Benefit Plans

12 Months Ended

Dec. 31, 2025

401(k) Plan

The Company has a 401(k) plan established for substantially all full-time and part-time employees, as defined in the plan. Employee contributions are limited to the maximum established by the Internal Revenue Service on an annual basis. The Company has elected to match contributions equal to 100% up to the first 2% of employee deferrals and 50% for employee deferrals above 2% up to a maximum of 6%, equating to a maximum match of 4% of an individual’s eligible earnings, as defined in the plan. Contributions totaled approximately $1.4 million, $1.1 million and $0.9 million for the twelve months ended December 31, 2025, 2024 and 2023, respectively.

Employment Agreements

The Company is party to certain employment agreements with each of its Chief Executive Officer, President and Chief Operating Officer and Executive Vice President and Chief Financial Officer. The employment agreements each provide for annual base salaries and annual bonuses, if any, as determined from time to time by the Compensation Committee of our Board of Directors. The annual bonuses are to be determined with reference to the achievement of annual performance objectives established by the Compensation Committee. The agreements also provide that each of the Chief Executive Officer, President and Chief Operating Officer and Executive Vice President and Chief Financial Officer, may be awarded additional compensation, benefits, or consideration as the Compensation Committee may determine.

The agreements also provide for the continuation of salary and certain other benefits for a specified period of time upon termination of employment under certain circumstances, including resignation for “good reason,” termination by the Company without “cause” at any time or any termination of employment within twelve months following a “change in control,” along with other specific conditions.

2022 Equity Incentive Plan

The First Internet Bancorp 2022 Equity Incentive Plan (the “2022 Plan”) was approved by our Board of Directors and ratified by our shareholders on May 16, 2022. The plan permits awards of incentive and non-statutory stock options, stock appreciation rights, restricted stock awards, stock unit awards, performance awards and other stock-based awards. All employees, consultants and advisors of the Company or any subsidiary, as well as all non-employee directors of the Company, are eligible to receive awards under the 2022 Plan. The 2022 Plan initially authorized the issuance of 400,000 new shares of the Company’s common stock plus all shares of common stock that remained available for future grants under the First Internet Bancorp 2013 Equity Incentive Plan (the “2013 Plan”). Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at grant date. Forfeitures are recognized as they occur.

Award Activity Under 2022 Plan

The Company recorded $1.2 million, $1.5 million, and $0.8 million of share-based compensation expense for the years ended December 31, 2025, 2024 and 2023, respectively, related to stock-based awards under the 2022 Plan.

The following table summarizes the stock-based award activity under the 2022 Plan for the year ended December 31, 2025.


	Restricted Stock Units	Weighted-Average Grant Date Fair Value Per Share		Restricted Stock Awards	Weighted-Average Grant Date Fair Value Per Share		Deferred Stock Units	Weighted-Average Grant Date Fair Value Per Unit
Unvested at January 1, 2025	130,748	$	24.35	12,040	$	31.46	—	$	—
Granted	54,948	34.72		16,009	24.72		—	—

Vested	(28,192)	24.32		(12,404)	31.46		—	—
Unvested at December 31, 2025	157,504	$	27.97	16,009	$	24.72	—	$	—

At December 31, 2025, the total unrecognized compensation cost related to unvested stock-based awards was $2.1 million with a weighted-average expense recognition period of 1.6 years.

2013 Equity Incentive Plan

The 2013 Plan authorized the issuance of 750,000 shares of the Company’s common stock in the form of stock-based awards to employees, directors, and other eligible persons. No awards under the 2013 Plan remain outstanding and our authority to grant new awards under the 2013 Plan terminated upon shareholder approval of the 2022 Plan. Compensation expense is recognized over the vesting period of the awards based on the fair value of the stock at grant date. Forfeitures are recognized as they occur.

Award Activity Under 2013 Plan

The Company recorded less than $0.1 million, $0.3 million and $0.4 million of share-based compensation expense for the years ended December 31, 2025, 2024 and 2023, respectively, related to stock-based awards under the 2013 Plan.

The following table summarizes the stock-based award activity under the 2013 Plan for the year ended December 31, 2025:


	Restricted Stock Units	Weighted-Average Grant Date Fair Value Per Share		Restricted Stock Awards	Weighted-Average Grant Date Fair Value Per Share		Deferred Stock Units	Weighted-Average Grant Date Fair Value Per Unit
Unvested at January 1, 2025	22,997	$	46.71	—	$	—	—	$	—

Forfeited	(15,126)	46.71		—	—		—	—
Vested	(7,871)	46.71		—	—		—	—
Unvested at December 31, 2025	—	$	—	—	$	—	—	$	—

At December 31, 2025, there were no unrecognized compensation costs related to unvested stock-based awards under the 2013 Plan.

Directors Deferred Stock Plan

Until January 2014, the Company had a practice of granting awards under a stock compensation plan for members of the Board of Directors (“Directors Deferred Stock Plan”). The Company reserved 180,000 shares of common stock that could have been issued pursuant to the Directors Deferred Stock Plan. The plan provided directors the option to elect to receive up to 100% of their annual retainer in either common stock or deferred stock rights. Deferred stock rights were to be settled in common stock following the end of the deferral period payable on the basis of one share of common stock for each deferred stock right.

The following table summarizes the status of deferred stock rights related to the Directors Deferred Stock Plan for the year ended December 31, 2025.


						Deferred Rights
Outstanding, beginning of year						28,821
Granted						192

Outstanding, end of year						29,013

All deferred stock rights granted during 2025 were additional rights issued in lieu of cash dividends payable on outstanding deferred stock rights.