German American Bancorp director buys GABC shares

GERMAN AMERICAN BANCORP, INC. director Susan J. Ellspermann reported an open-market style purchase of common stock.

Rhea-AI Filing Summary

GERMAN AMERICAN BANCORP, INC. director Susan J. Ellspermann reported an open-market style purchase of common stock. She acquired 49.4054 shares on March 17, 2026 at an average price of $40.4814 per share, through a prior election to use a portion of her director compensation in the company’s Dividend Reinvestment and Stock Purchase Plan.

Following this transaction, she directly holds a total of 11,788.0597 common shares, which includes additional shares acquired through the same dividend reinvestment plan.

Insider Trade Summary

Net Buyer: 49.4054 shares

Net Buy 1 txn

Insider Ellspermann Susan J

Role Director

Bought 49.4054 shs ($2K)

Type	Security	Shares	Price	Value
Purchase	Common Stock	49.4054	$40.4814	$2K

Holdings After Transaction: Common Stock — 11,788.0597 shares (Direct)

Footnotes (2)

1. F1. 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 (the "Dividend Reinvestment Plan").
2. F2. Includes additional shares acquired pursuant to the Dividend Reinvestment Plan.

FAQ

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What did GABC director Susan J. Ellspermann report in this Form 4?

Susan J. Ellspermann reported buying German American Bancorp common stock. She acquired 49.4054 shares as part of a pre-elected use of her director compensation under the company’s Dividend Reinvestment and Stock Purchase Plan, rather than a one-time discretionary market trade.

How many German American Bancorp (GABC) shares did Susan Ellspermann buy and at what price?

She acquired 49.4054 GABC common shares at $40.4814 per share. The purchase was recorded as an open-market type transaction under the company’s Dividend Reinvestment and Stock Purchase Plan, using a portion of her director compensation to increase her equity stake.

What are Susan Ellspermann’s total GABC share holdings after this transaction?

After the transaction, Susan Ellspermann directly holds 11,788.0597 GABC shares. This figure includes the newly acquired 49.4054 shares plus other additional shares previously obtained through participation in German American Bancorp’s Dividend Reinvestment and Stock Purchase Plan.

Was Susan Ellspermann’s GABC share purchase made under a pre-established plan?

Yes, the purchase was made under a prior compensation election. She had previously elected to use part of her director compensation to buy German American Bancorp common stock through the Dividend Reinvestment and Stock Purchase Plan, making the transaction programmatic rather than purely opportunistic.

Does this Form 4 show any German American Bancorp (GABC) share sales by Susan Ellspermann?

No, the filing only reports a net share purchase. The Form 4 shows one transaction coded as a purchase, totaling 49.4054 shares acquired, with no reported sales, dispositions, gifts, or tax-withholding related share transfers in this filing.

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Accepted by SEC EDGAR 03/17/2026 - 03:32 PM EDT 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 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)
03/17/2026

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	03/17/2026		P		49.4054(1)	A	$40.4814	11,788.0597(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 her 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	03/17/2026
	** 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.