Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 27

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 27
---
 Hills Bancorp Inc.   | First Financial Bancorp. | Pacific Premier Bancorp    |
| Brookline Bancorp Inc.         | First Foundation Inc.    | QCR Holdings Inc.          |
| Customers Bancorp Inc          | First Merchants Corp.    | S&T Bancorp Inc.           |
| CVB Financial Corp.            | HomeStreet Inc.          | The Bancorp                |
| Dime Community Bancshares Inc. | Independent Bank Corp.   | TriCo Bancshares           |
| Eagle Bancorp Inc              | Lakeland Financial Corp. | Walker & Dunlop Inc.       |
| Eastern Bankshares Inc.        | NBT Bancorp Inc.         | WaFd Inc.                  |

For 2024, the Compensation Committee met in December 2023 to review and discuss potential adjustments to NEO compensation and discussed historical and future performance and strategic objectives with our management, including Messrs. Petrie, Dunlap, and Oznick. In January 2024, the Compensation Committee established our Chief Executive Officer’s 2024 compensation and made its recommendation to the Board regarding the other NEOs’ 2024 compensation. The Board approved such recommendations in January 2024. Compensation Components We compensate our NEOs through a combination of base salary, cash bonus awards, cash incentive awards, equity incentive awards, and other benefits. Our compensation packages for our NEOs focus on rewarding performance as measured against established corporate goals. Additionally, in the case of Messrs. Dury and Schroeter we provide compensation for the performance of the lines of business they manage, Merchants Capital and mortgage warehouse, respectively. Each element of our NEOs’ compensation is designed to achieve a specific purpose and to contribute to a total package that is competitive with similar packages provided by other institutions that compete for the services of individuals like our NEOs. The Compensation Committee also believes that awards (including commissions, in the case of Mr. Dury) that relate to the performance of the Company and/or the NEO’s line of business should be an equal or greater percentage than salary of a NEO’s total compensation to ensure that such NEO has appropriate levels of compensation at risk if results are not achieved and is therefore properly motivated and aligned with shareholders. 18 For 2024, the Compensation Committee ultimately established, in the case of Mr. Petrie, and recommended to the Board, in the case of our other NEOs, the following salaries and target cash and equity incentives:

| Name                    |     | Salary |         |     | Target