Form 4: HBNC EVP DeRuiter Awarded Restricted Stock

Horizon Bancorp's Executive Vice President, Kathie A. DeRuiter, received an award of 3,604 restricted shares of common stock with a multi-year vesting schedule.

Summary

• Kathie A. DeRuiter, Executive Vice President of Horizon Bancorp Inc. (HBNC), was awarded 3,604 shares of common stock under a Restricted Stock Agreement on March 17, 2026.
• The awarded shares will vest in three tranches: 1,201 shares on March 17, 2027, 1,201 shares on March 17, 2028, and 1,202 shares on March 17, 2029.
• Following the award, DeRuiter disposed of 339 shares on March 18, 2026, at a price of $15.71 per share, likely for tax withholding purposes.
• After these transactions, DeRuiter directly beneficially owns 60,057 shares of common stock.
• Additionally, DeRuiter indirectly beneficially owns 28,577 shares through a Thrift Plan, adjusted to reflect additional allocations since the last report.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive event, reflecting a standard executive compensation practice that aligns management incentives with long-term shareholder value and promotes executive retention.

Positives

• The award of 3,604 restricted shares aligns management's interests with long-term shareholder value.
• The multi-year vesting schedule encourages executive retention and sustained performance.

Negatives

• No direct negatives are indicated by this routine insider transaction filing.

Risks

• No specific risks are mentioned in this Form 4 filing.

Future Outlook

The future outlook for the awarded shares involves a staggered vesting schedule over the next three years, with tranches vesting on March 17, 2027, March 17, 2028, and March 17, 2029, indicating a long-term incentive and retention strategy for the Executive Vice President.

Industry Context

StockSavvy.ai notes that restricted stock awards are a common component of executive compensation packages across the financial services industry. These awards are designed to align the interests of executives with those of shareholders by tying a portion of their compensation to the company's long-term performance and stock appreciation. This particular award to an Executive Vice President at Horizon Bancorp is consistent with typical practices for retaining key talent and incentivizing sustained growth within regional banking institutions.

Comparison to Industry Standards

• Restricted stock awards are a standard practice in executive compensation across the banking sector, similar to those seen at comparable regional banks like Old National Bancorp (ONB) or First Financial Bancorp (FFBC).
• The multi-year vesting schedule is typical for such awards, promoting long-term commitment and performance, aligning with best practices for executive retention and shareholder value creation.
• The disposition of shares for tax withholding (Code F) is a routine event associated with the vesting or granting of equity awards, observed across publicly traded companies when executives receive non-cash compensation.

Stakeholder Impact

• Shareholders: The restricted stock award aligns the Executive Vice President's financial interests with long-term shareholder value, potentially leading to more sustained performance and stock appreciation.
• Employees: This type of executive compensation can signal stability and a commitment to retaining key leadership, which can positively influence overall employee morale and confidence.

Next Steps

• First tranche of 1,201 restricted shares vests on March 17, 2027.
• Second tranche of 1,201 restricted shares vests on March 17, 2028.
• Third tranche of 1,202 restricted shares vests on March 17, 2029.

Key Dates

Keywords

Horizon Bancorp, HBNC, Kathie A. DeRuiter, Restricted Stock, Insider Transaction, Executive Compensation, Form 4, Beneficial Ownership, Stock Award