FRME · First Merchants Corp · Executive Compensation

$39.67 -0.10 (-0.25%) At close · Oct 6

Russell 2000 member Rebalance outlook locked

Market Cap

$2.57B

63.02M

Volume · Oct 6 448.88K Avg daily vol (3M) 454.45K

Named-executive compensation from the company's DEF 14A proxy statements — salary, bonus, stock and option awards, non-equity incentive, and the company-reported total per executive per fiscal year, exactly as disclosed in the Summary Compensation Table.

Fiscal 2025

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mark Hardwick	Chief Executive Officer	$826,538	—	$787,290	—	$657,924	$118,850	$2,398,488
Mark K. Hardwick	Chief Executive Officer	$826,538	—	$787,290	—	$657,924	$118,850	$2,398,488
Michael J. Stewart	President	$658,023	—	$599,840	—	$392,840	$100,796	$1,751,499
Michael Stewart	President	$658,023	—	$599,840	—	$392,840	$100,796	$1,751,499
Michele M. Kawiecki	Executive Vice President and Chief Financial Officer	$494,793	—	$487,370	—	$295,391	$92,096	$1,369,650
Michele Kawiecki	Executive Vice President and Chief Financial Officer	$494,793	—	$487,370	—	$295,391	$92,096	$1,369,650
John Martin	Executive Vice President and Chief Credit Officer	$453,985	—	$299,920	—	$225,495	$66,515	$1,045,915
Joseph C. Peterson	Executive Vice President and Chief Commercial Officer	$453,985	—	$299,920	—	$177,197	$52,074	$983,176

Fiscal 2024

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mark Hardwick	Chief Executive Officer	$762,547	—	$758,940	—	$448,931	$108,850	$2,079,268
Mark K. Hardwick	Chief Executive Officer	$762,547	—	$758,940	—	$448,931	$108,850	$2,079,268
Michael J. Stewart	President	$641,769	—	$578,240	—	$308,049	$89,884	$1,617,942
Michael Stewart	President	$641,769	—	$578,240	—	$308,049	$89,884	$1,617,942
Michele Kawiecki	Executive Vice President and Chief Financial Officer	$482,384	—	$469,820	—	$206,384	$76,757	$1,235,345
Michele M. Kawiecki	Executive Vice President and Chief Financial Officer	$482,384	—	$469,820	—	$206,384	$76,757	$1,235,345
John Martin	Executive Vice President and Chief Credit Officer	$442,138	—	$289,120	—	$176,855	$60,269	$968,382
Joseph C. Peterson	Executive Vice President and Chief Commercial Officer	$434,938	—	$289,120	—	$170,666	$37,022	$931,746

Fiscal 2023

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mark K. Hardwick	Chief Executive Officer	$721,538	—	$611,040	—	$369,807	$78,872	$1,787,750
Mark Hardwick	Chief Executive Officer	$721,538	—	$611,040	—	$369,807	$78,872	$1,787,750
Michael J. Stewart	President	$620,308	—	$410,040	—	$271,695	$75,644	$1,377,687
Michael Stewart	President	$620,308	—	$410,040	—	$271,695	$75,644	$1,377,687
Michele M. Kawiecki	Executive Vice President and Chief Financial Officer	$465,204	—	$305,520	—	$169,809	$63,473	$1,004,006
Michele Kawiecki	Executive Vice President and Chief Financial Officer	$465,204	—	$305,520	—	$169,809	$63,473	$1,004,006
John Martin	Executive Vice President and Chief Credit Officer	$423,877	—	$184,920	—	$139,244	$53,923	$801,964
Stephan H. Fluhler	Senior Vice President and Chief Information Officer	$377,354	—	$160,800	—	$123,961	$31,079	$696,711

Fiscal 2022

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mark Hardwick	Chief Executive Officer	$662,500	—	$614,250	—	$527,163	$64,287	$1,868,200
Mark K. Hardwick	Chief Executive Officer	$662,500	—	$614,250	—	$527,163	$64,287	$1,868,200
Michael J. Stewart	President	$588,564	—	$409,500	—	$417,680	$66,545	$1,482,289
Michael Stewart	President	$588,564	—	$409,500	—	$417,680	$66,545	$1,482,289
Michele Kawiecki	Executive Vice President and Chief Financial Officer	$425,577	—	$286,650	—	$232,260	$57,098	$1,001,585
Michele M. Kawiecki	Executive Vice President and Chief Financial Officer	$425,577	—	$286,650	—	$232,260	$57,098	$1,001,585
John Martin	Executive Vice President and Chief Credit Officer	$408,462	—	$184,275	—	$229,760	$53,077	$875,574
Stephan H. Fluhler	Senior Vice President and Chief Information Officer	$363,462	—	$163,800	—	$195,089	$33,139	$755,490

Fiscal 2021

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Mark Hardwick	Chief Executive Officer	$561,166	—	$362,695	—	$471,380	$59,246	$1,454,487
Mark K. Hardwick	Chief Executive Officer	$561,166	—	$362,695	—	$471,380	$59,246	$1,454,487
Michael Stewart	President	$507,856	—	$330,692	—	$391,049	$64,070	$1,293,667
Michael J. Stewart	President	$507,856	—	$330,692	—	$391,049	$64,070	$1,293,667
Michele Kawiecki	Executive Vice President and Chief Financial Officer	$354,474	—	$433,967	—	$198,505	$48,574	$1,035,520
Michele M. Kawiecki	Executive Vice President and Chief Financial Officer	$354,474	—	$433,967	—	$198,505	$48,574	$1,035,520
John Martin	Executive Vice President and Chief Credit Officer	$332,575	—	$433,117	—	$209,522	$53,658	$1,028,872
Stephan H. Fluhler	Senior Vice President and Chief Information Officer	$315,377	—	$337,960	—	$174,340	$37,458	$865,135

Fiscal 2020

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Michael Rechin	Former President and Chief Executive Officer	$588,588	—	$407,100	—	$184,632	$222,758	$1,403,078
Mark K. Hardwick	Chief Executive Officer	$398,858	—	$257,830	—	$89,743	$57,676	$827,586
Mark Hardwick	Chief Executive Officer	$398,858	—	$257,830	—	$89,743	$57,676	$827,586
Michael Stewart	President	$358,772	—	$249,688	—	$80,724	$62,903	$752,087
Michael J. Stewart	President	$358,772	—	$249,688	—	$80,724	$62,903	$752,087
John Martin	Executive Vice President and Chief Credit Officer	$285,349	—	$203,550	—	$57,070	$46,029	$591,998
Stephan H. Fluhler	Senior Vice President and Chief Information Officer	$281,515	—	$108,560	—	$67,789	$24,700	$494,428
Michele M. Kawiecki	Executive Vice President and Chief Financial Officer	—	—	—	—	—	—	—
Michele Kawiecki	Executive Vice President and Chief Financial Officer	—	—	—	—	—	—	—

Fiscal 2019

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Michael Rechin	Former President and Chief Executive Officer	$565,120	—	$566,250	—	$322,119	$249,051	$1,702,540
Mark Hardwick	Chief Executive Officer	$386,024	—	$358,625	—	$173,711	$53,828	$993,691
Mark K. Hardwick	Chief Executive Officer	$386,024	—	$358,625	—	$173,711	$53,828	$993,691
Michael Stewart	President	$346,515	—	$347,300	—	$155,932	$59,909	$909,656
Michael J. Stewart	President	$346,515	—	$347,300	—	$155,932	$59,909	$909,656
John Martin	Executive Vice President and Chief Credit Officer	$276,366	—	$283,125	—	$110,546	$39,282	$709,319
Stephan H. Fluhler	Senior Vice President and Chief Information Officer	$251,419	—	$151,000	—	$78,599	$31,870	$523,956
Michele Kawiecki	Executive Vice President and Chief Financial Officer	—	—	—	—	—	—	—
Michele M. Kawiecki	Executive Vice President and Chief Financial Officer	—	—	—	—	—	—	—

Fiscal 2018

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Michael Rechin	Former President and Chief Executive Officer	$548,853	—	$729,750	—	$517,019	$251,279	$2,046,901
Mark K. Hardwick	Chief Executive Officer	$372,206	—	$462,175	—	$262,964	$40,953	$1,138,298
Mark Hardwick	Chief Executive Officer	$372,206	—	$462,175	—	$262,964	$40,953	$1,138,298
Michael J. Stewart	President	$334,110	—	$437,850	—	$236,049	$39,870	$1,047,879
Michael Stewart	President	$334,110	—	$437,850	—	$236,049	$39,870	$1,047,879
John Martin	Executive Vice President and Chief Credit Officer	$267,664	—	$364,875	—	$168,093	$34,131	$834,763
Stephan H. Fluhler	Senior Vice President and Chief Information Officer	$238,680	—	$194,600	—	$101,118	$21,847	$556,245

Fiscal 2017

Executive	Role	Salary	Bonus	Stock Awards	Option Awards	Incentive	Other	Total
Michael Rechin	President and Chief Executive Officer	$532,867	—	$606,600	—	$543,524	$221,570	$1,904,561
Mark Hardwick	Executive Vice President, Chief Operating Officer, and Chief Financial Officer	$359,485	—	$384,180	—	$275,006	$36,060	$1,067,610
Mark K. Hardwick	Executive Vice President, Chief Operating Officer, and Chief Financial Officer	$359,485	—	$384,180	—	$275,006	$36,060	$1,067,610
Michael J. Stewart	Executive Vice President and Chief Banking Officer	$322,505	—	$363,960	—	$219,304	$35,527	$941,296
Michael Stewart	Executive Vice President and Chief Banking Officer	$322,505	—	$363,960	—	$219,304	$35,527	$941,296
John Martin	Executive Vice President and Chief Credit Officer	$258,957	—	$303,300	—	$176,091	$29,762	$768,110
Stephan H. Fluhler	Senior Vice President and Chief Information Officer	$227,345	—	$161,760	—	$111,444	$20,459	$527,751

Executive changes

Person	Role	Change	Effective	Filed
Michael J. Stewart	President and Chief Executive Officer	Appointed	2027-01-01	2026-10-01
Mark K. Hardwick	Chief Executive Officer	Retired	2027-01-01	2026-10-01
Dr. Mung Chiang	Board of Directors	Resigned	2026-07-01	2026-07-02
Paul Fultz	Board of Directors	Appointed	2026-05-19	2026-05-19
Gary Lehman	Board of Directors	Retired	2026-05-19	2026-05-19
Larry W. Myers	Director	Appointed	2026-02-09	2026-02-09
Patrick Fehring	Board of Directors	Retired	2025-11-14	2025-11-14
Charles E. Schalliol	Chair of the Board of Directors	Retired	2024-05-07	2024-05-08
Micheal C. Rechin	Vice Chairperson of First Merchants Corporation and First Merchants Bank Board of Directors	Appointed	2024-05-07	2024-05-08
Jean Wojtowicz	Chair of the Compensation and Human Resources Committee	Appointed	2024-05-07	2024-05-08
Jean Wojtowicz	Chairperson of First Merchants Corporation and First Merchants Bank Board of Directors	Appointed	2024-05-07	2024-05-08
Susan Brooks	Chair of the Nominating & Governance Committee	Appointed	—	2023-02-08
F. Howard Halderman	Chair of the Risk and Credit Policy Committee	Appointed	—	2023-02-08
Jean Wojtowicz	Vice Chairperson of First Merchants Corporation and First Merchants Bank	Appointed	2023-02-07	2023-02-08
Dr. Mung Chiang	Director	Appointed	2023-02-08	2023-02-08

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