Velarion · Company Intelligence
Compensation Brief
Fiscal year 2023 · Filings through 2024-08-02

Macatawa Bank (MCBC)

CEO Jon Swets was paid $533,935 in fiscal year 2023, ↑ up 13.7% from fiscal year 2022 (SEC filing 0001437749-24-013731 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$685,113
Ronald Haan total, FY2023
Retired Chief Executive Officer and President and a director of the Company and the Bank — highest-paid officer; CEO Jon Swets: $533,935
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CEO (Jon Swets) pay percentile vs peers
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CEO-to-median pay ratio
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Sample answer — “What is the CEO’s total compensation?”
- Jon Swets (Chief Executive Officer and President and a director of the Company and the Bank), FY2023 total compensation $533,935 (base salary $410,417) [exec_comp, SEC accession 0001437749-24-013731, filed 2024-04-29]

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01

Summary Compensation Table — fiscal year 2023

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Ronald Haan$479,170$0$0$0$0$0$205,946$685,113
Retired Chief Executive Officer and President and a director of the Company and the Bank
Jon Swets410,4170104,99600015,522533,935
Chief Executive Officer and President and a director of the Company and the Bank
Craig Hankinson398,750094,99000015,522509,262
Senior Vice President of the Company and Chief Operating Officer of the Bank
Jill Walcott308,333069,99400010,630388,957
Senior Vice President of the Company and Chief Retail Banking Officer of the Bank

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2023 totalFY2022 totalFY2021 totalΔ FY2022→2023
Ronald Haan$685,113$684,050$637,653↑ +1,063
Jon Swets533,935469,512433,121↑ +64,423
Craig Hankinson509,262469,512442,036↑ +39,750
Jill Walcott388,957337,211—↑ +51,746

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against MCBC
3 companies name MCBC as a compensation peer

Each company listed discloses MCBC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MCBC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2023 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Birgit M. KlohsDirector2024-08-01D17,269——CommonForm 4 ↗
Michael K. Le RoyDirector2024-08-01D1,000——CommonForm 4 ↗
Michael K. Le RoyDirector2024-08-01D11,702——CommonForm 4 ↗
Douglas B. PadnosDirector2024-08-01D10,281.33——CommonForm 4 ↗
Douglas B. PadnosDirector2024-08-01D5,500——CommonForm 4 ↗
Douglas B. PadnosDirector2024-08-01D120,087——CommonForm 4 ↗
Jon SwetsDirector2024-08-01D150,507——CommonForm 4 ↗
Richard L. PostmaDirector2024-08-01D1,559,639——CommonForm 4 ↗
Jill WalcottSee remarks2024-08-01D87,970——CommonForm 4 ↗
White Bay Capital, LLLPGreater-than-10% holder2024-08-01D5,319,788——CommonForm 4 ↗
Bryan L. BarkerChief Financial Officer, SVP2024-08-01D5,576——CommonForm 4 ↗
Bryan L. BarkerChief Financial Officer, SVP2024-08-01D10,964——CommonForm 4 ↗
Charles A. GeenenDirector2024-08-01D122,724——CommonForm 4 ↗
Charles A. GeenenDirector2024-08-01D1,000——CommonForm 4 ↗
Craig HankinsonChief Operating Officer2024-08-01D81,742——CommonForm 4 ↗
Robert L. HerrDirector2024-08-01D1,000——CommonForm 4 ↗
Robert L. HerrDirector2024-08-01D27,077——CommonForm 4 ↗
Ronald L. HaanDirector2024-08-01D314,088——CommonForm 4 ↗
Thomas P. RosenbachDirector2024-08-01D75,702——CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2023

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Jon SwetsRSU2023-11-16——10,703—$104,996
Jill WalcottRSU2023-11-16——7,135—69,994
Craig HankinsonRSU2023-11-16——9,683—94,990
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Jon Swets$104,996$0$00.0%
Jill Walcott69,994000.0%
Craig Hankinson94,990000.0%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2023

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Jon SwetsRSU10,703—$120,730
Jon SwetsRSU5,069—57,178
Craig HankinsonRSU9,683—109,224
Jill WalcottRSU7,135—80,483
Craig HankinsonRSU5,069—57,178
Craig HankinsonRSU2,854—32,193
Jill WalcottRSU2,684—30,276
Jon SwetsRSU2,474—27,907
Jill WalcottRSU1,522—17,168
05

Incentive-plan design — the Compensation Discussion & Analysis

Macatawa's philosophy is to maximize long-term shareholder return consistent with its commitments to maintain the safety and soundness of the institution and provide the highest possible level of service at a fair price to the customers and communities that it serves. The Company provides competitive salaries and appropriate incentives to achieve long-term shareholder return, aligning management interests with shareholders.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantMcLagan, AON Hewitt
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingfalse
08

Director compensation — fiscal year 2023

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Thomas P. RosenbachIndependent · Audit Committee (Chair) · Compensation Committee · Governance Committee$49,800$18,992——$0$68,792
Robert L. HerrIndependent · Audit Committee · Compensation Committee46,20018,992——065,192
Charles A. GeenenIndependent · Compensation Committee42,90018,992——061,892
Douglas B. PadnosIndependent · Compensation Committee · Governance Committee42,30018,992——061,292
Michael K. Le RoyIndependent · Audit Committee · Compensation Committee41,90018,992——060,892
Birgit M. KlohsIndependent · Audit Committee · Governance Committee41,90018,992——060,892
Nicole S. DandridgeIndependent · Audit Committee · Governance Committee40,80018,992——059,792
Jon W. SwetsEmployee director · Partial-year service—————0
Richard L. PostmaIndependent · Board Chair · Audit Committee · Compensation Committee (Chair) · Governance Committee (Chair)00——00
Ronald L. HaanIndependent · Newly elected——————
09

Board fee structure and ownership guideline

Annual cash retainer$6,000
Annual equity retainer—
Per board meeting fee$9,000
Committee chair fees (audit / comp / nom-gov)—
Stock ownership guideline—
09b

Total cost of the board

ComponentFY2023
Cash retainers and fees$305,800
Equity awards (grant-date value)$132,944
All other compensation$0
Total cost of the board$438,744

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Macatawa Bank2023Jon Swets$410,417$104,996$0$0$533,935

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10d

Frequently asked questions

Who was the highest-paid executive at Macatawa Bank in fiscal 2023?
As disclosed, Ronald Haan (Retired Chief Executive Officer and President and a director of the Company and the Bank) was the highest-paid executive at Macatawa Bank in fiscal 2023, with total compensation of $685,113.
How much does Macatawa Bank spend in total on board compensation for fiscal 2023?
As disclosed, Macatawa Bank reported total board compensation of $438,744 for fiscal 2023.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Ronald HaanDEF 14A2024-04-290001437749-24-013731Section “Executive Compensation”. As printed: 685,113. Filing ↗machine: r11 · c28 · span 207947–207954
2Section 01, Jon SwetsDEF 14A2024-04-290001437749-24-013731Section “Executive Compensation”. As printed: 533,935. Filing ↗
3Section 01, Craig HankinsonDEF 14A2024-04-290001437749-24-013731Section “Executive Compensation”. As printed: 509,262. Filing ↗machine: r5 · c28 · span 181457–181464
4Section 01, Jill WalcottDEF 14A2024-04-290001437749-24-013731Section “Executive Compensation”. As printed: 388,957. Filing ↗machine: r8 · c28 · span 194391–194398
5Section 03, Jon Swets RSU10-K2024-04-290001437749-24-013731Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 231984–231991
6Section 03, Jill Walcott RSUDEF 14A2024-04-290001437749-24-013731Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 235849–235855
7Section 03, Craig Hankinson RSUDEF 14A2024-04-290001437749-24-013731Section “Executive Compensation” · grants of plan-based awards table. Filing ↗machine: span 233743–233749
8Section 08, Thomas P. RosenbachDEF 14A2024-04-290001437749-24-013731Section “Director Compensation”. As printed: 68,792. Filing ↗machine: span 343540–343546
9Section 08, Robert L. HerrDEF 14A2024-04-290001437749-24-013731Section “Director Compensation”. As printed: 65,192. Filing ↗machine: span 332049–332055
10Section 08, Charles A. GeenenDEF 14A2024-04-290001437749-24-013731Section “Director Compensation”. As printed: 61,892. Filing ↗machine: span 329806–329812
11Section 08, Douglas B. PadnosDEF 14A2024-04-290001437749-24-013731Section “Director Compensation”. As printed: 61,292. Filing ↗machine: span 338920–338926
12Section 08, Michael K. Le RoyDEF 14A2024-04-290001437749-24-013731Section “Director Compensation”. As printed: 60,892. Filing ↗machine: span 336539–336545
13Section 08, Birgit M. KlohsDEF 14A2024-04-290001437749-24-013731Section “Director Compensation”. As printed: 60,892. Filing ↗machine: span 334293–334299
14Section 08, Nicole S. DandridgeDEF 14A2024-04-290001437749-24-013731Section “Director Compensation”. As printed: 59,792. Filing ↗machine: span 327561–327567
15Section 08, Jon W. SwetsDEF 14A2024-04-290001437749-24-013731Section “Director Compensation”. As printed: 0. Filing ↗
16Section 08, Richard L. PostmaDEF 14A2024-04-290001437749-24-013731Section “Director Compensation”. As printed: 0. Filing ↗
17Section 08, Ronald L. HaanDEF 14A2024-04-290001437749-24-013731Section “Director Compensation”. As printed: —. Filing ↗
18Section 02, Birgit M. Klohs 2024-08-01Form 42024-08-020001104659-24-085148Insider equity transaction reported since the proxy statement. Filing ↗
19Section 02, Michael K. Le Roy 2024-08-01Form 42024-08-020001104659-24-085152Insider equity transaction reported since the proxy statement. Filing ↗
20Section 02, Michael K. Le Roy 2024-08-01Form 42024-08-020001104659-24-085152Insider equity transaction reported since the proxy statement. Filing ↗
21Section 02, Douglas B. Padnos 2024-08-01Form 42024-08-020001104659-24-085156Insider equity transaction reported since the proxy statement. Filing ↗
22Section 02, Douglas B. Padnos 2024-08-01Form 42024-08-020001104659-24-085156Insider equity transaction reported since the proxy statement. Filing ↗
23Section 02, Douglas B. Padnos 2024-08-01Form 42024-08-020001104659-24-085156Insider equity transaction reported since the proxy statement. Filing ↗
24Section 02, Jon Swets 2024-08-01Form 42024-08-020001104659-24-085150Insider equity transaction reported since the proxy statement. Filing ↗
25Section 02, Richard L. Postma 2024-08-01Form 42024-08-020001104659-24-085154Insider equity transaction reported since the proxy statement. Filing ↗
26Section 02, Jill Walcott 2024-08-01Form 42024-08-020001104659-24-085159Insider equity transaction reported since the proxy statement. Filing ↗
27Section 02, White Bay Capital, LLLP 2024-08-01Form 42024-08-010001104659-24-084963Insider equity transaction reported since the proxy statement. Filing ↗
28Section 02, Bryan L. Barker 2024-08-01Form 42024-08-020001104659-24-085149Insider equity transaction reported since the proxy statement. Filing ↗
29Section 02, Bryan L. Barker 2024-08-01Form 42024-08-020001104659-24-085149Insider equity transaction reported since the proxy statement. Filing ↗
30Section 02, Charles A. Geenen 2024-08-01Form 42024-08-020001104659-24-085151Insider equity transaction reported since the proxy statement. Filing ↗
31Section 02, Charles A. Geenen 2024-08-01Form 42024-08-020001104659-24-085151Insider equity transaction reported since the proxy statement. Filing ↗
32Section 02, Craig Hankinson 2024-08-01Form 42024-08-020001104659-24-085153Insider equity transaction reported since the proxy statement. Filing ↗
33Section 02, Robert L. Herr 2024-08-01Form 42024-08-020001104659-24-085155Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Robert L. Herr 2024-08-01Form 42024-08-020001104659-24-085155Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Ronald L. Haan 2024-08-01Form 42024-08-020001104659-24-085157Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Thomas P. Rosenbach 2024-08-01Form 42024-08-020001104659-24-085158Insider equity transaction reported since the proxy statement. Filing ↗
37Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
38Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
39Section 09b board cost (computed)Computed——Cash 305,800 + equity 132,944 + all other 0 = 438,744, summed across the director compensation table rows.machine: formula: Σ = 438,744
40Macatawa Bank (subject), Section 10b CEO totalDEF 14A2024-04-290001437749-24-013731CEO total compensation as printed in Macatawa Bank's own proxy. As printed: 533,935. Filing ↗

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