RECHIN MICHAEL C 4

What Happened
Michael C. Rechin, a director of First Merchants Corp. (FRME), was granted 554 shares on 2026-06-30 at a reported per-share value of $43.69, for a total value of $24,204. The transaction is recorded as an award/grant (Form 4 code A), i.e., restricted stock granted as compensation rather than an open-market purchase.

Key Details

• Transaction date: 2026-06-30; Filing date: 2026-07-02 (appears timely).
• Transaction type: Award/Grant (Code A).
• Shares granted: 554 shares at $43.69 each = $24,204.
• Shares owned after transaction: not explicitly stated in the summary data provided.
• Footnote: F1 — "Includes Restricted Stock Awards totaling 7,756 shares."
• No indication of a 10b5-1 plan, cashless exercise, gift, or tax-withholding sale in the provided details.

Context
Restricted stock awards are a form of compensation that typically vest over time and are subject to transfer restrictions; they do not represent an immediate open-market purchase and therefore are less direct as a signal of personal bullishness. This filing documents a routine compensation grant to a director rather than a buy or sale of shares on the open market.