Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 5

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 5
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ed to serving as a director of the Company. Should any nominee for director become unable or unwilling to accept nomination or election, the persons acting under the proxy intend to vote for the election of another person recommended by the Nominating and Corporate Governance Committee and nominated by the Board. We have no reason to believe that any of the nominees for director will be unable or unwilling to serve if elected to office. CORPORATE GOVERNANCE Generally, the Board oversees our business and monitors the performance of our management. In accordance with our corporate governance procedures, the Board does not involve itself in our day-to-day operations, which are monitored by our executive officers and management. Our directors fulfill their duties and responsibilities by attending regular meetings of the Board, with additional special meetings held from time to time. Our directors also discuss business and other matters with our Chief Executive Officer, Michael Petrie, and President and Chief Operating Officer, Michael Dunlap, and other key executive officers, as well as our principal external advisers (legal counsel, auditors, and other consultants) at times other than regularly scheduled meetings when appropriate. The Board has four (4) established standing committees in connection with the discharge of its responsibilities. These committees are: Audit, Compensation, Nominating and Corporate Governance, and Risk. The Board also may establish such other committees as it deems appropriate, in accordance with applicable laws and regulations and our Articles and By-Laws. The Board held six (6) regularly scheduled and special meetings during 2024. In 2025, the Board intends to meet at least four (4) times, with additional special meetings held from time to time when necessary, and through committee membership, which is discussed below. During 2024, all directors attended at least 75 percent of the meetings of the Board and the committees on which they served, with the exception of Ms. Sellers who was unable to attend one of the Compensation Committee’s two meetings in 2024. Although we do not have a formal policy regarding director attendance at the annual meeting, we encourage and expect all of our directors to attend. All of the directors were present at the Company’s 2024 annual meeting of shareholders. In addition to meetings of the Board, our directors voluntarily attend regular meetings of management level committees to gain insight into our businesses’ current and future activities and strategies. Director Independence Under the rules of Nasdaq and the SEC, the Board has determined that six (6) of the current eleven (11) directors qualify as independent directors: Ms. Catchings, Ms