Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 41

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 41
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, 2024 and excluded our CEO. This roster included 665 employees. 28 We used base salary, commissions, cash bonuses, cash incentive awards, equity incentive awards, and employer contributions to our 401(k) plan and ESOP in determining total compensation. The amount of any benefit that is generally available to all employees and does not vary depending on an employee’s compensation, such as the value of health insurance benefits, was not included. This methodology is consistent with how we determined our CEO’s total compensation in the Summary Compensation Tableabove. Additionally, we annualized salaries for those employees who were not employed for the full year of 2024, with the exception of temporary employees. No full-time equivalent adjustments were made for part-time employees.

| Median Employee Total Compensation           |     | $ |   115,951 |
| CEO Total Annual Compensation                |     | $ | 2,939,929 |
| Ratio of CEO to Median Employee Compensation |     |   |   25 to 1 |

Pay Versus Performance Table

| Year     
 (a)      |     | Summary         
 Compensation    
 table total for 
 CEO (1)         
 (b)             |           |     | Compensation  
 actually paid 
 to CEO        
 (c)           |           |     | Average         
 summary         
 compensation    
 table total for 
 non-CEO         
 NEOs (2)        
 (d)             |           |     | Average       
 compensation  
 actually paid 
 to non-CEO    
 NEOs          
 (e)           |           |     | Value of initial fixed $100 
 investment based on:        
 Total                       
 shareholder                 
 return                      
 (f)                         |     |     | Peer group  
 total       
 shareholder 
 return (3)  
 (g)         |     |     | Net income 
 (h)        |             |     | Return  
 on      
 average 
 equity  
 (i)     |       |   |
|:---------|:----|:----------------|----------:|:----|:--------------|----------:|:----|:----------------|----------:|:----|:--------------|----------:|:----|:----------------------------|----:|:----|:------------|----:|:----|:-----------|------------:|:----|:--------|------:|:--|
| 2024 (4) |     | $               | 2,939,929 |     | $             | 3,603,163 |     | $               | 3,698,