Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 18

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 18
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, of (A) the product
of the Exchange Ratio multiplied by the First Merchants Average Price, over (B) the exercise price of First Savings common stock provided for in such First Savings Option. The Cancellation Payment will be paid on the day immediately preceding
the Effective Time and will be made without interest and will be less applicable tax withholdings. First Savings will be responsible for any applicable withholding and tax reporting with respect to the Cancellation Payments. All out-of-the-money First Savings Options, if any, will be cancelled as of the day immediately preceding the Effective Time without any
payment.

The term “First Merchants Average Price” means the volume weighted average trading price of a share of First
Merchants common stock as reported by Bloomberg, L.P. for the 10 days that First Merchants common stock trades on the Nasdaq Global Select Market preceding the fourth calendar day prior to the Effective Time. The First Merchants Average Price will
be appropriately and proportionately adjusted to reflect any share adjustments resulting from any stock splits, stock dividends, recapitalization, or similar transactions.

8

What First Merchants Shareholders Will Receive (page 41)

First Merchants shareholders will not receive any consideration in the Merger. After the Merger, First Merchants shareholders will continue to
own the same number of First Merchants shares owned before the Merger.

The First Savings Special Shareholders Meeting (page 30)

The special meeting of First Savings shareholders will be held on December 19, 2025, 11:30 a.m., local time, at the First Savings
Bank Center – Community Room, located at 702 North Shore Drive, Jeffersonville, Indiana 47130.

At the special meeting, First
Savings common shareholders will be asked to vote on the Merger Proposal, the Merger-Related Compensation Proposal, and the Adjournment Proposal.

First Savings Recommendation to Shareholders (page 31)

First Savings’ Board of Directors unanimously approved and adopted the Merger Agreement and unanimously approved and authorized the
Merger. First Savings’ Board of Directors concluded that entering into the Merger Agreement and completing the Merger and the other transactions contemplated by the Merger Agreement are in the best interest of First Savings and the First
Savings shareholders. First Savings’ Board of Directors unanimously recommends that First Savings common shareholders vote “FOR” (i) approval of the Merger Proposal, (ii) approval of the Merger-Related
Compensation Proposal, and (iii) approval of the