German American Bancorp director granted 1,168 shares

Ellspermann Susan J reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Ellspermann Susan J reported acquisition or exercise transactions in this Form 4 filing.

GERMAN AMERICAN BANCORP, INC. director Susan J. Ellspermann reported receiving a grant of 1,168 shares of common stock as restricted stock, issued at no cash cost as part of non-employee director compensation. This annual director equity award will vest on July 1, 2027. After this grant, she holds a total of approximately 13,053.49 shares of common stock directly. The transaction reflects equity-based compensation rather than an open-market purchase.

Insights

Equity Compensation Analyst

Routine equity grant increases director’s share-based compensation.

Director Susan J. Ellspermann received 1,168 shares of restricted common stock as an annual equity grant under non-employee director compensation arrangements. The grant price is recorded as $0.0000 per share, so it is compensation, not a market purchase.

The restricted stock vests on July 1, 2027, encouraging longer-term alignment with shareholders. Following the grant, Ellspermann directly owns about 13,053.49 shares. With no open-market buying or selling, this filing mainly documents routine board compensation rather than a directional trading signal.

Insider Trade Summary

Grant/Award: 1,168 shares

Grant/Award 1 txn

Insider Ellspermann Susan J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock	1,168	$0.00	$0.00

Holdings After Transaction: Common Stock — 13,053.4935 shares (Direct)

Footnotes (1)

1. F1. This restricted stock award was issued to the Reporting Person as an annual director equity grant pursuant to the Issuer's non-employee director compensation arrangements. The restricted stock will vest on July 1, 2027.

Key Figures

Restricted stock grant: 1,168 shares Grant price per share: $0.0000 per share Total shares after grant: 13,053.4935 shares +2 more

5 metrics

Restricted stock grant 1,168 shares Annual non-employee director equity award

Grant price per share $0.0000 per share Recorded transaction price for restricted stock award

Total shares after grant 13,053.4935 shares Direct holdings following the transaction

Vesting date July 1, 2027 Restricted stock award vesting schedule

Transaction date June 29, 2026 Date of restricted stock award

Key Terms

restricted stock, annual director equity grant, non-employee director compensation arrangements, vest

4 terms

restricted stock financial

"This restricted stock award was issued to the Reporting Person as an annual director equity grant"

Shares granted to an individual that carry limits on transfer or sale until certain conditions are met, such as staying with the company for a set time or hitting performance targets. Think of them as a locked gift that gradually opens; for investors they matter because they affect how many shares may enter the market later, signal management incentives and potential dilution, and reveal confidence in future company performance.

annual director equity grant financial

"This restricted stock award was issued to the Reporting Person as an annual director equity grant"

non-employee director compensation arrangements financial

"pursuant to the Issuer's non-employee director compensation arrangements"

vest financial

"The restricted stock will vest on July 1, 2027."

A vest is the process by which an employee earns the right to receive certain benefits or ownership interests, such as stock or retirement funds, over time. It’s similar to earning a reward gradually, ensuring that the benefit becomes fully yours only after a set period or meeting specific conditions. This makes it important for investors because it determines when they can actually claim or use those benefits.

FAQ

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

What did GERMAN AMERICAN BANCORP (GABC) director Susan Ellspermann report in this Form 4?

She reported receiving an award of 1,168 shares of restricted common stock as an annual non-employee director equity grant, increasing her direct holdings to about 13,053.49 shares after the transaction.

Was Susan Ellspermann’s GABC Form 4 transaction a stock purchase or a compensation grant?

The transaction was a compensation grant. Ellspermann received 1,168 restricted shares at a recorded price of $0.0000 per share as part of GERMAN AMERICAN BANCORP’s non-employee director compensation program.

When do Susan Ellspermann’s newly granted GABC restricted shares vest?

The 1,168 restricted shares granted to Susan Ellspermann will vest on July 1, 2027. Until vesting, the award remains restricted stock issued under GERMAN AMERICAN BANCORP’s non-employee director compensation arrangements.

How many GABC shares does Susan Ellspermann own after this restricted stock award?

After the 1,168-share restricted stock award, Susan Ellspermann directly owns about 13,053.49 shares of GERMAN AMERICAN BANCORP common stock, according to the reported total shares following the transaction.

Does the GABC Form 4 show any open-market buying or selling by Susan Ellspermann?

No open-market trades are shown. The Form 4 only reports a grant of 1,168 restricted shares as annual director equity compensation, with no separate purchase or sale transactions disclosed for this date.

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

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Accepted by SEC EDGAR 07/01/2026 - 01:30 PM 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^*

Ellspermann Susan J

(Last) (First) (Middle)

711 MAIN ST

P O BOX 810

(Street)

JASPER INDIANA 47546

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/29/2026

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
Common Stock	06/29/2026		A		1,168(1)	A	$0	13,053.4935	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. This restricted stock award was issued to the Reporting Person as an annual director equity grant pursuant to the Issuer's non-employee director compensation arrangements. The restricted stock will vest on July 1, 2027.

	/s/ Bradley C. Arnett, Attorney-in-Fact	07/01/2026
	** 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)