Form 4: First Merchants CIO Boosts Stake with Phantom Stock

Stephan Fluhler, Chief Information Officer of First Merchants Corp., acquired additional phantom stock units on December 19 and 22, 2025, increasing his beneficial ownership.

Summary

• Stephan Fluhler, Chief Information Officer and Senior Vice President of First Merchants Corp. (FRME), acquired phantom stock units.
• On December 19, 2025, Mr. Fluhler acquired 17.585 phantom stock units.
• On December 22, 2025, an additional 71.983 phantom stock units were acquired.
• Each phantom stock unit is the economic equivalent of one share of FRME common stock, with an acquisition price of $38.08 per unit for these transactions.
• Following these transactions, Mr. Fluhler's total beneficial ownership of phantom stock units increased to 1,339.996.
• The phantom stock units will be settled in cash or shares of FRME common stock, at Mr. Fluhler's election, upon his separation from First Merchants.

Sentiment

Score: 6

Explanation: The acquisition of additional phantom stock by a key executive generally indicates confidence in the company's future prospects, aligning management's interests with shareholders. The transaction size is relatively small in the context of overall company value, hence a moderately positive score.

Positives

• An insider, the Chief Information Officer, increased their beneficial ownership in the company, which can signal confidence in future performance.
• The acquisition of phantom stock aligns management's interests with shareholder value, as the value of these units is tied to the company's common stock performance.

Future Outlook

The phantom stock units will be settled in cash or shares of FRME common stock upon the reporting person's separation from First Merchants.

Management Comments

• No direct quotes are provided in this Form 4 filing; however, the acquisition of phantom stock by the Chief Information Officer reflects a decision to increase personal stake in the company's performance.

Industry Context

Insider transactions, such as the acquisition of phantom stock, are common in the financial services industry as a form of executive compensation and to align management incentives with long-term company performance and shareholder interests.

Stakeholder Impact

• Shareholders: May view the insider acquisition as a positive signal of management confidence in the company's future performance and value.

Next Steps

• The phantom stock units will be settled upon Stephan Fluhler's separation from First Merchants.

Key Dates

Keywords

First Merchants Corp, FRME, Insider Trading, Form 4, Phantom Stock, Stephan Fluhler, Chief Information Officer, Executive Compensation, Equity Acquisition