[Form 4] FIRST MERCHANTS CORP Insider Trading Activity

Rhea-AI Filing Summary

Insider purchase reported: Director Gary Lehman acquired 580 shares of First Merchants Corp (FRME) on 09/30/2025 at a reported price of $37.70 per share. After the transaction, the reporting person beneficially owned 52,531.799 shares in total. The filing notes the position includes 7,359 restricted stock awards. The Form 4 was signed as a confirming statement on 10/02/2025.

Positive

• Director purchase of 580 shares at $37.70 shows insider buying
• Transparency provided with total beneficial ownership of 52,531.799 shares
• Disclosure of 7,359 restricted stock awards clarifies compensation-linked holdings

Negative

• None.

Insights

Corporate Governance Analyst

Director bought shares, modestly increasing personal stake.

The reported purchase of 580 shares at $37.70 shows direct insider buying by a company director, which is a common signal of alignment between management and shareholders. The filing lists total beneficial ownership of 52,531.799 shares, providing transparency on the director's stake. The inclusion of 7,359 restricted stock awards clarifies that part of the stake is tied to compensation arrangements rather than open-market purchases.

Equity Compensation Analyst

Portion of holdings are restricted awards, not liquid shares.

The disclosure explicitly states 7,359 shares are restricted stock awards, which are typically subject to vesting and transfer limitations. That distinction matters because restricted shares generally cannot be sold immediately, so the director's freely tradeable position is smaller than the total beneficial ownership figure suggests.

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
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Lehman Gary

(Last) (First) (Middle)

200 E JACKSON ST

(Street)

MUNCIE IN 47305

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
FIRST MERCHANTS CORP [ FRME ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

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

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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	09/30/2025		A		580	A	$37.7	52,531.799(1)	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. Includes Restricted Stock Awards totaling 7,359 shares

Remarks:

	Jacob Burkett (Confirming Statement on File)	10/02/2025
	** 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.

FAQ

What transaction did Gary Lehman report for FRME?

He reported acquiring 580 shares of First Merchants Corp on 09/30/2025 at $37.70 per share.

How many FRME shares does the reporting person beneficially own?

The filing states beneficial ownership of 52,531.799 shares following the transaction.

Does the Form 4 disclose restricted stock for the reporting person?

Yes. The filing notes the total includes 7,359 restricted stock awards.

Who signed or confirmed the Form 4 filing?

A confirming statement was filed by Jacob Burkett on 10/02/2025.

What is the reporting person’s role at First Merchants Corp?

The Form 4 indicates the reporting person, Gary Lehman, is a Director of the issuer.