Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 38

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 38
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| (1) | All restricted stock units that were awarded for Company performance in 2021, 2022, and 2023.                                       |
| (2) | Number represents the gross number of restricted stock units that vested on February 1, 2024. We currently withhold-to-cover        
 for the tax obligations of the NEO and after withholding a number of shares equal to the NEO’s tax liability, only actually issues  
 the net number of shares.                                                                                                           |
| (3) | The amount reflects the gross value realized upon vesting of restricted stock units based on the $42.17 closing price of our common 
 stock on February 1, 2024 (the date all restricted stock units vested in 2023).                                                     |
| (4) | Mr. Sievers was not employed by the Company until September 9, 2024 and did not have any previously granted stock awards.           |

Potential Payments Upon Termination or Change in Control As provided in the CD&A, we do not have employment agreements with our NEOs, with the exception of the “at will” 2021 Employment Agreement with Mr. Dury, and we have entered into change in control agreements with each of our NEOs except for Messrs. Petrie and Sievers. Other than in connection with a change in control, our NEOs are not entitled to any payments if their employment is terminated for any reason, including for death, disability, or retirement. The following table provides information on the potential payments and benefits our NEOs would be entitled to under our compensation programs and benefits plans, including the change in control agreements, upon a hypothetical termination of employment as of December 31, 2024. For the purposes of estimating the value of accelerated vesting of equity awards, we have assumed a per share price of $36.47 based on the closing price of our common stock on December 31, 2024.

| Name                |     | Type of Payment (1)       |     |   Termination, by the Company Other 
 than for Cause, or by the Executive 
 for Good Reason, in Connection with 
        Change in Control ($) (2)(3) |
| Michael F. Petrie   |     | Cash Severance Payment    
 Outstanding Equity Awards |     |                                   - 
                           2,572,630 |
| Michael J. Dunlap   |     | Cash Severance Payment    
 Outstanding Equity Awards |     |                 3,280,000