[Form 4] German American Bancorp, Inc. Insider Trading Activity

Rhea-AI Filing Summary

German American Bancorp, Inc. (GABC) – Form 4 insider filing

Director Zachary W. Bawel disclosed a change in beneficial ownership on 11 July 2025. He inherited 2,748 common shares of GABC (transaction code W) at a stated price of $0; the shares are held indirectly through a revocable trust. After the transaction, the filing shows 22,303.5895 shares held directly and 2,748 shares held indirectly, bringing total reported ownership to roughly 25,052 shares.

No derivative securities were involved and no shares were sold. Because the increase stems from inheritance rather than an open-market purchase, the transaction offers limited insight into management’s view of valuation, yet it does modestly increase insider equity alignment (≈12% relative to prior direct holdings).

Positive

• Insider ownership increases by 2,748 shares, improving director–shareholder alignment.
• No shares were sold, avoiding negative optical signals.

Negative

• Acquisition was passive (inheritance), offering limited insight into insider conviction.
• Immaterial size relative to the company’s share count; unlikely to influence market perception.

Insights

Financial Analyst

TL;DR: Small, non-cash insider share increase; neutral signal for investors.

The 2,748-share inheritance lifts Director Bawel’s stake to ~25 K shares, but the acquisition is passive (code W) and involves no capital outlay. Consequently, it carries minimal information content regarding management sentiment or future performance. Valuation impact is negligible given German American Bancorp’s 29 M outstanding shares; the transaction represents well under 0.01% of float. Still, higher insider ownership marginally strengthens alignment between the board and shareholders.

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^*

Bawel Zachary W

(Last) (First) (Middle)

711 MAIN ST

P O BOX 810

(Street)

JASPER IN 47546

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
GERMAN AMERICAN BANCORP, INC. [ GABC ]

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)
07/11/2025

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								22,303.5895	D
Common Stock	07/11/2025		W		2,748(1)	A	$0	2,748	I	Held by Revocable Trust

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. The shares being reported were acquired through inheritance.

	/s/ Bradley C. Arnett, Attorney-in-Fact	07/14/2025
	** 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 did the GABC Form 4 filed on 14-Jul-2025 report?

Director Zachary W. Bawel inherited 2,748 shares of German American Bancorp common stock on 11-Jul-2025.

How many GABC shares does the director now own?

The filing shows 22,303.5895 shares directly and 2,748 shares indirectly, about 25,052 shares in total.

Was the insider transaction a purchase or sale?

Neither. It was an inheritance (transaction code W), recorded at a price of $0 per share.

Does the Form 4 indicate any derivative securities activity?

No derivative securities were reported; only common stock ownership changed.

Is the transaction likely to affect GABC’s stock price?

Given the small size (<0.01% of shares outstanding) and passive nature, the market impact is expected to be minimal.