Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 40

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 40
---
 for their contributions towards our success and to help ensure that our employees’ interests are more aligned with our shareholders. Under the ESOP, from time to time we may make a contribution of newly issued shares of our common stock or cash to purchase shares of our common stock, which is then allocated to eligible employees. The ESOP contribution is completely funded by the Company, is in addition to all other wages, incentives, and benefits, and requires nothing from our employees other than their ongoing hard work and dedication. An employee’s allocation in the ESOP vests ratably over a five (5) year service period with credit for service prior to the ESOP’s adoption. ESOP participants are entitled to vote and receive dividends on all shares allocated to them in the ESOP, including any portion of their respective allocation that has not vested. Our NEOs are eligible to participate in the ESOP to the same extent as all other employees. For 2024, we made a contribution of newly issued shares of our common stock to the ESOP equal to 2% of all participants’ eligible wages. A participant’s eligible wages includes salary and commissions but excludes bonuses and other one-time payments (e.g., sign-on bonus, cash bonus, cash incentive, and equity incentive awards), up to a maximum of $200,000. Each NEO other than Mr. Macke received an allocation within the ESOP equal to $4,000 (as of December 31, 2024). Mr. Macke was not employed by us on December 31, 2024 and therefor was not eligible for an allocation under the ESOP. Health and Welfare Benefits.Our NEOs are eligible to participate in our standard health and welfare benefits program, which offers medical, dental, vision, life, accident, and disability coverage to all of our eligible employees. We do not provide the NEOs with any health and welfare benefits that are not generally available to our other employees. Perquisites.We pay monthly dues and assessments for country club memberships for Mr. Petrie, which he uses primarily to entertain current and prospective customers. We do not provide any other perquisites to our NEOs. To date, we have not established any supplemental executive retirement plans or deferred compensation plans other than as described above. Chief Executive Officer Pay Ratio In the table below is a comparison of the annual total compensation of our median compensated employee and the annual total compensation of our CEO. In determining our median compensated employee, we used a roster of employees as of the close of business on December 31