Document:

EX-10.2

 EXHIBIT 10.2 

UST 449 

UNITED STATES DEPARTMENT OF THE TREASURY

 1500 Pennsylvania Avenue, NW 
 Washington, D.C. 20220 
 June 6, 2012 

Ladies and Gentlemen: 
 Reference is made to that
certain Letter Agreement incorporating the Securities Purchase Agreement – Standard Terms (the “Securities Purchase Agreement”), dated as of the date set forth on Schedule A hereto, between the United States Department of the
Treasury (the “Investor”) and the company set forth on Schedule A hereto (the “Company”). Capitalized terms used but not defined herein shall have the meanings assigned to them in the Securities Purchase Agreement.
Pursuant to the Securities Purchase Agreement, at the Closing, the Company issued to the Investor the number of shares of the series of its preferred stock set forth on Schedule A hereto (the “Preferred Shares”) and a warrant to
purchase the number of shares of its common stock set forth on Schedule A hereto (the “Warrant”). 
 In connection with the
consummation of the repurchase (the “Repurchase”) by the Company from the Investor, on the date hereof, of the number of Preferred Shares listed on Schedule A hereto (the “Repurchased Preferred Shares”), as
permitted by the Emergency Economic Stabilization Act of 2008, as amended by the American Recovery and Reinvestment Act of 2009: 
  

	 	(a)	The Company hereby acknowledges receipt from the Investor of the share certificate(s) set forth on Schedule A hereto representing the Preferred Shares; and

  

	 	(b)	The Investor hereby acknowledges receipt from the Company of a wire transfer to the account of the Investor set forth on Schedule A hereto in immediately available
funds of the aggregate purchase price set forth on Schedule A hereto, representing payment in full for the Repurchased Preferred Shares at a price per share equal to the Liquidation Amount per share, together with any accrued and unpaid dividends
to, but excluding, the date hereof. 

 The Investor and the Company hereby agree that, notwithstanding Section 4.4 of the
Securities Purchase Agreement, immediately following consummation of the Repurchase, but subject to compliance with applicable securities laws, the Investor shall be permitted to Transfer all or a portion of the Warrant with respect to, and/or
exercise the Warrant for, all or a portion of the number of shares of Common Stock issuable thereunder, at any time and without limitation, and Section 4.4 of the Securities Purchase Agreement shall be deemed to be amended in order to permit
the foregoing. The Company shall take all steps as may be reasonably requested by the Investor to facilitate any such Transfer. 
 In addition,
the Company agrees that in the event it elects to repurchase the Warrant, it shall deliver to the Investor within 15 calendar days of the date hereof a notice of intent to repurchase the Warrant, which notice shall be in accordance with
Section 4.9(b) of the Securities Purchase Agreement (the “Warrant Repurchase Notice”). In the event the Company does not deliver the Warrant Repurchase Notice to the Investor within 15 calendar days of the date hereof, the
Investor hereby provides notice, pursuant to Section 4.5(p) of the Securities Purchase Agreement, of its intention to sell the Warrant, such notice to be effective as of the first day following the end of such 15-day period. 

 In the event that the Company delivers a Warrant Repurchase Notice and the Company and the Investor fail to
agree on the Fair Market Value of the Warrant pursuant to the procedures (including the Appraisal Procedure), and in accordance with the time periods, set forth in Section 4.9(c) of the Securities Purchase Agreement or the Company revokes the
delivery of such Warrant Repurchase Notice, then the Investor hereby provides notice of its intention to sell the Warrant. 
 This letter
agreement will be governed by and construed in accordance with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to
be performed entirely within such State. 
 This letter agreement may be executed in any number of separate counterparts, each such counterpart
being deemed to be an original instrument, and all such counterparts will together constitute the same agreement. Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed sufficient as if
actual signature pages had been delivered. 
 [Remainder of this page intentionally left blank] 

 In witness whereof, the parties have duly executed this letter agreement as of the date first written above.

  

					
	UNITED STATES DEPARTMENT OF THE TREASURY
		
	By:	 	 /s/ Timothy G. Massad

		 	Name:	 	Timothy G. Massad
		 	Title:	 	Assistant Secretary for Financial Stability
	
	COMPANY: MERCANTILE BANK CORPORATION
		
	By:	 	 /s/ Charles E. Christmas

		 	Name:	 	Charles E. Christmas
		 	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

 SCHEDULE A 
 General Information: 
  

			
	 Date of Letter Agreement incorporating the Securities Purchase Agreement:
	 	May 15, 2009
		
	 Name of the Company:
	 	Mercantile Bank Corporation
		
	 Corporate or other organizational form of the Company:
	 	Corporation
		
	 Jurisdiction of organization of the Company:
	 	State of Michigan
		
	 Number and series of preferred stock issued to the Investor at the Closing:
	 	 21,000 shares of Fixed Rate Cumulative
 Perpetual Preferred Stock, Series A

		
	 Number of Initial Warrant Shares:
	 	616,438
	  
 Terms of the Repurchase:

 
	 	 
	 Number of Preferred Shares repurchased by the Company:
	 	10,500
		
	 Share certificate number (representing the Preferred Shares previously issued to the Investor following the partial repurchase of
10,500 Preferred Shares on April 4, 2012):
	 	2
		
	 Per share Liquidation Amount of Preferred Shares:
	 	$    1,000
		
	 Accrued and unpaid dividends on Preferred Shares:
	 	$    30,625.00
		
	 Aggregate purchase price for Repurchased Preferred Shares:
	 	$    10,530,625.00
		
	 Investor wire information for payment of purchase price:
	 	 ABA Number: 02100018

Bank: The Bank of New York Mellon
 Account Name:
 Account Number:

 
 Beneficiary: United States Department of the
TreasuryEX-10.3

 EXHIBIT 10.3 

DEPARTMENT OF THE TREASURY 
 WASHINGTON, D.C. 20220 
 June 27, 2012 

Charles E. Christmas 
 Senior Vice President,
Chief 
 Financial Officer and Treasurer 

Mercantile Bank Corporation 
 310 Leonard St. NW

 Grand Rapids, MI 49504 
 Dear
Mr. Christmas: 
 The United States Department of the Treasury (“Treasury”) is in receipt of your letter, dated June 25,
2012, notifying us of your intention to repurchase the Mercantile Bank Corporation warrant currently held by Treasury and describing your determination of the Fair Market Value of the warrant. 

Treasury hereby confirms our agreement of $7,465,100 as the Fair Market Value for the warrant and accepts your offer to repurchase the warrant at that
price. Settlement for the repurchase of the warrant will take place following completion of appropriate documentation and agreement on logistics by your and Treasury’s representatives. 

 

	
	Regards,
	
	 /s/ Michael Harris

	Michael Harris
	United States Department of the Treasury
	Director of Equity Asset Management, Capital Purchase ProgramEX-10.4

 EXHIBIT 10.4 

UST 449 
 UNITED
STATES DEPARTMENT OF THE TREASURY 
 1500 Pennsylvania Avenue, NW 

Washington, D.C. 20220 
 July 3, 2012 
 Ladies and Gentlemen: 

Reference is made to those certain letter agreements (the “Repurchase Letter Agreements”), dated as of the dates
set forth on Schedule A hereto, between the United States Department of the Treasury (the “Investor”) and the company set forth on Schedule A hereto (the “Company”). Capitalized terms used but not
defined herein shall have the meanings assigned to them in the Repurchase Letter Agreements. 
 As documented by the Repurchase
Letter Agreements, the Company has completed the repurchase from the Investor of all of the Preferred Shares issued to the Investor pursuant to the Securities Purchase Agreement. Following such time, the Company delivered a Warrant Repurchase Notice
dated as of the date set forth on Schedule A hereto to the Investor. In connection with the consummation, on the date hereof, of the repurchase of the Warrant by the Company from the Investor, as contemplated by the Warrant Repurchase Notice
and Section 4.9 of the Securities Purchase Agreement: 
 (a) The Company hereby acknowledges receipt from
the Investor of the Warrant; and 
 (b) The Investor hereby acknowledges receipt from the Company of a wire
transfer to the account of the Investor set forth on Schedule A hereto in immediately available funds of the aggregate purchase price set forth on Schedule A hereto, representing payment in full for the Warrant, determined in accordance with
Section 4.9 of the Securities Purchase Agreement. 
 This letter agreement will be governed by and construed in accordance
with the federal law of the United States if and to the extent such law is applicable, and otherwise in accordance with the laws of the State of New York applicable to contracts made and to be performed entirely within such State. 

This letter agreement may be executed in any number of separate counterparts, each such counterpart being deemed to be an original
instrument, and all such counterparts will together constitute the same agreement. Executed signature pages to this letter agreement may be delivered by facsimile and such facsimiles will be deemed sufficient as if actual signature pages had been
delivered. 

 In witness whereof, the parties have duly executed this letter agreement as of the date
first written above. 
  

					
	UNITED STATES DEPARTMENT OF THE TREASURY
		
	By:	 	 /s/ Timothy G. Massad

		 	Name:	 	Timothy G. Massad
		 	Title:	 	Assistant Secretary for Financial Stability
	
	COMPANY: MERCANTILE BANK CORPORATION
		
	By:	 	 /s/ Charles E. Christmas

		 	Name:	 	Charles E. Christmas
		 	Title:	 	Senior Vice President, Chief Financial Officer and Treasurer

 SCHEDULE A 

 

					
	 Company Information:

 

	 Name of the Company:
	 	Mercantile Bank Corporation
		
	 Corporate or other organizational form of the Company:
	 	Corporation
		
	 Jurisdiction of organization of the Company:
	 	State of Michigan
	
	 Information related to the Preferred Share Repurchases:

 

	 Date of Repurchase Letter Agreement for the repurchase of 10,500 of the Preferred Shares:
	 	April 4, 2012
		
	 Date of Repurchase Letter Agreement for the repurchase of 10,500 of the Preferred Shares:
	 	June 6, 2012
	
	 Terms of the Warrant Repurchase:

 

	 Date of Warrant Repurchase Notice:
	 	June 25, 2012
		
	 Aggregate purchase price for the Warrant:
	 	$    7,465,100
			
	 Investor wire information for payment of purchase price for the Warrant:
	 	ABA Number:	 	021000018
	 	Bank:	 	The Bank of New York Mellon
	 	Account Name:	 	
	 	  
 Account Number:

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