Company: FRME
Filing Date: 2025-10-10
Form Type: S-4
Source: 0001193125-25-237211
Chunk: 18

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-10
Form: S-4
Chunk 18
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 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

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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 [●], the most recent practicable trading day before this proxy statement and prospectus was finalized, was
$[●] per share. No assurance can be given that the current market price of First Merchants common stock will be equivalent to the market price of First Merchants common stock on the date that shares of First Merchants common stock are received by a First Savings shareholder or at any other time.

Within five business days following the effective date of the
Merger, First Merchants will cause the exchange agent to mail a letter of transmittal to each person who was, immediately prior to the effective time of the Merger, a holder of record of First Savings common stock. The letter of transmittal will
contain instructions for use in effecting the surrender of First Savings stock certificates (or shares held in book-entry form) in exchange for the consideration to which such person may be entitled pursuant to the Merger Agreement.

What Holders of First Savings’ Outstanding Equity Awards Will Receive (page [●])

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, 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