Merlin director granted 37,500 RSUs

BRANNON KELYN reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

BRANNON KELYN reported acquisition or exercise transactions in this Form 4 filing.

Merlin, Inc. director Kelyn Brannon received an equity award covering 37,500 shares of common stock in the form of restricted stock units. The grant includes 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 the 2027 annual shareholder meeting. After this award, Brannon holds 37,500 shares or RSUs directly.

Insider Trade Summary

Grant/Award: 37,500 shares

Grant/Award 1 txn

Insider BRANNON KELYN

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 Installment RSUs: 20,000 units Cliff-vesting RSUs: 17,500 units +3 more

6 metrics

RSUs granted 37,500 units Equity award to director Kelyn Brannon

Installment RSUs 20,000 units Vest in four equal installments every six months

Cliff-vesting RSUs 17,500 units Vest on March 16, 2027 or before 2027 meeting

Vesting start date September 16, 2026 First installment for 20,000 RSUs

Shares after award 37,500 shares/RSUs Total direct holdings following transaction

Grant price per share $0.00 RSU award has no cash exercise price

Key Terms

restricted stock units, RSUs, contingent right, vest in full, +1 more

5 terms

restricted stock units financial

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

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

RSUs financial

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

RSUs, or restricted stock units, are a form of company shares given to employees as part of their compensation. They are typically awarded with certain restrictions, such as a waiting period before they can be fully owned or sold, similar to earning a gift that becomes fully yours over time. For investors, RSUs can impact a company's stock offerings and reflect how much the company relies on stock-based incentives to attract and retain talent.

contingent right financial

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

vest in full financial

"17,500 RSUs, which vest in full on the earlier to occur of March 16, 2027"

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.

FAQ

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

What insider transaction did Merlin, Inc. (MRLN) report for Kelyn Brannon?

Merlin, Inc. reported that director Kelyn Brannon received an equity award of 37,500 restricted stock units. These RSUs represent the right to receive an equal number of common shares at future vesting dates, with no cash purchase price per share.

How many restricted stock units did Kelyn Brannon receive from Merlin, Inc. (MRLN)?

Kelyn Brannon received a total of 37,500 restricted stock units from Merlin, Inc. The award consists of 20,000 RSUs with staggered vesting and 17,500 RSUs that vest in a single tranche tied to future dates and the 2027 shareholder meeting.

What is the vesting schedule for Kelyn Brannon’s 20,000 RSUs at Merlin, Inc. (MRLN)?

The 20,000 RSUs vest in four equal installments every six months starting on September 16, 2026. Each installment represents 5,000 RSUs, gradually delivering common shares to Brannon over a two-year period if service-based vesting conditions are met.

When do the additional 17,500 RSUs for Kelyn Brannon at Merlin, Inc. (MRLN) vest?

The 17,500 RSUs vest in full on the earlier of March 16, 2027, or one day before Merlin, Inc.’s 2027 annual shareholder meeting. This creates a single cliff-vesting date linked to either a fixed calendar date or the company’s shareholder meeting timing.

Did Kelyn Brannon pay a purchase price for the Merlin, Inc. (MRLN) RSU award?

No cash purchase price was involved; the award was granted at a reported price of $0.00 per share. Restricted stock units are typically granted as part of director compensation and convert into common stock upon vesting without additional payment.

How many Merlin, Inc. (MRLN) shares does Kelyn Brannon hold after the RSU grant?

After the reported RSU grant, Kelyn Brannon is shown as holding 37,500 shares or RSUs directly. This total reflects the newly awarded restricted stock units, which will settle into common shares as the specified vesting conditions and dates are satisfied.

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

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Accepted by SEC EDGAR 05/22/2026 - 07:29 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^*

BRANNON KELYN

(Last) (First) (Middle)

100 CAUSEWAY STREET

23RD FLOOR

(Street)

BOSTON MASSACHUSETTS

(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)