Merlin (MRLN) CLO granted 199,036 shares and 205,475 stock options

Rhea-AI Filing Summary

Merlin, Inc. reported a new equity compensation grant to its CLO and Secretary, Leslie Renee Ravestein. She received 199,036 shares of common stock as awards, including restricted stock units that convert into shares over time. Following the grants, she directly holds 199,036 common shares and 205,475 stock options.

The award includes 184,036 restricted stock units that vest in three equal annual installments beginning on March 16, 2027, and 15,000 restricted stock units that vest in four equal installments every six months beginning on September 16, 2026. In addition, she was granted stock options for 205,475 shares at an exercise price of $6.64 per share, vesting 25% on November 12, 2026 with the remainder vesting in 36 substantially equal monthly installments until their expiration on May 20, 2036.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider Ravestein Leslie Renee

Role CLO and Secretary

Type	Security	Shares	Price	Value
Grant/Award	Stock Option	205,475	$0.00	--
Grant/Award	Common stock	199,036	$0.00	--

Holdings After Transaction: Stock Option — 205,475 shares (Direct, null); Common stock — 199,036 shares (Direct, null)

Footnotes (1)

1. Represents an award of (i) 184,036 restricted stock units (RSUs), which vest in three equal annual installments beginning on March 16, 2027, and (ii) 15,000 RSUs, which vest in four equal installments every six months beginning on September 16, 2026. Each RSU represents a contingent right to receive one share of Common Stock. The RSUs do not expire. The stock option vests as to 25% of the underlying shares on November 12, 2026, and the remaining will vest in 36 substantially equal monthly installments thereafter.

Key Figures

Common shares awarded: 199,036 shares RSUs in main grant: 184,036 RSUs Additional RSUs: 15,000 RSUs +4 more

7 metrics

Common shares awarded 199,036 shares Equity awards to CLO and Secretary Leslie Ravestein

RSUs in main grant 184,036 RSUs Vest in three equal annual installments beginning March 16, 2027

Additional RSUs 15,000 RSUs Vest in four equal installments every six months beginning September 16, 2026

Stock options granted 205,475 options Options on common stock granted to Leslie Ravestein

Option exercise price $6.64 per share Exercise price for 205,475 stock options

Option vesting start 25% on November 12, 2026 Initial vesting tranche for stock options

Option expiration May 20, 2036 Expiration date for stock options

Key Terms

restricted stock units (RSUs), Stock Option, contingent right, substantially equal monthly installments

4 terms

restricted stock units (RSUs) financial

"Represents an award of (i) 184,036 restricted stock units (RSUs), which vest in three equal annual 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.

Stock Option financial

"The stock option vests as to 25% of the underlying shares on November 12, 2026..."

A stock option is a contract that gives you the right to buy or sell a company's stock at a specific price within a certain time frame. People use them to potentially make money if the stock's price moves favorably or to protect against losses. It's like holding a coupon that can be used to buy or sell stock at a set price later on.

contingent right financial

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

substantially equal monthly installments financial

"the remaining will vest in 36 substantially equal monthly installments thereafter."

Form 4 Insider Transactions: What Each Field Means →

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^*

Ravestein Leslie Renee

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	CLO and Secretary

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		199,036	A	(1)	199,036	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	$6.64	05/20/2026		A		205,475		(2)	05/20/2036	Common stock	205,475	$0	205,475	D

Explanation of Responses:

1. Represents an award of (i) 184,036 restricted stock units (RSUs), which vest in three equal annual installments beginning on March 16, 2027, and (ii) 15,000 RSUs, which vest in four equal installments every six months beginning on September 16, 2026. Each RSU represents a contingent right to receive one share of Common Stock. The RSUs do not expire.

2. The stock option vests as to 25% of the underlying shares on November 12, 2026, and the remaining will vest in 36 substantially equal monthly installments thereafter.

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)

FAQ

What did Merlin (MRLN) insider Leslie Renee Ravestein receive in this Form 4?

Leslie Renee Ravestein, CLO and Secretary of Merlin, Inc., received equity awards totaling 199,036 common shares and 205,475 stock options. These are compensation-related grants, with no open-market buying or selling reported in this Form 4.

How many restricted stock units did Merlin (MRLN) grant to Leslie Ravestein?

Merlin granted Leslie Ravestein 184,036 RSUs vesting annually from March 16, 2027, plus 15,000 RSUs vesting every six months from September 16, 2026. Each RSU represents a contingent right to receive one share of common stock.

What are the key terms of Leslie Ravestein’s stock options at Merlin (MRLN)?

She received stock options on 205,475 shares of Merlin common stock with a $6.64 exercise price. Twenty-five percent vest on November 12, 2026, and the rest vest in 36 substantially equal monthly installments until expiration on May 20, 2036.

Does this Merlin (MRLN) Form 4 show insider share purchases or sales?

The Form 4 reports grant/award acquisitions, not open-market trades. All transactions use code A, indicating equity compensation awards. There are no reported open-market purchases or sales of Merlin common stock in this filing.

How many Merlin (MRLN) shares does Leslie Ravestein hold after these awards?

After the reported awards, Leslie Ravestein directly holds 199,036 shares of Merlin common stock and 205,475 stock options as shown in the filing. These figures reflect her position immediately following the reported transactions.