Merlin director granted 37,500 RSUs

Braithwaite Kenneth John reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Braithwaite Kenneth John reported acquisition or exercise transactions in this Form 4 filing.

Merlin, Inc. director Kenneth John Braithwaite received an equity award of 37,500 restricted stock units (RSUs). The grant consists of 20,000 RSUs vesting in four equal installments every six months starting on September 16, 2026, and 17,500 RSUs vesting in full on the earlier of March 16, 2027 or one day before Merlin’s 2027 annual shareholder meeting. Each RSU represents a right to one share of common stock and does not require a purchase price.

Insider Trade Summary

Grant/Award: 37,500 shares

Grant/Award 1 txn

Insider Braithwaite Kenneth John

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

RSU grant size: 37,500 RSUs Tranche 1 RSUs: 20,000 RSUs Tranche 2 RSUs: 17,500 RSUs +2 more

5 metrics

RSU grant size 37,500 RSUs Equity award to director Kenneth John Braithwaite

Tranche 1 RSUs 20,000 RSUs Vest in four equal installments every six months from September 16, 2026

Tranche 2 RSUs 17,500 RSUs Vest in full on March 16, 2027 or one day before 2027 annual meeting

Shares after transaction 37,500 shares Total common stock underlying RSUs following this award

Grant price per share $0.0000 per share Indicates no cash paid for RSUs; compensation grant

Key Terms

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

4 terms

restricted stock units (RSUs) financial

"Represents an award of (i) 20,000 restricted stock units (RSUs), which vest"

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

"20,000 restricted stock units (RSUs), which vest in four equal installments"

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.

annual meeting of shareholders financial

"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.

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 insider transaction did Merlin (MRLN) report for Kenneth Braithwaite?

Merlin reported that director Kenneth John Braithwaite received a grant of 37,500 restricted stock units. These RSUs are a form of stock-based compensation that convert into common shares as they vest over time, without any cash purchase required.

How many RSUs did Kenneth Braithwaite receive from Merlin (MRLN)?

Kenneth John Braithwaite received 37,500 restricted stock units from Merlin. This equity grant increases his potential ownership as the RSUs vest and convert into common stock, aligning his interests with long-term shareholder value creation and company performance milestones.

What is the vesting schedule for Merlin (MRLN) director Braithwaite’s RSUs?

20,000 of Braithwaite’s RSUs vest in four equal installments every six months starting September 16, 2026. The remaining 17,500 RSUs vest in full on March 16, 2027, or one day before Merlin’s 2027 annual shareholder meeting, whichever occurs first.

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

The RSUs granted to Braithwaite do not expire according to the disclosure. Each restricted stock unit represents a contingent right to receive one share of Merlin common stock, subject only to meeting the specified vesting conditions over the stated time periods.

Did Kenneth Braithwaite buy or sell Merlin (MRLN) shares in this Form 4?

He did not buy or sell shares on the market. Instead, Braithwaite acquired 37,500 restricted stock units as a grant. These RSUs are compensation, not open-market trades, and they convert into shares of common stock only as vesting conditions are satisfied.

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

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Accepted by SEC EDGAR 05/22/2026 - 07:30 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^*

Braithwaite Kenneth John

(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)