FIRST MERCHANTS CORPORATION (NASDAQ:FRME) Files An 8-K Entry into a Material Definitive AgreementItem 1.01 Entry into a Material Definitive Agreement.
On December 12, 2017, the Board of Directors of First Merchants Corporation (the “Corporation”) approved the establishment of a Non-Employee Directors’ Deferred Compensation Plan (the “Plan”). The Plan permits the Corporation's non-employee directors, commencing on January 1, 2018, to defer all or part of the compensation that is payable to them in cash for their services as board members. The Plan also provides that (a) the Corporation will match all participant deferrals by making a contribution equal to 10% of the amounts being deferred, and (b) the value in each participant’s deferred compensation account will be adjusted quarterly for earnings, and gains or losses, in each case, based upon a hypothetical investment in the Corporation’s common stock of the deferred compensation, the Corporation match, and the previous adjustments to the account’s value. Notwithstanding the foregoing, none of the deferrals, matches or valuation changes will be in the form of cash. Instead, such amounts will be reflected as credits or debits to the deferred compensation account maintained on behalf of each participant. Generally, participants will elect to defer payments to their accounts until retirement. At which time, the participant may elect to receive all amounts in their account as a lump sum or in installments.
The foregoing summary of the Plan is subject to, and qualified in its entirety by, the full text of the Plan, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference in its entirety.
Item 9.01Financial Statements and Exhibits.
(d)Exhibits.
FIRST MERCHANTS CORP ExhibitEX-10.1 2 fmcdirectorsdefcompplan1-1.htm FMC NON-EMPLOYEE DIRECTORS DEFERRED COMP PLAN 1-1-18 Exhibit FIRST MERCHANTS CORPORATION NON-EMPLOYEE DIRECTORS’ DEFERRED COMPENSATION PLAN(Effective as of January 1,…To view the full exhibit click here
About FIRST MERCHANTS CORPORATION (NASDAQ:FRME)
First Merchants Corporation is a financial holding Company. The Company has a bank charter, First Merchants Bank, National Association (the Bank), which is opened for business in Muncie, Indiana. The Bank also operates Lafayette Bank and Trust, Ameriana Bank, Ameriana Financial Services and First Merchants Trust Company as divisions of First Merchants Bank, N.A. The Bank includes approximately 120 banking locations in approximately 30 Indiana, over two Illinois and over two Ohio counties. Its delivery channels include automated teller machines, check cards, interactive voice response systems and Internet technology. The Company, through the Bank, offers a range of financial services, including accepting time deposits, savings and demand deposits; making consumer, commercial, agri-business and real estate mortgage loans; providing personal and corporate trust services; providing full-service brokerage, and providing other corporate services, letters of credit and repurchase agreements.