Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 45

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 45
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ants may be challenging while the Merger is pending, as certain employees may experience uncertainty about their future roles with
First Savings or First Merchants. If key employees depart because of issues relating to the uncertainty and difficulty of integration or a desire not to remain with First Savings or First Merchants, First Savings’ and/or First Merchants’
business could be harmed. In addition, subject to certain exceptions, each of First Savings and First Merchants has agreed to operate its business in the ordinary course prior to closing. See “THE MERGER AGREEMENT – Restrictions
Affecting the Parties Prior to Completion of the Merger” on page 69 for a description of the restrictive covenants applicable to First Savings and First Merchants while the Merger is pending.

The shares of First Merchants common stock to be received by First Savings shareholders as a result of the Merger will have different rights from the shares of First Savings common stock.

Upon completion of the Merger, First Savings shareholders will become First Merchants
shareholders and their rights as shareholders will be governed by the First Merchants Articles of Incorporation and Bylaws. The rights associated with First Savings common stock may be different from the rights associated with First Merchants common
stock. Please see “COMPARISON OF COMMON STOCK” beginning on page 79 for a discussion of the different rights associated with First Merchants common stock.

The Merger may fail to qualify as a tax-freereorganization for federal income tax purposes, resulting in your recognition of taxable gain or loss in respect of your shares of First Savings common stock.

First Savings and First Merchants intend
for the Merger to qualify as a tax-free “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code. Although the IRS will not provide a ruling on the matter, each of
First Savings and First Merchants will, as a condition to closing, obtain an opinion from its respective legal counsel that the Merger will constitute a “reorganization” for federal tax purposes. Such opinions will comply with the
regulations and guidance of the SEC with respect to the persons entitled to rely on tax opinions contained in the Registration Statement on Form S-4, of which this proxy and prospectus is a part. These
opinions do not bind the IRS or prevent the IRS from adopting a contrary position. If the Merger does not qualify as a “reorganization” within the meaning of Section 368(a) of the Code, then a U.S. holder of First