First Merchants adopts 2025 SMICP; CEO target 80% base, max 160%

FIRST MERCHANTS CORP

CEO Hardwick target 80% of base salary at SMICP; max 160% if goals met/exceeded.
President Stewart and EVP/CFO Kawiecki each target 60% of base; max 120%.
EVP/CC Martin and EVP/CCO Peterson each target 50% of base; max 100%.
Performance for majority based on diluted GAAP operating EPS; Peterson 70% EPS + 30% Commercial line.
Payouts require employment at payment unless death/disability/retirement; subject to clawback.

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