Oznick Terry A 4

What Happened

• Terry A. Oznick, Senior Vice President and General Counsel of Merchants Bancorp (MBIN), had 2,685 shares disposed on Feb 1, 2026 to satisfy tax withholding related to the vesting of restricted stock units. The shares were valued at $41.46 each, totaling approximately $111,320. This was a tax-withholding disposition (code F), not an open-market sale or a new purchase.

Key Details

• Transaction date: February 1, 2026; price: $41.46 per share; total value: ~$111,320.
• Transaction type/code: F — shares withheld to cover tax withholding obligations upon RSU vesting (cashless tax withholding).
• Filing: Form 4 filed with the SEC on February 3, 2026 (within the typical two-business-day reporting window).
• Shares owned after transaction: not specified in the provided summary — see the filed Form 4 for total beneficial ownership.
• Footnotes of note:
  • F1: Confirms the 2,685 shares were withheld upon RSU vesting to cover taxes.
  • F2: Reporting person also has 9,743 unvested RSUs remaining (5,440 vest 2/1/2027; 2,897 vest 2/1/2028; 1,406 vest 2/1/2029), which carry no voting rights or dividends until vested.

Context

• This is a routine tax-withholding disposition related to vested restricted stock units (a common administrative transaction), not a discretionary sale or purchase that necessarily signals a change in the insider’s view of the company. For full details, refer to the SEC Form 4 (Accession 0001753104-26-000002).