Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 44

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 44
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 effect that, as of such date and based upon the procedures followed, assumptions made, qualifications and limitations set forth therein, the Exchange Ratio was fair, from a financial point of view, to the holders of First Savings common stock, was based upon information available as of September 24, 2025. Piper Sandler’s opinion has not been updated to reflect changes that may occur or may have occurred after the date on which it was delivered, including changes to the operations and prospects of First Savings or First Merchants, changes in general market and economic conditions, or other changes. Any such changes may alter the relative value of First Savings or First Merchants, or the prices of shares of First Savings common stock or First Merchants common stock by the time the Merger is completed. The written opinion does not speak as of the date the Merger will be completed or as of any date other than the date referenced in such written opinion. For a description of the opinion that First Savings received from its financial advisor, please see “THE MERGER – Opinion of First Savings’ Financial Advisor,” beginning on page [●]. In connection with the Merger, First Merchants will assume First Savings’ outstanding debt obligations, and the combined company’s level of indebtedness following the completion of the Merger could adversely affect the combined company’s ability to raise additional capital and to meet its obligations under its existing indebtedness. In connection with the Merger, First Merchants will assume First Savings’ outstanding indebtedness. First Merchants’ existing debt, together with any future incurrence of additional indebtedness, could have important consequences for the combined company’s creditors and the combined company’s shareholders. For example, it could:

| • |     | limit the combined company’s ability to obtain additional financing for working capital, capital 
 expenditures, debt service requirements, acquisitions, and general corporate or other purposes;  |

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| • |     | restrict the combined company from making strategic acquisitions or cause the combined company to make non-strategic divestitures; |

| • |     | restrict the combined company from paying dividends to its shareholders; |

| • |     | increase the combined company’s vulnerability to general economic and industry conditions; and |

| • |     | require a substantial portion of cash flow from operations to be dedicated to the payment of principal and                                                                                          
 interest on the combined company’s indebtedness, thereby reducing the combined company’s ability to use cash flows to fund its operations, capital expenditures, and future business opportunities. |

Risk Factors Relating to the