Merlin CRO receives 225,904-share RSU award

Merlin, Inc. reported that Chief Revenue Officer Mark Rawlins Brunner received a grant of 225,904 shares of common stock in the form of restricted stock units.

Rhea-AI Filing Summary

Merlin, Inc. reported that Chief Revenue Officer Mark Rawlins Brunner received a grant of 225,904 shares of common stock in the form of restricted stock units. The award was recorded at $0.00 per share, reflecting a compensation grant rather than an open‑market purchase.

According to the footnote, these RSUs vest in three equal annual installments beginning on April 7, 2027, and each RSU converts into one share of common stock upon vesting. Following this award, Brunner’s direct holdings reported in this filing total 225,904 shares.

Insights

Equity compensation analyst

Merlin’s CRO received a sizable multi-year RSU grant as routine equity compensation.

The filing shows Chief Revenue Officer Mark Rawlins Brunner was granted 225,904 restricted stock units at a stated price of $0.00 per share. This is a non-cash equity award, categorized as a grant rather than an open-market transaction, and is typical for senior executive compensation.

The RSUs vest in three equal tranches starting on April 7, 2027, creating a long-term incentive tied to continued service and company performance. Because this is a standard equity grant with no same-day sale or derivative exercise, it generally carries limited standalone signaling value for investors.

Insider Trade Summary

Grant/Award: 225,904 shares

Grant/Award 1 txn

Insider Brunner Mark Rawlins

Role Chief Revenue Officer

Type	Security	Shares	Price	Value
Grant/Award	Common stock	225,904	$0.00	$0.00

Holdings After Transaction: Common stock — 225,904 shares (Direct)

Footnotes (1)

1. F1. Represents an award of restricted stock units (RSUs), which vest in three equal annual installments beginning on April 7, 2027. Each RSU represents a contingent right to receive one share of Common Stock. The RSUs do not expire.

Key Figures

RSUs granted: 225,904 shares Grant price: $0.00 per share Total holdings after grant: 225,904 shares +1 more

4 metrics

RSUs granted 225,904 shares Restricted stock unit award to CRO

Grant price $0.00 per share Stated transaction price for RSU grant

Total holdings after grant 225,904 shares Direct ownership reported following transaction

Vesting start date April 7, 2027 First vesting date for RSUs; three equal annual tranches

Key Terms

restricted stock units (RSUs), vest, contingent right

3 terms

restricted stock units (RSUs) financial

"Represents an award of 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.

vest financial

"which vest in three equal annual installments beginning on April 7, 2027"

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

contingent right financial

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

FAQ

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

What did Merlin, Inc. (MRLN) disclose in this Form 4 for its Chief Revenue Officer?

Merlin, Inc. disclosed that Chief Revenue Officer Mark Rawlins Brunner received a grant of 225,904 restricted stock units. These units are a form of equity compensation, giving him a right to receive common shares over time rather than reflecting an open-market stock purchase.

How many Merlin (MRLN) shares were granted to the Chief Revenue Officer in RSUs?

The Chief Revenue Officer was granted 225,904 restricted stock units, each representing one potential share of Merlin common stock. This entire amount is reported as directly owned following the transaction, highlighting a sizable executive equity award tied to future vesting conditions.

What is the vesting schedule for the Merlin (MRLN) RSUs granted to the CRO?

The restricted stock units vest in three equal annual installments beginning on April 7, 2027. This means one-third of the 225,904 RSUs becomes deliverable each year, encouraging the executive to remain with Merlin over the multi-year vesting period.

Did the Merlin (MRLN) Chief Revenue Officer buy shares on the open market?

No, the Form 4 shows a grant of 225,904 restricted stock units at a stated price of $0.00 per share. This indicates a compensation award, not an open-market purchase, so there was no cash outlay by the executive for this transaction.

How many Merlin (MRLN) shares does the CRO hold after this RSU grant?

After the reported grant, the Form 4 lists the Chief Revenue Officer as directly holding 225,904 shares tied to this RSU award. These units convert into common stock as they vest, so the reported figure reflects his equity position from this specific grant.

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^*

Brunner Mark Rawlins

(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)
	Chief Revenue Officer

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		225,904	A	(1)	225,904	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 restricted stock units (RSUs), which vest in three equal annual installments beginning on April 7, 2027. 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)