Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 91

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 91
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 the executive officers and directors of First Savings do not have any material interest in the Merger apart from their interests as shareholders. 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. Pursuant to the terms of the Merger Agreement and subject to closing of the Merger, to the extent those arrangements are “double trigger” arrangements those arrangements have been, or will be prior to the closing of the Merger, amended to eliminate any requirement that the covered participating executive experience an actual or constructive termination of their employment in order to receive the payments and benefits. In exchange for the cash payments provided under the amended agreements the covered executives must agree to the enforcement of any applicable noncompetition and non-solicitationcovenants contained in those agreements by First Merchants following the Merger and that the covered executive will receive no further severance benefits under such amended agreements regardless of the manner or circumstance of termination. The aggregate cash payments to be made to First Savings’ named executive officers in connection with the Merger under employment agreements is equal to $4,535,656, and the total value of the acceleration of equity awards to such executive officers, 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, is $1,491,924. The aggregate cash payments to be made to such First Savings executive officers and the total value of the acceleration of equity awards to such executive officers is equal to $6,027,580.

| Name and Principal Position |     | Cash (1) ($) |           |     | Equity (2) ($) |           |     | Total ($) |           |
| Larry W. Myers              |     |              | 2,590,895 |     |                |   741,916 |     |           | 3,332,811 |
| Tony A. Schoen              |     |              | 1,066,220 |     |                |   496,084 |     |           | 1,562,304 |
| Jackie R. Journell          |     |              |   878,541 |     |                |   253,924 |     |           | 1,132,465 |
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