FLUHLER STEPHAN 4

What Happened
Stephan Fluhler, Chief Information Officer and Senior Vice President of First Merchants Corp (FRME), sold 4,161 shares in an open‑market transaction on February 11, 2026 at $41.96 per share, producing gross proceeds of approximately $174,596. The sale is reported on a Form 4 filed on February 12, 2026. Sales are often routine (e.g., for diversification or liquidity) and do not by themselves indicate management’s view of the company.

Key Details

• Transaction date and price: 2026-02-11 — 4,161 shares sold at $41.96 each.
• Total proceeds: ~$174,596.
• Transaction type/code: Open‑market sale (S).
• Shares owned after transaction: Not specified on the Form 4; the filing notes restricted stock awards (see footnote).
• Footnote: F1 — Includes Restricted Stock Awards totaling 15,879.362 shares (these are likely subject to vesting/transfer restrictions).
• Filing timeliness: Form 4 filed 2026-02-12 (within the typical 2‑business‑day reporting window).

Context
Insider sales are common and can reflect personal liquidity needs rather than a negative view of the company; purchases tend to be more informative about insider conviction. The presence of restricted stock awards in the filing indicates a portion of the insider’s holdings may be subject to vesting and not immediately tradeable.