What price was reported for Scott P. Setlock’s MBWM share disposition?

The disposition on December 19, 2025 involved 1,187 MBWM common shares at $49.45 per share. This transaction is coded “F” in the filing’s transaction table, and left Setlock with 19,737 directly owned shares immediately afterward.

Mercantile Bank (NASDAQ: MBWM) EVP Setlock reports new stock awards

Filing Impact

(Neutral)

Filing Sentiment

(Negative)

Form Type

Rhea-AI Filing Summary

Mercantile Bank Corporation executive Scott P. Setlock, EVP, COO & Secretary, reported multiple common stock transactions. On February 5, 2026, he acquired 2,271 shares and 1,135 shares at $0 per share under a performance-based restricted stock award that may be forfeited if certain metrics are not met.

On December 19, 2025, he disposed of 1,187 shares at $49.45 per share. Following these transactions, he directly owned 23,143 common shares and indirectly held 8,933 shares in a 401(k) plan.

Insider Trade Summary

4 transactions reported

Mixed 4 txns

Insider Setlock Scott P

Role EVP, COO, & SECRETARY

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	2,271	$0.00	--
Grant/Award	Common Stock	1,135	$0.00	--
Tax Withholding	Common Stock	1,187	$49.45	$59K
holding	Common Stock	--	--	--

Holdings After Transaction: Common Stock — 22,008 shares (Direct); Common Stock — 8,933 shares (Indirect, In 401(k) plan)

Footnotes (1)

This award of shares is being made pursuant to the Issuer's performance-based restricted stock award agreement, such that a portion or all of this award of restricted stock may be forfeited in the future if certain performance metrics are not met. Includes shares acquired pursuant to the Issuer's 401(k) Plan since last report of common stock ownership.

Form 4 Insider Transactions: What Each Field Means →

02/09/2026 - 06:23 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

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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^*

Setlock Scott P

(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)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	EVP, COO, & SECRETARY

3. Date of Earliest Transaction (Month/Day/Year)
12/19/2025

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	12/19/2025		F		1,187	D	$49.45	19,737	D
Common Stock	02/05/2026		A		2,271⁽¹⁾	A	$0	22,008	D
Common Stock	02/05/2026		A		1,135	A	$0	23,143	D
Common Stock								8,933⁽²⁾	I	In 401(k) plan

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 shares is being made pursuant to the Issuer's performance-based restricted stock award agreement, such that a portion or all of this award of restricted stock may be forfeited in the future if certain performance metrics are not met.

2. Includes shares acquired pursuant to the Issuer's 401(k) Plan since last report of common stock ownership.

	/s/ Bradley J. Wyatt, Attorney-in-Fact	02/09/2026
	** 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 executive Scott P. Setlock report?

Scott P. Setlock reported both acquisitions and a disposition of MBWM common stock. He received two stock awards totaling 3,406 shares at $0 per share and disposed of 1,187 shares at $49.45, updating his direct and indirect ownership positions.

How many MBWM shares does Scott P. Setlock own after these Form 4 transactions?

After the reported transactions, Scott P. Setlock directly owns 23,143 MBWM common shares. He also indirectly holds 8,933 additional shares through the issuer’s 401(k) plan, as disclosed in the filing’s ownership table and explanatory footnote.

What is notable about the MBWM restricted stock award to Scott P. Setlock?

The filing shows a 2,271-share performance-based restricted stock award to Scott P. Setlock at $0 per share. The award may be partially or fully forfeited if specified performance metrics under the issuer’s restricted stock award agreement are not achieved.

What does the Form 4 say about Scott P. Setlock’s 401(k) holdings in MBWM?

The Form 4 indicates that Scott P. Setlock indirectly holds 8,933 MBWM shares in a 401(k) plan. A footnote explains this amount includes shares accumulated through the issuer’s 401(k) Plan since his last reported common stock ownership update.