Sue Anne Gilroy - May 18, 2023 Form 4 Insider Report for Merchants Bancorp (MBIN)

Role: Director
Signature: /s/ Terry A. Oznick, attorney-in-fact
Stock symbol: MBIN
Transactions as of: May 18, 2023
Transactions value $: $12,519
Form type: 4
Date filed: 5/22/2023, 08:50 AM
Previous filing: Feb 27, 2023
Next filing: Aug 21, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MBIN	Common Stock	Award	$12.5K	+526	+6.42%	$23.80	8.72K	May 18, 2023	Direct	F1

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

Explanation of Responses:

Id	Content
F1	This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.

Content

This award represents the equity portion of the Reporting Person's quarterly retainer for service as a director of the Issuer. The number of shares awarded was determined by dividing the dollar value of the equity portion by the price shown, which was the closing price of one share of the Issuer's common stock on the day immediately prior to the most recent scheduled quarterly board meeting, and rounding up to the next whole share.