Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 45

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 45
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 “THE MERGER – Interests of Certain Persons in the Merger” on page 60. 28

First Savings and First Merchants will be subject to business uncertainties and contractual restrictions while the Merger is pending.

Uncertainty about the effect of the Merger on employees and customers may have an adverse effect on First
Savings or First Merchants. These uncertainties may impair First Savings’ or First Merchants’ ability to attract, retain, and motivate key personnel until the Merger is completed, and could cause customers and others that deal with First
Savings or First Merchants to seek to change existing business relationships with First Savings or First Merchants. Retention of certain employees by First Savings or First Merchants 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. 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