Company: FRME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000712534-25-000171
Chunk: 61

Company: FIRST MERCHANTS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 1
Chunk 61
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 RemainingContractual Term(in Years)AggregateIntrinsicValueOutstanding at January 1, 202540,991 $22.44   Exercised(11,943)$19.83   Outstanding June 30, 202529,048 $23.52 1.55$429 Vested and Expected to Vest at June 30, 202529,048 $23.52 1.55$429 Exercisable at June 30, 202529,048 $23.52 1.55$429 The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the Corporation's closing stock price on the last trading day of the first six months of 2025 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their stock options on June 30, 2025.  The amount of aggregate intrinsic value will change based on the fair value of the Corporation's common stock.  The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2025 and 2024 was $225,000 and $591,000, respectively.  Cash receipts of stock options exercised during the same periods were $237,000 and $812,000, respectively. The following table summarizes changes in unvested RSAs for the six months ended June 30, 2025. Number of SharesWeighted-AverageGrant Date Fair ValueUnvested RSAs at January 1, 2025554,436 $36.47 Granted18,364 $38.60 Vested(30,508)$39.96 Forfeited(1,325)$38.34 Unvested RSAs at June 30, 2025540,967 $36.35 

36

PART I. FINANCIAL INFORMATION ITEM 1. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS(table dollar amounts in thousands, except share data)(Unaudited)

As of June 30, 2025, unrecognized compensation expense related to RSAs was $8.1 million and is expected to be recognized over a weighted-average period of 1.3 years.  The Corporation did not have any unrecognized compensation expense related to stock options as of June 30, 2025.

NOTE 11

INCOME TAXThe following