Scurlock Eva D. 4

What Happened
Eva D. Scurlock, Chief Risk Officer of First Merchants Corp (FRME), exercised a total of 11,429 stock option shares on 2026-02-12 for an aggregate exercise cost of $269,276. Of those, 4,762 shares were exercised at $26.04 (≈$124,002), 681 shares at $21.79 (≈$14,839), and 5,986 shares at $21.79 (≈$130,435). The company withheld 3,810 shares to cover tax/withholding obligations, valued at $41.64 per share (≈$158,648), leaving a net issuance of about 7,619 shares to Ms. Scurlock.

Key Details

• Transaction date: 2026-02-12; Form 4 filed 2026-02-13 (timely filing).
• Option exercises (code M): 11,429 shares exercised for $269,276 total (prices: $26.04 and $21.79).
• Tax/withholding (code F): 3,810 shares withheld at $41.64/share = ~$158,648.
• Net shares issued to insider: ~7,619 shares (11,429 exercised − 3,810 withheld).
• Footnote: Holdings include 9,842.109 restricted stock award shares. The filing does not state a total post-transaction beneficial ownership figure beyond the restricted-stock note.
• Transaction codes: M = option exercise, F = payment of exercise price/tax withholding.

Context
This was an option exercise with shares withheld to satisfy tax obligations (a common cashless-like settlement for taxes). Exercises are neither straightforward buys nor open-market sells — they convert derivative instruments into common shares. Withholding of shares to cover taxes is routine and does not necessarily indicate a change in view on the stock.