[Form 4] MERCER INTERNATIONAL INC. Insider Trading Activity

Rhea-AI Filing Summary

North Janine reported acquisition or exercise transactions in this Form 4 filing.

Mercer International Inc. director Janine North received a grant of 25,000 cash settled deferred stock units (DSUs) as part of the non-employee director compensation program for the board term starting on June 1, 2026 and ending at the 2027 annual general meeting (AGM).

Each DSU entitles her to a cash payment equal to the fair market value of one Mercer common share, plus dividend equivalents, payable after she ceases to be a director unless further deferred. These DSUs vest on the earlier of the one-year anniversary of the grant date or the 2027 AGM.

Following this award, North holds a total of 80,289.3 DSUs directly. This is a compensation-related equity award, not an open-market share purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider North Janine

Role null

Type	Security	Shares	Price	Value
Grant/Award	Cash Settled Deferred Stock Units	25,000	$0.00	--

Holdings After Transaction: Cash Settled Deferred Stock Units — 80,289.3 shares (Direct, null)

Footnotes (1)

1. [object Object]

Key Figures

DSU grant size: 25,000 units Total DSUs after grant: 80,289.3 units Board term covered: June 1, 2026 to 2027 AGM +2 more

5 metrics

DSU grant size 25,000 units Cash settled deferred stock units granted for 2026–2027 board term

Total DSUs after grant 80,289.3 units Director Janine North’s deferred stock unit holdings following transaction

Board term covered June 1, 2026 to 2027 AGM Period for which the DSU grant was awarded

Exercise price $0.00 per unit Cash settled DSUs carry no exercise price; settlement is in cash

Underlying common stock 25,000 shares reference Each DSU references one share of Mercer common stock for value

Key Terms

Cash Settled Deferred Stock Units, non-employee director compensation program, dividend equivalents, fair market value

4 terms

Cash Settled Deferred Stock Units financial

"Represents cash settled deferred stock units ("DSUs") issued by Mercer International Inc."

non-employee director compensation program financial

"as an equity grant under Mercer's non-employee director compensation program in respect of the board term"

dividend equivalents financial

"the fair market value of one share of Mercer's common stock on the redemption date(s) and dividend equivalents"

Payments tied to employee or contractor equity awards that mirror the cash dividends paid on the company’s stock; they give the holder the same economic benefit as owning the shares without transferring actual shares—often paid in cash or additional award units when the award becomes payable. Investors care because these payments affect a company’s compensation costs, cash flow and potential share dilution, and they signal how management is being rewarded and aligned with shareholders.

fair market value financial

"right to receive a cash payment equal to the fair market value of one share of Mercer's common stock"

The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.

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Form 4 Insider Transactions: What Each Field Means →

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^*

North Janine

(Last) (First) (Middle)

SUITE 1120, 700 WEST PENDER STREET

(Street)

VANCOUVER V6C 1G8

(City) (State) (Zip)

BRITISH COLUMBIA, CANADA

(Country)

2. Issuer Name and Ticker or Trading Symbol
MERCER INTERNATIONAL INC. [ MERC ]

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

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/02/2026

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

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

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

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)
			Code	V	Amount	(A) or (D)	Price

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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Cash Settled Deferred Stock Units(1)	(1)	06/02/2026		A(1)		25,000(1)		(1)	(1)	Common Stock(1)	25,000(1)	(1)	80,289.3	D

Explanation of Responses:

1. Represents cash settled deferred stock units ("DSUs") issued by Mercer International Inc. ("Mercer"), as a grant to the Reporting Person, at the election of the Reporting Person as an equity grant under Mercer's non-employee director compensation program in respect of the board term commencing June 1, 2026 and ending at its next regularly scheduled annual general meeting in 2027 (the "2027 AGM"). Each DSU represents the right to receive a cash payment equal to the fair market value of one share of Mercer's common stock on the redemption date(s) and dividend equivalents after the Reporting Person ceases to be a director of Mercer, unless deferred in accordance with its terms. These DSUs vest on the earlier of the one-year anniversary of the grant date or the date of the 2027 AGM.

	/s/Janine North	06/02/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did MERC director Janine North report?

Director Janine North reported receiving 25,000 cash settled deferred stock units as a compensation grant. These units form part of Mercer International’s non-employee director program for the term beginning June 1, 2026 and ending at the 2027 annual general meeting.

How do Mercer International (MERC) deferred stock units work for Janine North?

Each deferred stock unit gives Janine North the right to a cash payment equal to the fair market value of one Mercer common share. She also receives dividend equivalents, with payment generally after she ceases to be a director, subject to any further deferral elections.

When do Janine North’s 25,000 MERC deferred stock units vest?

The 25,000 deferred stock units granted to Janine North vest on the earlier of the one-year anniversary of the grant date or the 2027 annual general meeting. This schedule ties vesting to both time served and the company’s regular shareholder meeting cycle.

Is Janine North’s MERC Form 4 transaction a stock purchase or sale?

The Form 4 reflects a grant of deferred stock units, not an open-market stock purchase or sale. Code “A” indicates a grant or award acquisition, so this transaction represents director compensation rather than active trading in Mercer International common shares.

What are Janine North’s total deferred stock unit holdings in MERC after this grant?

After receiving the 25,000-unit grant, Janine North holds 80,289.3 cash settled deferred stock units. These units are linked to the value of Mercer International’s common stock and will be settled in cash according to the plan’s terms when she leaves the board.