Insider Filing: GABC Director Adds 222.72 Shares, Ownership Now 11,510.26

Rhea-AI Filing Summary

German American Bancorp, Inc. reporting person Susan J. Ellspermann, a director, effected a purchase of 222.7237 shares of common stock on 09/15/2025 at an effective price of $40.8578 per share through the issuer's Dividend Reinvestment and Stock Purchase Plan (DRIP). Following the transaction, Ms. Ellspermann beneficially owns 11,510.2626 shares. The filing states the purchase resulted from a prior election to convert part of director compensation into stock and includes additional shares acquired via the DRIP. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Director used compensation to buy shares via the Dividend Reinvestment and Stock Purchase Plan, indicating alignment with shareholders
• Clear disclosure of post-transaction ownership: 11,510.2626 shares beneficially owned following the purchase

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director converted compensation into equity via the DRIP, modest insider accumulation that aligns interests with shareholders.

This transaction is a routine, non-open-market acquisition under the company-sponsored Dividend Reinvestment and Stock Purchase Plan. The purchase of 222.7237 shares using director compensation signals alignment between the director and long-term shareholder value without implying extraordinary insider conviction. The filing provides clear source of funds and post-transaction beneficial ownership of 11,510.2626 shares, which is useful for monitoring insider ownership trends over time.

Securities Analyst

TL;DR: Small, plan-driven share purchase; immaterial to company valuation but useful for insider-ownership tracking.

From a market-impact perspective, the transaction is unlikely to move the stock price given it was executed through a DRIP and sized at 222.7237 shares. The disclosed price of $40.8578 provides a reference point for the director's cost basis. The continuation of the director participating in the DRIP may be interpreted as consistent insider behavior but does not constitute a material event affecting the firm’s financial outlook.

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).

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)
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	09/15/2025	09/16/2025	P		222.7237(1)	A	$40.8578	11,510.2626(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	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 transaction did Susan J. Ellspermann report on Form 4 for GABC?

The director reported acquiring 222.7237 shares of GABC common stock on 09/15/2025 via the issuer's Dividend Reinvestment and Stock Purchase Plan.

At what price were the GABC shares purchased in the Form 4 filing?

The reported effective purchase price was $40.8578 per share.

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

Following the transaction, the reporting person beneficially owns 11,510.2626 shares.

Was the purchase an open-market trade or part of a company plan?

The purchase was made pursuant to a prior election to use director compensation to buy shares through the company's Dividend Reinvestment and Stock Purchase Plan.

Who signed the Form 4 filing for the reporting person?

The Form 4 was signed by Bradley C. Arnett, Attorney-in-Fact on behalf of the reporting person on 09/17/2025.