First Merchants (FRME) CIO Fluhler sells 4,161 shares in open market

Rhea-AI Filing Summary

First Merchants Corp executive Stephan Fluhler reported an open-market sale of company stock. On 02/11/2026, he sold 4,161 shares of First Merchants common stock at a price of $41.96 per share. After the sale, he directly beneficially owned 21,999.805 shares, which include restricted stock awards totaling 15,879.362 shares, and indirectly held 3,642.059 shares through a 401(k) plan.

Insights

Insider trading and governance analyst

Form 4 shows a disclosed stock sale by a senior executive, with sizable remaining holdings.

First Merchants Corp Chief Information Officer and Senior Vice President Stephan Fluhler executed an open-market sale of 4,161 common shares at $41.96 on 02/11/2026. The transaction is coded as an open-market or private sale and is reported as directly owned stock.

Following the trade, he held 21,999.805 shares directly, including 15,879.362 shares of restricted stock awards, and 3,642.059 shares indirectly via a 401(k) plan. This indicates he retains a meaningful equity stake, although the filing does not state the reasons for the sale.

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^*

FLUHLER STEPHAN

(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)

	Director		10% Owner
X	Officer (give title below)	X	Other (specify below)
	Chief Information Officer		Senior Vice President

3. Date of Earliest Transaction (Month/Day/Year)
02/11/2026

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	02/11/2026		S		4,161	D	$41.96	21,999.805(1)	D
Common Stock								3,642.059	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 15,879.362 shares

Remarks:

	Paul Cento (Confirming Statement on File)	02/12/2026
	** 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).
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FAQ

What insider transaction did FRME executive Stephan Fluhler report?

Stephan Fluhler reported selling 4,161 shares of First Merchants Corp common stock. The sale occurred on February 11, 2026, at a price of $41.96 per share in an open-market transaction, as disclosed in his Form 4 filing.

What is Stephan Fluhler’s role at First Merchants Corp (FRME)?

Stephan Fluhler is an officer of First Merchants Corp, serving as Chief Information Officer and Senior Vice President. His Form 4 identifies him in these roles while reporting his beneficial ownership and the February 11, 2026 common stock sale.

How many FRME shares did Stephan Fluhler own after the reported sale?

After the sale, Stephan Fluhler beneficially owned 21,999.805 First Merchants common shares directly and 3,642.059 shares indirectly through a 401(k) plan, as reported in the Form 4. The direct holdings include restricted stock awards totaling 15,879.362 shares.

At what price did Stephan Fluhler sell his First Merchants (FRME) shares?

He sold 4,161 shares of First Merchants Corp common stock at $41.96 per share. The Form 4 describes this as an open-market or private transaction, coded as a sale of non-derivative common stock on February 11, 2026.

Does Stephan Fluhler hold FRME shares through a retirement or benefit plan?

Yes. In addition to his directly owned shares, Stephan Fluhler indirectly held 3,642.059 First Merchants common shares through a 401(k) plan. This indirect ownership is reported separately from his direct holdings in the Form 4 filing.

What portion of Stephan Fluhler’s FRME holdings are restricted stock awards?

His directly owned position includes restricted stock awards totaling 15,879.362 First Merchants common shares. This figure is disclosed in the Form 4 footnote explaining that the direct beneficial ownership number incorporates these restricted stock awards.