Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 11

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 11
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 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 [●].                                                                             |

| 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 
 agreement between First Savings and such holder and the holder’s rights under the award will terminate and be of no further force or effect.                                                                                                      |

The Merger Agreement also provides that, after all regulatory and shareholder approvals required for consummation of the transactions contemplated by the Merger Agreement have been obtained, but prior to the third trading day immediately preceding the Effective Time, First Savings will cause each option to acquire a share of First Savings common stock (a “First Savings Option”) granted to employees and directors under First Savings equity incentive plans (“First Savings Option Plans”) to fully vest (to the extent not vested). On the day immediately preceding the Effective Time, each outstanding First Savings Option will be cancelled and First Savings or its subsidiaries will pay to the holder thereof cash in the amount equal to the product of (i) the aggregate number of shares of First Savings common stock subject to the First Savings Option, multiplied by (ii) the excess, if any, of (A) the product of the Exchange Ratio multiplied by the First Merchants Average Price, over (B) the exercise price of First Savings common stock provided for in such First Savings Option (the “Cancellation Payment”). The Cancellation Payment will be paid on the day immediately preceding the Effective Time and will be made without interest and will be less applicable tax withholdings. First Savings will be responsible