FLUHLER STEPHAN 4

What Happened Stephan Fluhler, Chief Information Officer and Senior Vice President of First Merchants Corp (FRME), received a grant of 95.525 phantom shares (derivative award) on 2026-06-23. The award is reported at a per-share value of $40.90, for a total reported value of approximately $3,907. This was an award/grant (not an open-market purchase or sale).

Key Details

• Transaction type: Grant / Award (derivative phantom stock, code A)
• Transaction date and filing date: 2026-06-23
• Shares/units granted: 95.525 phantom shares
• Per-share value: $40.90; total reported value ≈ $3,907
• Shares owned after transaction: Not specified in the filing
• Footnote: Each phantom share equals the economic equivalent of one FRME common share and will be settled in cash or FRME common stock, at the reporting person’s election, upon separation from First Merchants.

Context This was a derivative phantom-stock award used for compensation or retention, not a market purchase (which some investors view as a stronger bullish signal). Phantom shares provide economic exposure and will be paid in cash or stock in the future, so they do not immediately change the insider’s stock holdings. The dollar amount here is modest, so this is a routine compensation event rather than a large insider bet on the stock.