act, all as amended. The Covered Claims also include any claim or cause of action for breach of any
commitment or agreement (except the attached agreement), and any claim or cause of action under the common law, or arising out of public policy, including but not limited to claims or causes of action for intentional infliction of emotional
distress, negligence, or defamation. 
 (c) Employee acknowledges that Employee is not seeking any short-term and/or long-term
disability benefits and waives any and all claims to same. 
 (d) Covered Claims do not include Employee’s rights to vested
benefits under the terms of Employer’s 401(k) qualified retirement plan. This Agreement does not prohibit Employee from filing a charge or participating in an investigation by the United States Equal Employment Opportunity Commission, but by
executing this Agreement, Employee waives and releases any right Employee might otherwise have to any recovery of damages, attorney fees or any other monetary or equitable relief or benefit that might result from such charge or investigation.

 2. Employee agrees that, to Employee’s knowledge, Employee has not sustained any disabling personal
injury and/or occupational disease due to Employee’s employment at Employer and/or due to the termination of that employment. 
 3.
Employee verifies that Employee has or will immediately deliver to Mercantile all Mercantile property in Employee’s possession, custody and/or control including, without limitation, all documents or recordings (including any and all copies) in
hard copy, electronic form or otherwise, containing confidential information, as well as all supplies, equipment, computers, cellular and smart phones, credit cards, checks, petty cash, office keys, access cards and the like, and all materials and
documents of any kind related to Employer or any of its Affiliates, whether prepared by Employee or anyone else that is in Employee’s possession, custody or control. 
 4. Employee agrees not to initiate or join in critical or derogatory statements in written, oral or electronic form about any of the Released Parties. 

5. Employee agrees that neither Employer nor any of its Affiliates will have any obligation to employ Employee or consider Employee for employment in the
future. 
  

	6.	Employee agrees and understands as follows. 

 (a) Employee has 21 days after receiving this Agreement to consider this Agreement. Employee may elect in Employee’s sole discretion to sign this Agreement before expiration of the 21 day period and
if Employee does so it is agreed that Employee will waive the balance of the 21 day period. Immediately upon signing this Agreement Employee will deliver the signed copy to Mercantile’s Senior Vice President of Human Resources. If Employee does
not sign this Agreement within the 21 day period, the Agreement is withdrawn by Employer and is null and void. 
 (b) Employee
has the right to revoke this Agreement within 7 days after signing it, by delivering written notice of revocation during that period to Mercantile’s Senior Vice President of Human Resources and this Agreement will not become effective or
enforceable until the 7 day revocation period has expired without revocation as provided above. (“Effective Date”). 

(c) Employer advises Employee to consult with an attorney of Employee’s choosing about this Agreement before signing it. 

7. Except for Employee’s Employment Agreement and Non-Compete and Non-Solicitation Agreement, this Agreement contains the entire understanding of
the parties with respect to the subject matter hereof and supersedes all prior agreements and understandings relating to the subject matter hereof. No change, modification, amendment, addition to or alleged waiver of this Agreement or any of its
terms, provisions, or covenants shall be valid unless it is in writing and signed by the party against whom it is sought to be enforced. 

  
 -2-

 8. Employee and Employer agree that this Agreement is not evidence of any wrongdoing whatsoever by Employer,
but is entered into so that Employee and Employer can amicably end their relationship. 
 9. If any term, covenant and/or provision of this
Agreement is deemed invalid or illegal by a court of competent jurisdiction, all other terms, covenants and provisions of this Agreement shall remain in full force and effect. 
 10. This Agreement and any matters relating hereto shall be construed in accordance with and shall be governed by the laws of the United States of America and the internal laws of the State of Michigan,
as applicable, without application of choice of law principles. The parties agree that any action related to this Agreement shall be brought and heard in the Circuit Court for Kent County, Michigan or the United States District Court for the Western
District of Michigan and the parties agree and consent to jurisdiction and venue in those courts. 
 11. This Agreement shall be binding on
Employee and Employee’s spouse, heirs, administrators and assigns. 
 12. By signing below Employee freely, knowingly and voluntarily
enters into this Release of All Liability without any duress or coercion. Employee has carefully and completely read this entire Agreement, and Employee understands and agrees with all of the provisions in this Agreement. 

 

							
	EMPLOYEE	 		 	EMPLOYER
			
	  
	 		 	  

			
	Date:                     ,
20        	 		 	Date:                     ,
20        

  
 -3-EXHIBIT 4.1

 Exhibit 4.1 
 FIFTH SUPPLEMENTAL INDENTURE 
 FIFTH SUPPLEMENTAL INDENTURE, dated as of
August 15, 2013 (this “Supplemental Indenture”), by and among PROLOGIS, L.P., a Delaware limited partnership (hereinafter called the “Company”), having its principal office at Pier 1, Bay 1, San Francisco,
California 94111, PROLOGIS, INC., a Maryland corporation (hereinafter called “Parent”), having its principal office at Pier 1, Bay 1, San Francisco, California 94111 and U.S. BANK NATIONAL ASSOCIATION, as Trustee under the Base
Indenture (hereinafter called the “Trustee”), having its Corporate Trust Office at 100 Wall Street, Suite 1600, New York, New York 10005, under the Base Indenture (defined below). 

RECITALS OF THE COMPANY 
 The Company, Parent and the Trustee have heretofore entered into an Indenture dated as of June 8, 2011, as amended by a First Supplemental Indenture dated as of June 8, 2011, a Second
Supplemental Indenture dated as of June 8, 2011, a Third Supplemental Indenture dated as of June 8, 2011 and a Fourth Supplemental Indenture dated as of June 8, 2011 (as so supplemented hereinafter called the “Base
Indenture”), among the Company, Parent and the Trustee, providing for the issuance by the Company from time to time of its senior debt securities evidencing its unsubordinated indebtedness (the “Securities”). 

Section 901(5) of the Base Indenture provides for the Company, the Parent and the Trustee to enter into an indenture supplemental to
the Base Indenture to change or eliminate any of the provisions of the Base Indenture, provided that any such change or elimination becomes effective only when there is no Security Outstanding of any series created prior to the execution of such
indenture supplemental which is entitled to the benefit of such provision. 
 The Board of Directors of the Parent, acting in
its individual capacity and in its capacity as the general partner of the Company, has duly adopted resolutions authorizing the Company and the Parent to execute and deliver this Supplemental Indenture. 

All things necessary to make the Base Indenture, as hereby modified, a valid agreement of the Company and the Parent, in accordance with
its terms, have been done. 
 NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

For and in consideration of the premises and of the covenants contained herein and in the Base Indenture, the Company, the Parent and the
Trustee covenant and agree, for the equal and proportionate benefit of all Holders of Securities issued on or after the date of this Supplemental Indenture, as follows: 
 Fifth Supplemental Indenture 

 ARTICLE ONE 
 RELATION TO BASE INDENTURE; DEFINITIONS 
 Section 1.1. Relation to Base
Indenture. This Supplemental Indenture constitutes an integral part of the Base Indenture. 
 Section 1.2.
Definitions. For all purposes of this Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires: 
  

	 	(a)	Capitalized terms used but not defined herein shall have the respective meanings assigned to them in the Base Indenture. 

 

	 	(b)	All references herein to Articles and Sections, unless otherwise specified, refer to the corresponding Articles and Sections of this Supplemental Indenture.

  

	 	(c)	Pursuant to Sections 901(2) and 901(5) of the Base Indenture, the following definitions are hereby amended and restated for the benefit of the Holders of Securities
issued on or after the date of this Supplemental Indenture, unless otherwise provided in the Officers’ Certificate or supplemental indenture authorizing any series of such Securities: 

“Corporate Trust Office” means the corporate trust office of the Trustee at which, at any particular
time, this Indenture shall be principally administered, which office at the date hereof is located at 633 West Fifth Street, 24th Floor, Los Angeles, California 90071.” 

“Place of Payment” means, when used with respect to the Securities of or within any series, the Corporate
Trust Office of the Trustee (which for this purpose shall include the Trustee’s office in New York City, New York, which office is presently located at 100 Wall Street, Suite 1600, New York, New York 10005) and any place or places that the
Company may from time to time designate as the place or places where the principal of (and premium or Make-Whole Amount, if any) and interest on such Securities are payable as specified as contemplated by Sections 301 and 1002 and presentations,
surrenders, notices and demands with respect to the Securities and this Indenture may be made.” 

“Total Unencumbered Assets” means the sum of (i) Undepreciated Real Estate Assets not subject to an
Encumbrance and (ii) the value (determined in accordance with GAAP) of all other assets (other than accounts receivable and intangibles) of the Company and its Subsidiaries not subject to an Encumbrance; provided, however, “Total
Unencumbered Assets” does not include investments in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities. 

 ARTICLE TWO 
 MISCELLANEOUS PROVISIONS 
 Section 2.1. This Supplemental Indenture shall be
effective as of the opening of business on the date first above written upon the execution and delivery hereof by each of the parties hereto. 
 Section 2.2. Except as expressly modified or amended hereby, the Base Indenture continues in full force and effect and is in all respects confirmed, ratified and preserved. 

Section 2.3. This Supplemental Indenture and all its provisions shall be deemed a part of the Base Indenture in the manner and to
the extent herein and therein provided. 
 Section 2.4. This Supplemental Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 Section 2.5. This Supplemental Indenture may be executed in any
number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument. 
 Section 2.6. The Trustee shall not have any responsibility for the Recitals of the Company hereto, which Recitals are made by the Company and the Parent alone, or for the validity or sufficiency of
this Supplemental Indenture. 
 [Remainder of page intentionally left blank] 

 IN WITNESS WHEREOF, the parties hereto have caused this Fifth Supplemental Indenture to be
duly executed as of the day and year first above written. 
  

					
	PROLOGIS, L.P.
	By: Prologis, Inc., its general partner
		
	By:	 	 /s/ Thomas Olinger

		 	Name:	 	Thomas Olinger
		 	Title:	 	Chief Financial Officer

  

					
	Attest:
		
	By:	 	 /s/ Phillip D. Joseph, Jr.

		 	Name:	 	Phillip D. Joseph, Jr.
		 	Title:	 	Managing Director and Treasurer

  

					
	PROLOGIS, INC.
		
	By:	 	 /s/ Thomas Olinger

		 	Name:	 	Thomas Olinger
		 	Title:	 	Chief Financial Officer

  

					
	Attest:
		
	By:	 	 /s/ Phillip D. Joseph, Jr.

		 	Name:	 	Phillip D. Joseph, Jr.
		 	Title:	 	Managing Director and Treasurer

 
					
		 	 U.S. BANK NATIONAL ASSOCIATION,
 as Trustee

		
	By:	 	 /s/ Bradley E. Scarbrough

		 	Name:	 	Bradley E. Scarbrough
		 	Title:	 	Vice President

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