Carrithers Ryan Michael 4

What Happened

• Ryan Michael Carrithers, Merlin, Inc. (MRLN) Chief Financial Officer & Treasurer, was granted equity awards on May 20, 2026: 256,416 restricted stock units (RSUs) and 806,393 derivative awards reported at $0.00. The filing reports the RSUs as contingent rights to receive common stock; the 806,393 award is reported as a derivative instrument in the filing.

Key Details

• Transaction date(s): 2026-05-20; Form 4 filed: 2026-05-22 (timely filing).
• Grant details in filing:
  • 256,416 RSUs — price reported as N/A (see footnote F1).
  • 806,393 derivative awards — price reported as $0.00 (reported value $0) (see footnote F2).
• Footnote F1: The 256,416 award consists of (i) 241,416 RSUs vesting in three equal annual installments beginning March 16, 2027, and (ii) 15,000 RSUs vesting in four equal installments every six months beginning September 16, 2026. Each RSU is a contingent right to one share; RSUs do not expire.
• Footnote F2: The derivative (option-like) award vests 25% on October 14, 2026, with the remaining shares vesting in 36 substantially equal monthly installments thereafter.
• Shares owned after the transaction: not specified in the provided filing excerpt.

Context

• RSUs are not immediate shares; they convert to company stock only as they vest (contingent right to one share each).
• The 806,393 derivative awards are reported as $0 in the filing; the document describes their vesting schedule but does not show an exercise price or immediate cashless sale — they are awards, not sales.
• Awards to executives are common for compensation and retention; this Form 4 reports grants rather than open-market purchases or sales, so it signals compensation-related equity issuance rather than an insider betting for/against the stock.