Form 4: Horizon Bancorp EVP John R. Stewart Receives 79,590 Shares of Restricted Stock

John R. Stewart, EVP and Chief Financial Officer of Horizon Bancorp, was granted 79,590 shares of restricted stock on May 20, 2024.

Summary

• On May 20, 2024, John R. Stewart, the EVP and Chief Financial Officer of Horizon Bancorp, received an award of 79,590 shares of common stock under a Restricted Stock Agreement.
• These shares will vest in three tranches: 19,897 shares on May 20, 2025, 19,897 shares on May 20, 2026, and 39,796 shares on May 20, 2027.
• Following this transaction, Mr. Stewart beneficially owns 79,590 shares of Horizon Bancorp.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a standard executive compensation disclosure. The grant of restricted stock is generally viewed as a positive incentive for management.

Positives

• The grant of restricted stock aligns Mr. Stewart's interests with those of the shareholders, incentivizing him to contribute to the long-term success of Horizon Bancorp.

Industry Context

Executive compensation packages often include restricted stock to align management's interests with shareholder value and encourage long-term performance.

Comparison to Industry Standards

• Restricted stock grants are a common component of executive compensation packages in the banking industry.
• Comparable companies such as First Financial Corporation and Old National Bancorp also utilize restricted stock as part of their executive compensation plans.
• The vesting schedule of the restricted stock is typical, with vesting occurring over a period of several years.

Stakeholder Impact

• Shareholders may view the restricted stock grant as a positive incentive for the executive to improve company performance.
• Employees may see this as a sign of the company's commitment to its leadership.

Key Dates