Evans Scott A. 4

What Happened

• Scott A. Evans, Lynn Market President and a director of Merchants Bancorp (MBIN), had 1,817 shares withheld to cover tax withholding obligations upon the vesting of restricted stock units (RSUs). The withheld shares were recorded at $41.46 per share for a total value of $75,333. This is a tax-withholding disposition (routine) rather than an open-market sale or new purchase.

Key Details

• Transaction date: 2026-02-01; Filing date (Form 4): 2026-02-03.
• Transaction type/code: F — shares withheld to satisfy tax withholding on vested RSUs.
• Shares withheld/disposed: 1,817 at $41.46 each; total value ~$75,333.
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes: F1 notes these shares were withheld to cover tax obligations. F2 reports 9,538 unvested RSUs remaining (5,372 vesting 2/1/2027; 2,829 vesting 2/1/2028; 1,337 vesting 2/1/2029).
• Timeliness: Filed within two business days of the transaction (not indicated as late).

Context

• This was a tax-withholding/cashless disposition tied to RSU vesting (common and routine). It does not necessarily indicate a decision to sell shares for investment reasons—rather, shares were retained by the company to satisfy withholding.
• No purchase, 10b5-1 plan, or gift was reported in this transaction.