Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 30

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 30
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20 In January 2025, the Compensation Committee completed its review and determined we achieved the following results and that Merchants Bank maintained well capitalized status for each quarter of 2024.

| Performance Measure            |     | Target |             |   |     | Actual  
 Results |             |   |     | Percentage 
 of Target  |     |   |
|:-------------------------------|:----|:-------|------------:|:--|:----|:--------|------------:|:--|:----|:-----------|----:|:--|
| Total Revenue                  |     | $      | 591,354,000 |   |     | $       | 646,454,000 |   |     |            | 109 | % |
| Earnings Per Common Share      |     | $      |        6.31 |   |     | $       |        6.30 |   |     |            | 100 | % |
| Return on Average Total Equity |     |        |       17.12 | % |     |         |       16.86 | % |     |            |  99 | % |
| Payout Percentage              |     |        |             |   |     |         |             |   |     |            | 103 | % |

The Compensation Committee then approved of cash payouts to each Messrs. Petrie, Dunlap, and Sievers of 103% of their respective cash incentive awards, with Mr. Sievers’ award pro-rated based on the number of days he was employed by us in 2024. Additionally, Mr. Macke received a payout of $315,000, representing a pro-rated payout of this target cash incentive based on the number of days Mr. Macke was employed by us in 2024. In addition to the target cash incentive award described above, for 2024, the Compensation Committee and the Board authorized Mr. Petrie and Mr. Dunlap to make certain discretionary cash bonus awards to NEOs (other than to themselves or, in the case of Mr. Dunlap, to Mr. Petrie) based on exceptional individual performance (e.g., performance of business unit well beyond budget). With the exception of Mr. Schroeter, the amount of any such cash bonus may not exceed 10% of such executive’s target total compensation, or in the case of Mr. Dunlap and Mr. Dury may not exceed $200,000, without the Board’s prior approval.