Company: FRME
Filing Date: 2025-06-20
Form Type: 11-K
Source: 0000712534-25-000132
Chunk: 9

Company: FIRST MERCHANTS CORP
Filing Date: 2025-06-20
Form: 11-K
Chunk 9
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 were in compliance with the applicable requirements of the Internal Revenue Code (IRC) and therefore not subject to tax. Although the Plan had been amended since receiving the determination letter, the Plan Administrator and the Plan’s tax counsel believe that the Plan was designed, and is being operated, in compliance with the applicable requirements of the IRC and, therefore, believe that the Plan is qualified, and the related trust is tax exempt.

The Plan operates under a volume submitter adoption agreement in conjunction with a prototype retirement plan trust/custodial document sponsored by Lincoln Retirement Services Company LLC.

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#### First Merchants Corporation

#### Retirement Income and Savings Plan

### Notes to Financial Statements

#### December 31, 2024 and 2023

#### Payment of Benefits
Benefit payments to participants are recorded upon distribution.

#### Administrative Expenses
Administrative expenses may be paid by the Corporation or the Plan, at the Corporation's discretion.

#### NOTE 3
DISCLOSURES ABOUT FAIR VALUE OF ASSETS AND LIABILITIES

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurements must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a hierarchy of three levels of inputs that may be used to measure fair value:

#### Level 1
Quoted prices in active markets for identical assets or liabilities

#### Level 2
Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities

#### Level 3
Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities

Following is a description of the valuation methodologies used for assets measured at fair value on a recurring basis and recognized in the accompanying statements of net assets available for benefits, as well as the general classification of such assets and liabilities pursuant to the valuation hierarchy. There have been no significant changes in the valuation techniques during the year ended December 31, 2024 . The Plan has no liabilities measured on a recurring basis and has no assets or liabilities measured at fair value on a nonrecurring basis.

#### Investments
Where quoted market prices are available in an active market, securities are classified within Level 1 of the valuation hierarchy.