The latest announcement is out from Mercantile Bank ( (MBWM) ).
Mercantile Bank’s Board of Directors has approved a new Nonqualified Deferred Compensation Plan #2, effective January 1, 2025, offering Board members and Executive Vice Presidents the ability to defer a portion of their salaries and bonuses. The plan, administered by the Compensation Committee, ensures participants are fully vested and allows for flexible distribution options. A rabbi trust agreement secures the deferred assets, maintaining protection even in the event of the Bank’s insolvency.
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