Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 120

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 120
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 First Savings Common Stock to a holder of restricted stock as provided above, any award agreement between First
Savings and such holder and the holder’s rights thereunder shall terminate and be of no further force or effect.

(b)
After all regulatory and shareholder approvals required for consummation of the transactions contemplated by this Agreement have been obtained, but prior to the third (3) trading day immediately
preceding the Effective Time, the Compensation Committee of First Savings Board of Directors shall cause each option to purchase shares of First Savings Common Stock (each a “First Savings Option”) granted by First Savings under
equity plans (“First Savings Incentive Plans”) to fully vest (to the extent not vested). On the day immediately preceding the Effective Time, each First Savings Option that is outstanding and unexercised as of such date and which
has not been canceled prior thereto shall, automatically and without any required action on behalf of the holder thereof, be canceled and First Savings or its Subsidiaries shall pay to the holder thereof cash in the amount equal to the product of
(i) the number of shares of First Savings Common Stock provided for in such First Savings Option, and (ii) the excess, if any, of (A) the Per Share Cash Equivalent Consideration (as defined below) over (B) the exercise price per
share of First Savings Common Stock provided for in such First Savings Option (the “Cancellation Payment”). The Cancellation Payment shall be paid on the day immediately preceding the Effective Time and shall be made without
interest and shall be less applicable tax withholdings. First Savings shall be responsible for any applicable withholding and tax reporting with respect to the Cancellation Payments. All out-of-the-money First

A-5

Savings Options, if any, shall be cancelled as of the day immediately preceding the Effective Time without any payment. First Savings shall prohibit the exercise of any First Savings Option on
and after the third (3) trading day immediately preceding the Effective Time. For purposes hereof, “Per Share Cash Equivalent Consideration” means the Exchange Ratio (as
adjusted pursuant to Section 3.3) multiplied by the First Merchants Average Price.

SECTION 4

NO DISSENTING SHAREHOLDERS

Holders of shares of First Savings Common Stock, pursuant to the Indiana Business Corporation Law, First Savings’s Articles of
Incorporation or Bylaws, contract or otherwise, do not have, and the Board of Directors of First Savings have not taken any action that would cause any