What does terminating I2C bus mean
The termination resistors in the case of I2C are just the pullup resistors. You don't need terminators in the normal transmission line meaning of the word, because the bus is very short compared to the operating bandwidth so reflections are not an issue.

Further leaving in the series resistors will reduce the ability of the bus master to pull the bus lines close to ground. This will reduce noise margin, degrading performance. Leave them out and use the 4k7 pullup resistors only. Also note that I2C specifies a maximum rise time so the exact pullup resistor value you require will depend on the total bus capacitance.