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EXHIBIT-10.1

First Merchants Corporation
Senior Management Incentive
Compensation Program
Approved February 2, 2022

    
I.    Purpose    
    
The Board of Directors of First Merchants Corporation (FMC) has established an executive compensation program, which is designed to closely align the interests of executives with those of our shareholders by rewarding senior managers for achieving short-term and long-term strategic management and earnings goals, with the ultimate objective of obtaining a superior return on the shareholders’ investment.
    
II.    Administration
    
This plan will be administered solely by the Compensation and Human Resources Committee (Committee) of FMC, with supporting documentation and recommendations provided by the Chief Executive Officer (CEO) of FMC. The Committee will annually review the targets for applicability and competitiveness.

The Committee will have the authority to: (a) modify the formal plan document; (b) make the final award determinations; (c) set conditions for eligibility and awards; (d) define extraordinary accounting events in calculating earnings; (e) establish future payout schedules; (f) determine circumstances/causes for which payouts can be withheld; and (g) abolish the plan. No payout will be earned unless and until it is formally approved by the Committee.

Any award or payout made to a participant who is an “executive officer” of FMC, as defined in Rule 3b-7 under the Securities Exchange Act of 1934, as amended, is subject to recovery or “clawback” by FMC if the award or payout was based on materially inaccurate financial statements (which includes, but is not limited to, statements of earnings, revenues or gains) or any other materially inaccurate performance metric criteria. The Committee will determine whether a financial statement or performance metric criteria is materially inaccurate based on all the facts and circumstances.  Further, the Committee may also impose additional recovery or “clawback” obligations upon any participant with respect to all or any portion of any award or any other payments of cash made by or on behalf of FMC to a participant with respect to any component of an award, whenever the Committee may determine that such action is appropriate by reason of applicable securities, banking, tax or other laws, exchange listing standards, or accounting principles or interpretations (regardless of whether such laws, principles or interpretations have been changed since the date of adoption of this plan), by reason of changes in circumstances occurring after the date of adoption, or by reason of the Committee’s subsequent discovery of any error or other miscalculation by the Committee in its determination of the amount of an award issuable or payable to a participant hereunder.

III.    Covered Individuals by Officer Level/Role

A.            Chief Executive Officer;
B.            President;
C.            Executive Vice Presidents;
D.            Executive Officers, Non-Bank Presidents and Regional Presidents;
E.            Selected Senior Leadership; and
F.            Department Heads, Division Heads and Other Management Leadership

In order to receive an award, a participant must be employed at the time of the award except for conditions of death, disability or retirement.

Participants will be disqualified if their individual overall performance is rated unsatisfactory; that is, either “improvement needed” or “unacceptable.” Additional disqualifiers will be added based on the position, role and level of influence on results.

Participant lists will be reviewed annually by the Committee.
    
IV.    Implementation Parameters

A.    The FMC CEO, President and EVP earnings component payouts will be determined by FMC EPS calculated on a diluted GAAP basis.
B.    Payouts to participants on their respective region or line of business will be based on their actual results as compared to plan.
C.    When utilized, balanced scorecards will be tailored to each unit incorporating a specific weighting on various operating initiatives as set by the CEO, President, EVPs and SVP of HR. Balanced scorecard metrics will be adopted by the Committee.
    
V.    Plan Structure

All payouts will be determined from a schedule to be adopted by the Committee. Participants will be notified in writing at the beginning of the plan year which metrics will be reflected in their respective balanced scorecard.Document

2022 Short-Term Incentive Compensation Plan and Award Notice
You have been chosen to participate in the 2022 Short-Term Incentive Compensation Plan (“STIP”) of CURO Group Holdings Corp. (the “Company”) based on your expected contributions to the Company’s financial objectives for the 2022 plan year, which is from January 1, 2022 to December 31, 2022.
Purpose
The purpose of the STIP is to incent and reward eligible employees for their material contributions to the operating and financial performance of the Company.

Eligibility Criteria

Identified employees of the Company and any of its subsidiaries, hired before October 1 of the plan year, are eligible to participate in the STIP. Further eligibility requirements are as follows:  
1.New hires: Employees hired into a STIP eligible position during the plan year, and before October 1, are eligible to participate in the STIP. Unless otherwise agreed, the STIP payment will be pro-rated based on the employee’s hire date. 
2.Promotions: Employees promoted into a STIP eligible role during the plan year, and before October 1, are eligible to participate in the STIP. Unless otherwise agreed, the STIP payment will be pro-rated based on the employee’s promotion date. 
3.Leave of Absences: Employees on an unpaid leave of absence longer than 30 calendar days will receive a pro-rated incentive payment based on the paid time worked during the plan year.  

Plan Design
You are eligible to receive an award of ____% of your base salary as of December 31, 2022 (“Eligible STIP Compensation”), under the STIP. The amount of Eligible STIP Compensation you actually earn, if any, will be determined based on achievement of two separate Company performance objectives approved by the Company’s Compensation Committee (the “Committee”), as follows:
1.  Company Risk Adjusted Revenue – 50% of Eligible STIP Compensation is based on the Company’s Risk Adjusted Revenue (“Risk Adjusted Revenue”).
The Company’s Risk Adjusted Revenue objective for the 2022 plan year is $_______________ (“Target Risk Adjusted Revenue”). Awards payable under the STIP attributable to the Company’s 2022 adjusted risk revenue will be calculated based on the following:

						
	Company Risk Adjusted Revenue*	STIP Award Based on Company 
Risk Adjusted Revenue

	Less than 95% of Target Risk Adjusted Revenue	None
	95% of Target Risk Adjusted Revenue	50% of Risk Adjusted Revenue STIP Compensation
	95.10% to 99.99% of Target Risk Adjusted Revenue	50% of Risk Adjusted Revenue STIP Compensation plus a percentage of Risk Adjusted Revenue STIP Compensation calculated on a pro rata basis (based on the amount by which Company adjusted risk revenue exceeds 95% of the Target Risk Adjusted Revenue)

	100% of Target Risk Adjusted Revenue	100% of Risk Adjusted Revenue STIP Compensation
	100.10% to 104.99% of Target Risk Adjusted Revenue	100% of Risk Adjusted Revenue STIP Compensation plus a percentage of Risk Adjusted Revenue STIP Compensation calculated on a pro rata basis (based on the amount by which Company adjusted risk revenue exceeds the Target Risk Adjusted Revenue)

	105% or more of Target Risk Adjusted Revenue	150% of Risk Adjusted Revenue STIP Compensation

*The Company’s risk adjusted revenue as a percentage of the Target Risk Adjusted Revenue will be rounded to the nearest one-hundredth of 1%.
2.  Company Adjusted Pre-Tax Income – 50% of Eligible STIP Compensation is based on the Company’s Adjusted Pre-Tax Income (“Adjusted Pre-Tax Income”). 
The Company’s adjusted pre-tax income objective for the 2022 plan year is $________________ (“Target Adjusted Pre-Tax Income”). Awards payable under the STIP attributable to the Company’s 2022 adjusted pre-tax income will be based on the following: 

						
	Company Adjusted Pre-Tax Income*	STIP Award Based on Company Adjusted 
Pre-Tax Income

	Less than 90% of Target Adjusted Pre-Tax Income	None
	90% of Target Adjusted Pre-Tax Income	50% of Pre-Tax Income STIP Compensation
	90.10% - 99.99% of Target Adjusted Pre-Tax Income	50% of Pre-Tax Income STIP Compensation plus a percentage of Pre-Tax Income STIP Compensation calculated on a pro rata basis by the Committee (based on the amount by which Company adjusted pre-tax income exceeds 90% of the Target Adjusted Pre-Tax Income)

	100% of Target Adjusted Pre-Tax Income	100% of Pre-Tax Income STIP Compensation
	100.10% to 109.99% of Target Adjusted Pre-Tax Income	100% of Pre-Tax Income STIP Compensation plus a percentage of Pre-Tax Income STIP Compensation calculated on a pro rata basis by the Committee (based on the amount by which Company adjusted pre-tax income exceeds the Target Adjusted Pre-Tax Income)

	110% or more of Target Adjusted Pre-Tax Income	150% of Pre-Tax Income STIP Compensation

*The Company’s adjusted pre-tax income as a percentage of the Target Adjusted Pre-Tax Income will be rounded to the nearest one-hundredth of 1%.
Note: The Company reserves the right to adjust the Target Risk Adjusted Revenue and/or Target Adjusted Pre-Tax Income objectives to account for the financial impact of acquisitions or other significant Company events during the year. 
 
General Provisions
Form of Payment

The Company expects awards earned under the STIP to be paid in cash, less all required withholdings and deductions, no later than March 15, 2023. The Company reserves the right, in its sole discretion and as approved by the Committee, to change the form of any award earned. 

Termination of Employment

To earn an award under the STIP, you must be employed by the Company for the entire performance period and be an active employee at the time of payment, unless otherwise (i) required by state law, (ii) provided in an employment agreement between you and the Company or (iii) determined by the Committee. In no event will an award under the STIP be accelerated in the event of termination of employment, except as provided herein.

Program Termination and Amendment

The Committee may amend, modify, terminate or suspend operation of the STIP at any time. Notice of any such changes will be communicated to participants.  

Benefits Not Guaranteed

Neither the establishment of the STIP nor participation in the STIP shall provide any guarantee or other assurance that an award will be payable under the STIP. There is no obligation of uniformity of treatment of employees or participants under the STIP. 

Confidentiality

The two financial objectives set forth in Section 1 and 2 above are confidential and by participating in the STIP you explicitly agree to keep those objectives confidential. 
 
No Employment Right

Participation in the STIP does not constitute a commitment, guarantee or agreement that the Company will continue to employ you and this STIP shall not be construed or applied as an employment contract or obligation.
 
Governing Law

The validity, construction and effect of the STIP shall be determined in accordance with the laws of the State of Kansas or Canadian Province in which you work without giving effect to conflicts of law principles.
 
Severability

The provisions of the STIP are severable. If any provision is determined to be unenforceable, in whole or in part, then such provision shall be modified so as to be enforceable to the maximum extent permitted by law. If such provision cannot be modified to be enforceable, the provision shall be severed from the STIP to the extent unenforceable. The remaining provisions and any partially enforceable provisions shall remain in full force and effect. 

Acknowledgement 

I have received and reviewed a copy of this 2022 Short-Term Incentive Compensation Plan and Award Notice. 
PARTICIPANT

By:                                             
           Signature

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