[Form 4] First Merchants Corp Insider Trading Activity

Rhea-AI Filing Summary

First Merchants Corp. (FRME) Form 4 filing shows Senior Vice President & Director of Human Resources Steven C. Harris completed two equity transactions.

• 03-Aug-2025 (Code F): 398 shares were withheld at $37.11 to cover tax obligations tied to an award.
• 04-Aug-2025 (Code A): Harris acquired 3,000 shares at an accounting value of $37.49, recorded as a restricted-stock grant.

After these events, Harris now directly owns 20,479.89 shares and indirectly holds 148.484 shares via a 401(k). Footnote confirms total direct holdings include 10,783.861 restricted shares.

The net effect is an increase of roughly 2,602 shares (+15% vs. prior direct position of ~17.9 k), indicating higher personal exposure to FRME but arising from an employer grant rather than an open-market purchase.

Positive

• Net increase of 2,602 shares raises insider's direct ownership by ~15%, modestly improving management–shareholder alignment.

Negative

• Acquisition is a compensation grant, not a discretionary open-market buy, so signaling value is limited for investors.

Insights

Securities Analyst

TL;DR: Insider grant adds 3k shares; minor positive, limited signaling as it is compensation-related.

The Form 4 reflects standard executive compensation activity. Code A denotes a restricted-stock grant, boosting Mr. Harris’s stake to ~20.5 k shares. Code F withholding of 398 shares for taxes is non-discretionary. Because no open-market buying occurred, the informational value for outside investors is modest; nonetheless, a larger personal holding marginally aligns management with shareholders.

Corporate Governance Expert

TL;DR: Routine equity award; strengthens ownership alignment, no governance red flags detected.

The award size (3 k shares) is typical for a senior VP at a ~$2 bn-mkt-cap regional bank. With ~10.8 k shares restricted, vesting schedules will continue binding the executive to long-term performance. Absence of dispositions beyond tax withholding suggests commitment, though the transaction does not represent a deliberate market purchase.

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).

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^*

Harris Steven C

(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)

	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	Director of Human Resources		Senior Vice President

3. Date of Earliest Transaction (Month/Day/Year)
08/03/2025

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	08/03/2025		F		398	D	$37.11	17,479.89	D
Common	08/04/2025		A		3,000	A	$37.49	20,479.89(1)	D
Common Stock								148.484	I	401k

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 10,783.861 shares

Remarks:

	Jacob Burkett (Confirming Statement on File)	08/05/2025
	** 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 transactions did FRME insider Steven C. Harris report?

He received 3,000 restricted shares on 08/04/25 and had 398 shares withheld for taxes on 08/03/25.

How many First Merchants Corp (FRME) shares does Harris now own?

Post-transaction, he directly owns 20,479.89 shares and indirectly holds 148.484 shares via a 401(k).

Was the insider purchase an open-market buy?

No. The Code A entry denotes a restricted-stock award granted by the company, not an open-market transaction.

What does the Code F transaction mean?

Code F indicates shares withheld to satisfy tax obligations arising from an equity award.

Does this Form 4 filing signal bullish insider sentiment for FRME?

Because the shares were granted, the informational value is neutral; however, higher ownership modestly aligns incentives.