Form 4: Hillenbrand Director's Equity Cashed Out in Merger

Director Dennis W. Pullin's restricted stock units in Hillenbrand, Inc. were converted to cash at $32.00 per share following the company's merger with LSF12 Helix Parent, LLC.

Summary

• Hillenbrand, Inc. completed a merger with LSF12 Helix Parent, LLC on February 10, 2026, as per an agreement dated October 14, 2025.
• LSF12 Helix Merger Sub, Inc., a subsidiary of LSF12 Helix Parent, LLC, merged into Hillenbrand, Inc., with Hillenbrand surviving as a wholly owned subsidiary of Parent.
• Each share of Hillenbrand's common stock issued and outstanding immediately prior to the merger's effective time was converted into the right to receive $32.00 in cash.
• Director Dennis W. Pullin's 14,361 Restricted Stock Units were cancelled at the effective time of the merger.
• These cancelled Restricted Stock Units were converted into a cash payment equal to the product of the number of units (14,361) and the merger consideration ($32.00 per share), less any required withholding taxes.
• Following this transaction, Dennis W. Pullin beneficially owns 0 derivative securities.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a neutral to positive event for the reporting person, as it represents the successful monetization of equity holdings as part of a pre-announced merger, providing liquidity at a fixed price.

Positives

• Director Dennis W. Pullin received a cash payment for his 14,361 Restricted Stock Units, providing liquidity for his equity holdings.
• The merger consideration of $32.00 per share provided a clear and defined valuation for equity holders.

Negatives

• Hillenbrand, Inc. ceased to be a publicly traded entity, becoming a wholly owned subsidiary of LSF12 Helix Parent, LLC, which removes public market access for investors.

Risks

• The company is no longer publicly traded, which removes public market liquidity and transparency for former shareholders.

Future Outlook

Not applicable as Hillenbrand, Inc. has become a wholly owned subsidiary and is no longer publicly traded, thus public future outlook statements are not provided in this filing.

Industry Context

StockSavvy.ai notes that mergers and acquisitions, particularly take-private transactions, routinely involve the cancellation and cash-out of equity awards for insiders. This transaction reflects the standard finalization of such a deal, aligning with typical practices for private equity buyouts and removing Hillenbrand from public trading.

Comparison to Industry Standards

• The conversion of restricted stock units to cash at the merger consideration price is a standard practice in take-private transactions, consistent with how equity awards are typically handled in similar deals across various industries.

Corporate Governance

Stakeholder Impact

• Shareholders: Public shareholders received $32.00 cash per share for their common stock, effectively losing their equity stake in a publicly traded company.
• Management (Dennis W. Pullin): Monetized his restricted stock units for cash, providing liquidity for his equity compensation.

Key Dates

Keywords

Hillenbrand, HI, Merger, Restricted Stock Units, RSU, Form 4, Insider Transaction, Equity Compensation, LSF12 Helix Parent, Director