Farmers & Merchants Bancorp (FMAO) has shared an update.
Farmers & Merchants State Bank has renewed its commitment to leadership stability by entering a new employment agreement with Lars B. Eller, ensuring his continuation as President and CEO until August 31, 2027. The agreement, effective September 1, 2024, mirrors the terms of his previous contract, providing a base salary with potential adjustments, participation in benefit plans, and incentives including cash bonuses, stock grants, and a robust vacation policy. Additionally, the agreement outlines severance terms in the event of a “change in control” and post-employment non-compete and non-solicit clauses, reinforcing the bank’s strategic continuity plans.
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