Howard William Eric 4

What Happened

• Howard William Eric, EVP and CLO of a subsidiary of First Savings Financial Group, reported dispositions on Feb 1, 2026 totaling 33,602 shares/units: 21,873 and 3,632 common shares, plus 7,137 and 960 derivative units (options) surrendered to the issuer. The common shares were converted under the merger agreement into the right to receive 0.85 shares of First Merchants common stock (cash in lieu of fractional shares). The derivative items (options) were canceled in the merger and converted into a cash payment based on a per‑share cash equivalent of $32.5876 less each option’s exercise price (per the filing). The Form 4 lists no per‑share sale price (N/A) for the share conversions.

Key Details

• Transaction date: 2026-02-01 (Form filed 2026-02-09)
• Shares/units disposed: 21,873; 3,632; 7,137 (derivative); 960 (derivative) — total 33,602
• Price reported on Form 4: N/A for the share conversions; options valued per filing using $32.5876 cash‑equivalent less exercise price (exact cash paid depends on each option’s strike)
• Basis for disposition: Agreement and Plan of Merger (Sept 24, 2025) with First Merchants Corporation (stock conversion and option cancellation)
• Shares owned after transaction: not disclosed on the Form 4 provided
• Timeliness: Filing date (Feb 9) is after the Feb 1 transaction; Form 4s are generally due within 2 business days, so this filing appears late

Context

• These were not open‑market sales but merger‑related dispositions: common shares were converted into First Merchants stock under the exchange ratio (0.85 First Merchants share per First Savings share), while outstanding options were canceled for a cash payment formula. Such merger conversions and option cash‑outs are routine corporate‑transaction mechanics and do not necessarily indicate voluntary selling for personal reasons.