# EDGAR Filing Document

**Accession Number:** 0000909108
**File Stem:** 0000950103-26-002651
**Filing Date:** 2026-2
**Character Count:** 24253
**Document Hash:** 6a493feb9a1e5a561863f1ec9b3ef69d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000950103-26-002651.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0000950103-26-002651

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 13

**CONFORMED PERIOD OF REPORT**: 20260220

**ITEM INFORMATION**: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260225

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** DIAMOND HILL INVESTMENT GROUP INC
- **CENTRAL INDEX KEY:** 0000909108
- **STANDARD INDUSTRIAL CLASSIFICATION:** INVESTMENT ADVICE [6282]
- **ORGANIZATION NAME:** 02 Finance
- **EIN:** 650190407
- **STATE OF INCORPORATION:** OH
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-24498
- **FILM NUMBER:** 26680412

**BUSINESS ADDRESS:**
- **STREET 1:** 325 JOHN H MCCONNELL BLVD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215
- **BUSINESS PHONE:** 6142553333

**MAIL ADDRESS:**
- **STREET 1:** 325 JOHN H MCCONNELL BLVD
- **STREET 2:** SUITE 200
- **CITY:** COLUMBUS
- **STATE:** OH
- **ZIP:** 43215

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BANC STOCK GROUP INC
- **DATE OF NAME CHANGE:** 19971016

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HEARTLAND GROUP OF COMPANIES INC
- **DATE OF NAME CHANGE:** 19940301

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** HEARTLAND FINANCIAL GROUP INC
- **DATE OF NAME CHANGE:** 19930714

?xml version='1.0' encoding='ASCII'?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**PURSUANT TO SECTION 13 OR 15 (d)**

**OF THE SECURITIES EXCHANGE ACT OF 1934**

**Date of report (Date of earliest event reported): February 25, 2026 (February 20, 2026)**

**Diamond Hill Investment Group, Inc.** 

**(Exact name of registrant as specified in its charter)**

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| | | |
|:---|:---|:---|
| **Ohio** | **000-24498** | **65-0190407** |
| **(State or Other Jurisdiction** | **(Commission** | **(I.R.S. Employer** |
| **of Incorporation)** | **File Number)** | **Identification No.)** |

---

**325 John H. McConnell Blvd, Suite 200**

**Columbus, Ohio 43215**

**(Address of Principal Executive Offices) (Zip Code)**

 **Registrant's Telephone Number, Including Area Code: (614) 255-3333**

 **Not Applicable**

**(Former Name or Former Address, if Changed Since Last Report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☒ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common shares, no par value | DHIL | The Nasdaq Stock Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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| | |
|:---|:---|
| **Item 5.02.** | **Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.** |

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As previously disclosed, on December 10, 2025, Diamond Hill Investment Group, Inc., an Ohio corporation (the "Company"), entered into an Agreement and Plan of Merger (the "Merger Agreement") with First Eagle Investment Management, LLC, a Delaware limited liability company ("Purchaser"), and Soar Christopher Holdings, Inc., an Ohio corporation and a wholly owned subsidiary of Purchaser ("Merger Sub"). Upon the terms and subject to the conditions set forth in the Merger Agreement, Merger Sub will merge with and into the Company (the "Merger"), whereupon the separate existence of Merger Sub will cease, and the Company surviving will be the surviving corporation as a wholly owned subsidiary of Purchaser.

The Merger is expected to close in the second quarter of 2026, subject to the satisfaction or waiver of customary closing conditions, including approval of the Company's shareholders and receipt of the requisite client consents based on revenue run rate.

On February 20, 2026, in connection with Thomas E. Line's role as the Chief Financial Officer and Treasurer of the Company and in connection with the anticipated transition of the Company's compensation structure resulting from the Merger, the Compensation Committee of the Board of Directors of the Company granted a deferred cash-based award (the "Award") to Mr. Line pursuant to a Deferred Cash Award Agreement (the "Agreement") and the Diamond Hill Investment Group, Inc. 2025 Equity and Cash Incentive Plan (the "Plan"). The Award provides Mr. Line with a one-time cash payment of $100,000 if he remains employed by Purchaser or the Company through February 20, 2027, or if his employment is terminated by the Company, Purchaser or their applicable affiliates without "cause" (as defined in the Plan), or if he resigns for "good reason" (as defined in the Agreement), prior to February 20, 2027, subject to his timely execution and non-revocation of a separation agreement and a release of claims in favor of the Company, Purchaser and their affiliates.

The foregoing summary does not purport to be complete and is qualified in its entirety by reference to the full text of the Agreement, which is attached as Exhibit 10.1 to this Current Report on Form 8-K and is incorporated herein by reference.

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| | |
|:---|:---|
| **Item 9.01.** | **Financial Statements and Exhibits.** |

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(d) Exhibits

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| [10.1](dp242109_ex1001.htm) | [Deferred Cash Award Agreement, dated February 20, 2026, by and between Diamond Hill Capital Management, Inc. and Thomas E. Line.](dp242109_ex1001.htm) |
| [10.2](https://www.sec.gov/Archives/edgar/data/909108/000090910825000018/ex-991xdhil2025equityandca.htm) | [Diamond Hill Investment Group, Inc. 2025 Equity and Cash Incentive Plan (incorporated by reference from Exhibit 99.1 to the Registration Statement on Form S-8 filed with the SEC on April 29, 2025).](https://www.sec.gov/Archives/edgar/data/909108/000090910825000018/ex-991xdhil2025equityandca.htm) |
| 104.1 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

**Forward-Looking Statements**

This communication, the documents incorporated herein by reference and statements, whether oral or written, made from time to time by representatives of the Company, may contain or incorporate "forward-looking statements" within the meaning of federal securities laws. Forward-looking statements include, but are not limited to, statements regarding anticipated operating results, prospects and levels of assets under management, technological developments, economic trends (including interest rates and market volatility), expected transactions and similar matters. These forward-looking statements may include, without limitation, any statements preceded by, followed by or including words such as "may," "could," "can have," "believe," "expect," "aim," "anticipate," "target," "goal," "project," "assume," "budget," "potential," "estimate," "guidance," "forecast," "outlook," "would," "will," "continue," "likely," "should," "hope," "seek," "plan," "intend," and variations of such words and similar expressions. Similarly, descriptions of the Company's objectives, strategies, plans, goals, or targets are also forward-looking statements. Such forward-looking statements include but are not limited to statements about the proposed Merger, including the expected timetable for completing the Merger and statements that are not historical facts.

Forward-looking statements are based on the Company's expectations at the time such statements are made, speak only as of the dates they are made and are susceptible to a number of risks, uncertainties and other factors. While the Company believes that the assumptions underlying its forward-looking statements are reasonable, investors are cautioned that any of the assumptions could prove to be inaccurate and, accordingly, the Company's actual results and experiences may differ materially from the anticipated results or other expectations expressed in its forward-looking statements. Factors that may cause the Company's actual results or experiences to differ materially from results discussed in forward-looking statements include, but are not limited to the factors discussed in the section entitled "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and Quarterly Reports on Form 10-Q for the fiscal quarters ended March 31, 2025, June 30, 2025 and September 30, 2025, each as filed with the Securities and Exchange Commission ("SEC"), and any factors discussed in the section entitled "Risk Factors" in any of our subsequently filed SEC filings, and the following: (i) the occurrence of any event, change, or other circumstance that could give rise to the right of one or both of the parties to terminate the definitive transaction agreement between the Company and Purchaser, including in circumstances requiring the Company to pay a termination fee; (ii) potential litigation relating to the Merger that could be instituted against the parties to the definitive transaction agreement or their respective directors or officers, including the effects of any outcomes related thereto; (iii) the possibility that the Merger does not close when expected or at all because required regulatory, shareholder, or other approvals and other conditions to closing are not received or satisfied on a timely basis or at all; (iv) reputational risk and potential adverse reactions of clients, employees or other business partners and the businesses generally, including those resulting from the announcement of the Merger, including any resulting reduction in the Company's AUM or AUA and the withdrawal, renegotiation or termination of any investment advisory agreements; (v) the risk that any announcements relating to the Merger could have adverse effects on the market price of the Company Common Shares; (vi) significant transaction costs associated with the Merger; and (vii) the diversion of management's attention and time from ongoing business operations and opportunities on Merger-related matters.

Forward-looking statements attributable to the Company or any person acting on its behalf are expressly qualified in their entirety by the cautionary statements above and in the Company's other public documents on file with the SEC. New risks and uncertainties arise from time to time, and factors that the Company currently deems immaterial may become material, and it is impossible for the Company to predict these events or how they may affect it. The Company undertakes no obligation to update any forward-looking statements after the date they are made, whether as a result of new information, future events, changes in its expectations or developments or otherwise, except as required by law, although it may do so from time to time. The Company does not endorse any projections regarding future performance that may be made by third parties.

**Additional Information and Where to Find It**

This Form 8-K does not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities. This communication relates to the Merger. In connection with the Merger, on January 28, 2026, the Company filed with the SEC a definitive proxy statement on Schedule 14A relating to a special meeting of its shareholders (the "Proxy Statement"). This communication is not a substitute for the Proxy Statement or any other document that the Company may file with the SEC and send to its shareholders in connection with the Merger. The Merger will be submitted to the Company's shareholders for their consideration. Before making any voting decision, the Company's shareholders are urged to read all relevant documents filed or to be filed with the SEC, including the Proxy Statement, as well as any amendments or supplements to those documents, when they become available, because they will contain important information about the Company and the Merger.

**The Company's shareholders may obtain a free copy of the Proxy Statement, as well as other filings containing information about the Company, free of charge, at the SEC's website (www.sec.gov). Copies of the Proxy Statement and other documents filed by the Company with the SEC may be obtained, without charge, by contacting the Company through its website at www.diamond-hill.com.**

**Participants in the Solicitation**

The Company, its directors, executive officers and other persons related to the Company may be deemed to be participants in the solicitation of proxies from the Company's shareholders in connection with the Merger. Information about the directors and executive officers of the Company and their ownership of Company Common Shares is set forth in the section entitled "Executive Officer Stock Ownership and Retention Guidelines" in the Company's proxy statement for its 2025 annual meeting of shareholders, which was filed with the SEC on March 14, 2025 (and which is available at [https://www.sec.gov/ix?doc=/Archives/edgar/data/0000909108/000090910825000014/dhil-20250311.htm](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000909108/000090910825000014/dhil-20250311.htm)). To the extent that holdings of the Company's securities by its directors or executive officers have changed since the amounts printed in the Company's proxy statement, such changes have been or will be reflected on Initial Statements of Beneficial Ownership of Securities on Form 3 and Statements of Changes in Beneficial Ownership on Form 4 filed with the SEC. Additional information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the Proxy Statement and other relevant materials to be filed with the SEC in connection with the Merger when they become available. Free copies of these documents may be obtained as described in the preceding paragraph.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

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| | | |
|:---|:---|:---|
| Date: February 25, 2026 |  | DIAMOND HILL INVESTMENT GROUP, INC. |
|  | By: | /s/ Thomas E. Line |
|  |  | Thomas E. Line, Chief Financial Officer and Treasurer |

---

## Exhibit 10.1

**Exhibit 10.1**

**DIAMOND HILL INVESTMENT GROUP, INC.**

**2025 EQUITY AND CASH INCENTIVE PLAN**

**DEFERRED CASH AWARD AGREEMENT**

Diamond Hill Investment Group, Inc. (the "Company") hereby grants the undersigned participant (the "Participant") a deferred Cash-Based Award (a "Deferred Cash Award"), subject to the terms and conditions described in the Diamond Hill Investment Group, Inc. 2025 Equity and Cash Incentive Plan, as may be amended from time to time (the "Plan"), and this Deferred Cash Award Agreement (this "Award Agreement"). This Award represents a one-time cash award in connection with the anticipated transition of the Company's compensation structure resulting from the acquisition by First Eagle Investment Management, LLC ("First Eagle") of the Company (the "Transaction"). Capitalized terms that are used but are not defined in this Award Agreement shall have the same meaning as set forth in the Plan.

1. *Name of Participant*: Thomas E. Line

2. *Award Date*: February 20, 2026 (the "Award Date")

3. *Deferred Cash Award Amount*: $100,000

4. *Vesting and Payment*: Notwithstanding anything to the contrary in the Plan (including
Section 12.1 thereof), the full amount of the Deferred Cash Award will be payable upon the one-year anniversary of the Award Date (the
"Vesting Date"), provided that the Participant remains an employee of First Eagle or the Company, as applicable, on the Vesting
Date; provided further that in the event that the Participant's employment is terminated by the Company, First Eagle or their applicable
affiliate without Cause (as defined in the Plan) or the Participant resigns for Good Reason (as defined below) prior to the Vesting Date, the full amount of such Deferred Cash Award will be payable to the Participant in a lump sum as soon as administratively
practicable following the Participant's employment termination date, subject to the Participant's timely execution and non-revocation
of a separation agreement and release of claims in a form provided by the Company. For the avoidance of doubt, this Deferred Cash Award
will not automatically become payable upon the closing of the Transaction (which constitutes a Change in Control). For purposes of this
Award Agreement, "Good Reason" shall mean the occurrence without the Participant's written consent of the following
event: a requirement that the Participant relocate the Participant's principal place of employment to a location that is more than
fifty (50) miles from the location of the Participant's principal place of employment immediately prior to such relocation.

5. *Other Terms and Conditions*:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Beneficiary Designation</u>. The Participant may name a beneficiary or beneficiaries
to receive the Deferred Cash Award that has been granted, but has not been paid at the time of the Participant's death and is paid
after the Participant's death by completing a "Beneficiary Election" form provided online to the Participant. The Beneficiary
Election Form does not need to be completed upon execution of this Award Agreement and is not required to be completed as a condition
of receiving the Deferred Cash Award. However, if: (i) the Participant dies without completing

a Beneficiary Election Form, (ii) the Participant does not complete the Beneficiary Election Form correctly, or (iii) the beneficiaries designated on the Beneficiary Election Form do not survive the Participant, the Participant's beneficiary under this Award Agreement will be the Participant's surviving spouse or, if the Participant does not have a surviving spouse, the Participant's estate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Non-Transferability of the Deferred Cash Award and this Award Agreement</u>. Neither the
Deferred Cash Award nor this Award Agreement may be transferred, pledged, assigned, or otherwise alienated or hypothecated, except by
will or the laws of descent and distribution. However, as described in Section 5(a) above, the Participant may designate a
beneficiary to receive any Deferred Cash Award that has been granted but not paid upon the Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Tax Withholding</u>. The Company or an Affiliate, as applicable, will have the power and
right to deduct, withhold or collect any amount required by law or regulation to be withheld with respect to any taxable event arising
with respect to the Deferred Cash Award. To the extent permitted by the Committee, in its sole discretion, this amount may
be: (i) withheld from other amounts due to the Participant; (ii) withheld from the value of the Deferred Cash Award; (iii) collected
directly from the Participant; or (iv) withheld using any combination of the methods described in clauses (i), (ii), or (iii). Unless
the Participant has elected, with the approval of the Committee, to satisfy the withholding requirement, in whole or in part, by having
the amount withheld from other amounts due to the Participant and/or collected directly from the Participant, in each applicable case,
as described in Section 15.2(a) of the Plan, the Participant shall be deemed to have elected to have the Company or an Affiliate, as applicable,
withhold funds on the date the tax is to be determined equal to the statutory total tax that could be imposed on the transaction; provided
that, the funds would otherwise be distributable to the Participant at the time of the withholding. Any election under this
Section 5(c) will be irrevocable and made in writing and will be subject to any terms and conditions that the Committee, in its sole discretion,
deems appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Acknowledgment</u>. By signing below, the Participant acknowledges and agrees that the Deferred
Cash Award is subject to all of the terms and conditions of the Plan and this Award Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Governing Law</u>. This Award Agreement will be governed by and construed in accordance
with the laws of the State of Ohio, without regard to its conflicts of law provisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. <u>Entire Agreement</u>. This Award Agreement, together with the Plan, and the applicable provisions
of an employment agreement, if applicable, constitute the entire agreement between the Company and the Participant regarding the subject
matter of this Award Agreement, and this Award Agreement and the applicable provisions of an employment agreement, if applicable, supersede
all prior and contemporaneous agreements between the parties hereto in connection with the subject matter of this Award Agreement. All
representations of any type relied upon by the Participant and the Company in making this Award Agreement are

specifically set forth herein and in the applicable provisions of an employment agreement, if applicable, and the Participant and the Company each acknowledge that they have relied on no other representation in entering into this Award Agreement. No change, termination, or attempted waiver of any of the provisions of this Award Agreement will be binding upon any party hereto unless contained in a writing signed by the party to be charged.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. <u>Deferred Cash Award Subject to the Plan</u>. The Deferred Cash Award is subject to
the terms and conditions described in this Award Agreement and the Plan. In the event of a conflict between the terms of the
Plan and the terms of this Award Agreement, the terms of the Plan will govern solely with respect to the cash-settled nature of this Award.
The Committee will retain sole responsibility for interpreting the Plan and this Award Agreement, and its determination of the meaning
of any provision in the Plan or this Award Agreement will be binding on the Participant and all other persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. <u>Signature in Counterparts</u>. This Award Agreement may be signed in counterparts, each
of which will be deemed an original, but all of which will constitute one and the same instrument.

**\* \* \* \* \* \* \* \* \* \***

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| | |
|:---|:---|
| THOMAS E. LINE | DIAMOND HILL INVESTMENT GROUP, INC. |
| /s/ THOMAS E. LINE | /s/ Heather Brilliant |
| Signature | By: Heather Brilliant |
|  | Title: |
| Date: February 20, 2026 | Date: February 25, 2026 |

---