Company: FRME
Filing Date: 2025-06-20
Form Type: 11-K
Source: 0000712534-25-000132
Chunk: 11

Company: FIRST MERCHANTS CORP
Filing Date: 2025-06-20
Form: 11-K
Chunk 11
---
 December 31, 2023                       |     | Fair Value |             |     | Fair Value Measurements Using:                       
 Quoted Prices in Active Markets for Identical Assets 
 (Level 1)                                            |             |     | Significant Other 
 Observable Inputs 
 (Level 2)         |   |     | Significant  
 Unobservable 
 Inputs       
 (Level 3)    |   |
|:----------------------------------------|:----|:-----------|------------:|:----|:-----------------------------------------------------|------------:|:----|:------------------|:--|:----|:-------------|:--|
| Common Stock                            |     | $          |   9,873,507 |     | $                                                    |   9,873,507 |     | $                 | — |     | $            | — |
| Mutual Funds                            |     |            | 214,685,524 |     |                                                      | 214,685,524 |     |                   | — |     |              | — |
| Investments in the Fair Value Hierarchy |     | $          | 224,559,031 |     | $                                                    | 224,559,031 |     | $                 | — |     | $            | — |

<div align='center'>11</div>

#### First Merchants Corporation

#### Retirement Income and Savings Plan

### Notes to Financial Statements

#### December 31, 2024 and 2023

#### NOTE 4

#### INVESTMENT CONTRACT WITH INSURANCE COMPANY
In August 2020, the Plan entered into a fully benefit-responsive investment contract with Lincoln National Life Insurance Company (Lincoln National). Lincoln National maintains the contributions in a general account. The account is credited with earnings on the underlying investments and charged for participant withdrawals and administrative expenses. The guaranteed investment contract issuer is contractually obligated to repay the principal and a specified interest rate guaranteed to the Plan.

The guaranteed investment contract is fully benefit responsive; therefore, contract value is the relevant measurement. Contract value, as reported to the Plan by Lincoln National, represents contributions made under the contract, plus earnings, less participant withdrawals and administrative expenses. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at contract value.

There are no reserves against the contract value for credit risk of the contract issuer or otherwise. Minimum guaranteed interest rate is 1.00% and interest is updated quarterly. The interest rate at December 31, 2023, March 31, 2024, June