Director at First Merchants (NASDAQ: FRME) receives 564-share award

Rhea-AI Filing Summary

FIRST MERCHANTS CORP director Gary Lehman received a grant of 564 shares of Common Stock on March 31, 2026, reported as a grant, award, or other acquisition valued at $38.73 per share. Following this award, he directly holds about 53,774.969 shares, including 7,406 shares in Restricted Stock Awards.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Lehman Gary

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	564	$38.73	$22K

Holdings After Transaction: Common Stock — 53,774.969 shares (Direct)

Footnotes (1)

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Key Figures

Stock award size: 564 shares Reference price per share: $38.73 per share Total shares after transaction: 53,774.969 shares +1 more

4 metrics

Stock award size 564 shares Grant, award, or other acquisition on March 31, 2026

Reference price per share $38.73 per share Price associated with the 564-share award

Total shares after transaction 53,774.969 shares Direct holdings following the award

Restricted Stock Awards included 7,406 shares Portion of holdings identified as Restricted Stock Awards

Key Terms

Common Stock, Grant, award, or other acquisition, Restricted Stock Awards

3 terms

Common Stock financial

"received a grant of 564 shares of Common Stock"

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

Grant, award, or other acquisition financial

"transaction is coded as Grant, award, or other acquisition"

Restricted Stock Awards financial

"Includes Restricted Stock Awards totaling 7,406 shares"

Restricted stock awards are company shares given to employees or executives that cannot be sold or transferred until certain conditions — like staying with the company for a set time or meeting performance targets — are met, like a gift that is locked in a safe until rules are satisfied. Investors care because these awards tie management’s pay to company performance, can increase the number of shares outstanding when they become tradable (dilution), and may signal expected future selling pressure or commitment to long-term growth.

Form 4 Insider Transactions: What Each Field Means →

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^*

Lehman Gary

(Last) (First) (Middle)

200 E JACKSON ST

(Street)

MUNCIE INDIANA 47305

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

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	03/31/2026		A		564	A	$38.73	53,774.969(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 7,406 shares

Remarks:

	Paul Cento (Confirming Statement on File)	04/02/2026
	** 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)

FAQ

What insider transaction did FRME director Gary Lehman report?

Gary Lehman reported receiving 564 shares of FIRST MERCHANTS CORP Common Stock as a grant or award. The transaction used a reference price of $38.73 per share, reflecting routine equity-based compensation rather than an open-market purchase or sale.

How many FIRST MERCHANTS CORP (FRME) shares does Gary Lehman hold after this grant?

After the March 31, 2026 award, Gary Lehman directly holds approximately 53,774.969 shares of FIRST MERCHANTS CORP Common Stock. This total includes both regular shares and Restricted Stock Awards disclosed in the filing’s footnote, showing his ongoing equity stake as a director.

Was the FRME insider transaction a market purchase or a stock award?

The FRME insider transaction was a stock award, not a market purchase. It is coded as a grant, award, or other acquisition of 564 Common Stock shares, consistent with director compensation rather than buying shares on the open market at prevailing prices.

What does the FRME filing say about Restricted Stock Awards for Gary Lehman?

The filing notes that Gary Lehman’s holdings include Restricted Stock Awards totaling 7,406 shares. These awards are typically subject to vesting or service conditions, highlighting that a portion of his reported equity position is still restricted rather than fully unrestricted stock.

How large is the new FRME stock grant compared with Gary Lehman’s total holdings?

The new grant of 564 shares is modest compared with Gary Lehman’s total post-transaction holdings of about 53,774.969 shares. This indicates the award is a relatively small addition to an existing director position, typical for ongoing equity-based board compensation.