Merlin director granted 37,500 RSUs

Merlin, Inc. director Carolyn Trabuco reported receiving an equity award of 37,500 shares of common stock in the form of restricted stock units (RSUs).

Rhea-AI Filing Summary

Merlin, Inc. director Carolyn Trabuco reported receiving an equity award of 37,500 shares of common stock in the form of restricted stock units (RSUs). This is a compensation grant, not a market purchase, so no cash changed hands.

The award consists of 20,000 RSUs that vest in four equal installments every six months beginning on September 16, 2026, and 17,500 RSUs that vest in full on the earlier of March 16, 2027 or one day before Merlin’s 2027 annual shareholder meeting. Each RSU converts into one share of common stock when it vests, and the RSUs do not expire. After this award, Trabuco holds 37,500 shares-related units directly.

Insider Trade Summary

Grant/Award: 37,500 shares

Grant/Award 1 txn

Insider Trabuco Carolyn

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common stock	37,500	$0.00	$0.00

Holdings After Transaction: Common stock — 37,500 shares (Direct)

Footnotes (1)

1. F1. Represents an award of (i) 20,000 restricted stock units (RSUs), which vest in four equal installments every six months beginning on September 16, 2026, and (ii) 17,500 RSUs, which vest in full on the earlier to occur of (i) March 16, 2027, and (ii) one day prior to the date of the Issuers 2027 annual meeting of shareholders. Each RSU represents a contingent right to receive one share of Common Stock. The RSUs do not expire.

Key Figures

RSUs granted: 37,500 units First RSU tranche: 20,000 units Second RSU tranche: 17,500 units +1 more

4 metrics

RSUs granted 37,500 units Award of common stock RSUs to director on May 20, 2026

First RSU tranche 20,000 units Vests in four equal installments every six months from Sept 16, 2026

Second RSU tranche 17,500 units Vests in full on earlier of Mar 16, 2027 or before 2027 meeting

Post‑grant holdings 37,500 shares-related units Total direct holdings following the reported transaction

Key Terms

restricted stock units (RSUs), contingent right, annual meeting of shareholders

3 terms

restricted stock units (RSUs) financial

"Represents an award of (i) 20,000 restricted stock units (RSUs), which vest in four equal installments..."

Restricted stock units (RSUs) are a type of company promise to give employees shares of stock in the future, usually after certain conditions like working for a set time. They are like a gift promised today that you receive later, which can become valuable if the company's stock price goes up. RSUs matter because they are a way companies reward employees and can be a significant part of compensation.

contingent right financial

"Each RSU represents a contingent right to receive one share of Common Stock."

annual meeting of shareholders financial

"vest in full on the earlier to occur of (i) March 16, 2027, and (ii) one day prior to the date of the Issuers 2027 annual meeting of shareholders."

A yearly gathering where a company’s owners (shareholders) vote on key items like electing the board, approving executive pay, and ratifying auditors, and receive updates on performance and strategy. Think of it as an annual town hall for owners: it matters to investors because outcomes and disclosures can affect leadership, corporate direction, dividend and governance policies, and therefore the company’s risk and potential return.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Merlin (MRLN) director Carolyn Trabuco report?

Carolyn Trabuco received a grant of 37,500 restricted stock units (RSUs) from Merlin. The award is compensation, not a market purchase, and gives her the right to receive common shares as the RSUs vest over time under the disclosed schedule.

How are Carolyn Trabuco’s 37,500 Merlin (MRLN) RSUs structured?

The 37,500 RSUs are split into two tranches with different vesting terms. One tranche is 20,000 RSUs vesting in four equal installments, and the other is 17,500 RSUs that vest fully on a single future date tied to the 2027 shareholder meeting.

When do Carolyn Trabuco’s 20,000 Merlin (MRLN) RSUs vest?

The 20,000 RSUs vest in four equal installments every six months starting September 16, 2026. This means 5,000 RSUs vest at each six‑month interval, gradually delivering common shares as long as vesting conditions continue to be satisfied.

What is the vesting trigger for Carolyn Trabuco’s 17,500 Merlin (MRLN) RSUs?

The 17,500 RSUs vest in full on the earlier of March 16, 2027, or one day before Merlin’s 2027 annual shareholder meeting. This single cliff‑vesting date delivers all associated common shares at once when the earlier event occurs.

Do Merlin (MRLN) RSUs granted to Carolyn Trabuco have an expiration date?

The filing states that the RSUs granted to Carolyn Trabuco do not expire. Each RSU represents a contingent right to receive one share of Merlin common stock, which is delivered upon vesting under the specified schedule without a set expiration term.

How many Merlin (MRLN) shares does Carolyn Trabuco hold after this RSU grant?

After the reported RSU award, Carolyn Trabuco holds 37,500 shares-related units directly. These units convert into common stock as they vest over time, so her actual share ownership will increase as vesting events occur under the award terms.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 05/22/2026 - 07:27 AM Learn about SEC filing dates

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Trabuco Carolyn

(Last) (First) (Middle)

100 CAUSEWAY STREET

23RD FLOOR

(Street)

BOSTON MASSACHUSETTS 02114

(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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/20/2026

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	05/20/2026		A		37,500	A	(1)	37,500	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

Explanation of Responses:

1. Represents an award of (i) 20,000 restricted stock units (RSUs), which vest in four equal installments every six months beginning on September 16, 2026, and (ii) 17,500 RSUs, which vest in full on the earlier to occur of (i) March 16, 2027, and (ii) one day prior to the date of the Issuers 2027 annual meeting of shareholders. Each RSU represents a contingent right to receive one share of Common Stock. The RSUs do not expire.

Remarks:

	/s/ Leslie Renee Ravestein	05/22/2026
	** 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)