Farmers & Merchants Bancorp Approves 2025 Restricted Stock Retirement Plan

Farmers & Merchants Bancorp, a Delaware-based company (OTCMKTS:FMCB), held a Special Meeting of Stockholders on November 25, 2024. During this meeting, the stockholders approved the new Farmers & Merchants Bancorp 2025 Restricted Stock Retirement Plan (the “2025 Plan”).

The 2025 Plan allows for the granting of restricted stock awards to employees, officers (including named executive officers), and non-employee directors. It was officially adopted by the Board of Directors on October 2, 2024. Additionally, the Board passed resolutions on October 11, 2024, to terminate the Performance Component, Retention Component, Salary Component, and Equity Component of the Company’s Executive Retirement Plan and Senior Management Retention Plan (collectively known as the “Nonqualified Retirement Plans”).

Each participant’s account balance under the Nonqualified Retirement Plans will be liquidated and disbursed following the Board and Personnel Committee’s decision, within a timeframe between the 12-month and 24-month anniversary of the termination of these plans. The termination of the Nonqualified Retirement Plans became effective on November 29, 2024.

The newly approved 2025 Plan is set to come into effect on January 1, 2025, with the first restricted stock awards under this plan expected to be granted in the first quarter of 2025. The Company foresees no significant change in the annual costs associated with the 2025 Plan compared to the terminated Nonqualified Retirement Plans.

A summary of the essential terms of the 2025 Plan can be found in the Definitive Proxy Statement on Schedule 14A, submitted with the Securities and Exchange Commission on October 25, 2024. For further details, the full 2025 Plan has been included as Exhibit 10.1 in the current Form 8-K report.

Aside from the approval of the 2025 Plan, other proposals were put forward at the Special Meeting. Stockholders voted to approve the Adjournment Proposal, allowing for the adjournment of the meeting to collect additional proxies if required due to insufficient representation.

The Company had a quorum of approximately 60.31% of outstanding shares at the Special Meeting and witnessed a favorable vote for both proposals, indicating the stockholders’ support for the initiatives.

Following the meeting, Bart R. Olson, Executive Vice President, and Chief Financial Officer of Farmers & Merchants Bancorp duly signed the report on behalf of the Company on December 2, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Farmers & Merchants Bancorp’s 8K filing here.

About Farmers & Merchants Bancorp

Farmers & Merchants Bancorp operates as the bank holding company for Farmers & Merchants Bank of Central California that provides various banking services to businesses and individuals. The company accepts various deposit products, including checking, savings, money market, time certificates of deposit, and individual retirement accounts.