Curless Michael S 4

What Happened

• Michael S. Curless, a director of Merchants Bancorp (MBIN), was granted 381 shares as the equity portion of his quarterly director retainer on May 21, 2026. The award was recorded at $46.03 per share for a total value of $17,537. This was an equity award (transaction code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-05-21; Price: $46.03 per share; Shares: 381; Total value: $17,537.
• Transaction type: Award/grant (director compensation), not a market purchase or sale.
• Shares owned after transaction: Not specified in the reported filing.
• Footnote: The shares represent the equity portion of the quarterly director retainer. The number of shares was determined by dividing the dollar value of the equity retainer by the prior trading day's closing price and rounding up to the next whole share.
• Filing timing: Form 4 filed 2026-05-26 for the May 21 transaction (filed one business day after the typical two-business-day deadline).

Context

• This is routine director compensation rather than a discretionary market purchase or sale and should be interpreted as pay-related award, not an explicit market signal of insider buying or selling intent.