Form 4: First Merchants CIO Sells Over 5,600 Shares

Stephan Fluhler, Chief Information Officer of First Merchants Corp, sold 5,689 shares of common stock for $35.55 per share.

Summary

• Stephan Fluhler, the Chief Information Officer and Senior Vice President of First Merchants Corp (FRME), reported a transaction.
• On November 4, 2025, Fluhler sold 5,689 shares of First Merchants Corp Common Stock.
• The shares were sold at a price of $35.55 per share.
• This transaction was made pursuant to a Rule 10b5-1(c) contract, instruction, or written plan.
• Following the reported transaction, Fluhler directly beneficially owns 27,752.586 shares of Common Stock.
• This direct ownership includes Restricted Stock Awards totaling 21,634.835 shares.
• Additionally, Fluhler indirectly beneficially owns 3,599.291 shares through a 401(k) Plan.

Sentiment

Score: 5

Explanation: The sale of shares by a key executive, while a reduction in insider ownership, was executed under a Rule 10b5-1 plan, indicating it was pre-scheduled and not based on new, non-public information. This mitigates the typical negative signal of insider selling, leading to a neutral sentiment.

Negatives

• Chief Information Officer Stephan Fluhler sold 5,689 shares of First Merchants Corp common stock, reducing his direct holdings.

Future Outlook

NA

Industry Context

NA

Stakeholder Impact

• Shareholders may perceive the insider sale as a signal, though the Rule 10b5-1 plan mitigates concerns about sales based on new, non-public information.

Key Dates

Recommendation

A single, pre-planned insider sale, while a data point, does not fundamentally alter the investment thesis for First Merchants Corp. Investors should consider broader financial performance and market conditions rather than this isolated transaction.

Keywords

First Merchants Corp, FRME, Insider Trading, Form 4, Stock Sale, Stephan Fluhler, Chief Information Officer, 10b5-1 Plan