Evans Scott A. 4

What Happened

• Scott A. Evans, Lynn Market President and a director of Merchants Bancorp (MBIN), was granted 4,011 restricted stock units (RSUs) on 2026-01-27. The reported acquisition price is $0.00 (award), so the transaction value on the Form 4 is $0.
• This was an award/grant (transaction code A), not an open-market purchase or sale. The RSUs are unvested and do not carry voting rights or dividend rights until they vest and shares are issued.

Key Details

• Transaction date: 2026-01-27; Filing date (Form 4): 2026-01-29 (filed within the normal two-business-day window).
• Shares granted: 4,011 RSUs; reported acquisition price: $0.00; reported total value on Form 4: $0.
• Footnote: F1 — unvested RSUs do not have voting rights or dividends until vesting.
• Footnote: F2 — the filing notes 15,174 unvested RSUs included, with vesting schedule: 5,636 vesting 2/1/2026; 5,372 vesting 2/1/2027; 2,829 vesting 2/1/2028; 1,337 vesting 2/1/2029.
• No indication this was a sale, option exercise, gift, or a 10b5-1 plan transaction.

Context

• RSU grants are a form of compensation tied to continued service; they become actual shares only as they vest. They are informational about executive compensation but do not by themselves indicate buying or selling sentiment.
• The filing appears timely (filed two days after the grant), so no late-reporting implications are noted.