Dunlap Michael J. 4

What Happened

• Michael J. Dunlap, President, Chief Operating Officer and Director of Merchants Bancorp (MBIN), had 7,766 shares withheld upon vesting of restricted stock units to satisfy tax withholding obligations. The withheld shares were valued at $41.46 each for a total of $321,978. This is a tax-withholding disposition (routine), not an open-market sale.

Key Details

• Transaction date: 2026-02-01; Filing date (Form 4): 2026-02-03.
• Shares withheld/disposed: 7,766 at $41.46 each; total value ≈ $321,978.
• Nature of transaction: Tax withholding on RSU vesting (footnote F1 explains shares were withheld to cover tax withholding).
• Unvested RSUs: Footnote F2 shows 45,382 unvested restricted stock units remaining — 25,160 vesting 2/1/2027; 13,538 vesting 2/1/2028; 6,684 vesting 2/1/2029.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Timeliness: Form filed two days after the transaction (appears to be timely under Form 4 rules).

Context

• This was a cashless tax-withholding event tied to RSU vesting, a common administrative action that reduces the insider’s reported shares but typically does not signal a discretionary sale. No 10b5-1 plan or other sale program is indicated in the provided details.