Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 26

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 26
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 24, 2025 |     | $                                                       | 40.47 |     | $   | 39.19 |     | $     | 39.53 |     | $    | 27.68 |     | $   | 27.24 |     | $     | 27.68 |
| October 15, 2025   |     | $                                                       | 38.12 |     | $   | 36.73 |     | $     | 37.00 |     | $    | 31.40 |     | $   | 30.77 |     | $     | 30.83 |

13

The market value of the aggregate consideration that holders of First Savings common stock will receive in the Merger is approximately $235.2 million (or $33.60 per share of First Savings common stock) based on an assumption of 7,000,558 shares of First Savings common stock outstanding at the time of closing (which was the number of shares of First Savings common stock outstanding on September 24, 2025, plus 24,000 shares of restricted stock that First Savings intends to issue in November 2025), and First Merchants’ closing stock price of $39.53 on September 24, 2025 (the business day before the Merger was publicly announced). The market value of the aggregate consideration that First Savings shareholders will receive in the Merger is approximately $220.5 million (or $31.45 per share of First Savings common stock) based on an assumption of 7,010,008 shares of First Savings common stock outstanding at the time of closing (which was the number of shares of First Savings common stock outstanding on October 15, 2025, plus 24,000 shares of restricted stock that First Savings intends to issue in November 2025), and First Merchants’ closing stock price of $37.00 on October 15, 2025 (the last practicable trading day prior to the date on which this proxy statement and prospectus was finalized). Also set forth below for the closing price of First Merchants common stock on September 24, 2025, and October 15, 2025, is the equivalent pro forma price of First Savings common stock, which we determined by multiplying the applicable price of First Merchants common stock by the portion of a share of First Merchants common stock to be issued for each share of First Savings common stock in the Merger,