Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 9

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 9
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 executive officers; and ensuring the competitiveness thereof;                                                  |

| ● | establishing performance goals and objectives relative to the compensation of our executive officers; |

| ● | determining the annual compensation of our Chief Executive Officer; |

| ● | recommending to the Board the compensation of all other executive officers, including annual base salary, annual or short-term incentive     
 opportunities, long-term incentive opportunities, employment, severance, and/or change-in-control agreements, and any perquisites or special 
 benefits;                                                                                                                                    |

| ● | reviewing the talent development and executive succession planning process with our Chief Executive Officer; |

| ● | preparing the Compensation Committee report that may be required by SEC rules to be included in our annual reports and proxy 
 statements; and                                                                                                              |

6

| ● | handling such other matters that are specifically delegated to the Compensation Committee by the Board from time to time. |

While the Compensation Committee maintains the authority to engage any compensation consultant at any time as it deems necessary or appropriate, prior to 2022, as discussed further in Compensation and Discussion Analysisbelow, it generally had not engaged outside compensation consultants in determining or recommending the amount or form of executive officer or director compensation. Instead, the Compensation Committee primarily relied on publicly available data and internal resources, such as our human resources department. In 2022, the Compensation Committee engaged Aon’s Human Capital Solutions Practice, a division of Aon plc (“Aon”), as its independent compensation consultant to periodically assist the Compensation Committee with reviewing and/or developing its peer group and reviewing and making recommendations and providing general advice on our executive compensation practices, amounts, and structure. In 2023, the Compensation Committee also engaged Aon to provide similar services related to director compensation (as discussed in Director Compensationbelow). Executive officers may participate in discussions with the Compensation Committee regarding our compensation practices. The Compensation Committee regularly requests recommendations from and then has discussions with Messrs. Petrie and Dunlap, regarding other executive officers’ compensation. However, no executive officer is present during the Compensation Committee’s vote on such executive officer’s compensation. Additionally, on an annual basis, the Compensation Committee reviews the material incentive compensation plans for non-executive employees to help ensure that the proper behavior is being encouraged and payouts align with our actual financial results. Nominating and Corporate Governance Committee. As described in its charter, the Nominating and Corporate Governance Committee has responsibility for, among other things:

| ● | recommending persons to be selected by the Board as nominees for election as directors or to fill any vacancies on the Board