Form 4: Director Mung Chiang Acquires FRME Shares

First Merchants Corp. Director Mung Chiang acquired 604 shares of common stock at $37.48 per share in a pre-planned transaction.

Summary

• Director Mung Chiang of First Merchants Corp. (FRME) acquired 604 shares of common stock.
• The transaction occurred on December 31, 2025, at a price of $37.48 per share.
• Following this acquisition, Mung Chiang beneficially owns a total of 7,774 shares, which includes Restricted Stock Awards.
• The transaction was made pursuant to a Rule 10b5-1(c) pre-arranged trading plan.

Sentiment

Score: 7

Explanation: A director increasing their stake in the company generally indicates confidence in its future, especially when done via a pre-planned Rule 10b5-1 transaction.

Positives

• A director increasing their stake in the company can signal confidence in the company's future prospects.
• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-planned, non-discretionary acquisition.

Future Outlook

The filing does not provide specific forward-looking statements or guidance beyond the details of the reported transaction.

Management Comments

• I authorize and designate Jacob Burkett, Paul Cento, and Melanie Bowling, individually, to execute and file, on my behalf, all required filings with the U.S. Securities and Exchange Commission, including but not limited to Forms 3, 4, 5, 144, and EDGAR system maintenance, including any amendments thereto, arising from the my ownership of or transactions in securities of First Merchants Corporation.
• This authorization and designation includes management of accounts and shall remain in effect until such time as I am no longer subject to the filing requirements of Forms 3, 4, 5, and 144 with respect to securities of First Merchants Corporation, unless earlier revoked in writing.
• I acknowledge that Jacob Burkett, Paul Cento, and Melanie Bowling, individually, are acting solely as filing agents and/or administrators and are not assuming any of my legal responsibilities for compliance with Section 16 of the Securities Exchange Act of 1934, as amended.

Industry Context

This Form 4 filing reports an individual insider transaction and does not provide broader industry context or trends. It reflects a director's personal investment decision within the financial services sector.

Corporate Governance

Related Party Transactions

• Director Mung Chiang, an insider, acquired common stock of First Merchants Corporation.

Stakeholder Impact

• Shareholders: May view the director's increased ownership as a positive signal of confidence in the company's future performance.
• Management: Reinforces alignment of interests between a director and the company's long-term success.

Next Steps

• Mung Chiang's authorization for filing agents remains in effect until no longer subject to filing requirements or revoked in writing.

Key Dates

Recommendation

The acquisition of 604 shares by a director, while a positive signal of confidence, is a relatively small transaction in the context of a publicly traded company. It was also executed under a pre-planned Rule 10b5-1 plan, which reduces its immediate signaling power compared to an open-market discretionary purchase. This transaction alone does not provide sufficient new information to warrant a change from a 'hold' position, assuming no other significant news or fundamental changes.

Keywords

First Merchants Corp, FRME, Mung Chiang, Director, Stock Acquisition, Insider Trading, Form 4, Rule 10b5-1, Common Stock