Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 28

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 28
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●] shares of First Savings common stock outstanding, and First Merchants’ closing stock price of $[●] on [●] (the last practicable trading day prior to the date on which this proxy statement and prospectus was finalized). Also set forth below for the closing price of First Merchants common stock on September 24, 2025, and [●], is the equivalent pro forma price of First Savings common stock, which we determined by multiplying the applicable price of First Merchants common stock by the portion of a share of First Merchants common stock to be issued for each share of First Savings common stock in the Merger, which is the Exchange Ratio of 0.85. The equivalent pro forma price of First Savings common stock shows the implied value to be received in the Merger by holders of First Savings common stock who receive First Merchants common stock in exchange for a share of First Savings common stock on these dates.

|                    |     | First Merchants 
 Common Stock    |       |     | First Savings 
 Common Stock  |       |     | First Savings 
 Equivalent    
 Pro Forma     |       |
|:-------------------|:----|:----------------|------:|:----|:--------------|------:|:----|:--------------|------:|
| September 24, 2025 |     | $               | 39.53 |     | $             | 27.68 |     | $             | 33.60 |
| [●]                |     | $               |   [●] |     | $             |   [●] |     | $             |   [●] |

We suggest you obtain a current market quotation for First Merchants and First Savings common stock. We expect that the market price of First Merchants common stock will fluctuate between the date of this document and the date on which the Merger is completed and thereafter. Because the Exchange Ratio is fixed (except for customary anti-dilution adjustments) and the market price of First Merchants common stock is subject to fluctuation, the value of the shares of First Merchants common stock that First Savings shareholders will receive in the Merger may increase or decrease prior to and after the Merger. Comparative Per Share Data The following table sets forth the basic and diluted earnings per common share, book value per share, and cash dividends per share for each of First Merchants and First Savings on a historical basis, for First Merchants on a pro forma combined basis, and on a pro forma