Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 126

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 126
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 whole cent, determined by multiplying the First Merchants Average Price (as defined below) by the fractional share of First Merchants Common Stock to
which such holder of First Savings Common Stock would otherwise be entitled. No such holder of First Savings Common Stock shall be entitled to dividends, voting rights, or any other rights in respect of any fractional share. The term “First Merchants Average Price” shall mean the volume weighted average trading price of a share of First Merchants Common Stock as reported by Bloomberg, L.P. for the ten (10) days that First Merchants Common Stock trades on the Nasdaq
Global Select Market preceding the fourth (4th) calendar day prior to the Effective Time. The First

A-3

Merchants Average Price shall be appropriately and proportionately adjusted to reflect any share adjustment as contemplated by Section 3.3 hereof.

3.3 . If, between the date of this Agreement and the Effective Time, First Merchants issues a stock dividend with
respect to its shares of common stock, combines, subdivides, or splits up its outstanding shares or takes any similar recapitalization action, then the Exchange Ratio shall be adjusted so that each holder of First Savings Common Stock shall receive
such number of shares of First Merchants Common Stock as represents the same percentage of outstanding shares of First Merchants Common Stock at the Effective Time as would have been represented by the number of shares of First Merchants Common
Stock such shareholder would have received if the recapitalization had not occurred.

3.4 .

(a) Each share of common stock of First Merchants outstanding immediately prior to the Effective Time shall remain
outstanding unaffected by the Merger.

(b) On or prior to the Effective Time, First Merchants shall (i) authorize the
issuance of and shall make available to Broadridge Corporate Issuer Solutions, Inc. or such other exchange agent selected by First Merchants (the “Exchange Agent”), for the benefit of the registered shareholders of First Savings
Common Stock for exchange in accordance with this Section 3, certificates (or evidence of shares in book entry form at First Merchants’ option) of First Merchants Common Stock (the “First Merchants Stock Certificates”)
to be issued pursuant to Section 3.1, and (ii) shall deposit with the Exchange Agent sufficient cash for payment of any amounts payable in lieu of any fractional shares of First Merchants Common Stock in accordance with Section 3.2.
Such First Merchants Stock Certificates and cash are referred