Insider Activity: GABC Director Adds 503.32 Shares Through Reinvestment

Rhea-AI Filing Summary

German American Bancorp, Inc. (GABC) Form 4 — Summary of insider change

Susan J. Ellspermann, a director of German American Bancorp, purchased 503.3207 shares of the company's common stock through the issuer's Dividend Reinvestment and Stock Purchase Plan. The transaction date is recorded as 08/15/2025 with a reported execution date of 08/18/2025 and a per-share price of $39.7361. Following this purchase, Ellspermann's total beneficial ownership is reported as 11,219.4482 shares. The filing was signed by an attorney-in-fact on 08/19/2025. The report indicates the purchase resulted from a prior election to direct director compensation into the DRIP.

Insights

Financial Analyst

TL;DR: A routine director purchase via the dividend reinvestment plan modestly increased insider holdings; not material to valuation alone.

The filing documents a small acquisition of 503.3207 shares at $39.7361 per share under the issuer's Dividend Reinvestment and Stock Purchase Plan, increasing the director's beneficial holdings to 11,219.4482 shares. This appears to be the mechanical result of a prior compensation election rather than an opportunistic market purchase. The size of the transaction relative to total shares outstanding is not provided, so its market impact cannot be assessed from this filing alone.

Corporate Governance Expert

TL;DR: Disclosure is standard and complete: election-based reinvestment recorded; signature by attorney-in-fact is properly included.

The Form 4 clearly states the nature of the transaction as participation in the company DRIP tied to director compensation, and provides transaction date, execution date, price, and resulting beneficial ownership. The filing includes the signature block executed by an attorney-in-fact. No other governance issues or exceptions are disclosed in the document.

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^*

Ellspermann Susan J

(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)
08/15/2025

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	08/15/2025	08/18/2025	P		503.3207(1)	A	$39.7361	11,219.4482	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

Explanation of Responses:

1. The reported transaction was effected pursuant to a prior election made by the Reporting Person to use a portion of her director compensation to purchase shares of common stock through participation in the Issuer's Dividend Reinvestment and Stock Purchase Plan.

	/s/ Bradley C. Arnett, Attorney-in-Fact	08/19/2025
	** 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 transaction did Susan J. Ellspermann report on Form 4 for GABC?

The Form 4 reports a purchase of 503.3207 shares of GABC common stock via the issuer's Dividend Reinvestment and Stock Purchase Plan.

When was the GABC transaction dated and what price was paid?

The transaction date is 08/15/2025 (execution noted 08/18/2025) at a price of $39.7361 per share.

How many shares does Susan J. Ellspermann beneficially own after the reported transaction?

Following the reported purchase, Ellspermann beneficially owns 11,219.4482 shares.

What was the stated reason for the purchase in the Form 4?

The filing explains the shares were acquired pursuant to a prior election to use a portion of director compensation to purchase shares through the company's Dividend Reinvestment and Stock Purchase Plan.

Who signed the Form 4 and when?

The form was signed by Bradley C. Arnett, Attorney-in-Fact on 08/19/2025.