[Form 4] FIRST MERCHANTS CORP Insider Trading Activity

Rhea-AI Filing Summary

Clark C. Kellogg, a director of First Merchants Corp (FRME), reported a purchase of 600 shares of the company's common stock on 09/30/2025 at a reported price of $37.7 per share. After the transaction he beneficially owned 13,957.396 shares directly. The filing also discloses indirect holdings of 409 shares held by the Rosella Kellogg Revocable Trust and 1,104.331 shares held in a 401(k) plan. The filing notes the direct holdings include 7,626 restricted stock award shares.

The Form 4 is signed/confirmed on 10/02/2025. All details are limited to this single non-derivative purchase; no sales, option exercises, or other derivative transactions are reported in this filing.

Positive

• Director purchased 600 shares on 09/30/2025, increasing insider ownership
• Direct beneficial ownership disclosed at 13,957.396 shares, showing transparent reporting
• 7,626 restricted stock awards are included, indicating alignment via compensation

Negative

• None.

Insights

Corporate Governance Expert

Director purchase signals insider ownership modestly increased; routine governance disclosure.

The reported 600-share purchase by a director is a straightforward increase in insider ownership and is consistent with retention or alignment with shareholders. The filing confirms both direct and indirect holdings, including restricted stock awards, which can reflect longer-term compensation alignment. Because this is a small, single non-derivative purchase, it is informational rather than a material corporate action.

Equity Compensation Analyst

Restricted awards make up a substantial portion of direct holdings disclosed.

The statement that 7,626 restricted stock award shares are included in direct holdings helps explain the composition of the director's stake and indicates a significant portion of his reported direct ownership is compensation-related. That affects liquidity and potential sale timing since restricted shares typically vest or carry transfer limits.

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^*

KELLOGG CLARK C

(Last) (First) (Middle)

200 EAST 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 Stock	09/30/2025		A		600	A	$37.7	13,957.396(1)	D
Common Stock								409	I	By Rosella Kellogg Revocable Trust
Common Stock								1,104.331	I	401(k) Plan

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

Who filed the Form 4 for FRME and what was the transaction?

The reporting person is Clark C. Kellogg, a director, who purchased 600 shares of First Merchants Corp common stock on 09/30/2025 at $37.7 per share.

How many shares does Clark C. Kellogg beneficially own after the reported trade?

After the reported purchase, he beneficially owns 13,957.396 shares directly.

Are there any indirect holdings reported for the reporting person?

Yes. The filing lists 409 shares held by the Rosella Kellogg Revocable Trust and 1,104.331 shares held in a 401(k) plan as indirect holdings.

Does the Form 4 disclose any derivative transactions or sales?

No. The filing reports a single non-derivative acquisition and contains no derivative transactions or disposals.

How many restricted stock award shares are included in the direct holdings?

The filing states that direct holdings include 7,626 restricted stock award shares.