Michael R. Dury - Dec 14, 2022 Form 4 Insider Report for Merchants Bancorp (MBIN)

Role: CEO of Merchants Capital
Signature: /s/ Terry A. Oznick, attorney-in-fact
Stock symbol: MBIN
Transactions as of: Dec 14, 2022
Transactions value $: $251,000
Form type: 4
Date filed: 12/14/2022, 05:13 PM
Previous filing: Sep 23, 2022
Next filing: Dec 16, 2022

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Common Stock	Award	$251K	+10K	+10.72%	$25.10	103K	Dec 14, 2022	Direct	F1, F2
holding	MBIN	Common Stock						349	Dec 14, 2022	By ESOP
holding	MBIN	Series A Preferred Stock						4K	Dec 14, 2022	Direct
holding	MBIN	Series C Depositary Shares						12K	Dec 14, 2022	Direct
holding	MBIN	Series D Depositary Shares						4K	Dec 14, 2022	Direct

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.85 to $25.34 per share, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.
F2	Includes 18,517 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 8,537 vesting 2/1/2023; 6,433 vesting 2/1/2024; and 3,547 vesting 2/1/2025.

Content

The reported price in Column 4 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $24.85 to $25.34 per share, inclusive. The reporting person undertakes to provide the issuer, any security holder of the issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares purchased at each separate price within the range set forth in this footnote.

Includes 18,517 unvested restricted stock units for which the reporting person does not have voting rights or receive dividends until vested and shares are issued: 8,537 vesting 2/1/2023; 6,433 vesting 2/1/2024; and 3,547 vesting 2/1/2025.