First Merchants (NASDAQ: FRME) risk chief exercises options, withholds shares for tax

Rhea-AI Filing Summary

First Merchants Corp’s Chief Risk Officer Eva D. Scurlock reported multiple stock option exercises on February 12, 2026. She exercised employee stock options covering 4,762, 681, and 5,986 shares of common stock at exercise prices of $26.04 and $21.79.

Corresponding entries show acquisitions of the same numbers of First Merchants common shares, and a separate transaction where 3,810 shares were disposed of at $41.64 in a tax-withholding transaction. After these moves, she directly held 27,682.128 common shares, including 9,842.109 shares from restricted stock awards.

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^*

Scurlock Eva D.

(Last) (First) (Middle)

200 EAST 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)		Other (specify below)
	Chief Risk Officer

3. Date of Earliest Transaction (Month/Day/Year)
02/12/2026

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	02/12/2026		M		4,762	A	$26.04	24,825.128(1)	D
Common Stock	02/12/2026		M		681	A	$21.79	25,506.128(1)	D
Common Stock	02/12/2026		M		5,986	A	$21.79	31,492.128(1)	D
Common Stock	02/12/2026		F		3,810	D	$41.64	27,682.128(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
Employee Stock Option - Right to Buy	$26.04	02/12/2026		M			4,762	02/15/2021	02/15/2028	Common Stock	4,762	$0	0	D
Employee Stock Option - Right to Buy	$21.79	02/12/2026		M			681	02/18/2019	02/18/2026	Common Stock	681	$0	0	D
Employee Stock Option - Right to Buy	$21.79	02/12/2026		M			5,986	08/18/2016	02/18/2026	Common Stock	5,986	$0	0	D

Explanation of Responses:

1. Includes Restricted Stock Awards totaling 9,842.109 shares.

Remarks:

	Paul Cento (Confirming Statement on File)	02/13/2026
	** 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.

FAQ

What insider activity did First Merchants Corp (FRME) report in this Form 4?

The filing reports that Chief Risk Officer Eva D. Scurlock exercised employee stock options into common stock and had shares withheld for taxes. These transactions changed her directly held First Merchants common shares and documented routine equity compensation activity.

How many First Merchants (FRME) options did the officer exercise?

Eva D. Scurlock exercised employee stock options for 4,762, 681, and 5,986 shares of First Merchants common stock. These exercises converted derivative securities into directly held common shares as part of her equity compensation arrangements.

What were the exercise prices on the FRME stock options?

The reported option exercises used strike prices of $26.04 and $21.79 per share. These prices were set in the original option grants and were applied when converting the employee stock options into First Merchants common shares.

Why were 3,810 First Merchants (FRME) shares disposed of in the filing?

The Form 4 shows 3,810 common shares disposed of at $41.64 per share under transaction code F. This code indicates shares were withheld or delivered to cover the exercise price or related tax liabilities, not an open‑market sale.

How many First Merchants (FRME) shares does the officer own after these transactions?

Following the reported option exercises and tax withholding, Eva D. Scurlock directly held 27,682.128 First Merchants common shares. This total includes 9,842.109 shares that are classified as restricted stock awards under her compensation plan.

What does the Form 4 footnote reveal about FRME restricted stock awards?

The footnote states that the reported holdings include restricted stock awards totaling 9,842.109 shares. These restricted shares are part of the officer’s equity compensation and typically vest over time according to plan terms.