Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 225

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 225
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. We express no opinion as to the trading value of First Savings Common Stock or First Merchants Common Stock at any time or what the value of First Merchants Common Stock will be once the shares are actually received by the holders of First Savings Common Stock. We have acted as First Savings’ financial advisor in connection with the Merger and will receive a fee for our services, which fee is contingent upon consummation of the Merger. We will also receive a fee for rendering this opinion, which opinion fee will be credited in full towards the advisory fee which will become payable to Piper Sandler upon consummation of the Merger. First Savings has also agreed to indemnify us against certain claims and liabilities arising out of our engagement and to reimburse us for certain of our out-of-pocketexpenses incurred in connection with our engagement. In the two years preceding the date hereof, Piper Sandler has not provided any other investment banking services to First Savings, nor has Piper Sandler provided any investment banking services to First Merchants. In the ordinary course of our business as a broker-dealer, we may purchase securities from and sell securities to First Savings, First Merchants and their respective affiliates. We may also actively trade the equity and debt securities of First Savings, First Merchants and their respective affiliates for our own account and for the accounts of our customers. Our opinion is directed to the Board of Directors of First Savings in connection with its consideration of the Agreement and the Merger and does not constitute a recommendation to any shareholder of First Savings as to how any such shareholder should vote at any meeting of shareholders called to consider and vote upon the approval of the Agreement and the Merger. Our opinion is directed only as to the fairness, from a financial point of view, of the Exchange Ratio to the holders of First Savings Common Stock and does not address the underlying business decision of First Savings to engage in the Merger, the form or structure of the Merger or any other transactions contemplated in the Agreement, the relative merits of the Merger as compared to any other alternative transactions or business strategies that might exist for First Savings or the effect of any other transaction in which First Savings might engage. We also do not express any opinion as to the fairness of the amount or nature of the compensation to be received in the Merger by any First Savings officer, director or employee, or class of such persons, if any, relative to the amount of compensation to be received by any other shareholder. This opinion has been approved by Piper Sandler’s fairness opinion committee. This