First Merchants Corp. Unveils 2024 Executive Incentive Program

First Merchants Corp. (FRME) has released an update to notify the public and investors about its officers.

First Merchants Corporation’s Board has launched the 2024 Senior Management Incentive Compensation Program, outlining potential cash bonuses for top executives based on their performance relative to set goals. Bonuses range from 22.5% to 140% of base salaries, with CEO Mark K. Hardwick eligible for up to 140% for hitting maximum targets. Performance metrics include operating earnings and, for the Chief Information Officer, the efficiency ratio. Payments are conditional upon employment status at the time of payout, with exceptions for death, disability, or retirement. The program includes a Clawback Policy for recouping payments in case of material financial inaccuracies.

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For a comprehensive understanding of the announcement, you can read the full document here.