Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 34

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 34
---
e retired effective September 30, 2024.                                                                   |
| (6) | Mr. Sievers joined the Company effective September 9, 2024. He was not a named executive officer in 2022 or 2023. |

Employment Agreements We do not have employment agreements with any of our NEOs other than an “at will” employment agreement with Mr. Dury and change in control agreements described below. We believe that not having employee agreements provides us with more flexibility and adaptability when making annual compensation decisions. As of January 1, 2021, we entered into that First Amended and Restated Employment Agreement (“2021 Employment Agreement”) with Mr. Dury. Under the 2021 Employment Agreement, Mr. Dury receives commission compensation on origination fees received by us from a particular group of Merchants Capital’s customers. He does not receive commission related to any mortgage servicing rights or gain on sale. Mr. Dury also receives a volume bonus of 5% of Merchants Capital’s total fee income (the calculation of total fee income excludes any fees received related to customers for which Mr. Dury receives a commission). As part of its annual review, the Compensation Committee reviews the 2021 Employment Agreement and makes a recommendation to the Board as to whether it should remain in effect. For 2024, the Compensation Committee recommended that the 2021 Employment Agreement remain in effect and the Board approved of such recommendation.We believe t he2021 Employment Agreement , among other things, closely associates Mr. Dury’s compensation to the overall success of Merchants Capital. Under the 2021 Employment Agreement, Mr. Dury receives a base salary, which may be adjusted by Mr. Dunlap as Chief Executive Officer of Merchants Bank, earns the 5% volume bonus, and earns the following commissions:

| Fees on Loans to Designated Borrowers Originated by Mr. Dury |     | Commissions Earned by Mr. Dury                                                          |
| Under an amount equal to 2x base salary                      |     | None                                                                                    |
| Exceed 2x base salary but less than $750,000                 |     | 20% of the portion of the fees that exceeds 2x base salary but does not exceed $750,000 |
| Exceeds $750,000 but less than $1,000,000                    |     | 25% of the portion of the fees that exceeds $750,000 but does not exceed $1,000