Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 47

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 47
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, as Senior Vice President – Originations of Merchants Capital. Mr. Kaercher’s compensation for 2024 totaled $1,561,707, which consisted of a base salary, production bonus, and benefits. Payment for Services of Related Parties We retain the services of various law firms, including Dinsmore & Shohl LLP, a law firm where one of our nominees, Thomas W. Dinwiddie, is a partner. In 2024, Dinsmore & Shohl LLP received $4.0 million in total fees related to our businesses, primarily related to the documentation of loan originations and loan collections for Merchants Bank. However, of such amount, only $2.2 million was paid directly by us while the remaining $1.8 million was paid by third parties, such as by borrowers in connection with closing their loans. 34 Ordinary Banking Relationships Certain of our directors, officers, beneficial owners of more than 5% of our common stock, and their associates were customers of, and had transactions with, us in the past and additional transactions with these persons are expected to take place in the future. All outstanding loans and commitments to loan with these persons were made in the ordinary course of business, were made on substantially the same terms, including interest rates and collateral, as those prevailing at the time for comparable loans with persons not related to us, and did not involve more than the normal risk of collectability or present other unfavorable features. All such loans are approved by the board of directors of Merchants Bank in accordance with bank regulatory requirements. Similarly, all certificates of deposit and depository relationships with these persons were made in the ordinary course of business and involved substantially the same terms, including interest rates, as those prevailing at the time for comparable depository relationships with persons not related to us. Policies and Procedures Regarding Related Party Transactions Transactions by us, Merchants Bank, and certain of our other subsidiaries with related parties, are subject to certain regulatory requirements and restrictions, including Sections 23A and 23B of the Federal Reserve Act (which govern certain transactions by Merchants Bank with its affiliates) and the Board of Governors of the Federal Reserve System’s Regulation O (which governs certain loans by Merchants Bank to its executive officers, directors, and principal shareholders). Under applicable SEC and Nasdaq rules, related party transactions are transactions in which we are a participant, the amount involved exceeds $120,000, and a related party has or will have a direct or indirect material interest. Our related parties include