MBWM CEO Reitsma receives stock award as shares withheld for taxes

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Mercantile Bank Corp President and CEO Raymond E. Reitsma reported equity-related transactions in company common stock. On February 15, 2026, he acquired 1,808 shares as a fully vested award, granted at $0.00 per share for exceeding performance metrics under a December 15, 2022 performance-based restricted stock award agreement. On February 17, 2026, 4,040 shares were disposed of at an average price of $54.2353 per share to satisfy tax withholding obligations, rather than through an open-market sale. Following these transactions, he directly owned 64,270 common shares, with additional indirect holdings reported in a 401(k) plan and an IRA.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Reitsma Raymond E.

Role President and CEO

Type	Security	Shares	Price	Value
Tax Withholding	Common Stock	4,040	$54.2353	$219K
Grant/Award	Common Stock	1,808	$0.00	--
holding	Common Stock	--	--	--
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 64,270 shares (Direct); Common Stock — 23,115 shares (Indirect, In 401(k) plan)

Footnotes (1)

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Form 4 Insider Transactions: What Each Field Means →

02/18/2026 - 04:44 PM

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Reitsma Raymond E.

(Last)

(First)

(Middle)

C/O MERCANTILE BANK CORPORATION

310 LEONARD ST. NW

(Street)

GRAND RAPIDS

49504

(City)

(State)

(Zip)

2. Issuer Name and Ticker or Trading Symbol
MERCANTILE BANK CORP [ MBWM ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	President and CEO

3. Date of Earliest Transaction (Month/Day/Year)
02/15/2026

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Stock	02/15/2026		A		1,808⁽¹⁾	A	$0	68,310	D
Common Stock	02/17/2026		F		4,040	D	$54.2353	64,270	D
Common Stock								23,115	I	In 401(k) plan
Common Stock								2,153	I	In IRA

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

1. This award of fully-vested shares is being made for exceeding certain performance metrics pursuant to the Issuer's December 15, 2022 performance-based restricted stock award agreement.

	/s/ Bradley J. Wyatt, Attorney-in-Fact	02/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transactions did MBWM CEO Raymond Reitsma report in this Form 4?

Raymond Reitsma reported a performance-based stock award and a tax-related share disposition. He received 1,808 fully vested common shares, then 4,040 shares were withheld at $54.2353 per share to cover tax obligations, rather than sold on the open market.

How many Mercantile Bank (MBWM) shares were awarded to the CEO in this filing?

The CEO received an award of 1,808 fully vested MBWM common shares. The award was granted at $0.00 per share for exceeding specified performance metrics under a December 15, 2022 performance-based restricted stock award agreement with the company.

Why were 4,040 MBWM shares disposed of in Raymond Reitsma’s Form 4?

The 4,040 MBWM shares were disposed of to satisfy tax withholding obligations. The filing labels this as a tax-withholding disposition at an average price of $54.2353 per share, not as an open-market sale initiated for portfolio or liquidity reasons.

What is Raymond Reitsma’s direct ownership in MBWM after these transactions?

After the reported transactions, Raymond Reitsma directly owned 64,270 MBWM common shares. The filing also lists additional indirect ownership positions held through a 401(k) plan and an IRA, which are reported separately from his directly held shares.

What performance conditions triggered the MBWM stock award to the CEO?

The fully vested share award was triggered by exceeding certain performance metrics. These metrics are tied to a December 15, 2022 performance-based restricted stock award agreement, under which the CEO earned 1,808 MBWM common shares upon meeting those predefined performance goals.

Does this MBWM Form 4 show any open-market buying or selling by the CEO?

The filing does not show open-market buying or selling. It reports a grant of 1,808 fully vested shares and a tax-withholding disposition of 4,040 shares at $54.2353, which is characterized as payment of tax liability using shares rather than a discretionary trade.