Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 54

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 54
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 advisory basis. In addition to information below regarding the Merger-Related Compensation Proposal, see “THE MERGER—Interests of Certain Persons in the Merger” for additional
information regarding interests of management in the Merger at page 60.

Merger-Related Compensation for First Savings’ Named Executive Officers

The named executive officers of First Savings currently have employment agreements and long term incentive awards that provide for
cash payments, the acceleration of vesting of equity awards, and the provision of certain benefits, following a change in control of First Savings. Pursuant to the terms of the Merger Agreement and subject to closing of the Merger, to the extent
those arrangements are “double trigger” arrangements, those arrangements have been, or will be prior to the closing of the Merger, amended to eliminate any requirement that the covered participating executive experience an actual or
constructive termination of their employment in order to receive the payments and benefits. In exchange for the cash payments provided under the amended agreements the covered executives must agree to the enforcement of any applicable noncompetition
and non-solicitation covenants contained in those agreements by First Merchants following the Merger and that the covered executive will receive no further severance benefits under such amended agreements
regardless of the manner or circumstance of termination.

36

The table and footnotes below reflect the estimated amount of compensation that each of the named executive officers of First Savings is entitled to receive as a result of the Merger. In addition, the table presents the value of the acceleration of the vesting of equity awards as a result of the Merger. The amounts reported below are estimates based on assumptions that may or may not actually occur or be accurate on the relevant date, including assumptions described in this document. The tables do not include the value of any equity awards that may be granted to the named executive officers before the closing of the Merger because the amount of those awards, if any, has not yet been determined. As a result the actual amounts to be received by a named executive officer may differ from the amounts set forth below. Golden Parachute Compensation

| Name and Principal Position |     | Cash (1) ($) |           |     | Equity (2) ($) |         |     | Total ($) |           |
| Larry W. Myers              |     |              | 2,590,895 |     |                | 741,916 |     |           | 3,332,811 |
| Tony A. Schoen              |     |              | 1