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

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 10
---
First Merchants common stock”) (the              
 “Merger Consideration”). Each First Savings common shareholder that would otherwise be entitled to receive a fractional share of First Merchants common stock will receive cash in lieu of such fractional share. The Exchange Ratio is 
 subject to adjustments for stock splits, stock dividends, recapitalization, or similar transactions.                                                                                                                                    |

Because the Exchange Ratio is fixed (except for customary anti-dilution adjustments), the value of the Merger Consideration that you will receive will depend on the market price of First Merchants common stock when you receive your shares of First Merchants common stock. The implied per share value of the Merger Consideration, based upon First Merchants’ closing stock price on October 15, 2025, the most recent practicable trading day before this proxy statement and prospectus was finalized, was $31.45 per 2

share. No assurance can be given that the current market price of First Merchants common stock will be equivalent to the market price of First Merchants common stock on the date that shares of First Merchants common stock are received by a First Savings shareholder or at any other time.You should obtain current market prices for shares of First Merchants common stock which is listed on the Nasdaq Global Select Market under the symbol “FRME.”

| Q: | What risks should holders of First Savings common stock consider before voting on the Merger Proposal? |

| A: | Holders of First Savings common stock should carefully review the section captioned “RISK FACTORS” 
 beginning on page 23.                                                                              |

| Q: | Will First Merchants’ shareholders receive any shares or cash as a result of the Merger? |

| A: | No. After the Merger, First Merchants shareholders will continue to own the same number of First Merchants 
 shares they owned before the Merger.                                                                       |

| Q: | How will the Merger affect First Savings’ outstanding equity awards? |

| A: | First Savings uses equity awards to assist it in attracting, retaining, and rewarding key employees and                                                                                                                                           
 directors. The Merger Agreement provides that, immediately prior to the effective time of the Merger (the “Effective Time”), each then outstanding restricted stock award granted to First Savings employees and directors, whether unvested      
 or vested, will be exchanged for shares of First Savings common stock according to their respective award agreement terms. Upon issuance of the shares of First Savings common stock to a holder of restricted stock as provided above, any award