Merlin CEO has 1,468 shares withheld for taxes

Merlin, Inc.’s CEO had shares withheld to cover taxes on RSU vesting, with direct holdings now over 15.4 million shares.

Rhea-AI Filing Summary

Merlin, Inc. (MRLN) reported that Chief Executive Officer and director George Matthew Spencer had 1,468 shares of common stock withheld on September 16, 2026 to satisfy tax withholding obligations arising from the vesting of restricted stock units. The shares were valued at $2.21 per share, based on the closing price on the vesting date, solely to determine the number of shares withheld. After this tax-withholding disposition, Spencer directly holds 15,420,961 common shares. No Rule 10b5-1 trading plan is reported for this transaction.

Insider Trade Summary

Tax Withholding: 1,468 shares

Tax Withholding 1 txn

Insider George Matthew Spencer

Role Chief Executive Officer

Type	Security	Shares	Price	Value
Tax Withholding	Common stock F1	1,468	$2.21	$3K

Holdings After Transaction: Common stock — 15,420,961 shares (Direct)

Footnotes (1)

1. F1. Represents shares of common stock withheld by the Issuer to satisfy the Reporting Person's tax withholding obligations in connection with the vesting of restricted stock units on September 16, 2026. The price reported reflects the closing price of the Issuer's common stock on the vesting date, used solely to determine the number of shares withheld.

Key Figures

Shares withheld for tax: 1,468 shares Per-share valuation for withholding: $2.21 per share Shares held after transaction: 15,420,961 shares +1 more

4 metrics

Shares withheld for tax 1,468 shares Common stock withheld to satisfy tax withholding obligations on September 16, 2026

Per-share valuation for withholding $2.21 per share Closing price on September 16, 2026, used solely to determine number of shares withheld

Shares held after transaction 15,420,961 shares CEO’s direct holdings of Merlin, Inc. common stock following the September 16, 2026 withholding

Transaction date September 16, 2026 Date of RSU vesting and related tax-withholding disposition

Key Terms

restricted stock units, tax withholding obligations, withheld

3 terms

restricted stock units financial

"in connection with the vesting of restricted stock units on September 16, 2026"

Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.

tax withholding obligations financial

"withheld by the Issuer to satisfy the Reporting Person's tax withholding obligations"

withheld financial

"Represents shares of common stock withheld by the Issuer to satisfy"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did Merlin, Inc. (MRLN) disclose for its CEO?

Merlin, Inc. disclosed that CEO George Matthew Spencer had 1,468 shares of common stock withheld on September 16, 2026 to satisfy tax withholding obligations related to the vesting of restricted stock units.

Was the Merlin (MRLN) CEO’s Form 4 transaction a market sale or a tax withholding?

The transaction was a tax withholding, not a market sale. Shares were withheld by Merlin, Inc. to satisfy the CEO’s tax withholding obligations when restricted stock units vested on September 16, 2026.

At what price were the withheld Merlin (MRLN) shares valued in the CEO’s Form 4?

The 1,468 withheld shares were valued at $2.21 per share, which was the closing price of Merlin, Inc.’s common stock on September 16, 2026, used solely to determine the number of shares withheld.

How many Merlin (MRLN) shares does the CEO hold after this Form 4 transaction?

After the tax-withholding disposition, CEO George Matthew Spencer directly holds 15,420,961 shares of Merlin, Inc. common stock, as reported in the Form 4 filing for the September 16, 2026 transaction.

Was the Merlin (MRLN) CEO’s September 16, 2026 transaction under a Rule 10b5-1 plan?

No. The filing indicates no Rule 10b5-1 trading plan for this transaction; the document-level 10b5-1 checkbox is explicitly unchecked for the September 16, 2026 tax-withholding event.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Available on EDGAR 09/18/2026 - 04:31 PM Accepted by SEC EDGAR 09/18/2026 - 04:31 PM 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^*

George Matthew Spencer

(Last) (First) (Middle)

100 CAUSEWAY STREET

23RD FLOOR

(Street)

BOSTON MASSACHUSETTS 02114

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Merlin, Inc. [ MRLN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chief Executive Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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	09/16/2026		F		1,468	D	$2.21(1)	15,420,961	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. Represents shares of common stock withheld by the Issuer to satisfy the Reporting Person's tax withholding obligations in connection with the vesting of restricted stock units on September 16, 2026. The price reported reflects the closing price of the Issuer's common stock on the vesting date, used solely to determine the number of shares withheld.

Remarks:

	/s/ Leslie R. Ravestein, Attorney-in-Fact	09/18/2026
	** 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.
* Form 4: SEC 1474 (03-26)