MBWM · Mercantile Bank Corp

Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under a dividend reinvestment plan.

Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under the Issuer's dividend reinvestment plan.

Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under the Issuer's dividend reinvestment plan.

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.

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.

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.

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.

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.

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.

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.

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.

Received in exchange for 7,423 shares of Eastern Michigan Financial Corporation Common Stock in connection with the merger of Eastern Michigan Financial Corporation and Mercantile Bank Corporation (the "Merger"). On the effective date of the Merger, each shareholder of Eastern Michigan Financial Corporation received $32.32 and 0.7116 shares of Mercantile Bank Corporation Common Stock in exchange for each share of Eastern Michigan Financial Corporation Common Stock. The last reportable closing price prior to the effective time of the Merger of Eastern Michigan Financial Corporation's Common Stock was $66.45 per share, and of Mercantile Bank Corporation's Common Stock was $48.10 per share.

Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under the Issuer's dividend reinvestment plan.

Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under the Issuer's dividend reinvestment plan.

The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $46.63 to $46.715, inclusive. The Reporting Person undertakes to provide Mercantile Bank Corporation, any security holder of Mercantile Bank Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to this Form 4.

The price reported is a weighted average price. These shares were sold in multiple transactions at prices ranging from $47.27 to $47.30, inclusive. The Reporting Person undertakes to provide Mercantile Bank Corporation, any security holder of Mercantile Bank Corporation, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth in this footnote to this Form 4.

Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under the Issuer's dividend reinvestment plan.

Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under the Issuer's dividend reinvestment plan.

Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under a dividend reinvestment plan.

Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under the issuer's dividend reinvestment plan.

Includes shares acquired since last report of common stock ownership by reinvesting cash dividends under the Issuer's dividend reinvestment plan.