Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 6

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 6
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. Gilroy, Mr. Juster, Mr. O’Brien, Ms. Sellers, and Mr. Shane. Messrs. Petrie, Dunlap, and Evans do not qualify as independent directors because each is an executive officer. Mr. Rogers does not qualify as an independent director because he is an employee. Mr. Dinwiddie does not qualify as an independent director because he is a partner at Dinsmore & Shohl, LLP, a law firm with which we have a substantial relationship. A director or nominee that is not employed by us is referred to as a “Non-Executive Director.” 4 The Board has a Chairman whose duties are described in our By-Laws. The Board may select any of its members as its Chairman and has no formal policy as to whether our Chief Executive Officer will serve as Chairman or whether any other director, including a non-employee or independent director, may be elected to serve as Chairman. At present, the positions of Chairman and Chief Executive Officer are both held by Mr. Petrie. The Board believes that Mr. Petrie, as a co-founder, is best situated to serve as Chairman because of his familiarity with the Company’s business and because he is the most capable of effectively identifying strategic opportunities and leading the execution of our business strategy. However, the Board has adopted a written charter to govern in the event the positions of Chairman and Chief Executive Officer are held by the same individual. This “Independent Lead Director Charter” was developed to describe the responsibilities of the Independent Lead Director if the same individual is Chairman and Chief Executive Officer. This charter states that the Independent Lead Director will be a member of the Board who satisfies the requirements for independent directors under the Nasdaq rules. Mr. Juster is our current Independent Lead Director. As described in the charter, the Independent Lead Director has responsibility for, among other things:

| ● | consulting with the Chief Executive Officer for Board schedules and agendas, including advising the Chief Executive Officer as to 
 the quality, quantity, and timeliness of the information submitted by Merchants’ management;                                      |

| ● | organizing meetings of the independent directors as necessary to, in part, ensure they have adequate resources for decision making 
 and to serve as the principal liaison between the independent directors and the Chief Executive Officer;                           |

| ● | conducting exit interviews with all departing executive officers, as appropriate; and |

| ● | handling other such matters that are specifically delegated to the Independent Lead Director by the Board from time to time. |

Board’s Role in Risk Management