Merlin director granted 37,500 RSUs

BLITZER MICHAEL reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

BLITZER MICHAEL reported acquisition or exercise transactions in this Form 4 filing.

Merlin, Inc. director Michael Blitzer received an equity grant of 37,500 shares of common stock in the form of restricted stock units (RSUs) at no cash cost. Following this award, he holds 37,500 shares directly. The grant 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 meeting of shareholders. Each RSU represents a contingent right to receive one share of common stock, and the RSUs do not expire.

Insider Trade Summary

Grant/Award: 37,500 shares

Grant/Award 1 txn

Insider BLITZER MICHAEL

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 shares Grant price: $0.00 per share Holdings after grant: 37,500 shares +2 more

5 metrics

RSUs granted 37,500 shares Equity award to director Michael Blitzer

Grant price $0.00 per share RSU award issued at no cash cost

Holdings after grant 37,500 shares Total direct holdings following transaction

Installment RSUs 20,000 RSUs Vest in four equal installments every six months from Sept 16, 2026

Cliff-vesting RSUs 17,500 RSUs Vest on earlier of March 16, 2027 or before 2027 annual meeting

Key Terms

restricted stock units (RSUs), vest in four equal installments, annual meeting of shareholders, contingent right, +1 more

5 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.

vest in four equal installments financial

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

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.

contingent right financial

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

do not expire financial

"Each RSU represents a contingent right to receive one share of Common Stock. The RSUs do not expire."

FAQ

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

What did Michael Blitzer receive in this Merlin, Inc. (MRLN) Form 4 filing?

Michael Blitzer received a grant of 37,500 restricted stock units. These RSUs represent future rights to Merlin common shares as part of his director compensation and were awarded at no cash purchase price.

How do the 20,000 RSUs granted to Michael Blitzer at Merlin vest?

20,000 of the RSUs vest in four equal installments every six months starting September 16, 2026. This schedule gradually delivers shares over two years, aligning Blitzer’s compensation with longer-term company performance.

When do the remaining 17,500 Merlin (MRLN) RSUs granted to Michael Blitzer vest?

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 creates a single “cliff” vesting date tied to a specific future governance milestone.

Does Michael Blitzer pay anything for the 37,500 Merlin restricted stock units?

No, the RSUs were granted at a price of $0.00 per unit. They are part of his director compensation package and convert into shares over time as vesting conditions are met.

How many Merlin, Inc. shares does Michael Blitzer own after this RSU award?

After the reported grant, Blitzer’s direct holdings total 37,500 shares or share-equivalent RSUs. This reflects his equity-based stake tied to Merlin’s future stock performance and ongoing board service.

Do the Merlin, Inc. RSUs granted to Michael Blitzer ever expire?

According to the disclosure, the RSUs do not expire. They remain outstanding until they either vest and convert into common stock or are otherwise forfeited under the terms of Merlin’s equity incentive arrangements.

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

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Accepted by SEC EDGAR 05/22/2026 - 07:28 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^*

BLITZER MICHAEL

(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)