Sievers Sean A. 4

What Happened
Sean A. Sievers, Chief Financial Officer of Merchants Bancorp (MBIN), was granted 6,427 restricted stock units (RSUs) on 2026-01-27. The RSUs were reported at $0.00 per share (no cash paid) and are unvested awards that will convert to shares only upon vesting.

Key Details

• Transaction date: 2026-01-27. Transaction code: A (award/grant).
• Award: 6,427 RSUs @ $0.00; reported acquisition value $0.00.
• Filing date: 2026-01-29 (filed within two business days of the transaction).
• Footnote F1: These are unvested RSUs — the reporting person has no voting rights and does not receive dividends until the RSUs vest and shares are issued.
• Footnote F2: The filing notes a total of 8,688 unvested RSUs subject to a staggered vesting schedule: 753 vest 2/1/2026; 2,896 vest 2/1/2027; 2,896 vest 2/1/2028; and 2,143 vest 2/1/2029.
• The filing does not show an immediate sale or exercise — this is a compensation grant, not an open-market purchase or sale.

Context
RSU grants are a form of compensation and typically reflect pay or retention incentives rather than an insider buying or selling stock as an investment signal. Because these RSUs are unvested, they do not convey voting rights or dividends until vested per the noted schedule. The filing was timely, and there is no indication in this report of a cashless exercise, sale, or tax-withholding disposition.