Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 19

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 19
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 terminate and be of no further force or effect.

The Merger Agreement also provides that, after all regulatory and shareholder
approvals required for consummation of the transactions contemplated by the Merger Agreement have been obtained, but prior to the third trading day immediately preceding the Effective Time, First Savings will cause each First Savings Option granted
to employees and directors under First Savings Option Plans to fully vest (to the extent not vested). On the day immediately preceding the Effective Time, each outstanding First Savings Option will be cancelled and First Savings or its subsidiaries
will pay to the holder thereof cash in the amount equal to the product of (i) the aggregate number of shares of First Savings common stock subject to the First Savings Option, multiplied by (ii) the excess, if any, 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 [●])

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 [●])

The special meeting of First Savings shareholders will be held on [●], at [●]
p.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 Mer