Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 61

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 61
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 with the board of directors the most recent draft of the merger agreement and, together with senior management, updated the board on the non-financial terms that were still under negotiation. Legal counsel also reviewed with the board of directors its fiduciary duties. Piper Sandler updated the board of directors on the status of the ongoing
negotiations regarding the exchange ratio. It was noted that First Merchants and its representatives had verbally indicated their intention to consummate a potential transaction at an exchange ratio of 0.84. Following further discussion, First
Savings’ board of directors authorized Piper Sandler to continue negotiating with First Merchants and its representatives within the parameters of the exchange ratio range.

On September 18, 2025, First Merchants’ counsel provided First Savings’ legal counsel with a draft of the merger agreement
which specified an exchange ratio of 0.85.

First Savings’ board of directors met on September 24, 2025, with representatives
of Piper Sandler and legal counsel and senior management attending, to consider the approval of the merger agreement and the transactions contemplated by it. Before the meeting, senior management distributed to each director the proposed merger
agreement, and ancillary documents, and a financial presentation prepared by Piper Sandler. Piper Sandler

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reviewed in detail the pricing and other financial terms of the proposed merger agreement. Legal counsel reviewed in detail the non-pricingterms and conditions of the proposed merger agreement, including, but not limited to, the transaction structure, the respective representations, warranties and covenants made by First Savings and First Merchants, the closing conditions, and the respective termination rights of First Savings and First Merchants. Legal counsel also reviewed with the board of directors its fiduciary duties. The board of directors reviewed all aspects of the merger process, including First Savings’ current financial position, performance and prospects; its decision to pursue a strategic transaction; the process used to identify potential merger partners and solicit merger proposals; then current economic and stock market conditions; the results of First Savings’ due diligence investigation of First Merchants; First Merchants’ stock price performance and valuation metrics; the terms and conditions of the proposed merger agreement; the value of the proposed merger consideration; and the impact of the proposed merger on First Savings’ shareholders and other constituencies. All questions posed by the directors were answered by senior management, representatives of Piper Sandler or representatives of legal counsel, as appropriate. Representatives of Piper Sandler then presented Piper Sandler’s oral opinion to the effect