Mark K. Hardwick has been the CEO of First Merchants Corporation since early 2021. He has built a strong career in finance, starting as a Corporate Controller at First Merchants in 1997 and becoming the Chief Financial Officer in 2002....

Current Market Cap

$2.16B

Number of Employees

2.16K

Total Compensation

2021 - 2023

Trending down by -4.31% last year
Showing total compensation for the last 2021 - 2023

Stock

Down by -0.52% last year

Salary

Up by 9.89% last year

Bonus

Down by -29.85% last year

Other

Up by 22.69% last year

Year

2023

Total Compensation

$1.79M

Salary

$728.00K

Board Justification

The compensation philosophy aims to align executive compensation with company performance, ensuring that it is competitive with peer institutions and supports retention of high-performing leaders.

Bonus

$369.81K

Board Justification

The bonus is based on the Senior Management Incentive Compensation Program (SMICP) for performance in 2023, which was determined by the company's operating earnings per share.

Other

$78.87K

Board Justification

Includes contributions to the 401(k) plan and perquisites such as car allowance and country club dues.

Restricted Stock

$611.04K(19K RSU)

Board Justification

The stock awarded under the Long-term Equity Incentive Plan (LTEIP) that vested in 2023, with a total of 19,000 shares granted on August 2, 2023, vesting on August 2, 2026.

Performance Metrics

The performance metrics for determining compensation include operating earnings per share and consolidated efficiency ratio.

SEC Filing

From March 27, 2024