Gerke Mark Raymond 4

What Happened

• Mark Raymond Gerke, Chief Financial Officer of Waterstone Financial, exercised options/conversion rights and sold shares on May 21, 2026. The filing shows an exercise of 10,000 shares at $14.98 (cost $149,800) and an open-market sale of 10,000 shares at a weighted-average price of $18.34 for total proceeds of $183,435. The same filing also reports a separate 10,000-share derivative conversion/ disposition at $0 (value $0) noted in the filing footnote.

Key Details

• Transaction date: 2026-05-21 (filed 2026-05-22 — filing appears timely).
• Exercise: 10,000 shares at $14.98 per share — total cost $149,800 (transaction code M).
• Sale: 10,000 shares sold in the open market at a weighted-average price of $18.34 — proceeds $183,435 (transaction code S). Footnote F1: sale prices ranged from $18.25 to $18.50; $18.34 is the weighted-average.
• Additional line: 10,000-share exercise/conversion reported at $0 (value $0); footnote F2 says this reflects transactions not required to be reported under Section 16.
• Shares owned after the transactions: not specified in the provided filing excerpt.

Context

• The filing shows an option exercise and same-day sale of shares — commonly executed as a cashless exercise or immediate market sale, which converts option value to cash rather than increasing long-term shareholdings. Sales by executives are often routine (to cover taxes, exercise costs, or diversify) — the filing provides facts but not the insider’s motivation.
• Transaction codes: M = exercise/conversion of derivative (options/RSU conversion), S = sale. The $0 conversion entry is noted as not subject to Section 16 reporting per the filing.