[Form 4] FIRST MERCHANTS CORP Insider Trading Activity

Rhea-AI Filing Summary

Patrick J. Fehring, a director of First Merchants Corp (FRME), purchased 600 shares of common stock on 09/30/2025 at a reported price of $37.7 per share. After the purchase his direct beneficial ownership is reported as 8,618.466 shares. The filing discloses additional indirect holdings: 20,605 shares held by his spouse and 91,262 shares held by the Patrick J Fehring Trust. The filing also states it includes Restricted Stock Awards totaling 7,626 shares within the reported holdings. The Form 4 is signed (confirming statement noted) on 10/02/2025.

Positive

• Director purchase of 600 shares at $37.7 indicates insider buying
• Post-transaction direct ownership reported as 8,618.466 shares provides transparency
• Indirect holdings disclosed: 20,605 shares by spouse and 91,262 shares by trust
• Restricted Stock Awards totaling 7,626 shares are explicitly noted

Negative

• None.

Insights

Insider Trading Analyst

Director purchased 600 FRME shares at $37.7 on 09/30/2025.

The transaction shows a small open-market acquisition by a director, increasing his direct holdings to 8,618.466 shares. The filing explicitly lists the transaction date, price, and the post-transaction direct share total, which are the core facts investors can verify.

If monitoring for pattern changes, note the transaction date (09/30/2025) and the exact purchase size (600 shares at $37.7) as concrete, trackable items.

Corporate Governance Analyst

Fehring's total reported exposure includes spouse and trust holdings plus restricted awards.

The Form 4 reports indirect holdings of 20,605 shares by spouse and 91,262 shares by the Patrick J Fehring Trust, and states Restricted Stock Awards of 7,626 shares are included. These lines clarify the structure of his economic interest in FRME as disclosed in this filing.

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).

1. Name and Address of Reporting Person^*

Fehring Patrick J.

(Last) (First) (Middle)

200 E JACKSON STREET

(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	09/30/2025		A		600	A	$37.7	8,618.466(1)	D
Common								20,605	I	By Spouse
Common Stock								91,262	I	By Patrick J Fehring Trust

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 7,626 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 insider transaction did FRME director Patrick J. Fehring report?

He reported purchasing 600 shares of First Merchants Corp common stock on 09/30/2025 at a price of $37.7 per share.

How many FRME shares does Patrick J. Fehring directly and indirectly own after the transaction?

The filing reports 8,618.466 shares directly, 20,605 shares held by his spouse, and 91,262 shares held by the Patrick J Fehring Trust.

Are there any restricted shares disclosed in the Form 4 for FRME (Patrick J. Fehring)?

Yes. The filing states it includes Restricted Stock Awards totaling 7,626 shares.

When was the Form 4 for Patrick J. Fehring signed or confirmed?

A confirming statement is on file and the signature/confirmation date shown is 10/02/2025.

What price did Patrick J. Fehring pay for the reported FRME shares?

The reported transaction price is $37.7 per share.