German American Bancorp insider grant lifts Ellspermann holding to 10,222 shares

Rhea-AI Filing Summary

German American Bancorp, Inc. (GABC) – Form 4 filing. Director Susan J. Ellspermann reported the receipt of 1,298 shares of restricted common stock on June 30 2025 as part of the company’s non-employee director compensation program. The award was granted at a cost basis of $0 and will vest on July 1 2026. Following the grant, Ellspermann’s direct beneficial ownership stands at 10,222.1991 shares. No derivative securities were involved and no dispositions occurred.

The transaction is routine, reflecting the annual equity component of board compensation and modestly increasing insider ownership.

Positive

• Increased insider ownership: Director Ellspermann’s stake rises to 10,222 shares, marginally strengthening management–shareholder alignment.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director grant; negligible market impact.

The filing discloses a standard restricted-stock award to Director Susan J. Ellspermann, increasing her direct stake to roughly 10.2 k shares. The transaction costs the director nothing and vests over a one-year horizon, aligning board incentives with shareholders. Given the small absolute share count and absence of purchase for cash, the disclosure is neutral for valuation or liquidity. Investors often view continued equity–based compensation positively for alignment, but the scale is immaterial to GABC’s float and does not signal strategic change or financial stress.

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)
06/30/2025

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	06/30/2025		A		1,298(1)	A	$0	10,222.1991	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, 2026.

	/s/ Bradley C. Arnett, Attorney-in-Fact	07/02/2025
	** 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.
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FAQ

What did the GABC Form 4 filed on July 2 2025 disclose?

Director Susan J. Ellspermann received 1,298 restricted shares on June 30 2025, raising her direct ownership to 10,222.1991 shares.

Was the insider transaction a purchase or a grant?

It was an equity grant under the non-employee director compensation plan; no cash was paid (price $0).

When will the restricted stock granted to Susan Ellspermann vest?

The shares will vest on July 1 2026.

Did the Form 4 include any derivative securities activity?

No. Table II shows no options, warrants, or other derivative transactions.

How many GABC shares does the director now beneficially own?

After the grant, Ellspermann beneficially owns 10,222.1991 shares of German American Bancorp common stock.

Does this filing indicate any change in the company’s fundamentals?

No. The filing reflects routine board compensation and is not tied to operational or financial performance.