Merlin, Inc. (MRLN) CEO receives major stock option and merger share grant

Rhea-AI Filing Summary

Merlin, Inc. reported that Chief Executive Officer George Matthew Spencer acquired a large equity position through a merger-related share issuance and a new option grant. On March 16, 2026, he was granted 1,512,485 stock options with an exercise price of $8.48 per share, expiring on February 3, 2036. According to the disclosure, this option award vests in full on February 4, 2027, meaning it becomes exercisable at that time.

On the same date, he also acquired 14,890,622 shares of common stock at no cash cost, reflecting securities received as part of Merlin’s business combination. Legacy Merlin common stock automatically converted into newly issued Merlin common shares, and Legacy Merlin stock options converted into options of Merlin with the same terms and conditions. Following these transactions, Spencer directly holds the reported common shares and option award.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

George Matthew Spencer

(Last) (First) (Middle)

C/O MERLIN, INC.

129 SOUTH STREET

(Street)

BOSTON MASSACHUSETTS 02111

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Merlin, Inc. [ MRLN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/16/2026		A(1)		14,890,622	A	(1)	14,890,622	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Option	$8.48	03/16/2026		A(1)		1,512,485		(2)	02/03/2036	Common Stock	1,512,485	(1)	1,512,485	D

Explanation of Responses:

1. Represents securities received as part of the Issuer's business combination, in connection with the Business Combination Agreement, dated as of August 13, 2025, by and among the Issuer (formerly known as Inflection Point Acquisition Corp. IV), IPDX Merger Sub, Inc., a direct wholly owned subsidiary of the Issuer, and Merlin Labs, Inc. ("Legacy Merlin"), pursuant to which the common stock of Legacy Merlin automatically converted into newly issued shares of Common Stock. In addition, each Legacy Merlin stock option was automatically converted into the right to receive stock options of the Issuer with the same terms and conditions.

2. The stock option will vest in full on February 4, 2027.

	/s/ Leslie Renee Ravestein, Attorney-in-Fact	03/18/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider equity awards did Merlin, Inc. (MRLN) disclose for its CEO?

Merlin, Inc. reported that CEO George Matthew Spencer received 1,512,485 stock options and 14,890,622 common shares. The options carry an $8.48 exercise price, expire in 2036, and vest in full on February 4, 2027 as part of his equity compensation.

How many Merlin, Inc. (MRLN) stock options were granted to the CEO and on what terms?

George Matthew Spencer was granted 1,512,485 Merlin stock options at a $8.48 exercise price. These options expire on February 3, 2036 and vest fully on February 4, 2027, giving him the right to buy Merlin common shares at that fixed price after vesting.

Why did Merlin, Inc. (MRLN) CEO receive 14,890,622 common shares?

The 14,890,622 Merlin common shares represent securities received in a business combination involving Legacy Merlin. Legacy Merlin common stock automatically converted into newly issued Merlin common stock under the Business Combination Agreement, giving CEO George Matthew Spencer this direct common share position.

Were the Merlin, Inc. (MRLN) CEO’s March 16, 2026 transactions open-market buys or compensation grants?

The CEO’s March 16, 2026 transactions were classified as acquisitions by grant or award, not open-market purchases. Both the 1,512,485 stock options and the 14,890,622 common shares were recorded at a transaction price of $0.00 per share, indicating non-cash awards.

What does the Legacy Merlin business combination mean for George Matthew Spencer’s holdings?

Through the Legacy Merlin business combination, Spencer’s prior Legacy Merlin equity automatically converted into Merlin securities. His Legacy Merlin common stock became newly issued Merlin common stock, and each Legacy Merlin stock option converted into a Merlin option with the same terms, significantly shaping his reported ownership.

When will the Merlin, Inc. CEO’s new stock option grant become exercisable?

The CEO’s new Merlin stock option grant vests in full on February 4, 2027. After that vesting date, he can exercise up to 1,512,485 options at an $8.48 exercise price per share any time before the option’s stated expiration on February 3, 2036.