Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 39

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 39
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 2,176,748 |
| Michael R. Dury     |     | Cash Severance Payment    
 Outstanding Equity Awards |     |                     630,000 604,818 |
| John F. Macke       |     | Cash Severance Payment    
 Outstanding Equity Awards |     |                                   - 
                             547,925 |
| Martin A. Schroeter |     | Cash Severance Payment    
 Outstanding Equity Awards |     |                     840,000 220,279 |
| Sean A. Sievers     |     | Cash Severance Payment    
 Outstanding Equity Awards |     |                                   - 
                                   - |

27

| (1) | For each NEO, the cash severance payment represents a payment under their change in control agreement and the outstanding equity award    
 represents amounts that would automatically vest under the 2017 Plan.                                                                     |
| (2) | These are gross amounts payable and are subject to a reduction if such amounts would exceed certain thresholds under Section 280G         
 of the Internal Revenue Code.                                                                                                             |
| (3) | The amounts do not include payments and benefits to the extent they are provided on a non-discriminatory basis to salaried employees      
 generally upon termination of employment, or amounts that are fully vested under the terms of the applicable plan, such as accrued salary 
 and vacation pay and distributions of plan balances under our 401(k) Plan and ESOP.                                                       |

Benefits 401(k) Plan.Our 401(k) Plan is designed to provide retirement benefits to all eligible full-time and part-time employees (including those of our subsidiaries). The 401(k) Plan provides employees with the opportunity to save for retirement on a tax-favored basis. NEOs, all of whom were eligible during 2024, may elect to participate in the 401(k) Plan on the same basis as all other employees. Employees may defer between 1% and 100% of their compensation to the 401(k) Plan, up to the applicable IRS limit. In 2024, for each employee we made a discretionary contribution equal to 3% of an employee’s eligible compensation under the 401(k) Plan each pay period regardless of whether such employee also contributes to the 401(k) Plan, up to the applicable IRS limit. Our contribution is in the form of cash and is invested according to the employee’s current investment allocation. Employee Stock Ownership Plan. In 2020, we established the Merchants Bancorp Employee Stock Ownership Plan (“ESOP”) in order to reward employees