Hoover Brett 4

What Happened

• Brett Hoover, EVP & Chief HR Officer of Mercantile Bank Corp (MBWM), had 950 shares disposed on 2025-12-19 to cover tax withholding related to equity awards (950 shares × $49.45 = $46,978). On 2026-02-05 he was granted a total of 2,832 shares (1,888 + 944) reported as acquisitions at $0.00 (restricted stock awards/plan entries).

Key Details

• Transaction dates and prices:
  • 2025-12-19: 950 shares disposed (tax withholding) at $49.45, proceeds/withholding value ≈ $46,978 (code F).
  • 2026-02-05: 1,888 shares awarded (code A) at $0.00.
  • 2026-02-05: 944 shares awarded (code A) at $0.00.
• Shares owned after transaction: not specified in the provided filing.
• Notable footnotes:
  • F1: Some shares reflect dividend reinvestment plan (DRIP) activity since last report.
  • F2: The 2026-02-05 award is performance-based restricted stock and may be forfeited if performance metrics are not met.
  • F3: Some shares were acquired via the Issuer’s 401(k) plan since the last report.
• Filing timeliness: Form 4 was filed on 2026-02-09. It reports a 2025-12-19 tax-withholding disposition and 2026-02-05 awards; the Dec. 19 transaction appears to be reported well after the usual two-business-day window.

Context

• The 950-share disposition is a tax-withholding event (code F) commonly used to cover withholding on vested awards and is not an open-market sale indicating a directional bet.
• The 2,832 shares are reported as awards/plan acquisitions (restricted stock). Because at least some of the award is performance-based (F2), parts may be forfeited depending on future metrics — these are compensation-related grants rather than purchases on the open market.
• Acquisitions via DRIP and 401(k) (F1, F3) reflect plan activity and regular contributions, which are routine and not necessarily a signal of insider sentiment.