Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 68

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 68
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 information and factors considered by First Savings’ board of directors is not intended to be exhaustive but constitutes the material factors considered by the board of directors. In reaching its determination to approve the merger agreement and recommend that First Savings’ shareholders vote to approve the merger agreement and the transactions contemplated by it, the board of directors did not assign any relative or specific weights to the foregoing factors, and individual 45

directors may have weighed factors differently. The terms of the merger agreement were the product of arm’s length negotiations between respective representatives of First Savings and First Merchants. Recommendation of First Savings’ Board of Directors First Savings’ board of directors evaluated the factors described above and determined that the merger agreement and the transactions contemplated by it were advisable and in the best interests of First Savings and its shareholders. Accordingly, the board of directors of First Savings unanimously approved the merger agreement and unanimously recommends that First Savings’ shareholders vote “FOR” approval of the merger agreement and transactions contemplated by it. Opinion of First Savings’ Financial Advisor First Savings retained Piper Sandler to act as financial advisor to First Savings’ board of directors in connection with First Savings’ consideration of a possible business combination. First Savings selected Piper Sandler to act as its financial advisor because Piper Sandler is a nationally recognized investment banking firm which specializes in financial institutions. In the ordinary course of its investment banking business, Piper Sandler is regularly engaged in the valuation of financial institutions and their securities in connection with mergers and acquisitions and other corporate transactions. Piper Sandler acted as financial advisor to First Savings’ board of directors in connection with the proposed Merger and participated in certain of the negotiations leading to the execution of the Merger Agreement. At the September 24, 2025 meeting at which First Savings’ board of directors considered the Merger and the Merger Agreement, Piper Sandler delivered to the board of directors its oral opinion, which was subsequently confirmed in writing on September 24, 2025, to the effect that, as of such date, the Exchange Ratio was fair to the holders of First Savings’ common stock from a financial point of view. The full text of Piper Sandler’s opinion is attached as Annex C to this proxy statement and prospectus. The opinion outlines the procedures followed, assumptions made, matters considered and qualifications and limitations on the review undertaken by Piper Sandler in rendering its opinion. The description of the opinion set forth below is qualified in its entirety by reference to the full text of the opinion. Holders of First Savings common stock are urged to read the entire opinion