Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 23

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 23
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 of these interests and took them into consideration in approving the Merger Agreement and the Merger. These interests are as follows:

| • |     | First Savings Executive Officer Agreements. Certain executive officers of First Savings and First Savings                                                                                                                                           
 Bank currently have employment agreements and long term incentive awards that provide for cash payments, the acceleration of vesting of equity awards, and the provision of certain benefits, following a change in control of First Savings. The   
 aggregate of the cash payments and the total value of the acceleration of equity awards to be made to First Savings’ named executive officers in connection with the Merger, is estimated to be $6.0 million, 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.                                                                                              |

| • |     | Continued Director and Officer Liability Coverage. First Merchants has agreed that for a period of six                                                                                                                                       
 years after the effective time of the Merger, it will maintain directors’ and officers’ liability insurance in force covering directors and officers of First Savings and First Savings Bank, subject to certain conditions set forth in the 
 Merger Agreement.                                                                                                                                                                                                                            |

| • |     | Board Appointments. The Merger Agreement obligates First Merchants to appoint one person who is currently                                                                                                                                                 
 a member of the First Savings Board of Directors (chosen by First Merchants after consultation with First Savings) to the First Merchants Board of Directors. Such person will be entitled to receive compensation from First Merchants for service to    
 the Board. The Merger Agreement further provides that First Merchants will cause such person to be renominated for election to the First Merchants Board of Directors at every annual shareholder meeting up to and including the 2029 annual shareholder 
 meeting. As of the date of this proxy statement and prospectus, First Merchants expects to appoint Larry W. Myers to the First Merchants Board of Directors. The appointments and renominations will be consistent with all applicable corporate          
 governance policies and guidelines of First Merchants. If, prior to the 2029 annual shareholder meeting, such person (or any successor director who is appointed pursuant to this sentence) for any reason ceases to serve as a director or does not      
 stand for reelection as a director, the First Merchants Board of Directors will promptly appoint or nominate, as applicable, a person, chosen by the First Merchants Board of Directors, who was a member of