Document:

exv10w10

 

EXHIBIT 10.10

FIRST AMENDMENT

TO THE

MERCANTILE BANK OF MICHIGAN

AMENDED AND RESTATED

DEFERRED COMPENSATION PLAN

FOR MEMBERS OF THE BOARD OF DIRECTORS

DATED JUNE 29, 2006

          THIS FIRST AMENDMENT is adopted this 10th day of October, 2007, by MERCANTILE BANK OF
MICHIGAN, a state-chartered commercial bank located in Grand Rapids, Michigan (the “Company”), and
is effective as of the 1st day of January, 2005.

          The Company executed the Amended and Restated Deferred Compensation Plan for Members of the
Board of Directors on June 29, 2006 effective as of January 1, 2005 (the “Agreement”).

          The undersigned hereby amends the Agreement to reflect the final 409A Treasury Regulations.
Therefore, the following changes shall be made:

          Section 1.17 of the Agreement shall be deleted in its entirety and replaced by the following:

	1.17	 	“Specified Employee” means an employee who at the time of Separation from Service is a key
employee of the Company, if any stock of the Company is publicly traded on an established
securities market or otherwise. For purposes of this Agreement, an employee is a key employee
if the employee meets the requirements of Code Section 416(i)(1)(A)(i), (ii), or (iii)
(applied in accordance with the regulations thereunder and disregarding section 416(i)(5)) at
any time during the 12-month period ending on December 31 (the “identification period”). If
the employee is a key employee during an identification period, the employee is treated as a
key employee for purposes of this Agreement during the twelve (12) month period that begins on
the first day of April following the close of the identification period.
	 
	 	 	Section 10.3 of the Agreement shall be deleted in its entirety and replaced by the following:
	 
	10.3	 	Plan Terminations Under Section 409A. Notwithstanding anything to the contrary in Section
10.2, if this Agreement terminates in the following circumstances:

	 	(a)	 	Within thirty (30) days before or twelve (12) months after a change in the
ownership or effective control of the Company, or in the ownership of a substantial
portion of the assets of the Company as described in Section 409A(a)(2)(A)(v) of the
Code, provided that all distributions are made no later than twelve (12) months
following such termination of the Agreement and further provided that all the
Company’s arrangements which are substantially similar to the Agreement are terminated
so the Director and all participants in the similar arrangements are required to
receive all amounts of compensation deferred under the terminated arrangements within
twelve (12) months of such terminations;
	 
	 	(b)	 	Upon the Company’s dissolution or with the approval of a bankruptcy court
provided that the amounts deferred under the Agreement are included in the Director’s
gross income in the latest of (i) the calendar year in which the Agreement terminates;
(ii) the calendar year in which the amount is no longer subject to a substantial risk
of forfeiture; or (iii) the first calendar year in which the distribution is
administratively practical; or

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	 	(c)	 	Upon the Company’s termination of this and all other arrangements that would
be aggregated with this Agreement pursuant to Treasury Regulations Section 1.409A-1(c)
if the Director participated in such arrangements (“Similar Arrangements”), provided
that (i) the termination and liquidation does not occur proximate to a downturn in the
financial health of the Company, (ii) all termination distributions are made no
earlier than twelve (12) months and no later than twenty-four (24) months following
such termination, and (iii) the Company does not adopt any new arrangement that would
be a Similar Arrangement for a minimum of three (3) years following the date the
Company takes all necessary action to irrevocably terminate and liquidate the
Agreement;

	 	 	the Company may distribute the Deferral Account balance, determined as of the date of the
termination of the Agreement, to the Director in a lump sum subject to the above terms.

     IN WITNESS WHEREOF, the Company hereby consents to this First Amendment.

MERCANTILE BANK OF MICHIGAN

By:

Title:

2exv10w14

 

EXHIBIT 10.14

EXTENSION AGREEMENT

DATA PROCESSING CONTRACT

Between Mercantile Bank of Michigan and Fiserv Solutions, Inc

Under the Terms of the Agreements

Dated December 10, 1997 and

November 21, 2002

WHEREAS it is in the best interest of Mercantile Bank of Michigan (Client) and Fiserv Solutions,
Inc. (Fiserv) to extend the relationship represented by the above captioned contract and extension

     and

WHEREAS such extension shall provide for terms and conditions in addition to those in the current
contract.

The parties to the agreement hereby agree to the following additional terms and conditions. These
are understood to be additional terms except in the instances where they conflict with the original
contract in which case the terms of this Extension Agreement will take precedence. All
non-conflicting terms and conditions of the original contract will continue to apply during the
extension term.

TERM

The term of the agreement is extended four (4) years from July 1, 2007 and shall expire June 30,
2011.

Pricing conditions of this agreement shall commence January 1, 2007.

COST OF LIVING INCREASES

The prices contained in this Agreement are subject to an annual cost of living adjustment on each
anniversary date of this Agreement and are based on the Revised National Consumer Price Index for
Urban Wage Earners and Clerical Workers (1967-100) published by the Bureau of Labor Statistics of
the U.S. Department of Labor (or if not published, the index specified by such Bureau or its
successor or being most comparable) (the “CPI” Index), not to exceed 2% per annum.

Fiserv waives the Cost of Living Increase scheduled for January 1, 2007. The annual increases
shall begin January 1, 2008.

PRICING

Fiserv will discount monthly processing and installation of new products and services twenty-two
percent (22%). The discount will be applied to all “above the line” products or services and is
not applicable to third party or pass-through fees such as network or shipping fees. “Above the
line” products and services are those that are listed on the invoice under the section titled “Base
Processing.”

The discount shall be effective beginning with the processing month of January 1, 2007.

The “Base Processing Fee” for all open and closed deposit and loan accounts will be $0.64 prior to
the application of the applicable above discount.

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ADDITIONAL MODULES

The following modules that were previously agreed to by individual amendments are included under
this Agreement. The fees listed were those that were originally agreed to and have been and
continue to be subject to Cost of Living Increases. All monthly fees unless noted are for each
open and closed deposit and loan account on the system and minimums listed are for each month of
processing

	 	 	 
	On-line Loan Collections Module (OLC)

	 	 $0.015/$200 minimum
	Check Reconciliation System (CRS)

	 	 $0.01
	Delinquent Child Support Module (DCS) with Tier Tech

	 	 $0.025
	OFAC Processing Module (ORM)

	 	 $275 per month flat fee
	Centralized Prime (monthly extracts)

	 	 $0.03/$400 minimum
	Fiserv EFT Auto-Maintenance

	 	 $250 per month flat fee
	Fiserv EFT Waive Surcharge

	 	 $0.005/$200 minimum
	Carreker Deposit and On Us Fraud Protection

	 	 $0.035/$780 minimum
	Safe Deposit Module

	 	 $0.015/$150 minimum
	Electronic Cash Letter for Business Resumption

	 	 $250.00 per run (determined
by Client-per item fees per original Agreement)
	Fiserv EFT Auto-Reconciliation

	 	 $0.01/$300 minimum
	Enterprise Leased Premier Platform License

	 	 $0.05/$1145 minimum
	Centralized Premier Platform Processing

	 	 $0.015/$200
	Special Memo-post Daily Processing

	 	 $0.05 per item memo-posted/$250 minimum
	S1 Online Internet Banking Interface

	 	 $0.03/$475 minimum
	Premier Messenger

	 	 $0.015
	Carreker Kiting Module

	 	 $0.028
	Custom Wire Transfer Interface for Fundtech’s PAYPlus

	 	 $0.015/$350 minimum
	Transaction Management System

	 	 $0.02
	Health Savings Accounts (HSAs)

	 	 $0.01/$300 minimum
	Daily Creation of BAI Formatted File and
Name and Address
	 	 
	File for S1 Internet Banking Online Interface

	 	 $450.00 per month flat fee
	MOVEit EZ (annual maintenance of $150.00)

	 	 20 percent
	Check Image Processing (CIP) for DCM Item Processing

	 	 $0.02/$300 minimum
	(Client may discontinue this service at any time)
	 	 

CLIENT NAME CHANGE

As of August 1, 2005, the “Client” under the Agreements shall be Mercantile Bank of Michigan. This
name change shall not result in any change to Client’s existing of future obligations under the
Agreements.

ACQUISITION CONVERSION COSTS

During the term of the agreements listed above and this agreement, Fiserv will accept a contract
extension of one year per acquisition in lieu of charges for the data conversion and database
merger. Extraordinary circumstances (acquisition size greater than 75% of existing institution,
account renumbering, etc.) may create additional mutually agreeable charges to be incurred by
Client. All charges for training conducted by Fiserv or ITI personnel will be charged at the then
current rates. All travel and out-of-pocket expenditures for Fiserv or ITI personnel will be
charged at the then current rates. The monthly costs for the acquired accounts will be charged as
specified in the original contract, Exhibit A-2 and this contract extension agreement.

SHOWCASE INCENTIVE

After client installs Premier eCom and Premier eCorp, Fiserv agrees to provide a processing credit
as an incentive for showcase visitations to qualified prospects which result in a new Fiserv
Brookfield ITI client. A showcase visitation is a visitation by a prospective client of Fiserv
that is supported at Client’s site during the decision process. For each showcase visitation that
results in a Fiserv Brookfield client for ITI services Fiserv will provide a credit of $2,500.

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CONFIDENTIALITY

Fiserv and Client agree to keep confidential without disclosure to third parties, the prices,
terms, and conditions of this Agreement.

In witness whereof, the parties hereto have caused this Extension Agreement to be executed by their
duly authorized representatives as of the date indicated below.

	 	 	 	 	 	 	 	 	 
	Mercantile Bank of Michigan	 	 	 	 	 	Fiserv Solutions, Inc.
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ John Schulte
	 	 	 	By:
	 	/s/ James T. Cross
	 
	 	 	 	 	 	 	 	 
	Name:

	 	John Schulte
	 	 	 	 	 	Name: James T. Cross
	 
	 	 	 	 	 	 	 	 
	Title:

	 	SVP – Chief Information Officer
	 	 	 	Title:
	 	President, ITI Outsourcing
	 

	 	 	 	 	 	 	 	Central Region
	 
	 	 	 	 	 	 	 	 
	Dated:

	 	December 17, 2006
	 	 	 	 	 	Dated: December 20, 2006

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