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Farmers & Merchants Bancorp Executive Compensation (FY25)

FMAO · Executive and director compensation, fiscal 2023 to 2025
Data as of September 5, 2026Latest filing (8-K): April 21, 2026
142 figures on this page: 136 cited to the filing that reported them, 6 calculated from figures it prints. See the citations
Chief executive, fiscal 2025
◇
Lars Eller
Latest say-on-pay support
=
April 20, 2026
Chief executive pay ratio
◇
To the median employee
What changed from fiscal 2024 to fiscal 2025
The figures that moved, and by how much. Analysis of these figures is part of the Velarion platform.
Chief executive total compensation — Lars Eller: $910,158 → $969,335 (6.5% higher)
Say-on-pay support: 93.7% → 94.4% (0.7 points higher)

Frequently asked questions

Answers drawn from the data on this page.
Who is Farmers & Merchants Bancorp's chief executive and what were they paid?
Lars Eller, President and Chief Executive Officer, received $969,335 in total compensation for fiscal 2025. Eller's total was 6.5% higher than the $910,158 reported for fiscal 2024.
What was Farmers & Merchants Bancorp's say-on-pay result?
Shareholders supported the say-on-pay proposal with 94.4% of votes cast for or against in favor at the meeting held April 20, 2026 for fiscal 2025.
What is Farmers & Merchants Bancorp's chief executive pay ratio?
For fiscal 2025, the company reported a chief executive pay ratio of 16.4:1, against median employee compensation of $58,738.

Executive compensation

Every element reported for each named executive officer, by fiscal year.
Fiscal 2023
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lars Eller
President and Chief Executive Officer (PEO)
◇—◇—◇—◇◇
Barbara Britenriker
Executive Vice President (PFO)
◇—◇—◇—◇◇
Fiscal 2024
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lars Eller
President and Chief Executive Officer (PEO)
◇—◇—◇—◇◇
Barbara Britenriker
Executive Vice President (PFO)
◇—◇—◇—◇◇
David Gerken
Executive Vice President
◇—◇—◇—◇◇
Eric Faust
Executive Vice President
◇—◇—◇—◇◇
Fiscal 2025
OfficerSalaryBonusStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Lars Eller
President and Chief Executive Officer
◇—◇—◇—◇◇
Barbara Britenriker
Executive Vice President
◇—◇—◇—◇◇
Andrew Baker
Senior Vice President
◇—◇—◇—◇◇
David Gerken
Executive Vice President
◇—◇—◇—◇◇
Eric Faust
Executive Vice President
◇—◇—◇—◇◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. A negative change in pension value is shown but, as the company reports it, not included in the total.

Equity awards granted

Individual awards as disclosed: type, date, unit counts at each level, and grant date value.
Fiscal 2025
OfficerAwardGrant dateThreshold unitsTarget unitsUnits grantedMaximum unitsExercise priceGrant date fair value
Andrew S. BakerRSU◇——◇——◇
Barbara J. BritenrikerRSU◇——◇——◇
David R. GerkenRSU◇——◇——◇
Eric D. FaustRSU◇——◇——◇
Lars B. EllerRSU◇——◇——◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero. Threshold, target and maximum apply only to performance awards and are never shown for time-based or option awards.

Outstanding awards

Awards still held at fiscal year end.
As disclosed at fiscal 2025 year end
OfficerAwardUnvested unitsMarket value of unvested unitsExercise priceExpires
Barbara BritenrikerRSU◇◇——
Lars EllerRSU◇◇——
David GerkenRSU◇◇——
Andrew BakerRSU◇◇——
Eric FaustRSU◇◇——
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director compensation

What each non-employee director was paid.
Fiscal 2025
DirectorFees earned in cashStock awardsOption awardsNon-equity incentivePension and deferred earningsAll other compensationTotal
Kevin J. Sauder
Board chair
◇◇————◇
Andrew J. Briggs
◇◇————◇
Lori A. Johnston
◇◇————◇
Frank R. Simon
◇◇————◇
Marcia S. Latta
◇◇————◇
David P. Vernon
◇◇————◇
Kevin G. Frey
◇◇————◇
Steven J. Planson
◇◇————◇
Ian D. Boyce
◇◇————◇
Ahmed Alomari
◇◇————◇
Lars B. Eller
—◇————◇
A dash means the company reported no figure in that column. $0 is shown only where the filing prints a zero.

Director fee schedule

The standing retainers and premiums the board pays, as published.
Board chair premium◇
Audit committee chair◇
Compensation committee chair◇

Disclosed peer group

The companies this board named as its compensation comparison group. The list is disclosure; the comparison is analysis.

Say-on-pay history

Shareholder support for the compensation program, by year.
YearMeetingSupportVotes forVotes againstAbstentions
2025April 20, 2026=◇◇◇
2024April 14, 2025=◇◇◇
2023April 29, 2024=◇◇◇
2022April 17, 2023=◇◇◇
2019April 16, 2020=◇◇◇
2016April 20, 2017=◇◇◇

Chief executive pay ratio

As calculated and reported by the company.
Ratio
◇
Median employee compensation
◇
Chief executive total compensation
◇
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What this page does not include

Everything above is a fact Farmers & Merchants Bancorp disclosed, and it is free. Everything below is our analysis of those facts, and it is not.
Written compensation analysis
A read of the pay program as designed and as paid: incentive structure, goal rigor, the alignment between the committee's stated philosophy and what the numbers show.
Executive Compensation Report — $1,500
Board and governance analysis
Committee composition, independence, director pay positioning, and the governance provisions read together rather than listed.
Board Governance Report — $1,200
Realizable pay
What the awards above are actually worth today against what they were valued at on grant, and what the gap says about the pay-for-performance link.
Velarion Intelligence
Adviser switching and vote outcomes
Two datasets covering compensation-adviser changes and what followed a contested vote. Both are part of the Velarion platform.
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Citations

Every figure on this page is cited to the document that reported it. Select any figure to see its citation.
142 figures on this page: 136 cited to the filing that reported them, 6 calculated from figures it prints.
136 cited to the filing
6 calculated from the filing

Documents cited

  1. 0001193125-26-167045
    Item 5.07 Submission of Matters to a Vote of Security Holders
  2. 0001140361-26-010915
    Director Compensation · Director Compensation table · Grants of Plan-Based Awards · Outstanding Equity Awards at 2025 Fiscal Year-End Table · and 2 more sections
  3. 0000950170-25-054730
    Item 5.07 Submission of Matters to a Vote of Security Holders
  4. 0001193125-25-044260
    Summary Compensation Table
  5. 0000950170-24-050631
  6. 0001193125-24-068965
    Summary Compensation Table
  7. 0000950170-23-013393
  8. 0001564590-20-017363
    Item 5.07 Submission of Matters to a Vote of Security Holders
  9. 0001193125-17-134856
    Item 5.07 Submission of Matters to a Vote of Security Holders
Cite this data
This page is free to cite. Attribution we ask for:
Velarion, “Farmers & Merchants Bancorp executive compensation, FY2023–FY2025.” https://intel.velarion.ai/comp/FMAO (accessed 2026).
Short form: data: Velarion
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Banking rankings

Chief executive pay — BankingCEO pay ratio — BankingSay-on-pay support — Banking

Terms on this page

Say-on-Pay VoteCEO Pay RatioMedian Employee CompensationAll companies
Cite this data
APA
Velarion Company Intelligence. (2026). Velarion database: executive and board compensation data (Version 2026Q3) [Data set]. Zenodo. https://doi.org/10.5281/zenodo.22283854
BibTeX
@misc{velarionData2026,
  author = {{Velarion Company Intelligence}},
  title = {Velarion database: executive and board compensation data},
  year = {2026},
  version = {2026Q3},
  doi = {10.5281/zenodo.22283854},
  publisher = {Zenodo},
  url = {https://doi.org/10.5281/zenodo.22283854}
}
For informational purposes only. Not investment, legal, or compensation advice.  The Pay Desk · Methodology · Terms · Privacy