First Merchants (FRME) CEO Mark Hardwick Receives Phantom Stock Award

What Happened

• Mark K. Hardwick, CEO of First Merchants Corp (FRME), was granted 30.386 shares of phantom stock on 2026-09-18. The grant is reported as a derivative award valued at $40.50 per share, for a total reported economic value of approximately $1,231.
• This was an award/grant (transaction code A), not an open-market purchase or sale — a compensation event rather than a direct stock purchase.

Key Details

• Transaction date: 2026-09-18; reported on Form 4 filed 2026-09-22 (filing appears timely).
• Grant details: 30.386 phantom shares at $40.50 per share; total economic value ≈ $1,231.
• Shares owned after transaction: not specified in the filing.
• Footnote: Each phantom share is the economic equivalent of one share of FRME common stock and will be settled in cash or shares of FRME common stock, at the reporting person's election, upon separation from First Merchants.

Context

• Phantom stock is a deferred compensation award that tracks the value of company shares; it does not represent an immediate transfer of common stock. Payout occurs later (in cash or shares) under the terms described in the footnote.
• Because this is a compensation grant, it should be viewed as part of executive pay rather than a direct buy or sell signal about the CEO’s short-term market view.