CHRISTMAS CHARLES E 4

What Happened

• Charles E. Christmas, EVP & CFO of Mercantile Bank Corp (MBWM), was granted 1,326 fully vested shares (code A) on 2026-02-15 (acquired at $0.00 per share).
• On 2026-02-17, 3,021 shares were disposed (code F) at $54.24 per share to satisfy a tax liability, totaling $163,845.
• The grant was a performance-based award; the disposition reflects tax withholding/settlement rather than an open-market sale.

Key Details

• Transaction dates and prices:
  • 2026-02-15: Award of 1,326 shares @ $0.00 (acquired).
  • 2026-02-17: Payment of tax liability — 3,021 shares @ $54.24 (disposed) = $163,845.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes:
  • F1: Award of fully-vested shares for exceeding performance metrics under the Dec 15, 2022 performance-based restricted stock award agreement.
  • F2: Includes shares acquired under the issuer’s 401(k) Plan since the last report.
• Timeliness: Filing dated 2026-02-18 for transactions on 2026-02-15 and 2026-02-17; appears to be filed within required Form 4 timing (no late filing flagged).

Context

• Code A indicates a stock award/grant; Code F indicates shares were transferred/used to satisfy tax withholding or exercise-price obligations. This is a routine tax-related disposition rather than an active market sale, so it’s not necessarily a bearish signal.
• The award was performance-based and fully vested on grant. Retail investors often view purchases/awards as stronger signals than tax-driven dispositions; here the net activity reflects both an award and routine tax withholding.