[Form 4] GERMAN AMERICAN BANCORP, INC. Insider Trading Activity

Rhea-AI Filing Summary

German American Bancorp director Zachary W. Bawel reported a purchase of company stock through the issuer's Dividend Reinvestment and Stock Purchase Plan. The Form 4 shows a transaction dated 09/15/2025 that resulted in the acquisition of 489.5026 shares at a price of $40.8578 per share. The filing indicates he previously had 2,748 shares held indirectly in a revocable trust and now beneficially owns a total of 23,937.155 shares following the reported transaction. The filing was signed by an attorney-in-fact on 09/17/2025 and explains the purchase was made by directing director compensation into the Dividend Reinvestment Plan.

Positive

• Director purchased shares via the Dividend Reinvestment and Stock Purchase Plan, signaling continued insider participation.
• Beneficial ownership increased to 23,937.155 shares after the transaction, consolidating the director's stake.

Negative

• None.

Insights

Securities Analyst

TL;DR: A routine insider reinvestment: director converted compensation into 489.5026 shares via the company DRIP, increasing beneficial ownership to 23,937.155 shares.

The transaction is a standard, non-discretionary purchase under the issuer's Dividend Reinvestment and Stock Purchase Plan and appears pre-arranged by an election to use director compensation to buy stock. The reported per-share price of $40.8578 and the small share increment suggest this is an administrative reinvestment rather than an active market-timed buy. For investors, this is neutral-to-slightly positive as it shows insider participation without indicating a material change in control or strategy.

Corporate Governance Specialist

TL;DR: Governance-normal filing: director participation in a DRIP increases alignment but is routine and not materially impactful alone.

The disclosure clarifies ownership forms (direct and indirect) and cites an attorney-in-fact signature, indicating proper execution. The indirect holdings via a revocable trust and the use of director compensation for share purchases are consistent with standard governance practices and insider reporting requirements. This is informational and compliance-driven rather than a signal of material corporate change.

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).

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)
09/15/2025

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								2,748	I	Held by Revocable Trust
Common Stock	09/15/2025	09/16/2025	P		489.5026(1)	A	$40.8578	23,937.155(2)	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 his director compensation to purchase shares of common stock through participation in the Issuer's Dividend Reinvestment and Stock Purchase Plan (the "Dividend Reinvestment Plan").

2. Includes additional shares acquired pursuant to the Dividend Reinvestment Plan

	/s/ Bradley C. Arnett, Attorney-in-Fact	09/17/2025
	** 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 GABC director Zachary W. Bawel report on Form 4?

He reported acquiring 489.5026 shares of GABC on 09/15/2025 via the issuer's Dividend Reinvestment and Stock Purchase Plan.

At what price were the GABC shares acquired?

The shares were acquired at a reported price of $40.8578 per share.

How many GABC shares does the reporting person own after the transaction?

Following the transaction, the reporting person beneficially owns 23,937.155 shares.

Was the transaction direct or indirect ownership?

The filing shows the acquisition was reported as Direct for the transaction and some shares are held indirectly in a revocable trust.

Why were the shares purchased under the Dividend Reinvestment Plan?

The filing explains the purchase resulted from a prior election to use a portion of the reporting person's director compensation to buy shares through the Dividend Reinvestment and Stock Purchase Plan.