Form 4: Horizon Bancorp EVP Awarded Restricted Stock

Horizon Bancorp's EVP & CCBO, Lynn Kerber, received 4,128 restricted shares and sold 450 shares for tax withholding.

Summary

• Lynn Kerber, Executive Vice President and Chief Commercial Banking Officer (EVP & CCBO) of Horizon Bancorp Inc. (HBNC), was granted an award of 4,128 restricted shares of common stock on March 17, 2026.
• These restricted shares will vest in three equal tranches of 1,376 shares on March 17, 2027, March 17, 2028, and March 17, 2029.
• On March 18, 2026, Kerber disposed of 450 shares of common stock at a price of $15.71 per share, which is typically for tax withholding purposes related to a vesting event.
• Following these transactions, Kerber directly beneficially owns 29,237 shares of common stock.
• Additionally, Kerber indirectly beneficially owns 1,409 shares through a Thrift Plan, an amount adjusted to reflect additional shares allocated since the last ownership report.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, reflecting standard executive compensation practices that align management incentives with long-term company performance, despite a minor tax-related sale.

Positives

• The grant of 4,128 restricted shares aligns executive incentives with the company's long-term performance and shareholder value.
• The multi-year vesting schedule encourages executive retention and sustained focus on future growth.

Negatives

• The disposal of 450 shares, even for tax purposes, represents a slight reduction in the executive's direct ownership.

Future Outlook

The vesting schedule for the restricted stock award extends through March 2029, indicating a long-term commitment of the executive to the company's performance and a continued incentive for future value creation.

Industry Context

StockSavvy.ai notes that restricted stock awards are a standard component of executive compensation packages in the banking industry, designed to align management's long-term interests with those of shareholders and to promote executive retention. The structure of this award is consistent with common practices.

Comparison to Industry Standards

• StockSavvy.ai observes that the multi-year vesting schedule for restricted stock awards, as seen with Horizon Bancorp, is a common practice among regional banks such as Old National Bancorp (ONB) and First Financial Bancorp (FFBC). This approach is widely adopted to incentivize long-term performance and executive retention.
• The tax-related sale of shares is also a routine event following the vesting of equity awards, consistent with practices across the financial services sector to cover statutory tax obligations.

Stakeholder Impact

• Shareholders: The restricted stock award is designed to align the executive's financial interests with long-term shareholder value, potentially leading to more sustained strategic decisions.
• Employees: No direct impact on the broader employee base is indicated by this executive compensation filing.

Next Steps

• Vesting of 1,376 restricted shares on March 17, 2027.
• Vesting of 1,376 restricted shares on March 17, 2028.
• Vesting of 1,376 restricted shares on March 17, 2029.

Key Dates

Recommendation

This Form 4 details routine executive compensation and a tax-related sale, which are standard events and do not provide new fundamental information to warrant a change in investment thesis. The restricted stock award aligns executive incentives, which is a positive for long-term holders, but the transaction itself is not a catalyst for immediate price movement.

Keywords

Horizon Bancorp, HBNC, Lynn Kerber, Restricted Stock, Executive Compensation, Insider Transaction, Form 4, Stock Award, Tax Withholding