Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 92

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 92
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, or                          
 a waiver of a governmental entity has been permanently withdrawn at the request or recommendation of the applicable governmental entity; |

| 6. | by either First Merchants or First Savings if any court or governmental or regulatory authority shall have                                    
 issued a final non-appealable order enjoining or otherwise prohibiting consummation of the transactions contemplated in the Merger Agreement; |

| 7. | by either First Merchants or First Savings in the event of the failure of First Savings’ shareholders to                                                                                                                                                
 approve the Merger Agreement at the special meeting; provided, however, that First Savings may only terminate the Merger Agreement pursuant to this clause if it has complied in all material respects with its obligations to convene a meeting of its 
 shareholders and use its reasonable best efforts to obtain the requisite vote to consummate the Merger;                                                                                                                                                 |

| 9. | by First Savings if its Board of Directors determines in the exercise of its fiduciary duties that it must       
 terminate the Merger Agreement after receipt of an unsolicited superior acquisition proposal from a third party; |

| 10. | by First Merchants if First Savings’ Board of Directors withdraws or modifies its recommendation to First         
 Savings shareholders to vote for the Merger following receipt of a proposal of an acquisition from a third party; |

| 11. | by First Merchants if First Savings fails to give First Merchants timely notice of any inquiry by a third party 
 with respect to an acquisition of First Savings or First Savings Bank;                                          |

| 12. | by First Merchants if First Savings gives First Merchants notice that it intends to furnish information to or                                                                                 
 enter into discussions or negotiations with a third party relating to a proposed acquisition of First Savings or First Savings Bank and those negotiations are not terminated within 60 days; |

67

| 13. | by First Savings, if First Savings’ Board of Directors so determines by a majority vote of the members of                                           
 such Board, at any time during the five business day period commencing on the Determination Date if both of the following conditions are satisfied: |

| (i) | the FMC Market Value is less than 80% of the Initial FMC Market Value; and |

| (ii) | the quotient obtained by dividing the FMC Market Value by the Initial FMC Market Value (“Buyer                                           
 Ratio”) is less than the quotient obtained by dividing the Final Index Price by the Initial Index Price, minus 0.20 (the “Index Ratio