Mercantile Bank (MBWM) has issued an announcement.
Mercantile Bank Corporation and its subsidiary have launched a bonus plan for their executive officers in 2024, linking payouts to specific financial performance metrics like earnings per share and return on assets. Bonuses, ranging from target to maximum percentages of the executives’ salaries, will be determined by the company’s achievement levels relative to preset targets. The plan includes provisions for adjustments and clawbacks, with the intent to distribute earned bonuses by March 15, 2025, fostering an alignment between executive compensation and the bank’s financial success.
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