X0306 4 2019-05-16 0 0001629019 Merchants Bancorp MBIN 0001719805 O'Brien Patrick D. 11555 NORTH MERIDIAN STREET, SUITE 400 CARMEL IN 46032 1 0 0 0 Common Stock 2019-05-16 4 A 0 455 22.02 A 67321 D Series A Preferred Stock 20000 D Series A Preferred Stock 80000 I by O'Brien Motors, Inc. 8 % Non-Cumulative, Perpetual Preferred Stock 1000 D This award represents the equity portion of the Reporting Person's retainer for service as a director of the Issuer. The number of shares represented by this award was determined by dividing the dollar value of the equity portion by the price shown, which is the closing price of one share of the Issuer's Common Stock on the day immediately prior to the Reporting Person's election to the Board of Directors. /s/ Terry A. Oznick, attorney-in-fact 2019-05-20