Reitsma Raymond E. 4

What Happened Raymond E. Reitsma, President, CEO and a director of MERCANTILE BANK CORP (MBWM), was awarded 1,808 fully vested shares on Feb 15, 2026 (reported as code A). Two days later (Feb 17, 2026) 4,040 shares were disposed at $54.24 per share to satisfy an exercise price or tax liability (code F), with the filing listing proceeds/amount associated with that disposition as $219,111. The award is described as a performance-based restricted stock award granted for exceeding certain performance metrics.

Key Details

• Award (A): 1,808 shares granted/vested on 2026-02-15; grant reported at $0.00 per share (performance-based RSU per Dec 15, 2022 agreement).
• Tax/Payment (F): 4,040 shares disposed on 2026-02-17 at $54.24 per share; amount shown $219,111 (reported as payment of exercise price or tax liability).
• Filing: Form 4 filed 2026-02-18 covering the Feb 15–17 transactions (timeliness not indicated in the provided excerpt).
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnote: F1 states the award was fully vested for exceeding performance metrics under the issuer’s Dec 15, 2022 performance-based restricted stock award agreement.

Context Code A indicates a grant/award (here a performance-based restricted stock award). Code F typically reflects shares surrendered or withheld to cover taxes or exercise costs rather than an open-market sale — the filing reports a disposition of 4,040 shares for that purpose. This sequence (award then shares withheld for taxes) is a common administrative result of stock-based compensation and does not, by itself, indicate a directional view on the company’s stock.