George Matthew Spencer 4

What Happened George Matthew Spencer, Chief Executive Officer of Merlin, Inc. (MRLN), was awarded 14,890,622 shares and an additional 1,512,485 derivative shares (rights tied to stock options) on March 16, 2026. No purchase price or market value is listed in the filing — these were received as part of the issuer’s business combination transaction rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-03-16; Transaction type: Award/Grant (Code A). Price: N/A (issued as part of a transaction, not purchased).
• Shares listed: 14,890,622 common shares (direct) and 1,512,485 derivative shares (option-related).
• Shares owned after transaction: Not specified in the Form 4 filing.
• Footnote F1: These securities were received in connection with the Business Combination Agreement (Aug 13, 2025), which converted Legacy Merlin common stock and options into Issuer common stock and options.
• Footnote F2: The converted stock option position vests in full on February 4, 2027.
• Filing/timeliness: Form 4 filed 2026-03-18 reporting the 2026-03-16 transaction — reported within the typical Form 4 reporting window.

Context This filing documents awards and option conversions tied to Merlin’s business combination (conversion of Legacy Merlin equity into the public issuer’s equity). The derivative entry represents converted/options that will vest in the future (Feb 4, 2027) rather than immediate sale or open-market buying. Such awards reflect corporate transaction mechanics and executive compensation/conversion, and should not be interpreted as a market buy or sell signal on their own.