Company: MBINL
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001104659-25-032188
Chunk: 35

Company: Merchants Bancorp
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 35
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,000     |
| Exceeds $1,000,000                                           |     | 30% of the portion of the fees that exceeds $1,000,000                                  |

The loan fees on which Mr. Dury earns commissions are determined in our sole discretion and do not include fees paid prior to or after closing, or fees paid by any party other than the borrower. The 2021 Employment Agreement includes certain restrictive covenants, including a 12-month non-competition and non-solicitation period. 24 Change in Control Agreements The Compensation Committee previously recommended to the Board, and the Board concluded that it was in the best interest of the Company and its shareholders, to take reasonable steps to compensate certain executives in the event of a change in control event. With these agreements in place, if we should receive takeover or acquisition proposals from third parties, we will be able to call upon these executives for their advice and assessment of whether such proposals are in the best interests of shareholders, free of the influences of their personal employment situations. However, the Compensation Committee determined that it would not be appropriate or in the best interest of shareholders to offer a change in control agreement to Mr. Petrie, in particular because of the significant amount of our common stock Mr. Petrie beneficially owns. Additionally, Mr. Sievers joined the Company in September 2024 and we have not entered into a change in control agreement with him. Each change in control agreement contains identical terms and, in particular: (a) provides for a severance payment of an amount equal to two times base salary plus two times the target cash incentive award most recently approved by the Board in the event both (1) there is a change in control event and (2) employment is terminated by (i) us for any reason other than cause or (ii) by the executive with good reason, within a period between 120 days prior to an announcement of the change in control event and 18 months after the change in control event becomes effective; (b) contains customary restrictive covenants regarding confidentiality; (c) contains a clawback provision should any benefit thereunder be subject to recapture under any Company policy or applicable law; and (d) prohibits, for a 12-month period, (1) competing with us in any commercial banking, mortgage lending, or any similar lending or banking services provided by us anywhere in, or for any person whose principal office is located in, any county in which we maintain an office, after receipt of their severance