Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 83

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 83
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 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-solicitationcovenants 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. The aggregate cash payments to be made to First Savings’ named executive officers in connection with the Merger under employment agreements is equal to $4,535,656, and the total value of the acceleration of equity awards to such executive officers, based upon the average closing market price of $31.38 of First Savings common stock over the five business days following the first public announcement of the Merger on September 25, 2025, is $1,491,924. The aggregate cash payments to be made to such First Savings executive officers and the total value of the acceleration of equity awards to such executive officers is equal to $6,027,580.

| Name and Principal Position |     | Cash (1) ($) |           |     | Equity (2) ($) |           |     | Total ($) |           |
| Larry W. Myers              |     |              | 2,590,895 |     |                |   741,916 |     |           | 3,332,811 |
| Tony A. Schoen              |     |              | 1,066,220 |     |                |   496,084 |     |           | 1,562,304 |
| Jackie R. Journell          |     |              |   878,541 |     |                |   253,924 |     |           | 1,132,465 |
| Total                       |     |              | 4,535,656 |     |                | 1,491,924 |     |           | 6,027,580 |

| (1) | The cash payment payable to each of the executive officers of First Savings will be made in a single lump sum                                                                                                                                 
 in connection with the consummation of the Merger. The amounts payable to each named executive officer represent estimated amounts payable under the terms of their employment agreements with First Savings based on compensation data as