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

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 17
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 its oral opinion, which was
subsequently confirmed by delivery of a written opinion, dated September 24, 2025, to the effect that, as of September 24, 2025, and based upon and subject to the conditions, limitations, qualifications, and assumptions set forth therein,
the Exchange Ratio was fair to the holders of First Savings common stock from a financial point of view.

The full text of the written
opinion of Piper Sandler, which sets forth the assumptions made, procedures followed, matters considered, and limitations on the review undertaken in connection with the opinion of Piper Sandler, is attached as to this proxy statement
and prospectus. First Savings shareholders are urged to read Piper Sandler’s written opinion carefully and in its entirety. Piper Sandler’s opinion is limited solely to the fairness, from a financial point of view, of the Exchange Ratio
and does not address First Savings’ underlying business decision to effect the Merger or the relative merits of the Merger as compared to any alternative business strategies or transactions that might be available with respect to First
Savings. Piper Sandler’s opinion does not constitute a recommendation to any shareholder of First Savings as to how such shareholder should vote or act with respect to any matter relating to the Merger or otherwise.

What First Savings Shareholders Will Receive (page 39)

If the Merger Agreement is approved and the Merger is subsequently completed, each outstanding share of First Savings common stock will be
converted into the right to receive the Exchange Ratio of 0.85 share of First Merchants common stock (which is also referred to in this proxy statement and prospectus as the Merger

7

Consideration). The Exchange Ratio is subject to adjustment for stock splits, stock dividends, recapitalization, or similar transactions. Each First Savings 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.

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 share. No assurance can be given that the