Company: FRME
Filing Date: 2025-06-20
Form Type: 11-K
Source: 0000712534-25-000132
Chunk: 7

Company: FIRST MERCHANTS CORP
Filing Date: 2025-06-20
Form: 11-K
Chunk 7
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 2016, for acquired participants, predecessor employer service will be based on years of continuous service, the vesting in the retirement security contribution portion of their account plus earnings is 100% after three years of credited service and vesting in the transition contribution portion of their account plus earnings is immediate since all eligible participants have at least ten years of service.

#### Payment of Benefits
Upon termination of service, participants may elect to receive a lump-sum amount or installments equal to the value of their accounts. Withdrawals other than for termination are permitted under certain circumstances provided by the Plan. Plan assets may include amounts allocated to accounts of terminated or retired participants who have elected to withdraw from the Plan but have not yet been paid.

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#### First Merchants Corporation

#### Retirement Income and Savings Plan

### Notes to Financial Statements

#### December 31, 2024 and 2023

#### Forfeited Accounts
At December 31, 2024 and 2023, forfeited nonvested accounts totaled $4,421 and $75,241, respectively. These accounts will be used to reduce future employer contributions. Also, in 2024 and 2023, employer contributions were reduced by approximately $840,000 and $355,000, respectively, from forfeited nonvested accounts. The employer contribution receivable at December 31, 2024 and 2023 is reduced by approximately $13,500 and $259,000 of forfeitures used to offset, respectively.

#### Notes Receivable From Participants
Effective January 1, 2010, the Plan Document includes provisions authorizing loans from the Plan to active eligible participants. The minimum amount of a loan shall be $1,000. The maximum amount of a participant's loans is determined by the available loan balance restricted to the lesser of $50,000 or 50% of the participant's vested account balance. All loans are covered by demand notes and are repayable over a period not to exceed five years through payroll withholdings or ACH debit beginning August 3, 2020, unless the participant is paying the loan in full. Interest on the loans is based on local prevailing rates as determined by the Plan Administrator.

Notes receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent notes receivable from participants are reclassified as benefits paid based upon the terms of the Plan Document.

#### Plan Termination
Although it has not expressed any intent to do so