Share-Based Payment Plans

9 Months Ended

Sep. 30, 2019

Share-Based Payment Plans

Share-Based Payment Plans

Note 8:   Share-Based Payment Plans

Equity-based incentive awards are currently issued pursuant to the 2017 Equity Incentive Plan (the “2017 Incentive Plan”). Prior to the adoption of the 2017 Incentive Plan, the equity awards issued historically consisted of restricted stock awards issued pursuant to the Incentive Plan for Merchants Bank Executive Officers (the “Prior Incentive Plan”). As of the effective date of the 2017 Equity Incentive Plan, no further awards will be granted under the Prior Incentive Plan. However, any previously outstanding incentive award granted under the Prior Incentive Plan remains subject to the terms of such plans until the time it is no longer outstanding. During the three months ended September 30, 2019 and 2018, the Company did not issue any shares pursuant to awards issued under these plans.  During the nine months ended September 30, 2019 and 2018, the Company issued 10,127 and 7,039 shares, respectively, pursuant to the Prior Incentive Plan. As of September 30, 2019, the Company has not issued any shares pursuant to the 2017 Equity Incentive Plan.

During 2018, the Compensation Committee of the Board of Directors approved a plan for non-executive directors to receive a portion of their annual retainer fees in the form of shares of common stock equal to $10,000, rounded up to the nearest whole share.  There were no shares issued to non-executive directors during the three months ended September 30, 2019 or 2018, respectively.  There were 2,275 and 1,830 shares issued to non-executive directors during the nine months ended September 30, 2019 and 2018, respectively.