Valete James E. 4
4 · First Savings Financial Group, Inc. · Filed Feb 9, 2026
Research Summary
AI-generated summary of this filing
First Savings (FSFG) EVP James E. Valete Sells Shares
What Happened
James E. Valete, EVP and Chief SBA Lending Officer of First Savings Financial Group, disposed of 8,307 issued shares and 653 derivative shares on February 1, 2026. These were "dispositions to the issuer" related to the merger with First Merchants Corporation; per the filing the common shares were converted into First Merchants stock (or cash in lieu of fractional shares). The derivative holdings (an option) were canceled in the merger and settled for cash based on the merger consideration (see footnotes). Specific per‑share prices for the common‑share conversion are not listed in the Form 4 (marked N/A); the option cash equivalent used in the cancellation was $32.5876 per share gross, with the option payout equal to (shares exercisable) × (32.5876 − option exercise price), net of tax withholdings.
Key Details
- Transaction date: February 1, 2026. Form 4 filed February 9, 2026 (appears to be a late filing under the usual two‑business‑day rule).
- Reported dispositions: 8,307 shares (common stock) and 653 derivative shares (option). Prices for the common‑share conversion shown as N/A in the filing.
- Shares owned after the transactions: not specified in the supplied filing excerpt.
- Footnotes:
- F1: Each issued & outstanding FSFG share was converted into the right to receive 0.85 shares of First Merchants common stock (cash in lieu for fractional shares).
- F2: The option was canceled in the merger and cashed out based on $32.5876 per‑share merger consideration less the option exercise price, minus applicable tax withholdings.
- Nature of transaction: Merger‑related disposition/cash settlement — not an open‑market sale.
Context
These transactions were driven by the merger agreement (corporate action) rather than an open‑market trade by the insider. For the derivative portion, the option was not exercised and held — it was canceled and settled for cash as part of the merger consideration. Such merger settlements are routine corporate events and should not be read as an independent endorsement or rejection of the company’s prospects.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1]2026-02-01−8,307→ 0 total - Disposition to Issuer
Stock Options
[F2]2026-02-01−653→ 0 totalExercise: $29.00From: 2025-11-21Exp: 2034-11-21→ Common Stock (653 underlying)
Footnotes (2)
- [F1]Pursuant to the Agreement and Plan of Merger, dated as of September 24, 2025, between the Issuer and First Merchants Corporation, each issued and outstanding share of Issuer common stock was converted into the right to receive 0.85 shares of First Merchants Corporation common stock (subject to the payment of cash in lieu of fractional shares).
- [F2]This option was canceled in the merger in exchange for an amount of cash equal to the product of (i) the number of shares for which such option is exercisable and (ii) the excess of the per share cash equivalent consideration of $32.5876 over the per share exercise price of such option, less any applicable tax withholdings.