Document:

ex10-16.htm

 

EXHIBIT 10.16

 

DIRECTOR FEE SUMMARY

 

Set forth below is a summary of the current director fee arrangements for non-employee directors serving on the Boards of Directors of Mercantile Bank Corporation (“Mercantile”) and its wholly-owned subsidiary, Mercantile Bank of Michigan (“Bank”). 

 

Effective June 1, 2014, the directors' annual retainer fee is paid in the form of stock rather than in cash. The annual retainer fee is a number of shares of our common stock equivalent to an annual fee of $15,000. One annual retainer fee is also paid to each director who serves as Chairman of our Audit Committee, Compensation Committee and Governance and Nominating Committee. The annual retainer is a number of shares of our common stock equivalent to an annual fee as follows:

 

 

 

	
Committee
	  	
Annual Retainer

	  	  	  
	
Audit
	  	
$7,000

	
Compensation
	  	
$5,000

	
Governance and Nominating
	  	
$3,000

 

 

Beginning on June 1, 2014, our non-employee directors are paid a fee of $800 for each meeting of the Board of Directors that they attend, and $750 for each meeting of the Bank's Board of Directors that they attend. In addition, non-employee directors are paid a meeting fee of $700 for each meeting of the Executive Committee, $700 for each meeting of the Audit Committee and $600 for each meeting of the Compensation Committee and the Governance and Nominating Committee that they attend. For meetings that were held by telephone or other remote communications equipment, the meeting fees were one-half the amount described above. The director who serves as Facilitator for executive sessions of our Board of Directors receives a meeting fee of $400 for each executive session of the Board for which the director serves as Facilitator. 

 

Under the Bank’s deferred compensation plan for non-employee directors, directors who are also directors of the bank may elect to defer the receipt of the annual retainer and meeting fees until they are no longer serving on the Board or until specific dates that they select. Directors are eligible to receive stock-based awards under the Stock Incentive Plan of 2006.EX-10.1

 Exhibit 10.1 

FIRST AMENDMENT TO 

OFFICER EMPLOYMENT AGREEMENT 

This First Amendment to Officer Employment Agreement (“First Amendment”) is entered into effective March 5, 2015, by and between
Callaway Golf Company, a Delaware corporation (the “Company”) and Bradley J. Holiday (“Employee”). 

Background 
 A. Employee
has served as the Company’s Chief Financial Officer for the past 15 years and has recently notified the Company of his intentions to retire during 2015. 

B. The Company has requested that Employee defer his retirement and continue as Chief Financial Officer until his successor has been
appointed. 
 C. The Company has requested that Employee be available for one year after the date Employee retires from the Company (the
“Transition Period”) to assist the Company as requested with the transition of his successor and with certain ongoing litigation matters (the “Transition Services”). 

D. Employee is willing to defer his retirement until his successor is appointed and to provide the Transition Services upon the terms and
conditions set forth herein, and in consideration therefore the Company is willing to provide Employee with the retirement compensation and benefits set forth herein. 

E. The Company and Employee desire to amend that certain Officer Employment Agreement entered into as of May 1, 2012 (the
“Employment Agreement”) to reflect the agreements set forth herein. 
 Agreement 

NOW, THEREFORE, in consideration of the foregoing Background and the other terms and conditions set forth herein, the value and sufficiency of
which are hereby acknowledged, the Company and Employee, intending to be legally bound, do hereby agree as follows: 
 1. New Subsection
(k) Added to Section 7 of the Employment Agreement. Employee and the Company hereby agree that the Employment Agreement shall be amended by adding a new Subsection (k) to Section 7 of the Employment Agreement as follows: 

“(k) Retirement and Transition Services. Provided (i) Employee remains employed as the Company’s Chief Financial Officer
until his successor has been appointed and (ii) Employee provides the Company with the Transition Services, then Employee shall be entitled to the following retirement benefits: 

 

	 	(a)	Any compensation accrued and unpaid as of the date of retirement; 

  

	 	(b)	A pro-rata annual incentive payment for the year in which Employee retires to the extent the performance goals are achieved under the senior management annual incentive plan for the year of retirement
and prorated based upon the number of days Employee served as Chief Financial Officer in the year of retirement, which payment shall be made on or around the same date other members of senior management are paid their annual incentive, if any;

  

	 	(c)	Provided that Employee upon his retirement executes the Company’s standard release of claims for employees receiving post-employment compensation and benefits, an amount equal to one-half of the sum of
(i) employee’s annual base salary at the time of his retirement plus (ii) annual target incentive, which sum shall be payable over the one year Transition Period in equal installments on the same pay schedule as in effect at the time
of retirement; 

  

	 	(d)	 Provided that during the Transition Period, Employee chooses not to engage (whether as owner, employee, agent, consultant, or in any other
capacity) in any business or venture 

	 	
that competes with the Company or any of its affiliates, an amount equal to one-half of the sum of (i) employee’s annual base salary at the time of his retirement plus
(ii) annual target incentive, which sum shall be payable over the one year Transition Period in equal installments on the same pay schedule as in effect at the time of retirement; 

 

	 	(e)	Upon his retirement, all unvested equity-based, long-term incentive awards held by Employee that would have vested within 12 months from and after the date of retirement shall vest as of the retirement date, provided
that any such awards that are subject to performance-based vesting shall vest only if, and to the degree that, the performance goals are satisfied. 

  

	 	(f)	Company-paid COBRA or Cal-COBRA insurance benefits for a period of 24 months from and after the date of retirement at the benefit level Employee is enrolled as of the date hereof; provided that in no event shall the
Company’s obligation under this subsection exceed $50,000; 

  

	 	(g)	Company-paid financial planning assistance with AYCO (or the cash equivalent thereof if AYCO no longer provides such services to the Company) for a period of 24 months from and after the date of retirement at the
service level offered to other members of senior management during such time, provided that in no event shall the Company’s obligation under this subsection exceed $35,000; and 

 

	 	(h)	Upon retirement, the Company shall transfer to Employee the computer and monitor located in Employee’s office as of the date hereof as well as Employee’s Company cellphone being used by Employee as of the
date hereof (the value, if any, of the computer, monitor, and telephone will be added to Employee’s W-2 form for the applicable year.” 

2. Employee acknowledges that he shall not be eligible to receive a Long-Term Incentive Plan grant or merit increase in 2015 or thereafter.

 3. But for the amendments contained herein, and any other written amendments properly executed by the parties, the Employment Agreement
shall otherwise remain unchanged. 
 IN WITNESS WHEREOF, the parties have executed this First Amendment on the dates set forth below, to be
effective as of the date first set forth above. 
  

											
	EMPLOYEE		COMPANY
		
			Callaway Golf Company, a Delaware corporation
				
	 /s/ Bradley J. Holiday
				By:		 /s/ Chris Carroll

	Bradley J. Holiday		Chris Carroll
			Senior Vice President, Global Human Resources
						
	Dated:		 3/5/15
						Dated:		 3/5/15

  

					
			2		Bradley J. HolidayEX-10.2

 Exhibit 10.2 

FIRST AMENDMENT TO AMENDED & RESTATED 

OFFICER EMPLOYMENT AGREEMENT 

This First Amendment to Amended & Restated Officer Employment Agreement (“First Amendment”) is entered into effective
March 6, 2015, by and between Callaway Golf Company, a Delaware corporation (the “Company”) and Oliver G. Brewer III (“Employee”). 

A. The Company and Employee are parties to that certain Amended & Restated Officer Employment Agreement entered into as of
March 24, 2014 (the “Agreement”). 
 B. The Company and Employee desire to amend the Agreement pursuant to Section 10(b)
of the Agreement. 
 NOW, THEREFORE, in consideration of the foregoing and other consideration, the value and sufficiency of which are
acknowledged, the Company and Employee agree as follows: 
 1. Term. Section 1 of the Agreement is amended to read: 

“TERM. The Company hereby employs Employee and Employee hereby accepts employment pursuant to the terms and provisions of
this Agreement for the period commencing on the Effective Date and terminating April 30, 2016, unless this Agreement is terminated earlier as hereinafter provided. On May 1, 2016, and on May 1 each year thereafter, the Agreement shall
renew for an additional one year term, unless the Company provides notice to the Employee that it is not renewing the Agreement. If the Company elects not to renew the Agreement, then upon expiration of the then current term, Employee’s status
shall be one of at-will employment. At all times during the term of this Agreement, Employee shall be considered an employee of the Company within the meaning of all federal, state and local laws and regulations, including, but not limited to, laws
and regulations governing unemployment insurance, workers’ compensation, industrial accident, labor and taxes.” 
 2. But for
the amendments contained herein, and any other written amendments properly executed by the parties, the Agreement shall otherwise remain unchanged. 

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

 

							
	EMPLOYEE						COMPANY
				
							Callaway Golf Company, a Delaware corporation
				
	 /s/ Oliver G. Brewer III
				By:		 /s/ John F. Lundgren

	Oliver G. Brewer III						John F. Lundgren, Chair
							Compensation and Management Succession Committee

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