Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 41

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 41
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ger will be fulfilled or that the Merger will be completed. If the Merger Agreement is terminated, there may be various consequences to First Savings, including:

| • |     | First Savings’ businesses may have been adversely impacted by the failure to pursue other beneficial                                        
 opportunities due to the focus of management on the Merger, without realizing any of the anticipated benefits of completing the Merger; and |

| • |     | First Savings will have incurred substantial expenses in connection with the Merger, without realizing any of the 
 anticipated benefits of completing the Merger.                                                                    |

If the Merger Agreement is terminated by First Savings due to its acceptance of a superior acquisition proposal or by First Merchants due to the failure of First Savings’ Board of Directors to recommend approval of the Merger Agreement to its shareholders by reason of a superior acquisition proposal or for certain related reasons, then First Savings has agreed pay to First Merchants a $10,000,000 termination fee. The payment of the termination fee could have a material adverse effect on First Savings’ financial condition, and there can be no assurance that First Savings would be able to complete a transaction with a party willing to pay an equivalent or more attractive price than the price First Merchants has agreed to pay in the Merger. The termination fee and the restrictions on solicitation contained in the Merger Agreement may discourage other companies from trying to acquire First Savings. Until the completion of the Merger, with some exceptions, First Savings is prohibited from soliciting, initiating, encouraging or participating in any discussion of or otherwise considering any inquiries or proposals that may lead to an acquisition proposal, such as a merger or other business combination transaction, with any person other than First Merchants. In addition, First Savings has agreed to pay a termination fee of $10,000,000 to First Merchants if the First Savings Board of Directors does not recommend approval of the Merger Agreement to the First Savings shareholders by reason of a superior acquisition proposal. These provisions could discourage other companies from trying to acquire First Savings even though such other companies might be willing to offer greater value to First Savings’ shareholders than First Merchants has offered in the Merger Agreement. The payment of the termination fee also could have a material adverse effect on First Savings’ financial condition. 26

The market price of First Merchants common stock after the Merger may be affected by factors different from those affecting the shares of First Savings or First Merchants currently. Upon completion of the Merger, holders of First Savings common stock will become holders of