FIRST MERCHANTS CORP
For the period ended May 7, 2024. Filed Mar 27, 2024.
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May 7, 2024 · Filed Mar 27, 2024
Contents
PAY VERSUS PERFORMANCE
| PAY VERSUS PERFORMANCE TABLE | ||||||||
|---|---|---|---|---|---|---|---|---|
| Value of Initial Fixed $100 Investment Based on: | ||||||||
| Year | Summary Compensation Table Total for Principal Executive Officer ($) | Compensation Actually Paid to Principal Executive Officer ($) | Average Summary Compensation Table Total for Non-Principal Executive Officer Named Executive Officers ($) | Average Compensation Actually Paid to Non-Principal Executive Officer Named Executive Officers ($) | Total Shareholder Return ($) | Peer Group Total Shareholder Return ($)(7) | Net Income ($000) | Earnings Per Share ($)(8) |
| 2023(1) | 1,787,750 | 1,692,822(5) | 970,092 | 890,903(6) | 101.92 | 115.64 | 223,800 | 3.73 |
| 2022(2) | 1,868,200 | 1,849,910 | 1,028,734 | 1,013,896 | 108.22 | 116.10 | 222,100 | 3.81 |
| 2021(3) | 1,454,487 | 1,580,952 | 1,055,798 | 1,132,355 | 107.02 | 124.74 | 205,500 | 3.81 |
| 2020(4) | 1,403,078 | 1,174,328 | 666,525 | 523,527 | 93.07 | 91.29 | 148,600 | 2.74 |
(1)In 2023, the Company's Principal Executive Officer ("PEO") was Mark K. Hardwick, and the Company's Non-Principal Executive Officer Named Executive Officers ("Non-PEO NEOs") were Michael J. Stewart, Michele M. Kawiecki, John J. Martin, and Stephan H. Fluhler.
(2)In 2022, the Company's PEO was Mark K. Hardwick, and the Company's Non-PEO NEOs were Michael J. Stewart, Michele M. Kawiecki, John J. Martin, and Stephan H. Fluhler.
(3)In 2021, the Company's PEO was Mark K. Hardwick, and the Company's Non-PEO NEOs were Michael J. Stewart, Michele M. Kawiecki, John J. Martin and Stephan H. Fluhler
(4)In 2020, the Company's PEO was Michael C. Rechin, and the Company's Non-PEO NEOs were Mark K. Hardwick, Michael J. Stewart, John J. Martin and Stephan H. Fluhler
(5)The adjustments made to the Summary Compensation Table "Total" for the Company's Principal Executive Officer are as follows:
| Year | Reported Summary Compensation Table Total for Principal Executive Officer ($) | Reported Value of Equity Awards ($) (a) | Equity Award Adjustments ($) (b) | Reported Change in the Actuarial Present Value of Pension Benefits ($) (c) | Pension Benefit Adjustments ($) (d) | Compensation Actually Paid to Principal Executive Officer ($) |
|---|---|---|---|---|---|---|
| 2023 | 1,787,750 | (611,040) | 522,605 | (6,493) | 0 | 1,692,822 |
(a) The reported value of equity awards represents the grant date fair value of equity awards as reported in the "Stock Awards" column of the Summary Compensation Table for each applicable year.
(b) The amounts deducted or added in calculating the equity award adjustments are as follows:
| Year | Year-End Fair Value of Equity Awards Granted during the Year ($) | Year-Over-Year Change in Fair Value of Outstanding and Unvested Equity Awards ($) | Fair Value as of Vesting Date of Equity Awards Granted and Vested in the Year ($) | Year-Over-Year Change in Fair Value of Equity Awards Granted in Prior Years that Vested in the Year ($) | Fair Value at the End of the Prior Year of Equity Awards that Failed to Meet Vesting Conditions in the Year ($) | Value of Dividends or Other Earnings Paid on Stock or Option Awards Not Otherwise Reflected in Fair Value or Total Compensation ($) | Total Equity Award Adjustments ($) |
|---|---|---|---|---|---|---|---|
| 2023 | 704,520 | (94,705) | 0 | (87,210) | 0 | 0 | 522,605 |
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