JUSTER ANDREW 4

What Happened Andrew Juster, a director of Merchants Bancorp (MBIN), was granted 377 shares on 2026-02-19 as an equity award (transaction code A). The shares were recorded at $46.45 each, for a total value of approximately $17,512. This was a compensation award (the equity portion of his quarterly director retainer), not an open-market purchase or sale.

Key Details

• Transaction date and terms: 2026-02-19 — 377 shares awarded at $46.45 per share (total ≈ $17,512).
• Shares owned after transaction: Not disclosed in the provided filing details.
• Footnote: The award is the equity portion of the quarterly director retainer; the share count was set by dividing the dollar retainer amount by the closing stock price the day before the most recent scheduled quarterly board meeting and rounding up to the next whole share.
• Filing timeliness: Reported on 2026-02-19 (same day as the transaction), indicating a timely Form 4 filing.

Context This was a routine director compensation award and should be viewed as payroll/retainer-related rather than a personal buy or sell decision. For retail investors, outright purchases (insider buys) typically carry more signal regarding an insider’s market view than routine grants like this one.