[Form 4] Merit Medical Systems Inc Insider Trading Activity

Rhea-AI Filing Summary

Lynne N. Ward, a director of Merit Medical Systems, Inc. (MMSI), executed option exercises and share sales on 08/22/2025. She exercised 3,000 non-qualified stock options with a $34.46 exercise price, resulting in 3,000 shares acquired. The same day she sold 3,000 shares in multiple transactions at a weighted average price of $88.56. After these transactions she beneficially owned 12,809 shares. The exercised options were originally granted with a $34.46 strike and become exercisable in equal annual installments of 33% commencing 08/28/2020; the exercised tranche had an expiration date of 08/28/2026.

Positive

• Insider exercised options at a $34.46 strike, acquiring 3,000 shares which demonstrates continued participation in equity compensation
• Realized proceeds from sales at a weighted average of $88.56 indicate a substantial per-share spread over the exercise price

Negative

• Disposition of 3,000 shares reduced the reporting person’s beneficial ownership to 12,809 shares
• Immediate sale after exercise could reflect liquidity needs or tax planning rather than a decision to increase long-term exposure

Insights

Financial Analyst

TL;DR: Insider exercised options at $34.46 and sold shares at $88.56, realizing a substantial per-share spread while retaining a meaningful residual stake.

The reporting shows a routine option exercise followed by an immediate partial disposition. Exercising 3,000 options at $34.46 and selling the resulting shares at a weighted average of $88.56 implies a clear realized gross spread per share of $54.10 before taxes and fees. Post-transaction beneficial ownership is 12,809 shares, reflecting continued insider exposure to company equity. This transaction is informative about liquidity actions but does not, on its face, change board-level control or signal a structural change in company governance or capital structure.

Risk Analyst

TL;DR: Transaction pattern is common and creates modest liquidity for the insider without indicating material corporate risk.

The filing documents an exercise and immediate sale of the same number of shares, a common method for option holders to cover exercise costs and tax obligations. There is no disclosure of additional derivative holdings after the exercise. The sale reduced the reporting person’s holdings to 12,809 shares, which may modestly lower insider stake but does not present a material governance or credit risk based on the information provided.

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^*

Ward Lynne N.

(Last) (First) (Middle)

1600 WEST MERIT PARKWAY

(Street)

SOUTH JORDAN UT 84095

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MERIT MEDICAL SYSTEMS INC [ MMSI ]

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)
08/22/2025

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, No Par Value	08/22/2025		M		3,000	A	$34.46	15,809	D
Common Stock, No Par Value	08/22/2025		S		3,000	D	$88.56(1)	12,809	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
Non-qualified stock options (right to buy)	$34.46	08/22/2025		M			3,000	08/28/2020(2)	08/28/2026	Common Stock	3,000	$0	0	D

Explanation of Responses:

1. The price reported in Column 4 of Table 1 is a weighted average price. These shares were sold in multiple transactions at prices ranging from $88.49 to $88.77, inclusive. The Reporting Person undertakes to provide to Merit Medical Systems, Inc., any security holder of Merit Medical Systems, Inc., or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the range set forth in this Form 4.

2. Becomes exercisable in equal annual installments of 33% commencing 08/28/2020.

	/s/ Brian G. Lloyd, Attorney-in-Fact	08/25/2025
	** 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 transactions did Lynne N. Ward report on Form 4 for MMSI?

The reporter exercised 3,000 non-qualified stock options at a $34.46 exercise price and sold 3,000 shares on 08/22/2025 at a weighted average price of $88.56; beneficial ownership after the transactions is 12,809 shares.

How much was the weighted average sale price per share in the MMSI Form 4?

The Form 4 shows a weighted average sale price of $88.56 per share for the sold shares, with individual sale prices ranging from $88.49 to $88.77.

What was the exercise price and terms for the options exercised by the MMSI insider?

The exercised non-qualified stock options had a $34.46 exercise price; the exercised options become exercisable in equal annual installments of 33% commencing 08/28/2020 and had an expiration date of 08/28/2026.

Did the insider retain any derivative securities after the reported transactions?

No. After the reported exercise and sale, the filing shows 0 derivative securities beneficially owned following the transactions.

Who signed the Form 4 filing for the MMSI insider?

The Form 4 was signed by /s/ Brian G. Lloyd, Attorney-in-Fact on behalf of the reporting person, dated 08/25/2025.