Company: MBINL
Filing Date: 2025-05-23
Form Type: S-3
Source: 0001104659-25-052423
Chunk: 29

Company: Merchants Bancorp
Filing Date: 2025-05-23
Form: S-3
Chunk 29
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 us; or

•

facilitate a particular business combination involving us.

Any of these actions could have an anti-takeover effect and discourage a transaction that some or a majority of our shareholders might believe to be in their best interests or in which our shareholders might receive a premium for their stock over our then market price.

#### Governing Documents.
Holders of our Preferred Stock have the rights set forth in our articles, our bylaws and the provisions of the IBCL.

#### Ranking.
Our Preferred Stock, with respect to dividend rights ranks on a parity with, and with respect to rights upon a liquidation, dissolution and winding up ranks senior to, our common stock.

#### Dividends and Other Distributions.
Subject to bank regulatory restrictions discussed above, holders of our Preferred Stock are entitled to receive, when, as and if declared by the board of directors, out of funds legally available for the payment of dividends, cash dividends to the same extent and on the same basis as cash dividends declared by the board of directors with respect to shares of our common stock. Such dividends on shares of Preferred Stock are payable on the same dates as dividends on shares of common stock, but prior to the payment of any dividends on shares of common stock.

#### Voting.
Holders of our Preferred Stock do not have voting rights, with respect to matters that generally require the approval of holders of our common stock except as provided below or as otherwise

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required by the provisions of the IBCL. When voting rights are applicable, each holder of our Preferred Stock has one vote per share.

While any shares of a series of our Preferred Stock are outstanding, we may not, without the written consent or affirmative vote of the holders of a majority of the outstanding shares of our 8% Preferred, and without the written consent or affirmative vote of the holders of 662∕3% of the outstanding shares of our Series A Preferred, Series B Preferred, Series C Preferred, Series D Preferred, and Series E Preferred: (1) amend or alter any provision of our articles so as to materially adversely affect the preferences, rights or powers of the relevant series of our Preferred Stock, (2) amend or alter any provision of our articles so as to create or increase any class or series of our capital stock ranking senior to the relevant series our Preferred Stock, or (3) exchange or reclassify any shares of the relevant series of our Preferred Stock, or a merger or consolidation with another company, except if