Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 67

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 67
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 a director of First Merchants and First Merchants Bank; |

| • |     | The higher regular quarterly cash dividend paid by First Merchants compared to First Savings (First Savings                                                             
 current quarterly dividend of $0.16 per share, compared to First Merchants current quarterly dividend of $0.306 per share as adjusted for the 0.85 exchange ratio); and |

| • |     | The proposed merger offers a liquidity event for First Savings’ shareholders given First Merchants’        
 significantly larger market capitalization and higher historical trading volume relative to First Savings. |

First Savings’ board of directors also considered potential risks associated with the transactions contemplated by the merger agreement, including:

| • |     | The interests of First Savings’ executive officers and directors with respect to the transactions                                                                                                                                   
 contemplated by the merger agreement apart from their interests as shareholders of First Savings as disclosed under “—Interests of Certain Persons in the Merger,” and the risk that these interests might influence their decision 
 with respect to the transactions contemplated by the merger agreement;                                                                                                                                                              |

| • |     | The risk that the merger agreement provisions relating to the payment by First Savings of a cash termination fee                                                                                                                                          
 under specified circumstances, although required by First Merchants as a condition to entering into the merger agreement, could discourage other parties that may be interested in engaging in a business combination transaction with First Savings from 
 proposing it;                                                                                                                                                                                                                                             |

| • |     | The risk of litigation; |

| • |     | The restrictions imposed by the merger agreement on the conduct of First Savings’ business before the                                                 
 completion of the merger, which could delay or prevent First Savings from undertaking certain business opportunities that may arise during that time; |

| • |     | The fixed exchange ratio, by its nature, would generally not adjust upward to compensate for a decline in First                                                                                                                               
 Merchants’ stock price before the completion of the merger, resulting in First Savings’ shareholders not being protected against any decrease in First Merchants’ stock price before the completion of the merger, unless, as provided        
 for in the merger agreement, the decrease in First Merchants’ stock price relative to a broad bank market index was of a magnitude that First Merchants would agree to increase the exchange ratio so that First Savings would not be able to 
 exercise its right to terminate the merger agreement under such circumstances; and                                                                                                                                                            |

| • |     | The need to obtain First Savings shareholder approval and governmental approvals to consummate the Merger. |

The foregoing discussion of the