Document:

EX-4.D

Exhibit 4(d)

SECOND AMENDMENT TO

MERCANTILE BANK CORPORATION

EMPLOYEE STOCK PURCHASE PLAN OF 2002

     THIS AMENDMENT to the Mercantile Bank Corporation Employee Stock Purchase Plan of 2002 is
adopted effective as of March 26, 2009.

     WHEREAS, the Board of Directors of Mercantile Bank Corporation (the “Company”) adopted
the Employee Stock Purchase Plan of 2002 effective as of October 1, 2002, and subsequently amended
the plan by a First Amendment effective as of February 28, 2009 (as so amended, the
“Plan”);

     WHEREAS, Section 10.2 of the Plan authorizes the Committee or the Board of Directors of the
Company to adopt amendments to the Plan;

     WHEREAS, the Company wishes to revise the method of determining the Fair Market Value of the
shares of Common Stock purchased on the Stock Purchase Date;

     NOW, THEREFORE, this Amendment is adopted, effective as of March 26, 2009:

     1. Section 2.8 of the Plan is amended in its entirety to provide as follows:

     “2.8 “Fair Market Value” as of any Stock Purchase Date means the consolidated closing bid
price of the Common Stock reported on The Nasdaq Stock Market (or other stock exchange or quotation
system on which the Company’s Common Stock may be traded on the date in question) on such Stock
Purchase Date or, if such Stock Purchase Date is not a trading day, the most recent date on which
shares of Common Stock were traded on The Nasdaq Stock Market (or such other stock exchange or
quotation system). If the Company’s Common Stock is not listed on The Nasdaq Stock Market, or
another stock exchange or quotation system on the Stock Purchase Date in question, the Fair Market
Value shall be determined by any means deemed fair and reasonable by the Committee, which
determination shall be final and binding on all parties.”

     2. Capitalized terms used in this Amendment and not defined have the meanings given to them in
the Plan. Except as hereby amended, the Plan shall remain in full force and effect.

 

 

     IN WITNESS WHEREOF, this Amendment is executed by an authorized officer of the Company.

	 	 	 	 	 
	 	 	MERCANTILE BANK CORPORATION
	 
	 	 	 	 
	 

	 	By:
	 	/s/ Michael H. Price
	 
	 	 	 	 
	 

	 	Its:
	 	Chairman and CEO

Approved by the Board of Directors on March 26, 2009

Effective: March 26, 2009

2EX-10(C)

Exhibit 10(c)

FIRST AMENDMENT TO THE

FIRST FRANKLIN CORPORATION

2002 STOCK OPTION AND INCENTIVE PLAN

     WHEREAS, First Franklin Corporation, a Delaware corporation (“Company”) previously adopted the
First Franklin Corporation 2002 Stock Option and Incentive Plan (“Plan”); and

     WHEREAS, Section 409A (“Section 409A”) was added to the Internal Revenue Code of 1986
effective as of January 1, 2005; and

     WHEREAS, Section 409A applies to grants of certain stock rights, which may include
Nonqualified Stock Options (as defined in the Plan) granted pursuant to the Plan; and

     WHEREAS, plans subject to Section 409A must be amended to comply with its requirements no
later than December 31, 2008; and

     WHEREAS, subject to certain limitations, Section 11 authorizes the Board (as defined in the
Plan) to amend the Plan without the approval of stockholders as it may deem advisable; and

     WHEREAS, the Board has determined that it would be advisable to amend the Plan to comply with
the requirements of Section 409A;

     NOW, THEREFORE, effective as of December 22, 2008, the Plan is hereby amended as follows:

	1.	 	Section 2(i)(iii) of the Plan is hereby deleted in its entirety and replaced with the
following:

If the Common Shares are not traded on a national securities exchange or quoted on
The Nasdaq Stock Market, the Fair Market Value of any Common Share underlying an
Incentive Stock Option shall be as determined by the Committee in good faith and the
Fair Market Value of any Common Share underlying any Nonqualified Stock Option shall
be as determined by the Committee through the reasonable application of a reasonable
valuation method, taking into account all information material to the value of the
Company, that satisfies the requirements of Section 409A of the Code.

	2.	 	The references to “an Incentive Stock Option” and “such Incentive Stock Option” in the first
sentence of Section 7(a) of the Plan are hereby replaced with references to “a Stock Option”
and “such Stock Option”, respectively.

	3.	 	Section 10(b) of the Plan is hereby amended by adding the following sentence to the end
thereof:

Notwithstanding the foregoing, any adjustment pursuant to this Section 10(b) shall
be made in compliance with the requirements of Section 409A of the Code, to the
extent applicable.

 

 

	4.	 	Section 12 of the Plan is hereby amended by adding the following sentence to the end thereof:

Notwithstanding the foregoing, any modification pursuant to this Section 12 shall be
made in compliance with the requirements of Section 409A of the Code, to the extent
applicable.

	5.	 	Section 13(e) of the Plan is hereby amended by adding the following sentence to the end
thereof:

Notwithstanding the foregoing, to the extent any Common Shares cannot be delivered
pursuant to this Plan due to the application this provision, such Common Shares will
be issued on the earliest date at which the Company reasonably anticipates that
their issuance will be in compliance with applicable federal and state securities
laws.

	6.	 	New Section 14 is hereby added to the Plan as follows:

This Plan is intended to comply with, or be exempt from, the requirements of Section
409A of the Code and, to the maximum extent permitted by law, shall be interpreted,
administered and operated in accordance with this intent. Nothing herein shall be
construed as an entitlement to or guarantee of any particular tax treatment to a
Participant.

          IN WITNESS WHEREOF, the Company hereby adopts this First Amendment to the Plan
effective as of the date first set forth above.

	 	 	 	 	 
	 	FIRST FRANKLIN CORPORATION

 	 
	 	By:  	/s/ Thomas H. Siemers
 	 
	 	 	Printed Name: Thomas H. Siemers

Its: President 	 
	 

-2-EX-10(F)

Exhibit 10(f)

AMENDMENT TO

EMPLOYMENT AGREEMENT

BY AND BETWEEN

FRANKLIN SAVINGS AND LOAN COMPANY

AND

THOMAS H. SIEMERS

     This Amendment (this “Amendment”) to the Employment Agreement (“Agreement”) by and between
Franklin Savings and Loan Company (“Employer”) and Thomas H. Siemers (“Employee”), effective as of
October 23, 2000, is effective as of the 30th day of December, 2008.

RECITALS

     WHEREAS, the Employer and the Employee previously entered into the Agreement with a term
ending on July 1, 2011, as extended by the Employer pursuant to an Employment Agreement Extension
effective March 31, 2008; and

     WHEREAS, the Employer and the Employee desire to amend the Agreement to comply with the
requirements of Section 409A of the Internal Revenue Code of 1986, as amended, effective as of the
date first set forth above.

AMENDMENT

     NOW, THEREFORE, in consideration of the foregoing and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Employer and the
Employee hereby agree as follows:

	1.	 	Section 3(d)(i) of the Agreement is hereby deleted in its entirety and replaced with the
following:

(i) In the event of the disability (as hereinafter defined) of the Employee, this
Agreement shall terminate, in which event the Employee shall thereafter be entitled
to receive a monthly disability benefit equal to seventy-five percent (75%) of his
monthly salary at the time he became disabled. Payment of such disability benefit
shall continue for twelve (12) consecutive months, after which the monthly benefit
shall be reduced to fifty percent (50%) of the Employee’s monthly salary at the time
he became disabled. The payment of disability benefits under this Section 3(d)
shall cease upon the earlier of (A) the death of the Employee, and (B) the end of
the Employment Term. Any amounts payable under this Section 3(d) shall be reduced
by any amounts paid to the Employee under any other disability program maintained by
the Employer.

	2.	 	Section 3(d)(iii) of the Agreement is hereby deleted in its entirety and replaced with the
following:

Page 1  of 4

 

(iii) As used in this Agreement, the term “disability” shall mean the Employee is:
(A) unable to engage in any substantial gainful activity by reason of any medically
determinable physical or mental impairment that can be expected to result in death
or can be expected to last for a continuous period of not less than twelve (12)
months; (B) by reason of any medically determinable physical or mental impairment
that can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months, receiving income replacement benefits
for a period of not less than three (3) months under an accident or health plan
covering employees of the Employer; or (C) determined to be totally disabled by the
Social Security Administration or the Railroad Retirement Board.

	3.	 	Section 3(f) of the Agreement is hereby amended by the adding the following to the end
thereof:

Any payment or reimbursement pursuant to this Section 3(f) shall made by no later
than the fifteenth day of the third month of the taxable year following the taxable
year of the Employee in which the expense being paid or reimbursed was incurred.

	4.	 	Section 4(a)(i) of the Agreement is hereby deleted in its entirety and replaced with the
following:

(i) The Employer shall promptly, but in no event later than sixty (60) days
following the Employee’s termination, pay to the Employee or to his beneficiaries,
dependents or estate an amount equal to three times the Employee’s “average annual
compensation” as such term is defined in Section 280G of the Internal Revenue Code
of 1986, as amended (“Code”).

	5.	 	Section 4(b) of the Agreement is hereby deleted in its entirety and replaced with the
following:

(b) Termination without Change of Control. In the event that the Employer
terminates the employment of the Employee for any reason other than Just Cause, and
the termination is not in connection with a Change of Control pursuant to Section
4(a) of this Agreement, the Employer shall be obligated to (i) promptly, but in no
event later than 60 days following the Employee’s termination, pay to the Employee,
his designated beneficiaries or his estate, an amount equal to his monthly salary,
determined pursuant to Section 3(a) of this Agreement as of the date of termination
until the end of the Employment Term; and (ii) provide to the Employee, his eligible
dependents and beneficiaries, at the Employer’s expense, group health benefits,
hospitalization and disability benefits substantially equal to those being provided
to the Employee at the date of termination of his employment, to the extent
permitted under the terms of such plans, until the earliest to occur of: (A) the
first anniversary of the effective date of the Employee’s termination, or (B) the
Employee is included in another employer’s plans providing comparable benefits and
coverage; and (iii) pay all directors’ fees

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to which Employee would otherwise have been entitled if he had remained a director
of the Employer or of any parent or subsidiaries of the Employer for a period thirty
six (36) months following the date of his termination, in a lump-sum within sixty
(60) days following the date of his termination.

	6.	 	New Section 4(g) is hereby added to the Agreement as follows:

(g) Reimbursement or Payment of Certain Expenses. Notwithstanding the foregoing,
(i) any amounts or benefits that will be paid or provided under Section 4(a)(ii) or
4(b)(ii) with respect to group health or hospitalization benefits after completion
of the time period described in Treasury Regulation §1.409A-1(b)(9)(v)(B), and (ii)
any amounts or benefits that will be paid or provided under Section 4(a)(ii) or
4(b)(ii) with respect to disability insurance coverage shall be subject to the
following: (A) the amount of expenses eligible for reimbursement, or benefits
provided, during any taxable year of the Employee may not affect the expenses
eligible for reimbursement, or benefits to be provided, to the Employee in any other
taxable year; (B) the reimbursement of any eligible expense must be made on or
before the last day of the Employee’s taxable year following the Employee’s taxable
year in which the expense was incurred; and (C) the right to reimbursement or
benefits is not subject to liquidation or exchange for another benefit.

	7.	 	New Section 4(h) is hereby added to the Agreement as follows:

(h) Definition of “Termination”. For purposes of this Agreement, no payment on
account of the Employee’s “termination” shall be made pursuant to this Agreement
unless such termination also constitutes a “separation from service” within the
meaning of Section 409A of the Code by Employee from the Employer and all entities
with whom the Employer would be treated as a single employer under Sections 414(b)
and (c) of the Code.

	8.	 	New Section 4(i) is hereby added to the Agreement as follows:

(i) 6-Month Delay for Certain Payments. Notwithstanding the foregoing, if the
Employee is a “specified employee” of the Employer (within the meaning of Section
409A of the Code and as determined under the Employer’s policy for determining
specified employees) on the date of his termination and the Employee is entitled to
a payment and/or benefit under this Agreement that is required to be delayed
pursuant to Section 409A(a)(2) of the Code, then such payment or benefit shall not
be paid or provided (or begin to be paid or provided) until the first business day
of the seventh month following the Employee’s date of termination (or, if earlier,
the Employee’s death). The first payment that can be made following such
postponement period shall include the cumulative amount of any payments or benefits
that could not be paid or provided during such postponement period due to the
application of Section 409A(a)(2)(B)(i) of the Code.

Page 3  of 4

 

	9.	 	Section 5(a) of the Agreement is hereby amended by adding the following sentence to the end
thereof:

To the extent that applicable law requires that payments of deferred compensation
subject to Section 409A of the Code be delayed, such payment shall be made on the
earliest date that the Employer reasonably believes that payment will comply with
applicable law.

	10.	 	New Section 16 is hereby added to the Agreement as follows:

16. Section 409A of the Code. The parties intend that this Agreement comply with,
or be exempt from, the requirements of Section 409A of the Code, as applicable, and,
to the maximum extent permitted by law, shall administer, operate and construe this
Agreement accordingly. Nothing herein shall be construed as the guarantee of any
particular tax treatment to the Employee. The Company shall have no liability in
the event this Agreement fails to comply with the requirements of Section 409A of
the Code.

     IN WITNESS WHEREOF, the parties have executed this Amendment effective as of the date first
set forth above.

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	 	 	 	 	 	 
	EMPLOYER	 	 	 	EMPLOYEE	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	FRANKLIN SAVINGS AND LOAN COMPANY	 	 	 	 	 	/s/ Thomas H. Siemers	 	 
	 	 	 	 	 	 	 	 	 	 	 
	 	 
	 

	 	 	 	 	 	 	 	 	 	Thomas
	 	H. Siemers	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	By:	 	/s/ Gretchen J. Schmidt	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 	 	 
	Printed Name: Gretchen J. Schmidt

Its: President
	 	 	 	 	 	 	 	 	 

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