Company: MBINL
Filing Date: 2025-05-23
Form Type: S-3
Source: 0001104659-25-052423
Chunk: 27

Company: Merchants Bancorp
Filing Date: 2025-05-23
Form: S-3
Chunk 27
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 Additionally, 1,893,469 shares of our common stock are available for issuance in connection with awards under our 2017 Equity Incentive Plan.

#### Common Stock

#### Governing Documents.
Holders of our common stock have the rights set forth in our articles, our bylaws and the provisions of the Indiana Business Corporation Law (“IBCL”).

#### Dividends and Distributions.
Holders of our common stock are entitled to share equally in any dividends that our board of directors may declare from time to time out of funds legally available for dividends, subject to limitations under provisions of the IBCL and bank regulatory restrictions and any preferential rights of holders of our then outstanding preferred stock.

Under the terms of our Preferred Stock, we are not permitted to declare or pay any dividends on our common stock unless the dividends have been declared and paid on the shares of our Preferred Stock for the period since the last payment of dividends.

As a bank holding company, our ability to pay dividends is affected by the policies and enforcement powers of the Federal Reserve System. In addition, because we are a holding company, we are dependent upon the payment of dividends by Merchants Bank to us as our principal source of funds to pay dividends in the future, if any, and to make other payments. Merchants Bank is also subject to various legal, regulatory and other restrictions on its ability to pay dividends and make other distributions and payments to us.

#### Ranking.
Our common stock ranks junior with respect to dividend rights and rights upon liquidation, dissolution or winding up to all our other securities and indebtedness.

Upon any voluntary or involuntary liquidation, dissolution or winding up, the holders of our common stock are entitled to share equally, on a per share basis, in all of our assets available for distribution, after payment to creditors and subject to any prior distribution rights granted to holders of any then outstanding shares of preferred stock.

#### Conversion Rights.
Our common stock is not convertible into any other shares of our capital stock.

#### Preemptive Rights.
Holders of our common stock do not have any preemptive rights.

#### Voting Rights.
Holders of our common stock are entitled to one vote per share on any matter to be voted on by the shareholders. Holders of our common stock are not entitled to cumulative voting rights with respect to the election of directors. A plurality of the shares voted shall elect all of the directors then standing for election at a meeting of shareholders at which a quorum is present.

#### Redemption.
We have no obligation or right to redeem our