First Merchants CIO gets 80.403 phantom shares

CIO Stephan Fluhler received an additional 80.403 phantom stock units tied to FRME common stock, payable in cash or shares upon separation.

Rhea-AI Filing Summary

FIRST MERCHANTS CORP (symbol: FRME) is the issuer of record for a Form 4 filing submitted to the SEC. FLUHLER STEPHAN reported acquisition or exercise transactions in this Form 4 filing.

FIRST MERCHANTS CORP (FRME) reported that Chief Information Officer and Senior Vice President Stephan Fluhler received a grant of phantom stock on September 18, 2026. The award covers 80.403 shares of phantom stock, each economically equivalent to one share of FRME common stock, bringing his direct phantom stock holdings to 1,733.307 shares. These phantom shares will be settled in cash or FRME common stock, at his election, upon separation from First Merchants. No Rule 10b5-1 trading plan is reported for this transaction.

Insider Trade Summary

Grant/Award: 80.403 shares

Grant/Award 1 txn

Insider FLUHLER STEPHAN

Role Chief Information Officer

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock F1	80.403	$40.50	$3K

Holdings After Transaction: Phantom Stock — 1,733.307 contracts (Direct)

Footnotes (1)

1. F1. Each share of phantom stock is the economic equivalent of one share of FRME common stock. The shares of phantom stock will be settled in cash or shares of FRME common stock, at the reporting person's election, upon separation from First Merchants.

Key Figures

Phantom stock granted: 80.403 shares Phantom stock holdings after grant: 1,733.307 shares Reference value per phantom share: $40.50 per share +1 more

4 metrics

Phantom stock granted 80.403 shares Grant to Stephan Fluhler on September 18, 2026

Phantom stock holdings after grant 1,733.307 shares Direct phantom stock position following the reported transaction

Reference value per phantom share $40.50 per share Economic reference value reported for the phantom stock grant

Underlying common stock equivalence 1 phantom share = 1 FRME common share Economic equivalence described in the footnote

Key Terms

Phantom Stock, economic equivalent, settled in cash or shares

3 terms

Phantom Stock financial

"Each share of phantom stock is the economic equivalent of one share"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

economic equivalent financial

"is the economic equivalent of one share of FRME common stock"

settled in cash or shares financial

"will be settled in cash or shares of FRME common stock"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did FRME report for Stephan Fluhler?

FRME reported that Chief Information Officer Stephan Fluhler received a grant of 80.403 shares of phantom stock on September 18, 2026, increasing his direct phantom stock holdings to 1,733.307 shares.

What is phantom stock in the FRME Form 4 filing?

The filing states that each share of phantom stock is the economic equivalent of one share of FRME common stock and will be settled in cash or FRME common stock, at the reporting person’s election, upon separation from First Merchants.

How many FRME phantom stock units does Stephan Fluhler hold after this grant?

After the September 18, 2026 grant, Stephan Fluhler directly holds 1,733.307 shares of phantom stock, each economically equivalent to one share of FRME common stock.

When will Stephan Fluhler’s FRME phantom stock be settled?

The filing states that the phantom stock will be settled in cash or shares of FRME common stock, at the reporting person’s election, upon separation from First Merchants.

Was the FRME phantom stock grant made under a Rule 10b5-1 plan?

No. The document-level checkbox indicates no Rule 10b5-1 trading plan applies to the reported transaction.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/22/2026 - 11:52 AM Accepted by SEC EDGAR 09/22/2026 - 11:52 AM Learn about SEC filing dates

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^*

FLUHLER STEPHAN

(Last) (First) (Middle)

200 E JACKSON STREET

(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)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2026

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

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
Phantom Stock	(1)	09/18/2026		A		80.403		(1)	(1)	Common Stock	80.403	$40.5	1,733.307	D

Explanation of Responses:

1. Each share of phantom stock is the economic equivalent of one share of FRME common stock. The shares of phantom stock will be settled in cash or shares of FRME common stock, at the reporting person's election, upon separation from First Merchants.

Remarks:

	Paul Cento (Confirming Statement on File)	09/22/2026
	** 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)