Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 43

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 43
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 Compensation Actually Paid                                                                                |      | $   | 3,603,163 |   |     | $ | 4,982,645 |   |     | $ | 2,317,600 |   |     | $ | 2,159,020 |   |     | $ | 1,842,387 |   |     | $                          | 3,936,291 |   |     | $ | 3,191,500 |   |     | $ | 3,227,061 |   |     | $ | 5,895,969 |   |     | $ | 3,225,454 |   |

Pay Versus Performance: Graphical Description The graphs below present the relationship during 2024, 2023, 2022, 2021, and 2020 between compensation actually paid (“CAP”) to our CEO and our other NEOs (on an average basis) and the following measures:

| ● | our cumulative total shareholder return (“TSR”) and the peer group’s cumulative TSR; |
| ● | our net income; and                                                                  |
| ● | our return on average equity (which is the company-selected measure).                |

CAP and Cumulative TSR / Cumulative TSR of the Peer Group 30 CAP and the Company’s Net Income CAP and Return on Average Equity The most important financial performance measures we used in 2024 to set the compensation for our Principal Executive Officer and our Non-Principal Executive Officers were total revenue, earnings per common share, and return on average equity. 31 PROPOSAL 2 – NON-BINDING, ADVISORY VOTE ON EXECUTIVE COMPENSATION We are asking shareholders to vote, on a non-binding, advisory basis, on the compensation of our NEOs as provided in Executive Compensationabove, commonly referred to as a “say-on-pay” vote. We have included this say-on-pay for consideration at the Annual Meeting pursuant to the requirements of Section 14A of the Exchange Act. In a nonbinding, advisory vote on the frequency of say-on-pay votes held at our 2023 annual meeting, our shareholders voted in favor of conducting say-on-pay votes annually. In light of this result, and other factors considered by our Board, our Board determined that we would hold say-on-pay votes on an annual basis until the next advisory vote on such frequency, which we expect to take place at our 2029 annual shareholders meeting. As described in more detail in the CD&A, the