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| TABLE OF CONTENTS                              |
|------------------------------------------------|
|                                           |   |   |   |   |
|                                           |   |   |   | Page |
| ARTICLE I                                      |
| DEFINITIONS                                    |
|                                           |   |   |
| Section 1.1                                    |   | Definition of Terms. |   | 2 |
|                                           |   |   |
| ARTICLE II                                     |
| GENERAL TERMS AND CONDITIONS OF THE DEBENTURES |
|                                           |   |   |
| Section 2.1                                    |   | Designation and Principal Amount. |   | 3 |
| Section 2.2                                    |   | No Maturity. |   | 3 |
| Section 2.3                                    |   | Form and Payment. |   | 3 |
| Section 2.4                                    |   | Global Debenture. |   | 4 |
| Section 2.5                                    |   | Interest. |   | 5 |
| Section 2.6                                    |   | Forms of Declaration and Guarantee Agreement. |   | 6 |
| Section 2.7                                    |   | Events of Default. |   | 6 |
|                                           |   |   |
| ARTICLE III                                    |
| REDEMPTION OF THE DEBENTURES                   |
|                                           |   |   |
| Section 3.1                                    |   | Optional Redemption. |   | 6 |
| Section 3.2                                    |   | Redemption Procedures. |   | 6 |
| Section 3.3                                    |   | No Sinking Fund. |   | 6 |
|                                           |   |   |
| ARTICLE IV                                     |
| EXTENSION OF INTEREST PAYMENT PERIOD           |
|                                           |   |   |
| Section 4.1                                    |   | Extension of Interest Payment Period. |   | 7 |
| Section 4.2                                    |   | Notice of Extension. |   | 7 |
| Section 4.3                                    |   | Limitation of Transactions. |   | 8 |
|                                           |   |   |
| ARTICLE V                                      |
| EXPENSES                                       |
|                                           |   |   |
| Section 5.1                                    |   | Payment of Expenses. |   | 8 |
| Section 5.2                                    |   | Payment Upon Resignation or Removal. |   | 9 |
|                                           |   |   |
| ARTICLE VI                                     |
| COVENANT TO LIST ON EXCHANGE                   |
|                                           |   |   |
| Section 6.1                                    |   | Listing on an Exchange. |   | 9 |

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| ARTICLE VII                  |
|------------------------------|
| FORM OF DEBENTURE            |
|                         |   |   |
| Section 7.1                  |   | Form of Debenture. |   | 9 |
| Section 7.2                  |   | Legend and Transfer of Debentures. |   | 9 |
|                         |   |   |
| ARTICLE VIII                 |
| ORIGINAL ISSUE OF DEBENTURES |
|                         |   |   |
| Section 8.1                  |   | Original Issue of Debentures. |   | 11 |
|                         |   |   |
| ARTICLE IX                   |
| MISCELLANEOUS                |
|                         |   |   |
| Section 9.1                  |   | Ratification of Indenture. |   | 11 |
| Section 9.2                  |   | Trustee Not Responsible for Recitals. |   | 11 |
| Section 9.3                  |   | Governing Law. |   | 11 |
| Section 9.4                  |   | Separability. |   | 12 |
| Section 9.5                  |   | Counterparts. |   | 12 |

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|   | FIRST MERCHANTS CORPORATION                      |
|--------|--------------------------------------------------|
|   |                                             |   |
|   | By:                                              | /s/ Mark K. Hardwick |
|   | Name:                                            | Mark K. Hardwick |
|   | Title:                                           | Chief Financial Officer and Executive Vice President |
|   |                                             |   |
|   |                                             |   |
|   |                                             |   |
|   | U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee |
|   |                                             |   |
|   | By:                                              | /s/ Annette Morgan |
|   | Name:                                            | Annette E. Morgan |
|   | Title:                                           | Assistant Vice President |

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| CUSIP NO.___________ | PRINCIPAL AMOUNT:  $                      |
|----------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|    |      |   | FIRST MERCHANTS CORPORATION |
|---------|-----------|--------|-----------------------------|
|    |      |   |                        |   |
|    |      |   |                        |   |
|    |      |   | By:                         |   |
|    |      |   | Name:                       | Mark K. Hardwick |
|    |      |   | Title:                      | Chief Financial Officer and Executive Vice President |
|    |      |   |                        |   |
| Attest: |      |   |                        |   |
|    | Secretary |   |                        |   |

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|   | U.S. BANK TRUST NATIONAL ASSOCIATION, as Trustee |
|--------|--------------------------------------------------|
|   |                                             |   |
|   | By:                                              |   |
|   |                                             | Authorized Signatory |
|   |                                             |   |
|   |                                             | OR |
|   |                                             |   |
|   |                                             | , |
|   |                                             | as Authenticating Agent for the Trustee |
|   |                                             |   |
|   | By:                                              |   |
|   |                                             | Authorized Signatory |

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| UNIF GIFT MIN ACT – |   | Custodian |    |
|---------------------------|--------|-----------|---------|
|                      | (Cust) |      | (Minor) |

|                                                                          |
|-------------------------------------------------------------------------------|
| (Please print or type name and address including postal zip code of Assignee) |

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