Company: FRME
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0000712534-25-000058
Chunk: 95

Company: FIRST MERCHANTS CORP
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 95
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 respectively.The following table summarizes information on unvested RSAs outstanding as of December 31, 2024: Number ofSharesWeighted-AverageGrant Date Fair ValueUnvested RSAs at January 1, 2024452,426 $37.94 Granted199,746 $36.07 Forfeited(7,850)$38.50 Vested(89,886)$42.79 Unvested RSAs at December 31, 2024554,436 $36.47 As of December 31, 2024, unrecognized compensation expense related to RSAs was $10.5 million and is expected to be recognized over a weighted-average period of 1.65 years. The Corporation did not have any unrecognized compensation expense related to stock options as of December 31, 2024.

99

PART II: ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATANOTES TO CONSOLIDATED FINANCIAL STATEMENTS(table dollar amounts in thousands, except share data)

NOTE 18

PENSION AND OTHER POST RETIREMENT BENEFIT PLANSThe Corporation’s defined-benefit pension plans, including non-qualified plans for certain employees, former employees and former non-employee directors, cover approximately 9 percent of the Corporation’s employees. In 2005, the Board of Directors of the Corporation approved the curtailment of the accumulation of defined benefits for future services provided by certain participants in the First Merchants Corporation Retirement Plan.  No additional pension benefits have been earned by any employees who had not attained both the age of 55 and accrued at least 10 years of vesting service as of March 1, 2005.  The benefits are based primarily on years of service and employees’ pay near retirement. Contributions are intended to provide not only for benefits attributed to service-to-date, but also for those expected to be earned in the future.   The table below sets forth the plans’ funded status and amounts recognized in the Consolidated Balance Sheets at December 31, using measurement dates of December 31, 2024 and 2023.20242023Change in Benefit Obligation:  Benefit obligation at beginning of year$55,761 $55,764 Interest cost2,632 2,876 Actuarial (gain) loss(2,678)2,386 Benefits paid(7,317)(5,265)Benefit obligation at end of year$48,