Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 14

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 14
---
 director compensation as well as executive compensation because directors in the peer group are more likely to be responsible for overseeing organizations that engage in similar business activities, have portions of their business activities that are more complex than traditional bank holding companies, and are subject to a similar level of regulatory scrutiny. Among other information provided in its reports, Aon provided details on the total amounts and cash and equity proportions of retainers for directors generally, as well as committee chairs and lead independent directors, where applicable. These reports provided that in we were in the bottom tenth percentile in our peer group in each of total compensation and the amounts of cash and equity paid to directors. The Compensation Committee also reviewed the compensation structure for the boards of directors of other publicly traded companies based in the Indianapolis area, which may not necessarily compete with us for financial services but may compete with us for the services of individuals to serve on their boards of directors. Our directors’ total compensation ranked among the bottom of Indianapolis based publicly traded companies. Additionally, the Compensation Committee discussed our strategic objectives, growth, and other relevant circumstances with Messrs. Petrie, Dunlap, and Oznick. Upon the completion of its review in November 2023, the Compensation Committee believed it was appropriate to make changes to the director compensation structure and recommended the below “2024 Director Compensation Structure” to the Board. The Board reviewed the Compensation Committee’s recommendation and approved the 2024 Director Compensation Structure in November 2023. It became effective in January 2024 and remains in effect.

| ● | Compensation for service on the Board will only be paid to Non-Executive Directors. |

| ● | No additional compensation for service as a director of Merchants Bank or any of our other subsidiaries or for attendance at any meeting. |

| ● | A $140,000 annual retainer, comprised of $70,000 in cash and a number of shares of restricted common stock equal to $70,000, to be              
 paid in equal quarterly installments (with each installment of common stock rounded up to the nearest whole share) so long as the Non-Executive 
 Director remains on the Board at the time of payment.                                                                                           |

| ● | $17,500 annual cash retainer for the chair of the Board’s Audit Committee. |

| ● | $17,500 annual cash retainer for the chair of the Board’s Risk Committee. |

| ● | $12,500 annual cash retainer for the chair of the Board’s Compensation Committee. |

| ● | $10,000 annual cash