Setlock Scott P 4

What Happened

• Scott P. Setlock, EVP, COO & Secretary of Mercantile Bank Corp (MBWM), had three reported transactions. On 2025-12-19 he disposed of 1,187 shares at $49.45 each to cover an exercise price or tax liability, generating proceeds of $58,697. On 2026-02-05 he was granted two awards of restricted stock — 2,271 shares and 1,135 shares (total 3,406 shares) at $0.00 (award grants).

Key Details

• Transaction types: F (payment of exercise price/tax withholding) on 2025-12-19; A (award/grant) on 2026-02-05.
• Prices and values: 1,187 shares sold at $49.45 = $58,697; awards granted at $0.00 (no cash paid by insider at grant).
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1 — the awards are performance-based restricted stock and may be forfeited if performance metrics aren’t met; F2 — filing includes shares acquired pursuant to the issuer’s 401(k) Plan since the last report.
• Filing timing: Form 4 was filed 2026-02-09 for transactions dated 2025-12-19 and 2026-02-05; the filing date is after the transaction dates (appears late relative to the typical 2-business-day reporting window).

Context

• The 12/19/2025 disposal appears to be routine tax-withholding (shares surrendered or sold to cover taxes from a prior exercise/vesting), which is common and not necessarily a sell-for-market-sentiment signal. The 2/5/2026 entries are grants of restricted/performance-based stock — these are compensatory awards that may vest over time and can be forfeited if performance goals aren’t met.