Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 52

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 52
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 that First Savings shareholders vote “ FOR” approval of the Merger Proposal.

35

MERGER-RELATED COMPENSATION PROPOSAL

Non-BindingAdvisory Vote on Merger Related Named Executive Officer Compensation

As required by Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 and Rule 14a-21(c) of
the Securities Exchange Act of 1934, as amended, First Savings is seeking non-binding, advisory shareholder approval of the compensation of the named executive officers of First Savings that is based upon or
otherwise related to the Merger as disclosed under the heading “Merger-Related Compensation for First Savings’ Named Executive Officers” appearing below. This proposal provides you, as a shareholder of First Savings, the
opportunity to express your view on any merger-related compensation of First Savings’ named executive officers by approving or not approving adoption of the following resolution:

“RESOLVED, that the compensation that may be paid or become payable to First Savings’ named executive officers in connection with
the Merger and the agreements or understandings pursuant to which such compensation may be paid or become payable, in each case as disclosed pursuant to Item 402(t) of Regulation S-K in ‘THE
MERGER– Interests of Certain Persons in the Merger,’ are hereby APPROVED.”

Because the Merger is not conditioned
upon this proposal and your vote is advisory, it will not be binding on First Savings or First Merchants. If the parties complete the Merger, the merger-related compensation disclosed below under “Merger-Related Compensation for First
Savings’ Named Executive Officers” will be paid to First Savings’ named executive officers to the extent payable in accordance with the compensation agreements and other arrangements even if the First Savings’ shareholders do
not approve the merger-related compensation on an advisory basis. In addition to information below regarding the Merger-Related Compensation Proposal, see “THE MERGER—Interests of Certain Persons in the Merger” for additional
information regarding interests of management in the Merger at page 60.

Merger-Related Compensation for First Savings’ Named Executive Officers

The named executive officers of First Savings currently have employment agreements and long term incentive awards that
provide for cash payments, the acceleration of vesting of equity awards, and the provision of certain benefits, following a change in control of First Savings. Pursuant to the terms of the Merger Agreement and subject to closing of the Merger, to
the extent those arrangements are “double trigger” arrangements, those