Company: FRME
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0000712534-25-000171
Chunk: 177

Company: FIRST MERCHANTS CORP
Filing Date: 2025-07-31
Form: 10-Q
Item: Part I, Item 8
Chunk 177
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.  The ESPP shares were purchased and issued during the three months ended June 30, 2025, resulting in no unrecognized compensation expense related to ESPP options at June 30, 2025.Stock option activity under the Corporation's stock option plans as of June 30, 2025 and changes during the six months ended June 30, 2025, were as follows:Number ofSharesWeighted-Average Exercise PriceWeighted Average 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 

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PART I. FINANCIAL INFORMATION ITEM 1. NOTES TO CONSOLIDATED CONDENSED FIN