Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 13

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 13
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 number of shares                                           
 of our common stock equal $17,500, with each installment to be paid immediately following each of our regularly scheduled board meetings     
 in February, May, August, and November, so long as they were serving on the Board as of the date of such meeting. The number of shares       
 for each installment was based on the closing price of our common stock on the day immediately prior to the issuance of such shares, rounded 
 up to the next whole share. The February installment was based on a closing price of $38.75 on February 13, 2024, the May installment        
 was based on a closing price of $43.04 on May 15, 2024, the August installment was based on the closing price of $40.78 on August 14,        
 2024, and November installment was based on the closing price of $39.00 on November 19, 2024.                                                |

9 Directors’ Fees Under the Compensation Committee’s charter, the Compensation Committee is responsible for reviewing and making recommendations to the Board regarding the compensation of Non-Executive Directors. For 2024, our Non-Executive Directors were compensated consistent with our 2024 Director Compensation Structure described below. Each of our directors also serves as director of our wholly owned subsidiary, Merchants Bank of Indiana (“Merchants Bank”). While the Compensation Committee has had the authority to engage consultants as it deems appropriate or necessary, historically, the Compensation Committee has primarily relied on publicly available data and internal resources, such as our human resources department. However, in 2023 the Compensation Committee determined it was appropriate to conduct a thorough review of our Non-Executive Director compensation. The Compensation Committee’s determination was based on a variety of factors, including that the most recent review of director compensation was in early 2021, that it is in the best interest of our shareholders to ensure that that we are able to attract and retain qualified individuals to serve on the Board, and that Non-Executive Director compensation be commensurate with the level of responsibility and expectations placed on the Board. In particular, the Company has grown, in assets and the complexity of the products and services we offer, and since September 30, 2021 our total assets have been above $10 billion, which has increased the administrative and regulatory responsibilities of our directors. In August 2023 Aon provided certain reports regarding the compensation of the board of directors of our then-current peer group. The Compensation Committee believed that this peer group was appropriate for reviewing