Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 57

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 57
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 adjustments resulting from any stock splits, stock dividends, recapitalization, or similar
transactions.

If you are a holder of First Savings common stock and you receive First Merchants common stock as Merger Consideration for
your shares of First Savings common stock, the value of the consideration that you will receive in the Merger 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 stock 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 (and it is not likely) 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.

Treatment of First Savings Equity Awards

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

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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