Company: FRME
Filing Date: 2025-11-06
Form Type: 424B3
Source: 0001193125-25-268801
Chunk: 40

Company: FIRST MERCHANTS CORP
Filing Date: 2025-11-06
Form: 424B3
Chunk 40
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 required to execute the combined company’s business strategy may be lengthy. For various reasons, First Merchants may not be able to locate suitable replacements for any key employees who leave the combined company, or to offer employment to potential replacements on reasonable terms, which could cause the combined company’s business to suffer. Anti-takeover defenses may delay or prevent future mergers. Provisions contained in First Merchants’ Articles of Incorporation and Bylaws and certain provisions of Indiana law could make it more difficult for a third party to acquire First Merchants, even if doing so might be beneficial to First Merchants shareholders. See “COMPARISON OF COMMON STOCK – Anti-Takeover Provisions” on page 84These provisions could limit the price that some investors might be willing to pay in the future for shares of First Merchants common stock and may have the effect of delaying or preventing a change in control. If the Merger is not completed, the parties will have incurred substantial expenses without realizing the expected benefits of the Merger. First Merchants and First Savings have incurred substantial expenses in connection with the transactions described in this proxy statement and prospectus. The completion of the Merger depends on the satisfaction of 25

several conditions. We cannot guarantee that these conditions will be met. First Savings expects to incur approximately $11.8 million in pre-taxMerger-related expenses and First Merchants expects to incur approximately $17.2 million in pre-taxMerger-related expenses, which include legal, accounting, and financial advisory expenses and which excludes any contract termination fees, if applicable. Although some of these expenses will not be incurred if the Merger is not completed, others will and such expenses could have a material adverse impact on the financial condition of First Merchants and First Savings because they would not have realized the expected benefits of the Merger. There can be no assurance that the Merger will be completed. The Merger Agreement may be terminated in accordance with its terms and the Merger may not be completed, which could have a negative impact on First Savings. The Merger Agreement with First Merchants is subject to a number of conditions which must be fulfilled in order to close. Those conditions include: First Savings shareholder approval, regulatory approvals, the continued accuracy of certain representations and warranties by both parties, and the performance by both parties of certain covenants and agreements. There can be no assurance that the Merger will be completed. In addition, certain circumstances exist where First Savings may choose to terminate the Merger Agreement, including the acceptance of