Company: FCFS
Filing Date: 2025-06-27
Form Type: 11-K
Source: 0000840489-25-000084
Chunk: 5

Company: FirstCash Holdings, Inc.
Filing Date: 2025-06-27
Form: 11-K
Chunk 5
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Upon enrollment into the Plan, a participant may direct their contributions to purchase the Company’s common stock or any of the investment options offered by the Trustee of the Plan. Participant contributions directed to purchase the Company’s common stock are limited to 20% of the participant’s total contributions. Participants may change the allocation of their existing funds and future contributions at any time.

Payment of Benefits

Participants whose employment terminates for any reason (except death or disability) are generally entitled to receive the vested portion of their account in the form of a lump sum distribution payable in cash. If a terminated participant’s vested balance is $7,000 or less ($5,000 or less during 2023), and the participant does not consent to a distribution of the vested account balance, the vested benefit is automatically rolled over to an IRA provider. If the participant’s vested balance exceeds $7,000 ($5,000 during 2023), no distribution is made from the Plan without the participant’s consent. Hardship withdrawals and certain in-service withdrawals are permitted if the participant meets the eligibility requirements of the Plan.

Participant Loans

A participant may apply to the plan administrator for a loan under the Plan. All loans to participants are subject to the terms and conditions set forth in the Plan document and trust agreement. Participants may borrow up to one-half of their vested account balance or $50,000, whichever is less. The loans will bear a reasonable rate of interest based on the prevailing interest rates, and remains constant for the term of the loan. Repayments of the loan balance, plus interest, are paid ratably through bi-weekly after-tax payroll deductions, not to exceed five years, unless the loan was obtained to acquire a primary residence, then over a reasonable period of time as determined by the Trustee, but not to exceed 20 years. A participant may have only one loan outstanding at any one time. Participant loans are collateralized by the funds in their respective participant accounts.

Forfeitures

Participants who terminate employment prior to being fully vested in the Company’s matching contributions forfeit the non-vested Employer contributions and related earnings. At December 31, 2024 and 2023, there were approximately $751,000 and $649,000, respectively, of forfeited non-vested amounts. Forfeitures of Company matching contributions may be used to reduce future Employer’s matching contributions to the Plan. In 2024 and 2023, Company matching contributions were reduced by approximately $952,000 and $588,