Company: FRME
Filing Date: 2025-10-17
Form Type: S-4/A
Source: 0001193125-25-242318
Chunk: 18

Company: FIRST MERCHANTS CORP
Filing Date: 2025-10-17
Form: S-4/A
Chunk 18
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 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 39)

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 terminate and be of no further force or effect.

The Merger Agreement also provides that, after all regulatory and shareholder
approvals required for consummation of the transactions contemplated by the Merger Agreement have been obtained, but prior to the third trading day immediately preceding the Effective Time, First Savings will cause each First Savings Option granted
to employees and directors under First Savings Option Plans to fully vest (to the extent not vested). On the day immediately preceding the Effective Time, each outstanding First Savings Option will be cancelled and First Savings or its subsidiaries
will pay to the holder thereof cash in the amount equal to the product of (i) the aggregate number of shares of First Savings common stock subject to the First Savings Option, multiplied by (ii) the excess, if any, of (A) the product
of the Exchange Ratio multiplied by the First Merchants Average Price, over (B) the exercise price of First Savings common stock provided for in such First Savings Option. The Cancellation Payment will be paid on the day immediately preceding
the Effective Time and will be made without interest and will be less applicable tax withholdings.