Document:

EX-4.1

 Exhibit 4.1 

HORIZON BANCORP 
 2005
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 (Effective as of January 1, 2005) 

Krieg DeVault LLP 

One Indiana Square, Suite 2800 

Indianapolis, IN 46204-2079 

www.kriegdevault.com 

 HORIZON BANCORP 

2005 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

TABLE OF CONTENTS 
  

							
	 	 	PAGE	 
	 ARTICLE I INTRODUCTION 1
	  			
			
	 Section 1.1
	 	Purpose	  	 	1	 
	 Section 1.2
	 	Effective Date; Plan Year	  	 	1	 
	 Section 1.3
	 	Administration	  	 	1	 
	 Section 1.4
	 	Affiliates	  	 	1	 
	 Section 1.5
	 	Supplements	  	 	1	 
	 Section 1.6
	 	Definitions	  	 	1	 
		
	 ARTICLE II ELIGIBILITY AND PARTICIPATION
	  	 	2	 
			
	 Section 2.1
	 	Eligibility	  	 	2	 
	 Section 2.2
	 	Participation	  	 	2	 
		
	 ARTICLE III CONTRIBUTIONS AND ALLOCATIONS
	  	 	2	 
			
	 Section 3.1
	 	Employee Deferral Contributions	  	 	2	 
	 Section 3.2
	 	Deferral Elections	  	 	3	 
	 Section 3.3
	 	Company Matching Contributions	  	 	4	 
	 Section 3.4
	 	Supplemental Contributions	  	 	4	 
	 Section 3.5
	 	Plan Account	  	 	5	 
	 Section 3.6
	 	Investment Credits	  	 	5	 
	 Section 3.7
	 	Account Allocations	  	 	5	 
	 Section 3.8
	 	Allocation of Forfeitures	  	 	5	 
	 Section 3.9
	 	Military Service	  	 	5	 
		
	 ARTICLE IV BENEFIT PAYMENTS
	  	 	6	 
			
	 Section 4.1
	 	Time of Payment of Benefits	  	 	6	 
	 Section 4.2
	 	Method of Payment	  	 	7	 
	 Section 4.3
	 	Method of Payment Elections	  	 	8	 
	 Section 4.4
	 	Forfeitures on Separation from Service	  	 	8	 
	 Section 4.5
	 	Disability and Death	  	 	8	 
	 Section 4.6
	 	Unforeseeable Emergency	  	 	9	 
	 Section 4.7
	 	Acceleration of Time of Payment	  	 	9	 

  
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	 ARTICLE V PLAN ADMINISTRATION
	  	 	11	 
			
	 Section 5.1
	 	Appointment of the Committee	  	 	11	 
	 Section 5.2
	 	Powers and Responsibilities of the Committee	  	 	11	 
	 Section 5.3
	 	Liabilities	  	 	12	 
	 Section 5.4
	 	Income and Employment Tax Withholding	  	 	12	 
		
	 ARTICLE VI BENEFIT CLAIMS
	  	 	12	 
		
	 ARTICLE VII FUNDING AND TRANSFERS
	  	 	12	 
			
	 Section 7.1
	 	Unfunded Status	  	 	12	 
	 Section 7.2
	 	Trust	  	 	13	 
	 Section 7.3
	 	Change in Control	  	 	13	 
		
	 ARTICLE VIII AMENDMENT AND TERMINATION OF THE PLAN
	  	 	15	 
			
	 Section 8.1
	 	Amendment of the Plan	  	 	15	 
	 Section 8.2
	 	Termination of the Plan	  	 	15	 
		
	 ARTICLE IX PARTICIPATION BY AFFILIATES
	  	 	15	 
			
	 Section 9.1
	 	Affiliate Participation	  	 	15	 
	 Section 9.2
	 	Horizon Bancorp Action Binding on Other Employers	  	 	16	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	16	 
			
	 Section 10.1
	 	Governing Law	  	 	16	 
	 Section 10.2
	 	Headings and Gender	  	 	16	 
	 Section 10.3
	 	Spendthrift Clause	  	 	16	 
	 Section 10.4
	 	Counterparts	  	 	16	 
	 Section 10.5
	 	No Enlargement of Employment Rights	  	 	16	 
	 Section 10.6
	 	Limitations on Liability	  	 	16	 
	 Section 10.7
	 	Incapacity of Participant or Beneficiary	  	 	16	 
	 Section 10.8
	 	Evidence	  	 	16	 
	 Section 10.9
	 	Action by Company or Committee	  	 	17	 
	 Section 10.10
	 	Severability	  	 	17	 
	 Section 10.11
	 	Information to be Furnished by a Participant	  	 	17	 
	 Section 10.12
	 	Binding on Successors	  	 	17	 

  
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 ARTICLE 1 

INTRODUCTION 

Section 1.1 Purpose. The purpose of the Horizon Bancorp 2005 Supplemental Executive Retirement Plan (the
“Plan”) is to provide certain management or highly compensated employees of Horizon Bancorp (the “Company”) and its Affiliates supplemental retirement benefits to help recompense the employees for benefits reduced under the
Horizon Bancorp Employees’ Thrift Plan (the “Thrift Plan”) due to benefit limits imposed by the Internal Revenue Code of 1986, as amended (the “Code”) and to permit the deferral of additional compensation. It is the
intention of the Company that the Plan constitute an unfunded arrangement maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for federal income tax purposes and for purposes
of Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), and a deferred compensation arrangement that complies with Code Section 409A. Consequently, the Plan will be administered and its provisions
interpreted consistently with that intention. 
 Section 1.2 Effective Date; Plan Year. The “Effective
Date” of the Plan is January 1, 2005. The “Plan Year” is the 12-month period beginning on each January 1 and ending on the next following December 31. 

Section 1.3 Administration. The Plan will be administered by the Compensation Committee (the
“Committee”) of the Company’s Board of Directors (the “Board”). The Committee, from time to time, may adopt any rules and procedures it deems necessary or desirable for the proper and efficient administration of the Plan
that are consistent with the terms of the Plan. Any notice or document required to be given or filed with the Committee will be properly given or filed if delivered to or mailed, by registered mail, postage paid, to the Compensation Committee of the
Board of Directors, Horizon Bancorp, 515 Franklin Square, Michigan City, Indiana 46360, Attention: Human Resource Department. 

Section 1.4 Affiliates. Any corporation or trade or business whose employees are treated as being employed by
the Company under Code Sections 414(b), 414(c), 414(m) or 414(o) (an “Affiliate”) may adopt the Plan with the Company’s consent in accordance with Section 9.1. 

Section 1.5 Supplements. The provisions of the Plan may be modified by supplements to the Plan. The terms and
provisions of each supplement are a part of the Plan and supersede any other provisions of the Plan to the extent necessary to eliminate any inconsistencies between the supplement and any other Plan provisions. 

Section 1.6 Definitions. The following terms are defined in the Plan in the following Sections: 

 

			
	 Term
	  	Plan Section
	 Acceleration Event
	  	4.7
	 Account
	  	3.5
	 Adverse Benefit Determination
	  	A-3
	 Affiliate
	  	1.4
	 Benefit Claim
	  	A-1
	 Board
	  	1.3
	 Claimant
	  	A-1

  
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	 Term
	  	Plan Section
	 Code
	  	1.1
	 Committee
	  	1.3
	 Company
	  	1.1
	 Company Matching Contributions
	  	3.3(a)
	 Compensation
	  	3.1
	 Disabled
	  	4.5(b)
	 Effective Date
	  	1.2
	 Employee Deferral Contributions
	  	3.1
	 ERISA
	  	1.1
	 FICA Amount
	  	4.7(c)
	 Identification Date
	  	4.1(d)
	 Key Employee
	  	4.1(d)
	 Matching Contribution
	  	3.3(c)
	 Participant
	  	2.2
	 Plan
	  	1.1
	 Plan Year
	  	1.2
	 Separation from Service
	  	4.1(b)
	 Specified Employee
	  	4.1(d)
	 Supplemental Contribution
	  	3.4
	 Termination of Employment
	  	4.1(b)
	 Thrift Plan
	  	1.1
	 Unforeseeable Emergency
	  	3.2(f)

 ARTICLE II 

ELIGIBILITY AND PARTICIPATION 

Section 2.1 Eligibility. Any salaried employee who is employed by the Company or Horizon Bank, N.A. or
another “Affiliate” that has adopted the Plan under Article IX is eligible to become a “Participant” in the Plan provided the employee is designated as a Participant by the Committee in writing. 

Section 2.2 Participation. A designated employee will become a “Participant” as of the later of the
Effective Date or the date specified by the Committee. A Participant may be removed as an active Participant by the Committee, effective as of any date, so that the Participant will not be entitled to accrue additional benefits under
Sections 3.3 or 3.4 on or after that date. 
 ARTICLE III 

CONTRIBUTIONS AND ALLOCATIONS 

Section 3.1 Employee Deferral Contributions. Subject to the terms and limitations of this Article, a
Participant may elect, pursuant to Section 3.2, to have a portion of the Participant’s Compensation payable in any Plan Year withheld by the Company or an Affiliate and credited as an “Employee Deferral Contribution” under the
Plan. The term “contribution” is used for ease of reference; however, contributions are merely credits to each Participant’s Account, which is a bookkeeping account. 

  
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 The term “Compensation,” for purposes of the Plan, means the total cash compensation
paid to the Participant by the Company or an Affiliate during a Plan Year (including the compensation that, but for the deferral election made under this Section or an election made under a Code Section 125 Plan or the Thrift Plan would have
been paid to the Participant) for services rendered as an employee, including overtime pay, commissions and bonuses, but excluding fringe benefits, welfare benefits, deferred compensation and reimbursements (including moving expenses) and expense
allowances. Compensation does not include wages received upon the exercise by a Participant of a stock appreciation right received under any plan provided by the Company or its Affiliates. 

Section 3.2 Deferral Elections. Employee Deferral Contributions will be withheld from a Participant’s
Compensation in accordance with the following terms and conditions. 
  

	 	(a)	Requirement for Deferral Elections. As a condition to the Company’s or an Affiliate’s obligation to withhold and the Committee’s obligation to credit Employee Deferral Contributions for the benefit
of a Participant pursuant to Section 3.1, the Participant must complete and file a deferral election form with the Committee (in a format prescribed by the Committee). 

 

	 	(b)	Timing of Execution and Delivery of Elections. To be effective to defer any portion of a Participant’s Compensation, a deferral election form must be filed with the Committee on or prior to the last day of
the calendar year preceding the Plan Year in which the services giving rise to the Compensation are performed. For example, to defer Compensation payable with respect to services performed during the 2007 Plan Year, an election must be filed on or
before December 31, 2006. 

  

	 	(c)	Maximum Deferral. For Plan Years beginning on and after January 1, 2007, the Participant may elect to defer as an Employee Deferral Contribution for a Plan Year, up to 25 percent of the
Participant’s Compensation. For Plan Years ending prior to January 1, 2007, the Participant could elect to defer an overall percentage (or dollar amount) which represented the total amount of deferrals to both the Thrift Plan and the Plan,
and such amount could not exceed 75 percent of such Participant’s Compensation for such Plan Year. 

  

	 	(d)	Initial Eligibility. In the case of the first Plan Year in which an individual becomes a Participant, the deferral election form may be filed with the Committee at any time within 30 days of the date the
individual becomes a Participant (rather than the date specified under subsection 3.2 (b)). This initial election will only apply to Compensation paid for services performed after the filing of the deferral election form. This special initial
eligibility election rule will not apply if the Participant is or has been a participant in a deferred compensation arrangement required to be aggregated with the Plan under the rules of Code Section 409A. 

 

	 	(e)	Change of Deferral Elections. Subject to the provisions of subsection 3.2(f), once made, a deferral election will remain in effect for a Plan Year unless and until the election is revoked or a new election filed.
The revocation or new election must be filed in accordance with the requirements of subsection 3.2(b). No deferral election may be changed for Compensation payable for a Plan Year after the last day of the election period described in subsection 3.2
(b). For example, except as provided in Section 3.2(f), any election in place for 2007 Compensation may not be changed after December 31, 2006. 

  
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	 	(f)	Unforeseeable Emergency. The Committee, in its sole discretion, may cancel a Participant’s election to defer Compensation if the Committee determines the Participant has suffered an “Unforeseeable
Emergency.” The cancellation will apply to the period after the Committee’s determination. The Participant must submit a signed statement of the facts causing the severe financial hardship and any other information required by the
Committee, in its sole discretion. An “Unforeseeable Emergency” is a severe financial hardship of the Participant or beneficiary resulting from an illness or accident of the Participant or beneficiary, the Participant’s or
beneficiary’s spouse, or the Participant’s or beneficiary’s dependent (as defined in Code Section 152(a)); loss of the Participant’s or beneficiary’s property due to casualty (including the need to rebuild a home
following damage to a home not otherwise covered by insurance, for example, not as a result of a natural disaster); imminent foreclosure of or eviction from the Participant’s primary residence; the need to pay for medical expenses, including non-refundable deductibles, as well as for the costs of prescription drug medication; the need to pay for the funeral expenses of a spouse or a dependent (as defined in Code Section 152(a)) or other similar
extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant or beneficiary. An Unforeseeable Emergency will be deemed to occur if a Participant receives a hardship withdrawal from the Thrift Plan
pursuant to Code Section 401(k) and Treasury Regulation Section 1.401(k)-1(d)(3). 

Section 3.3 Company Matching Contributions. 

 

	 	(a)	Amount of Company Matching Contribution. The Company and its Affiliates may, as determined by the Committee, in its sole discretion, make “Company Matching Contributions” to Participant Accounts each
Plan Year, in an amount determined by the Committee in its sole discretion. 

  

	 	(b)	Allocation of Company Matching Contribution. Any Company Matching Contributions made under subsection 3.3(a) for a Plan Year will be allocated and credited to the Accounts of Participants, according to the
Employee Deferral Contributions credited under Section 3.1 for the Plan Year. 

  

	 	(c)	Timing of Contribution. A Company Matching Contribution contributed for the benefit of a Participant for a Plan Year will be credited to a Participant’s Account monthly. 

 

	 	(d)	Maximum Company Matching Contribution. Company Matching Contributions made for the benefit of a Participant for any Plan Year will not exceed $25,000. This limit can be changed prior to the beginning of any Plan
Year by Resolution of the Committee. 

 Section 3.4 Supplemental Contributions. The Company
and its Affiliates may, as determined by the Committee in its sole discretion, make “Supplemental Contributions” under the Plan, in accordance with subsections 3.4(a) and (b). 

  
 4 

	 	(a)	Amount of Contribution. The Company may, but is not required to, credit to a Participant’s Account such amount as the Committee may in its discretion determine from time to time, which amount will constitute
a Supplemental Contribution under the Plan. 

  

	 	(b)	Timing of Contribution. A Supplemental Contribution may be credited to a Participant’s Account at any time. 

Section 3.5 Plan Account. The Committee will establish and maintain an “Account” under the Plan for
each Participant and will increase and decrease a Participant’s Account as provided in Section 3.7. 

Section 3.6 Investment Credits.. A Participant’s Account will be increased or decreased to reflect the
increase or decrease in the value of the Account established for the Participant. The amount of interest credited will be determined based on the investment earnings under the funding method(s) used by the Company pursuant to Section 7.2.
However, if no such method is used, earnings and losses on the Participant’s Account will be determined by treating the Participant’s Account as if such balance were hypothetically invested in five-year U.S. Treasury Bonds, at the rate
published in the Wall Street Journal as in effect as of the first business day of each calendar month, plus 200 basis points, but not to exceed 120% of the Applicable Long Term Federal rate for monthly compounding. In the event any Participant is
entitled to a distribution of the Account under Article IV, the increase or decrease in the value of the Account will be allocated as of the last day of the month immediately preceding the month in which the payment to the Participant will be
made. 
 Section 3.7 Account Allocations. As of each accounting date, each Participant’s Account will
be: 
  

	 	(i)	Increased by the amount credited to the Account under Sections 3.1, 3.3, 3.4 and 3.8 since the last accounting; 

  

	 	(ii)	Increased or decreased by the amount determined under Section 3.6 since the last accounting; and 

  

	 	(iii)	Decreased by any payment made under Article IV. 

 The accounting date under this Section will
be any date determined by the Committee. However, the accounting required under this Section must be made, at a minimum, as of the last day of each Plan Year. 

Section 3.8 Allocation of Forfeitures The amount, if any, of a Participant’s Company Matching
Contributions and Supplemental Contributions forfeited under Section 4.4 will revert to the Company and its Affiliates. 

Section 3.9 Military Service. Notwithstanding any provision of this Plan to the contrary, contributions and
benefits with respect to qualified military service will be provided in accordance with Code Section 414(u). 

  
 5 

 ARTICLE IV 

BENEFIT PAYMENTS 

Section 4.1 Time of Payment of Benefits. Except as provided in Sections 4.5 through 4.7, a Participant
will receive or will begin to receive payment of his vested Account balance within 90 days following the date specified for payment or the commencement of payment effectively elected by the Participant, as provided in this Section. 

 

	 	(a)	Timing of Execution and Delivery of Payment Election. A Participant may elect the date his vested Account balance will be paid or will begin to be paid by completing and filing with the Committee a payment
election form approved by the Committee. The specified date must be a date at least two years from the beginning of the Plan Year for which the first deferral under the Plan is made. To be effective, the election under this Section must be filed
with the Committee no later than the later of: (i) the time the Participant first makes a deferral election under this Plan (or under any other plan required to be aggregated with this Plan pursuant to the requirements of Code
Section 409A); or (ii) December 31, 2006. In lieu of specifying a date certain, a Participant may elect to have payment made or commenced within a specified period of time following the date the Participant experiences a Separation
from Service (as defined in subsection 4.1(b)). If no date is specified, payment will be made or commenced within 90 days following the Participant’s Separation from Service. 

 

	 	(b)	Separation from Service. “Separation from Service” means the date on which the Participant dies, retires or otherwise experiences a Termination of Employment with the Company. Provided, however, a
Separation from Service does not occur if the Participant is on military leave, sick leave, or other bona fide leave of absence (such as temporary employment by the government) if the period of such leave does not exceed six months, or if the leave
is for a longer period, so long as the individual’s right to reemployment with the Company is provided either by statute or by contract. If the period of leave exceeds six months and the Participant’s right to reemployment is not provided
either by statute or contract, there will be a Separation from Service on the first date immediately following such six-month period. A Participant will incur a “Termination of Employment” when a
termination of employment is incurred under Proposed Treasury Regulation 1.409A-1(h)(ii) or any final version of such Proposed Regulation. 

 

	 	(c)	Change of Payment Election. An election as to the date payment will be made or commenced may be changed by a Participant by filing a new payment election form with the Committee; provided, however, that:
(i) the new election will not take effect until at least 12 months after the date the new election is filed, (ii) the single lump-sum payment or the commencement of installment payments will be
delayed for a period of not less than five years from the date the payment or first payment would otherwise have been made, and (iii) the new election is filed with the Committee at least 12 months prior to the date of the first scheduled
payment under the Plan. 

  
 6 

	 	(d)	Suspension of Payments to Specified Employees. If a benefit is payable to a Participant under the Plan due to the Participant’s Separation from Service, for any reason other than death, and if at the time of
the Separation from Service the Participant is a “Specified Employee,” payment of all amounts to the Participant under the Plan will be suspended for six months following the Participant’s Separation from Service. If the Participant
elected to receive payment of his benefit in the form of installments, payment of any installments that the Participant was otherwise entitled to receive during the six-month suspension period will be
accumulated and paid in the form of a lump sum on the first day following the six-month suspension period. The remainder of the Participant’s benefit will then continue distribution in the manner and at
the time elected by the Participant. If the Participant elected to receive payment of his benefit in the form of a lump sum, he will receive payment of that amount on the first day following the six-month
suspension period. If the Participant incurs a Separation from Service due to death, regardless of whether the Participant meets the definition of a Specified Employee, payment of his benefit will not be suspended. 

 

	 	(i)	A “Specified Employee” means a Participant who is a “Key Employee” at a time when the Company’s stock is publicly traded on an established securities market. A Participant will be a Specified
Employee on the first day of the fourth month following any Identification Date on which the Participant is a Key Employee. 

  

	 	(ii)	A Participant is a “Key Employee” if at any time during the 12-month period ending on an “Identification Date” the Participant is: (A) an officer of the
Company or an Affiliate having annual compensation greater than $130,000 (as adjusted in the same manner as under Code Section 415(d) except that the base period will be the calendar quarter beginning July 1, 2001, and any increase under
this sentence which is not a multiple of $5,000 will be rounded to the next lower multiple of $5,000); (B) a five-percent owner of the Company; or (C) a one-percent owner of the Company having an annual
compensation greater than $150,000. For purposes of determining whether a Participant is an officer under clause (A), nor more than 50 employees (or, if lesser, the greater of 3 or 10 percent of the employees) will be treated as officers, and
those categories of employees listed in Code Section 414(q)(5) will be excluded. 

  

	 	(iii)	The Identification Date for purposes of this Plan is December 31 of each Plan Year. 

Section 4.2 Method of Payment. Except as provided in Sections 4.5 through 4.7, the balance of a
Participant’s vested Account will be distributed in cash in one of the following methods effectively elected by the Participant: 
  

	 	(a)	A single lump sum payment; 

  

	 	(b)	Annual installment payments over a period of 3 to 12 years; or 

  

	 	(c)	A combination of the methods specified in subsections (a) and (b). 

  
 7 

 Section 4.3 Method of Payment Elections. 

 

	 	(a)	Initial Election. A Participant may elect the manner in which his vested Account balance will be paid to him under Section 4.2 in accordance with the terms and conditions of this Section. To make an
election, a Participant must file an election with the Committee (on a form or forms prescribed by the Committee). To be effective, the election under this Section must be filed with the Committee no later than the later of: (i) the time the
Participant first makes a deferral election under the Plan (or under any other plan required to be aggregated with this Plan pursuant to the requirements of Code Section 409A); or (ii) December 31, 2006. If no election is made or if
the election is not timely or properly made, distribution will be made in the form of three substantially equal annual installments. 

  

	 	(b)	Change of Method of Payment Election. An election as to the manner of payment may not be changed after the payment has been made or payments have commenced. Prior to that time, a Participant may change his
election by filing a new election form with the Committee; provided, however, that: (i) the new election will not take effect until at least 12 months after the date the new election is filed; (ii) the single lump sum payment or the
commencement of installment payments with respect to which such election is made must be deferred for a period of not less than five years from the date such payment would otherwise have been made; and (iii) the new election is filed at least
12 months prior to the date of the first scheduled payment under the Plan. 

  

	 	(c)	Installments. If installment distributions are elected, the initial annual installment amount will be the Account balance otherwise payable in a single sum multiplied by a fraction, the numerator of which is one
and the denominator of which is the total number of installment payments. Subsequent annual installments will also be a fraction of the unpaid Account balance, the numerator of which is always one but the denominator of which is the denominator used
in calculating the previous installment minus one. For example, if five annual installment payments are elected, the initial installment will be one-fifth of the vested single sum Account balance, the second
installment will be one-fourth of the remaining vested Account balance and the third installment will be one-third of the remaining vested Account balance, and so on.

 Section 4.4 Forfeitures on Separation from Service. A Participant’s Account will not be
subject to forfeiture or reversion to the Company hereunder. Provided, however, to the extent specified by the Committee, the Participant’s Company Matching Contributions and Supplemental Contributions under the Plan will be subject to
forfeiture upon the Participant’s Separation from Service, prior to his completion of such number of “Years of Service” as determined by the Committee, under circumstances other than any one of the following: (i) the death of the
Participant while still employed; (ii) the Committee’s determination that the Participant is Disabled; or (iii) a Participant’s retirement on or after attaining age sixty-five (65). For purposes of this Section, a Year of Service
means each Plan Year (commencing on and after the date of the Participant’s first day of participation in this Plan) during which the employee has completed one thousand (1,000) Hours of Service for the Employer, as defined in the Thrift Plan.

 Section 4.5 Disability and Death. Subject to the provisions of subsection 4.1(d), in the event a Participant
Separates from Service due to the Participant’s Disability or if the Participant dies or becomes Disabled before he has received his entire Account balance, the unpaid balance will be paid to the Participant, or in the event of his death to his
designated beneficiary or beneficiaries, in a single lump sum within 90 days of a determination by the Committee that the Participant is Disabled or within 90 days of the Participant’s death. 

  
 8 

	 	(a)	Beneficiary Designations. A Participant may designate a beneficiary or beneficiaries to receive any amount payable under this Section as a result of his death. A Participant may change his designation of
beneficiaries at any time by filing with the Committee a written notice of the change on a form approved by the Committee. Each beneficiary designation filed with the Committee will cancel all previously filed beneficiary designations. If no
designation is in effect on the Participant’s death, or if the designated beneficiary does not survive the Participant, his beneficiary will be his surviving spouse, if any, and then his estate. 

 

	 	(b)	Disabled. A Participant is “Disabled” for purposes of the Plan if the Participant in question is unable to engage in any substantial gainful activity by reason of any medically determinable physical or
mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months. A Participant who, by reason of any medically determinable physical or mental impairment that can be expected
to result in death or last for a continuous period of not less than 12 months, is receiving income replacement benefits for a period of not less than three months under an accident and health plan sponsored by an Employer will be deemed to be
Disabled. The Committee will be the sole and final judge of whether a Participant is Disabled for purposes of this Plan, after consideration of any evidence it may require, including the reports of any physician or physicians it may designate.

 Section 4.6 Unforeseeable Emergency. In the event the Committee determines in its sole discretion
that a Participant has experienced an Unforeseeable Emergency, all or a portion of a Participant’s vested Account may be distributed no later than 90 days following such determination, in a single lump sum payment. The Participant must
submit a signed statement of the facts causing the severe financial hardship and any other information required by the Committee, in its sole discretion. Payment under this Section is subject to the following conditions: 

 

	 	(a)	The emergency must not be able to be relieved through reimbursement or compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent liquidation of such assets would not cause
severe financial hardship, or by cessation of deferrals under this Plan. 

  

	 	(b)	The amount of the distribution must be limited to the amount reasonably necessary to satisfy the emergency need (which may include amounts necessary to pay any Federal, state, or local income taxes or penalties
reasonably anticipated to result from the distribution) and must take into account any additional compensation available due to cancellation of a deferral election under subsection 3.2(f). 

Section 4.7 Acceleration of Time of Payment. Except as provided in Section 4.6 or this Section, the time or
schedule of payment of a Participant’s Account provided in Sections 4.1 through 4.5 may not be accelerated. The time and schedule of payment of a Participant’s Account may be accelerated in the following circumstances, each of which
is an “Acceleration Event,” to a time that is no later than 90 days following the Committee’s determination that one of the Acceleration Events has occurred and payment will be made in the form of a single lump sum: 

  
 9 

	 	(a)	Domestic Relations Order. The time or schedule of a payment from a Participant’s Account may be accelerated to make a payment to an individual other than the Participant as may be necessary to fulfill a
domestic relations order (as defined in Code Section 414(p)(1)(B)). 

  

	 	(b)	Conflicts of Interest. The time or schedule of a payment from a Participant’s Account may be accelerated as may be necessary to comply with a certificate of divestiture (as defined in Code
Section 1043(b)(2)). 

  

	 	(c)	Payment of Employment Taxes. The time or schedule of a payment from a Participant’s Account may be accelerated to pay the Federal Insurance Contribution Act tax imposed under Code Sections 3101, 3121(a) and
3121(v)(a), where applicable, on compensation deferred under the Plan (the “FICA Amount”) as well as to pay the income tax at source on wages imposed under Code Section 3401 or the corresponding withholding provisions of state or
local tax laws as a result of payment of the FICA Amount; provided, however, the total payment under this paragraph (c) will not exceed the aggregate of the FICA Amount and the related income tax withholding. 

 

	 	(d)	Income Inclusion Under Code Section 409A. The time or schedule of a payment from a Participant’s Account may be accelerated to pay the income tax, interest and penalties imposed if the
Plan fails to meet the requirements of Code Section 409A; provided, however, such payment will not exceed the amount required to be included in income as a result of the failure to comply with the requirements of Code Section 409A.

  

	 	(e)	Plan Termination. The time or schedule of payment or commencement of payments from a Participant’s Account may be accelerated when the Plan is terminated in accordance with one of the following:

  

	 	(i)	The Company terminates the Plan within 12 months of a corporate dissolution taxed under Code Section 331, or with the approval of a bankruptcy court pursuant to 11 U.S.C. §503(b)(1)(A), provided that the
amounts deferred under the Plan are included in the Participants’ gross incomes in the latest of: 

  

	 	(A)	The calendar year in which the Plan termination occurs; 

  

	 	(B)	The calendar year in which the amount is no longer subject to a substantial risk of forfeiture; or 

  

	 	(C)	The first calendar year in which the payment is administratively practicable. 

  

	 	(ii)	 The Company’s termination of the Plan within the 30 days preceding or the 12 months following a change in
control event (as defined in Treasury Regulation §1.409A-2(g)(4)(i)). For purposes of this paragraph the Plan may be terminated only if all substantially similar arrangements sponsored

  
 10 

	 	
by the Company are terminated, so that the Participants in the Plan and all Participants under substantially similar arrangements are required to receive all amounts of compensation deferred
under the terminated Plan and other arrangements within 12 months of the date of termination of the Plan and other arrangements. 

  

	 	(iii)	The Company’s termination of the Plan, provided that: 

  

	 	(A)	All arrangements sponsored by the Company, that would be aggregated with any terminated arrangement under Treasury Regulation §1.409A-1(c) if the Participant participated in
all of the arrangements, are terminated; 

  

	 	(B)	No payments other than payments that would be payable under the terms of the arrangements if the termination had not occurred are made within 12 months of the termination of the arrangements; 

 

	 	(C)	All payments are made within 24 months of the termination of the arrangements; and 

  

	 	(D)	The Company does not adopt a new arrangement that would be aggregated with any terminated arrangement under §1.409A-1(c) if the same Participant participated in both
arrangements, at any time within five years following the date of termination of the Plan. 

  

	 	(iv)	Such other events and conditions as the Internal Revenue Service may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 

ARTICLE V 
 PLAN
ADMINISTRATION 
 Section 5.1 Appointment of the Committee. The Committee, or a duly authorized officer or
officers of the Company empowered by the Committee to act on its behalf, will be responsible for administering the Plan, and the Committee will be charged with the full power and the responsibility for administering the Plan in all its details. 

Section 5.2 Powers and Responsibilities of the Committee. 

 

	 	(a)	Committee Powers. The Committee will have all powers necessary to administer the Plan, including the power to construe and interpret the Plan documents; to decide all questions relating to an individual’s
eligibility to participate in the Plan; to determine the amount, manner and timing of any distribution of benefits or withdrawal under the Plan; to resolve any claim for benefits in accordance with Article VI and Supplement A, and to appoint or
employ advisors, including legal counsel, to render advice with respect to any of the Committee’s responsibilities under the Plan. Any construction, interpretation, or application of the Plan by the Committee will be final, conclusive and
binding. 

  
 11 

	 	(b)	Records and Reports. The Committee will be responsible for maintaining sufficient records to determine each Participant’s eligibility to participate in the Plan, and for purposes of determining the amount of
contributions that may be made on behalf of the Participant under the Plan. 

  

	 	(c)	Rules and Decisions. The Committee may adopt such rules as it deems necessary, desirable, or appropriate in the administration of the Plan. All rules and decisions of the Committee will be applied uniformly and
consistently to all Participants in similar circumstances. When making a determination or calculation, the Committee will be entitled to rely upon information furnished by a Participant or beneficiary, the Company or the legal counsel of the
Company. 

  

	 	(d)	Application for Benefits. The Committee may require a Participant or beneficiary to complete and file with it an application for a benefit, and to furnish all pertinent information requested by it. The Committee
may rely upon all such information so furnished to it, including the Participant’s or beneficiary’s current mailing address. 

  

	 	(e)	Delegation. The Committee may authorize one or more officers of the Company to perform administrative responsibilities on its behalf under the Plan. Any such duly authorized officer will have all powers necessary
to carry out the administrative duties delegated to such officer by the Committee. 

 Section 5.3
Liabilities. The individual members of the Committee will be indemnified and held harmless by the Company with respect to any alleged breach of responsibilities performed or to be performed hereunder. 

Section 5.4 Income and Employment Tax Withholding. The Company and its Affiliates will be responsible for
withholding from the Participant’s Compensation, from the contribution to the Plan, or from the distribution of the Participant’s benefit under the Plan, of all applicable federal, state, city and local taxes. 

ARTICLE VI 
 BENEFIT
CLAIMS 
 While a Participant or beneficiary need not file a claim to receive his benefit under the Plan, if he wishes to do so, a
claim must be made in writing and filed with the Committee. If a claim is denied, the Committee will furnish the claimant with written notice of its decision. A claimant may request a review of the denial of a claim for benefits by filing a written
request with the Committee. The Committee will afford the claimant a full and fair review of such request. The claim and claim review process will be conducted in accordance with the provisions of Supplement A. 

ARTICLE VIII 
 FUNDING
AND TRANSFERS 
 Section 7.1 Unfunded Status. The Plan will be maintained in such a fashion that at all
times for purposes of ERISA and the Code it will be unfunded and will constitute a mere promise by the Company to make Plan benefit payments in the future. Any and all rights created under this Plan will be unsecured contractual rights against the
Company. 

  
 12 

 Section 7.2 Trust. Notwithstanding the provisions of Section 7.1,
the Committee may, in its discretion, satisfy all or any part of the Company’s obligations under the Plan from a trust established by the Company in connection with the Plan or from an insurance contract, annuity or similar vehicle owned by the
Company or by setting aside and investing amounts deferred under the Plan as an asset of the Company. Any such trust or other vehicle will constitute solely a means to assist the Company in meeting its promised obligations under the Plan and will
not constitute a funded account within the meaning of ERISA or the Code, nor will it create a security interest for the benefit of any Participant or beneficiary. Any trust created hereunder will conform in substantially all respects to the terms of
the Model Trust, as described in Revenue Procedure 92-64. 
 Section 7.3
Change in Control. 
  

	 	(a)	Establishment of a Trust Due to Change in Control of the Company. Notwithstanding the provisions of Sections 7.1 and 7.2, upon a Change in Control of the Company, as defined in subsection 7.3(b), the Company
will, as soon as possible, but in no event later than 90 days following the Change in Control, establish a trust that will substantially conform to the model trust, as described in Revenue Procedure
92-64. Upon the creation of such trust, the Company will make an irrevocable lump sum contribution to the trust in an amount that is sufficient to pay all Plan Participants and beneficiaries the benefits to
which Plan Participants or their beneficiaries would be entitled pursuant to the terms of the Plan as of the date on which the Change in Control occurred. 

  

	 	(b)	Definition of Change in Control: A Change in Control occurs when there is a change in ownership as described in (i), a change in effective control as described in (ii) or a change in the ownership of a
substantial portion of the Company’s assets as described in (iii) of this subsection 7.3(b). 

  

	 	(i)	Change in Ownership. A change in the ownership of the Company occurs on the date that any person, or group of persons, as defined in subparagraph (b), acquires ownership of stock of the Company that, together
with stock held by the person or group, constitutes more than 50 percent of the total fair market value or total voting power of the stock. 

  

	 	(A)	However, if any person or group is considered to own more than 50 percent of the total fair market value or total voting power of the stock, the acquisition of additional stock by the same person or group is not
considered to cause a change in the ownership of the Company. 

  

	 	(B)	An increase in the percentage of stock owned by any person or group, as a result of a transaction in which the Company acquires its stock in exchange for property will be treated as an acquisition of stock.

  

	 	(ii)	Change in the Effective Control. A change in the effective control of the Company will occur when: 

  

	 	(A)	Any person or group, acquires, or has acquired during the twelve-month period ending on the date of the most recent acquisition by such person(s), ownership of stock of the Company possessing 35 percent or more of
the total voting power; or 

  
 13 

	 	(B)	A majority of members of the Board is replaced during any twelve-month period by directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or
election. 

 However, if any person or group is considered to effectively control the Company, the acquisition of additional
control of the Company by the same person(s) is not considered to cause a change in the effective control. 
  

	 	(iii)	Change in the Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion of the Company’s assets occurs on the date that any person or group acquires,
or has acquired during the 12-month period ending on the date of the most recent acquisition by such person(s), assets from the Company that have a total gross fair market value equal to or more than
40 percent of the total gross fair market value of all of the assets immediately prior to such acquisition(s). 

  

	 	(A)	Gross fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets. 

 

	 	(B)	However, there is no Change in Control under this subparagraph when there is a transfer to an entity that is controlled by the shareholders of the Company immediately after the transfer. A transfer of assets by the
Company is not treated as a change in the ownership of such assets if the assets are transferred to: (i) a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to its stock; (ii) an entity,
50 percent or more of the total value or voting power of which is owned, directly or indirectly, by the Company; (iii) a person, or group of persons, that owns, directly or indirectly, 50 percent or more of the total value or voting
power of all the outstanding stock of the Company or (iv) an entity, at least 50 percent of the total value or voting power of which is owned, directly or indirectly, by a person described in (iii). For purposes of this subsection, and
except as otherwise provided, a person’s status is determined immediately after the transfer of the assets. For example, a transfer to a corporation in which the Company has no ownership interest before the transaction, but which is a
majority-owned subsidiary of the Company after the transaction is not treated as a change in the ownership of the assets of the Company. 

  
 14 

	 	(iv)	Acting as a Group. For purposes of this Section, persons will not be considered to be acting as a group solely because they purchase or own stock of the Company at the same time, or as a result of the same public
offering. However, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition of stock or similar business transaction with the Company. If a person,
including an entity, owns stock in both corporations that enter into a merger, consolidation, purchase or acquisition of stock or similar transaction, such shareholder is considered to be acting as a group with other shareholders in a corporation
prior to the transaction giving rise to the change and not with respect to the ownership interest in the other corporation. 

  

	 	(v)	Exceptions. Notwithstanding the foregoing, a Change in Control of the Company (i) will not occur as a result of the issuance of stock by the Company in connection with any public offering of its stock;
(ii) will not be deemed to have occurred with respect to any transaction unless such transaction has been approved or shares have been tendered by a majority of the shareholders who are not Section 16 Persons; and (iii) will not occur
due to stock ownership by either the Horizon Bancorp Employees’ Stock Bonus Plan Trust, which forms a part of the Horizon Bancorp Employees’ Stock Bonus Plan, or any other employee benefit plan sponsored by the Company or an Affiliate.
“Section 16(b) Person” means a person subject to potential liability under Section 16(b) of the 1934 Act with respect to transactions which involve equity securities of the Company. 

ARTICLE VIII 

AMENDMENT AND TERMINATION OF THE PLAN 

Section 8.1 Amendment of the Plan. The Company may amend the Plan at any time in its sole discretion.
Notwithstanding the foregoing, the Company may not amend the Plan to reduce a Participant’s Account balance as determined on the day preceding the effective date of the amendment. 

Section 8.2 Termination of the Plan. The Company may terminate the Plan at any time in its sole discretion. Absent
an amendment to the contrary, Plan benefits that had accrued prior to the termination will be paid at the times and in the manner provided for by the Plan at the time of the termination. 

ARTICLE IX 

PARTICIPATION BY AFFILIATES 

Section 9.1 Affiliate Participation. Any Affiliate may adopt the Plan and become a participating Company under the
Plan by filing with the Committee: 
  

	 	(a)	A certified copy of a resolution of its board of directors to that effect; and 

  

	 	(b)	A written document signed by an authorized officer of Horizon Bancorp which indicates the consent of Horizon Bancorp to that action. 

Notwithstanding any provision herein to the contrary, Horizon Bank shall automatically be a participating Company as of the Effective Date. 

  
 15 

 Section 9.2 Horizon Bancorp Action Binding on Other Employers. As long
as Horizon Bancorp is a Company under the Plan, it is empowered to act for any other Company in all matters relating to the Plan or the Committee. 

ARTICLE X 

MISCELLANEOUS 

Section 10.1 Governing Law. The Plan will be construed, regulated and administered according to the laws of the
State of Indiana, without reference to that state’s choice of law principles, except in those areas preempted by the laws of the United States of America in which case the federal laws will control. 

Section 10.2 Headings and Gender. The headings and subheadings in the Plan have been inserted for convenience of
reference only and will not affect the construction of the Plan provisions. In any necessary construction, the masculine will include the feminine and the singular the plural, and vice versa. 

Section 10.3 Spendthrift Clause. No benefit or interest available under the Plan will be subject in any manner to
anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of a Participant or a Participant’s beneficiary, either voluntarily or involuntarily. 

Section 10.4 Counterparts. This Plan may be executed in any number of counterparts, each one constituting but one
and the same instrument, and may be sufficiently evidenced by any one counterpart. 
 Section 10.5 No Enlargement of
Employment Rights. Nothing contained in the Plan may be construed as a contract of employment between the Company and any person, nor may the Plan be deemed to give any person the right to be retained in the employ of the Company or limit the
right of the Company to employ or discharge any person with or without cause. 
 Section 10.6 Limitations on
Liability. Notwithstanding any other provision of the Plan, neither the Company nor any individual acting as an employee or agent of a Company will be liable to a Participant or any beneficiary for any claim, loss, liability or expense incurred
in connection with the Plan, except when the same has been judicially determined to be due to the gross negligence or willful misconduct of that person. 

Section 10.7 Incapacity of Participant or Beneficiary. If any person entitled to receive a distribution under the
Plan is physically or mentally incapable of personally receiving and giving a valid receipt for any payment due (unless a prior claim for the distribution has been made by a duly qualified guardian or other legal representative), then, unless and
until a claim for the distribution has been made by a duly appointed guardian or other legal representative of the person, the Committee may provide for the distribution to be made to any other individual or institution then contributing toward or
providing for the care and maintenance of the person. Any payment made for the benefit of the person under this Section will be a payment for the account of such person and a complete discharge of any liability of the Company and the Plan. 

Section 10.8 Evidence. Evidence required of anyone under the Plan may be by certificate, affidavit, document or
other information which the person relying on the evidence considers pertinent and reliable, and signed, made or presented by the proper party or parties. 

  
 16 

 Section 10.9 Action by Company or Committee. Any action required of or
permitted by the Company or Committee under the Plan will be by resolution of the Company’s Board or by the Committee or by a person or persons authorized by resolution of the Board or the Committee. 

Section 10.10 Severability. In the event any provisions of the Plan are held to be illegal or invalid for any
reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and endorsed as if the illegal or invalid provisions had never been contained in the Plan. 

Section 10.11 Information to be Furnished by a Participant. A Participant, or any other person entitled to benefits
under the Plan, must furnish the Committee with any and all documents, evidence, data or other information the Committee considers necessary or desirable for the purpose of administering the Plan. Benefit payments under the Plan are conditioned on a
Participant (or other person who is entitled to benefits) furnishing full, true and complete data, evidence or other information to the Committee, and on the prompt execution of any document reasonably related to the administration of the Plan
requested by the Committee. 
 Section 10.12 Binding on Successors. The Plan will be binding upon and inure to the
benefit of the Company and its successors and assigns, and the successors, assigns, designees and estates of a Participant. The Plan will also be binding upon and inure to the benefit of any successor organization succeeding to substantially all of
the assets and business of the Company, but nothing in the Plan will preclude the Company from merging or consolidating into or with, or transferring all or substantially all of its assets to, another organization which assumes the Plan and all
obligations of the Company hereunder. The Company agrees that it will make appropriate provision for the preservation of a Participant’s rights under the Plan in any agreement or plan which it may enter into to effect any merger, consolidation,
reorganization or transfer of assets. Upon such a merger, consolidation, reorganization, or transfer of assets and assumption of Plan obligations of the Company, the term “Company” will refer to such other organization and the Plan will
continue in full force and effect. 
 SUPPLEMENT A 

CLAIMS AND REVIEW PROCEDURES 

Section A-1 Procedures Governing the Filing of Benefit Claims. All Benefit
Claims must be filed on the appropriate claim forms available from the Committee or in accordance with the procedures established by the Committee for claim purposes. The term “Benefit Claim” means a request for a Plan benefit or benefits,
made by a Claimant or by an authorized representative of a Claimant, that complies with the Plan’s procedures for making benefit claims. The term “Claimant” means a Participant, a Surviving Spouse of a Participant, a Beneficiary, or
an Alternate Payee, who is claiming entitlement to the payment of any benefit payable under the Plan. 
 Section A-2 Notification of Benefit Determinations. The Committee will notify a Claimant, in accordance with Section A-3, of the Plan’s benefit determination
within a reasonable period of time after receipt of a Benefit Claim, but not later than 90 days (45 days in the case of a Disability Claim) after receipt of the Benefit Claim by the Plan. 

If special circumstances require an extension of time for processing the Benefit Claim, the Committee will notify the Claimant of the
extension prior to the termination of the initial period described above. The notice will indicate the special circumstances requiring the extension of time and the date by which the Plan expects to make the benefit determination. In no event will
the extension exceed a period of 90 days from the end of the initial period. 

  
 17 

 In the case of a Disability Claim, the extension period will not exceed 30 days, unless
prior to the end of first 30-day extension period, the Committee determines that, due to matters beyond its control, a decision cannot be rendered within the extension period, in which case the period for
making the determination may be extended for an additional 30 days. Every Disability Claim notice will specifically explain the standards on which entitlement to a benefit is based, the unresolved issues that prevent a decision on the claim,
the additional information needed to resolve those issues and the Claimant’s right to provide the specified information within 45 days. If the extension is in effect due to the Claimant’s failure to submit information necessary to
decide a Disability Claim, the period for making the benefit determination will be tolled from the date on which the notice of the extension is sent to the Claimant until the date on which the Claimant responds to the request for information. The
term “Disability Claim” means a request for a Plan benefit made by a Claimant due to the purported Total and Permanent Disability of a Plan Participant. 

Section A-3 Manner And Content of Notification of Benefit Determinations.
All notices given by the Committee will be given to a Claimant, or to his authorized representative, in a manner that satisfies the standards of 29 CFR 2520.104b-1(b) as appropriate with respect to the
particular material required to be furnished or made available to that individual. The Committee may provide a Claimant with either a written or an electronic notice of the Plan’s benefit determination. Any electronic notification will comply
with the standards imposed by 29 CFR 2520.104b-1(c)(1)(i), (ii), (iii) and (iv). In the case of an Adverse Benefit Determination, the notice will set forth, in a manner calculated to be understood by the
Claimant: 
  

	 	(a)	The specific reasons for the adverse determination; 

  

	 	(b)	Reference to the specific Plan provisions (including any internal rules, guidelines, protocols, criteria, etc.) on which the determination is based; 

 

	 	(c)	A description of any additional material or information necessary for the Claimant to complete the claim and an explanation of why such material or information is necessary; 

 

	 	(d)	For a Disability Claim, the identification of any medical or vocational experts whose advice was obtained on behalf of the Plan in connection with Claimant’s Adverse Benefit Determination, without regard to whether
the advice was relied upon; and 

  

	 	(e)	A description of the Plan’s review procedures and the time limits applicable to such procedures. 

The term “Adverse Benefit Determination” means a denial, reduction, or termination of, or a failure to provide or make payment (in
whole or in part) for, any benefit payable under the Plan. 
 Section A-4
Appeal of Adverse Benefit Determinations. A Claimant who receives an Adverse Benefit Determination and desires a review of that determination must file, or his authorized representative must file on his behalf, a written request for a review of
the Adverse Benefit Determination, not later than 60 days 180 days for a Disability Claim after receiving the determination. 

  
 18 

 The written request for a review must be filed with the Committee. Upon receiving the written
request for review, the Committee will advise the Claimant, or his authorized representative, in writing that: 
  

	 	(a)	The Claimant, or his authorized representative, may submit written comments, documents, records, and any other information relating to the claim for benefits; and 

 

	 	(b)	The Claimant will be provided, upon request of the Claimant or his authorized representative, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s Benefit
Claim, without regard to whether those documents, records, and information were considered or relied upon in making the Adverse Benefit Determination that is the subject of the appeal. 

Section A-5 Benefit Determination on Review. All appeals by a Claimant of an
Adverse Benefit Determination will receive a full and fair review by an appropriate named fiduciary of the Plan. In the case of a Disability Claim, the named fiduciary will not be: (i) the party who made the Adverse Benefit Determination that
is the subject of the appeal, nor (ii) the subordinate of that party. In performing this review for a Disability Claim, the named fiduciary will take into account all comments, documents, records, and other information submitted by the Claimant
(or the Claimant’s authorized representative) relating to the claim, without regard to whether the information was submitted or considered in the initial benefit determination, and will not afford deference to the initial Adverse Benefit
Determination. For a Disability Claim, the named fiduciary will consult with a healthcare professional who has appropriate training and experience in the field of medicine involved in the medical judgment and who was not consulted in connection with
the Adverse Benefit Determination and who is not the subordinate of such an individual if the named fiduciary believes that such a consultation is necessary to properly complete the review process. 

Section A-6 Notification of Benefit Determination on Review. The Committee
will notify a Claimant, in accordance with Section A-7, of the Plan’s benefit determination on review within a reasonable period of time, but not later than 60 days (45 days in the case of
a Disability Claim) after the Plan’s receipt of the Claimant’s request for review of an Adverse Benefit Determination. If, however, special circumstances require an extension of time for processing the review by the named fiduciary, the
Claimant will be notified, prior to the termination of the initial 60-day (or 45 day) period, of the special circumstances requiring the extension and the date by which the Plan expects to render the
Plan’s benefit determination on review, which will not be later than 120 days (90 days in the case of a Disability Claim) after receipt of a request for review. Provided, however, in the case of a Plan with a Committee or other group
designated as the appropriate named fiduciary that holds regularly scheduled meetings at least quarterly, the time limit of this Section will be modified in accordance with 29 CFR 2560.503-1(i)(1)(ii) or 29
CFR 2560.503-1(i)(3)(ii), whichever is applicable. 
 If the extension period is in effect for a
Disability Claim but the extension is due to the Claimant’s failure to submit information necessary to decide a claim, the period for making the benefit determination on review will be tolled from the date on which notification of the extension
is sent to the Claimant until the date on which the Claimant responds to the request for additional information. 

  
 19 

 Section A-7 Manner and Content of
Notification of Benefit Determination on Review. The Committee will provide a Claimant with notification of its benefit determination on review in a method described in Section A-3. 

In the case of an Adverse Benefit Determination on review, the notification must set forth, in a manner calculated to be understood by the
Claimant: 
  

	 	(a)	The specific reasons for the adverse determination on review; 

  

	 	(b)	Reference to the specific Plan provisions (including any internal rules, guidelines, protocols, criteria, etc.) on which the benefit determination on review is based; 

 

	 	(c)	A statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records and other information relevant to the Claimant’s Benefit Claim,
without regard to whether those records were considered or relied upon in making the Adverse Benefit Determination on review, including any reports, and the identities, of any experts whose advice was obtained. 

  
 20 

 FIRST AMENDMENT TO THE HORIZON BANCORP 

2005 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

(Effective as of January 1, 2005) 

WHEREAS, Horizon Bancorp (the “Company”) maintains the Horizon Bancorp 2005 Supplemental Executive Retirement Plan (Effective as of
January 1, 2005) (the “Plan”) for the benefit of certain eligible employees of the Company, Horizon Bancorp, N.A. and any other affiliated company that adopts the Plan; and 

WHEREAS, the Board of Directors of the Company (the “Board”) has determined that the Plan should be amended to comply with the final
regulations promulgated under Internal Revenue Code Section 409A; and 
 WHEREAS, pursuant to the authority contained in
Section 8.1 of the Plan, the Company has reserved the right to amend the Plan by action of the Board; 
 NOW, THEREFORE, pursuant to
the powers reserved to the Board under Section 8.1 of the Plan, and delegated to the undersigned individuals, the Plan is hereby amended, effective as of January 1, 2008, by replacing Section 4.7 of the Plan in its entirety with the
following: 
 “Section 4.7 Acceleration of Time of Payment. Except as provided in Section 4.6 or
this Section, the time or schedule of payment of a Participant’s Account provided in Sections 4.1 through 4.5 may not be accelerated. The time and schedule of payment of a Participant’s Account may be accelerated in accordance with Treas.
Reg. § 1.409A-3(j)(4).” 
 IN WITNESS WHEREOF, the undersigned officers of the Company
have caused this First Amendment to be executed this 25th day of September, 2008, but effective as of January 1, 2008. 
  

			
	HORIZON BANCORP
		
	By:	 	/s/ Craig M. Dwight
		 	Craig M. Dwight,
		 	President and Chief Executive Officer

  

			
	ATTEST:
		
	By:	 	/s/ James H. Foglesong
		 	James H. Foglesong, Chief Financial Officer

  
 21 

 SECOND AMENDMENT TO THE HORIZON BANCORP 

2005 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

(Effective as of January 1, 2005) 

WHEREAS, Horizon Bancorp (the “Company”) maintains the Horizon Bancorp 2005 Supplemental Executive Retirement Plan (Effective as of
January 1, 2005) (the “Plan”) for the benefit of certain eligible employees of the Company, Horizon Bank, N.A. and any other affiliated company that adopts the Plan; and 

WHEREAS, pursuant to the authority contained in Section 8.1 of the Plan, the Company has reserved the right to amend the Plan by action
of the Board; and 
 WHEREAS, the Board of Directors of the Company (the “Board”) has determined that the Plan should be amended
to (a) clarify that the assets of a grantor trust used for the Plan may be invested in common stock of the Company (“Company Stock”); (b) reflect that certain participants in the SERP are not permitted to receive matching
contributions as a result of the Company’s participation in the United States Treasury’s TARP Capital Purchase Program; and (c) allow for the deferral of designated awards of restricted stock under the Horizon Bancorp 2003 Omnibus
Equity Incentive Plan into the Plan upon vesting of the restricted stock; and 
 WHEREAS, allowing participants’ accounts in the Plan
to be invested in Company Stock will more closely align participants’ interests with the Company’s shareholders; and 
 WHEREAS,
pursuant to the authority contained in Section 8.1 of the Plan, the Company has reserved the right to amend the Plan by action of the Board; 

NOW, THEREFORE, pursuant to the powers reserved to the Board under Section 8.1 of the Plan, and delegated to the undersigned individuals,
the Plan is hereby amended, effective as of January 1, 2010, in the following particulars: 
 1.    By removing the
term “Matching Contribution” from the table of definitions in Section 1.6. 
 2.    By alphabetically
adding the following terms to the table of definitions in Section 1.6. 
  

					
	 “Company Stock
	  	 	3.3	(e) 
	 Executive
	  	 	3.3	(e) 
	 Omnibus Plan
	  	 	3.3	(e) 
	 Restricted Stock
	  	 	3.3	(e) 
	 TARP Rules
	  	 	3.3	(e)” 

 3.    By replacing subsection 3.3(a) in its entirety to read as follows: 

 

	 	“(a)	Amount of Company Matching Contribution. Subject to subsection 3.3(e), the Company and its Affiliates may, as determined by the Committee, in its sole discretion, make ‘Company Matching Contributions’
to Participant Accounts each Plan Year, in an amount determined by the Committee in its sole discretion.” 

4.    By adding a new subsection 3.3(e) to read as follows: 

  
 22 

	 	“(e)	Notwithstanding the foregoing, the Company will not make any Company Matching Contributions to a Participant who is one of the five most highly compensated employees of the Company and Horizon Bank (an
‘Executive’) during the time period the Company and Horizon Bank are prohibited from paying a ‘bonus’ to an Executive pursuant to Section 111 of the Emergency Economic Stabilization Act of 2008, as amended by the American
Recovery and Reinvestment Act of 2009 and related guidance issued by the federal government (collectively, the ‘TARP Rules’). 

In lieu of Company Matching Contributions to Executives, the Company will award shares of restricted stock (‘Restricted Stock’) under
the Horizon Bancorp 2003 Omnibus Equity Incentive Plan (the ‘Omnibus Plan’) in an amount equal in value to the Company Matching Contributions the Executives would have received but for the TARP Rules. All awards of Restricted Stock in lieu
of Company Matching Contributions will be made in accordance with the TARP Rules. When an award of Restricted Stock becomes vested pursuant to the terms of the award agreement between the Executive and the Company, the underlying shares of common
stock of the Company (‘Company Stock’) will automatically be deferred into the Executives’ Accounts and will be subject to the terms of the Plan.” 

5.    By adding a new subsection 3.4(c) to read as follows: 

 

	 	“(c)	Notwithstanding the foregoing, a Participant who is an Executive is not permitted to receive a Supplemental Contribution during the time period the TARP Rules prohibit such a contribution.” 

6.    By adding a new Section 4.8 to read as follows: 

“Section 4.8 Legend on Certificates. The Committee, in its sole discretion, may require the placement of
a legend on certificates to give appropriate notice of such restrictions. For example, the Committee may determine that some certificates will bear the following legend: 

THE SALE, PLEDGE OR OTHER TRANSFER OF THE SHARES OF STOCK REPRESENTED BY THIS CERTIFICATE, WHETHER VOLUNTARY, INVOLUNTARY OR BY OPERATION
OF LAW, IS SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFER UNDER FEDERAL AND STATE SECURITIES LAWS.” 
 7.    By
adding the following sentence to the end of Section 7.2: 
 “To the extent permitted by a trust established pursuant to this
Section, the assets of the trust may be invested in Company Stock.” 
 8.    By deleting Section 7.3 in its
entirety. 

  
 23 

 IN WITNESS WHEREOF, the undersigned officers of the Company have caused this Second Amendment to
be executed this 15th day of December, 2009, but effective as of January 1, 2010. 
  

			
	HORIZON BANCORP
		
	By:	 	/s/ Craig M. Dwight
		 	Craig M. Dwight, President and Chief Executive Officer

  

			
	ATTEST
		
	By:	 	/s/ Mark E. Secor
		 	Mark E. Secor, Chief Financial Officer

  
 24 

 THIRD AMENDMENT TO THE HORIZON BANCORP 

2005 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

THIS THIRD AMENDMENT TO THE HORIZON
BANCORP 2005 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN (this “Third Amendment”) is adopted effective as of the 19th day of December, 2017, by Horizon Bancorp
(the “Company”), an Indiana corporation. 
 WHEREAS, the Company maintains the Horizon Bancorp 2005
Supplemental Executive Retirement Plan (the “Plan”) for the benefit of certain eligible employees of the Company, Horizon Bank, and its other affiliated companies; and 

WHEREAS, pursuant to the authority contained in Section 8.1 of the Plan, the Company has reserved the
right to amend the Plan by action of the Board of Directors of the Company (the “Board”); and 
 WHEREAS,
the Board has determined that the Plan should be amended to clarify that distributions made to Participants (as defined in Section 2.2 of the Plan) may be made in cash or common stock of the Company (“Common
Stock”), at the discretion of the Company. 
 NOW, THEREFORE, pursuant to the powers reserved to the
Board under Section 8.1 of the Plan, the Plan is hereby amended as follows: 

Section 4.2 of the Plan is hereby deleted in its entirety and replaced with the following: 

“Section 4.2 Method of Payment. Except as provided in Sections 4.5 through 4.7, the balance of a
Participant’s vested Account will be distributed in cash, Common Stock, or a combination of both, at the discretion of the Company, in one of the following methods elected by the Participant: 

A single lump sum payment; 

Annual installment payments over a period of 3 to 12 years; or 

A combination of the methods specified in subsections (a) and (b). ” 

Except as herein expressly amended, all of the other terms and conditions of the Plan shall remain in full force and effect and enforceable
against the parties thereto in accordance with its terms. 
 This Third Amendment may be signed in any number of counterparts, each of which
shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. This Third Amendment shall become effective as of the date first above written. Signatures to this Third Amendment transmitted by
electronic means shall be valid and effective to bind the party so signing, it being expressly agreed that each party to this Third Amendment shall be bound by its own electronically transmitted signature and shall accept the electronically
transmitted signature of the other parties. 

  
 25 

 This Third Amendment shall be governed by and construed in accordance with the laws of the State
of Indiana, without regard to the conflicts of law rules of such state. 
 IN WITNESS WHEREOF, the parties hereto have caused this Third
Amendment to be duly executed by their respective authorized officers as of the day and year first above written. 
  

			
	HORIZON BANCORP
		
	By:	 	/s/ Mark E. Secor
	Name:	 	Mark E. Secor
	Title:	 	EVP & CFO

  
 26EX-4.2

 Exhibit 4.2 

HORIZON BANCORP 

SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

Amended and Restated as of January 1, 1997 

 HORIZON BANCORP SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

TABLE OF CONTENTS 
  

									
	 ARTICLE
	 	 	  	 	  	PAGE	 
		 	INTRODUCTION	  	 	1	 
			
	 I.
	 	DEFINITIONS	  	 	1	 
				
		 	1.1	  	Adjustment	  	 	1	 
		 	1.2	  	Adjustment Factor	  	 	1	 
		 	1.3	  	Board	  	 	1	 
		 	1.4	  	Code	  	 	1	 
		 	1.5	  	Committee	  	 	1	 
		 	1.6	  	Company	  	 	2	 
		 	1.7	  	Compensation	  	 	2	 
		 	1.8	  	Effective Date	  	 	2	 
		 	1.9	  	Employee	  	 	2	 
		 	1.10	  	Excess Matching Contributions	  	 	2	 
		 	1.11	  	Excess Matching Contributions Account	  	 	2	 
		 	1.12	  	Employer Supplemental Contributions	  	 	2	 
		 	1.13	  	Employer Supplemental Contributions Account	  	 	2	 
		 	1.14	  	Excess Salary Redirection Contributions	  	 	3	 
		 	1.15	  	Excess Salary Redirection Contributions Account	  	 	3	 
		 	1.16	  	Individual Account	  	 	3	 
		 	1.17	  	Matching Contributions	  	 	3	 
		 	1.18	  	Matching Contributions Account	  	 	3	 
		 	1.19	  	Participant	  	 	3	 
		 	1.20	  	Plan	  	 	3	 
		 	1.21	  	Plan Year	  	 	3	 
		 	1.22	  	Salary Redirection Contributions	  	 	3	 
		 	1.23	  	Salary Redirection Contributions Account	  	 	3	 
		 	1.24	  	Thrift Plan	  	 	3	 
		 	1.25	  	Total and Permanent Disability	  	 	3	 
			
	 II.
	 	ELIGIBILITY AND PARTICIPATION	  	 	4	 

  
 i 

									
	 ARTICLE
	 	 	  	 	  	PAGE	 
	 III.
	 	CONTRIBUTIONS AND ALLOCATIONS	  	 	4	 
				
		 	3.1	  	Excess Salary Redirection Contributions	  	 	4	 
		 	3.2	  	Excess Matching Contributions	  	 	5	 
		 	3.3	  	Employer Supplemental Contributions	  	 	6	 
		 	3.4	  	Allocation of Adjustments	  	 	6	 
		 	3.5	  	Allocation of Forfeitures	  	 	7	 
			
	 IV.
	 	FUNDING OF BENEFITS	  	 	8	 
				
		 	4.1	  	Unsecured Contractual Rights	  	 	8	 
		 	4.2	  	Trust	  	 	8	 
		 	4.3	  	Change in Control	  	 	8	 
			
	 V.
	 	DISTRIBUTIONS	  	 	9	 
				
		 	5.1	  	Forfeitures on Termination of Service	  	 	9	 
		 	5.2	  	Year of Service	  	 	9	 
		 	5.3	  	Time of Payment of Benefits	  	 	9	 
		 	5.4	  	Method of Payment	  	 	9	 
		 	5.5	  	Death of the Participant and Beneficiary Designation	  	 	9	 
		 	5.6	  	Payment Form Elections	  	 	10	 
			
	 VI.
	 	PLAN ADMINISTRATION	  	 	10	 
				
		 	6.1	  	Company	  	 	10	 
		 	6.2	  	Benefits Committee	  	 	11	 
		 	6.3	  	Claims Procedure	  	 	11	 
		 	6.4	  	Records	  	 	12	 
		 	6.5	  	No Liability	  	 	12	 
		 	6.6	  	Indemnity of Committee Members	  	 	12	 
		 	6.7	  	Discretionary Powers and Authority of the Company and Committee	  	 	13	 
			
	 VII.
	 	AMENDMENT AND TERMINATION OF THE PLAN	  	 	13	 
				
		 	7.1	  	Amendment of the Plan	  	 	13	 
		 	7.2	  	Termination of the Plan	  	 	13	 
			
	 VIII.
	 	MISCELLANEOUS	  	 	13	 
				
		 	8.1	  	Governing Law	  	 	13	 
		 	8.2	  	Headings and Gender	  	 	13	 

  
 ii 

									
	 ARTICLE
	 	 	  	 	  	PAGE	 
		 	8.3	  	Administration Expenses	  	 	13	 
		 	8.4	  	Participant’s Rights; Acquittance	  	 	13	 
		 	8.5	  	Spendthrift Clause	  	 	14	 
		 	8.6	  	Counterparts	  	 	14	 
		 	8.7	  	No Enlargement of Employment Rights	  	 	14	 
		 	8.8	  	Limitations on Liability	  	 	14	 
		 	8.9	  	Incapacity of Participant or Beneficiary	  	 	14	 
		 	8.10	  	Corporate Successors	  	 	14	 
			
		 	SIGNATURES	  	 	15	 

  
 iii 

 INTRODUCTION 

Effective January 1, 1997, Horizon Bancorp (the “Company”) adopts the Horizon Bancorp Supplemental Executive Retirement Plan
(the “Plan”) as set forth herein. This Plan constitutes a complete amendment and restatement of the Plan which was originally effective January 1, 1993. The provisions of this amended and restated Plan shall be effective for Plan
Years commencing on and after January 1, 1997, unless otherwise specified herein or required by applicable law. The rights and benefits, if any, of individuals who were employed by the Company prior to the Effective Date shall be determined in
accordance with the provisions of the Plan, if any, in effect on the date their employment terminated. 
 The purpose of this Plan is to
permit a select group of management or highly compensated employees of the Company or its subsidiaries who participate in the Horizon Bancorp Employees’ Thrift Plan (the “Thrift Plan”) to elect to defer compensation from the Company
or receive contributions from the Company without regard to the limitations imposed by the Internal Revenue Code of 1986, as amended (the “Code”) on the benefits which may accrue to such employees under the Thrift Plan. It is the intention
of the Company that the Plan shall constitute an unfunded arrangement maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for federal income tax purposes and for purposes of
Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
 ARTICLE I 

DEFINITIONS 

Whenever the initial letter of a word or phrase is capitalized herein, the following words and phrases shall have the meanings stated below
unless a different meaning is plainly required by the context: 
 1.1 “Adjustment” means the amounts of earnings or losses credited
to a Participant’s Individual Account pursuant to Section 3.4 for each Plan Year. The amount of interest credited shall be determined based on the investment earnings under the funding method(s) used by the Company pursuant to
Section 4.2. However, if no such method is used, interest shall be credited to a Participant’s Individual Account at a rate equal to the average twenty-six (26) week U.S. Treasury Bill rate
published in the Wall Street Journal as in effect as of the first business day of each calendar month. Effective January 1, 1997, Adjustments made to each Participant’s Individual Account shall be determined as if the amounts
credited to such Individual Account were invested in hypothetical investments designated by the Committee to be used to measure increases or decreases in the Individual Account over time. 

1.2 “Adjustment Factor” means the cost of living adjustment factor prescribed by the Secretary of the Treasury under
Section 415(d) of the Code, as applied to such items and in such manner as the Secretary of the Treasury shall provide. 
 1.3
“Board” means the Board of Directors of the Company. 
 1.4 “Code” means the Internal Revenue Code of 1986, as amended
from time to time. References to a section of the Code shall include that section and any comparable section or sections of any future legislation that amends, supplements or supersedes said section. 

1.5 “Committee” means the Benefits Committee described in Section 6.2 of the Plan. 

  
 1 

 1.6 “Company” means Horizon Bancorp. 

1.7 “Compensation” means a Participant’s wages, salaries and fees for professional services and other amounts received (without
regard to whether or not an amount is paid in cash) paid during a Plan Year for personal services actually rendered in the course of employment with the Company to the extent that the amounts are includable in gross income including, but not limited
to, commissions paid salesmen, compensation for services on the basis of a percentage of profits, commissions on insurance premiums, tips, bonuses, fringe benefits, reimbursements, overtime and expense allowances. Compensation shall include
(i) elective contributions to the Plan or any other plan maintained by the Company on the Employee’s behalf, (ii) compensation deferred under an eligible deferred compensation plan within the meaning of Section 457(b) (relating
to deferred compensation plans maintained by state and local governments and tax-exempt organizations), and (iii) employee contributions (under governmental plans) described in Section 141(h)(2) of
the Code that are picked up by the employing unit and thus are treated as company contributions. “Elective contributions” are amounts excludable from the Employee’s gross income under Section 402(a)(8) of the Code (relating to an
arrangement under Section 401(k)), Section 402(h) of the Code (relating to a simplified employee pension plan), Section 125 of the Code (relating to a cafeteria plan), Section 403(b) of the Code (relating to a tax-sheltered annuity), or under this Plan. Compensation taken into account for all purposes under the Plan shall not be limited as provided in Section 401(a)(17) of the Code to the first Two Hundred Thousand
Dollars ($200,000), as adjusted by the Adjustment Factor, of any Participant’s Compensation. Effective January 1, 1997, Compensation shall not include wages received upon the exercise by a Participant of a stock appreciation right
(“SAR”) received under any plan provided by the Company or its subsidiaries. 
 1.8 “Effective Date” means
January 1, 1997. 
 1.9 “Employee” means any person who is employed by the Company or any of its “afffiliates” as
defined under Code Sections 414(b), 414(c), 414(m) or 414(o). 
 1.10 “Excess Matching Contributions” means contributions made
to the Plan by the Company for the Plan Year, at the discretion of the Company, and allocated to a Participant’s Individual Account by reason of the Participant’s Excess Salary Redirection Contributions contributed to the Plan pursuant to
Section 3.1(a). 
 1.11 “Excess Matching Contributions Account” means that portion of a Participant’s Individual Account
attributable to (a) Excess Matching Contributions allocated to such Participant pursuant to Section 3.2 and (b) the Participant’s proportionate share, attributable to his Excess Matching Contribution Account, of the Adjustments,
reduced by any distributions from such account pursuant to Article V. 
 1.12 “Employer Supplemental Contributions” means
contributions made to the Plan by the Company for the Plan Year, at the discretion of the Company, pursuant to Section 3.3. 
 1.13
“Employer Supplemental Contributions Account” means that portion of a Participant’s Individual Account attributable to (a) Employer Supplemental Contributions allocated to such Participant pursuant to Section 3.3 and
(b) the Participant’s proportionate share, attributable to his Employer Supplemental Contributions Account, of the Adjustments, reduced by any distributions from such account pursuant to Article V. 

  
 2 

 1.14 “Excess Salary Redirection Contributions” means contributions made to the Plan
pursuant to Section 3.1 by the Company, at the election of the Participant, and at the discretion of the Company, in lieu of cash Compensation under a Participation Agreement between the Participant and the Company. 

1.15 “Excess Salary Redirection Contributions Account” means that portion of a Participant’s Individual Account attributable to
(a) Excess Salary Redirection Contributions allocated to such Participant pursuant to Section 3.1 and (b) the Participant’s proportionate share, attributable to his Excess Salary Redirection Contributions Account, of the
Adjustments, reduced by any distributions from such account pursuant to Article V. 
 1.16 “Individual Account” means the
detailed record kept of the amounts credited or charged to each Participant in accordance with the terms of the Plan. Such Individual Account is comprised of whichever of the following are applicable to a particular Participant: Excess Matching
Contributions Account, Excess Salary Redirection Contributions Account and Employer Supplemental Contributions Account and any earnings (or losses) with respect thereto. 

1.17 “Matching Contributions” means the matching contributions made to the Thrift Plan by the Company for the Plan Year and allocated
to a Participant’s Matching Contributions Account under the Thrift Plan by reason of the Participant’s Salary Redirection Contributions made thereunder. 

1.18 “Matching Contributions Account” means the account established for a Participant under the Thrift Plan to which Matching
Contributions are made. 
 1.19 “Participant” means a salaried Employee of the Company or its subsidiaries who is a Participant
under the Thrift Plan and who becomes a Participant pursuant to the provisions of Article II of the Plan. 
 1.20 “Plan” means
the Horizon Bancorp Supplemental Executive Retirement Plan. 
 1.21 “Plan Year” means the twelve (12) month period beginning
January 1 and ended December 31. 
 1.22 “Salary Redirection Contributions” means a Participant’s contributions made
to the Thrift Plan by the Company at the election of the Participant, in lieu of cash Compensation, pursuant to a salary redirection agreement between the Participant and the Company and allocated to a Participant’s Salary Redirection
Contributions Account under the Thrift Plan. 
 1.23 “Salary Redirection Contributions Account” means the account established for a
Participant under the Thrift Plan to which Salary Redirection Contributions are allocated. 
 1.24 “Thrift Plan” means the Horizon
Bancorp Employees’ Thrift Plan, as amended from time to time. 
 1.25 “Total and Permanent Disability” or “Totally and
Permanently Disabled” means a disability as determined for purposes of the Federal Social Security Act which qualifies the Participant for permanent disability insurance payments in accordance with such Act. Disability for purposes of the Plan
shall not include any disability which is incurred while the Participant is on leave of absence because of military or similar service and for which a governmental pension is payable. The Committee may require subsequent proof of continued
disability, prior to the Participant’s sixty-fifth (65th) birthday, at intervals of not less than six (6) months. A minimal level of earnings in restricted activity during any period of disability shall not disqualify a Participant from
receiving disability benefits for such period if the disabled Participant receives disability benefits under the Social Security Act for the same period. 

  
 3 

 ARTICLE II 

ELIGIBILITY AND PARTICIPATION 

A management or highly compensated Employee of the Company or its subsidiaries is eligible to participate in the Plan provided such Employee
is designated as a Participant by the Board in writing. 
 ARTICLE III 

CONTRIBUTIONS AND ALLOCATIONS 

3.1 Excess Salary Redirection Contributions. 
  

	 	(a)	Amount of Contribution. The Company shall credit, as of each pay period, Excess Salary Redirection Contributions on behalf of each executive who is a Participant under the Plan for the Plan Year, such percentage
(or dollar amount) of such Participant’s Compensation as mutually agreed upon between the Participant and the Company pursuant to the terms of a Participation Agreement meeting the requirements of Section 3.1(d) prior to the beginning of
each Plan Year. The Participant will elect in the Participation Agreement to defer an overall percentage (or dollar amount) of the Participant’s Compensation which shall represent the total amount of deferrals to both the Thrift Plan and this
Plan. The percentage (or dollar amount) of the Participant’s Excess Salary Redirection Contributions shall be the percentage (or dollar amount) remaining of the total percentage (or dollar amount) elected on the Participation Agreement after
the maximum percentage (or dollar amount) of Salary Redirection Contributions made to the Thrift Plan are taken into account. Such percentage (or dollar amount) shall remain in effect for each Plan Year thereafter until or unless another percentage
(or dollar amount) is agreed upon by the Participant and the Company prior to the beginning of the applicable Plan Year or until the Company notifies the Participant, prior to the beginning of such Plan Year, that the Participant is no longer
eligible for contributions under this Section 3.1. 

  

	 	(b)	The maximum percentage of a Participant’s Compensation that may constitute Excess Salary Redirection Contributions for a Plan Year shall not, when added to a Participant’s Salary Redirection Contributions
under the Thrift Plan, exceed twenty-five percent (25%) of such Participant’s Compensation for such Plan Year. 

  

	 	(c)	Timing of Contributions. Excess Salary Redirection Contributions made for the benefit of a Participant for any Plan Year shall be made to a Participant’s Excess Salary Redirection Contributions Account
within the time prescribed for making Salary Redirection Contributions under the Thrift Plan. 

  
 4 

	 	(d)	Participation Agreement. As a condition to the Company’s obligation to make an Excess Salary Redirection Contribution for the benefit of a Participant pursuant to subsection (a), the Participant must execute
a Participation Agreement with the Company on such forms as prescribed by the Committee in which it is agreed that the Company will redirect a portion of the Participant’s Compensation, as specified in the Participation Agreement, during each
pay period. The Participation Agreement for any Plan Year must be executed and delivered by the Participant and the Company prior to the January 1 of the calendar year to which the Participation Agreement relates. Provided, however, in the case
of a Participant who has not previously elected to have Excess Salary Redirection Contributions made under the Plan on his behalf, such Participant may elect to have such contributions made after January 1 of the calendar year to which the
Participation Agreement relates, so long as the Participant has executed and delivered an Excess Salary Redirection Agreement prior to the date the Participant renders services for the Company with respect to which the Excess Salary Redirection
Contributions shall relate. 

 The Participant’s election to defer a portion of his Compensation each year shall be
irrevocable once made, except that the Committee, in its sole discretion, may waive the Participant’s election to defer compensation if the Participant has suffered an unforeseeable emergency which results in severe financial hardship. Such
waiver shall apply to the portion of the calendar year remaining after the Committee’s determination that the Participant has suffered a severe financial hardship. The effective date of the waiver shall be fixed by the Committee after
application by the Participant under such procedures as may be fixed by the Committee. The Participant’s application shall include a signed statement of the facts causing financial hardship and any other facts required by the Committee in its
discretion. 
 For purposes of this Section 3.1, an unforeseeable emergency is a severe financial hardship to a Participant resulting
from a sudden and unexpected illness or accident of the Participant or a dependent of the Participant (as defined in Section 152(a) of the Code), loss of the Participant’s property due to casualty, or other similar extraordinary and
unforeseen circumstances arising as a result of events beyond the control of the Participant. The circumstances that will constitute an unforeseeable emergency will depend upon the facts of each case; however, the Committee shall not grant any
waiver of a Participant’s deferral election to the extent that his hardship may be relieved (i) through reimbursement or compensation by insurance or otherwise; (ii) by liquidation of the Participant’s assets, to the extent
liquidation of such assets would not itself cause severe financial hardship; or (iii) by cessation of Salary Redirection Contributions under the Thrift Plan. An unforeseeable emergency shall not include the need to send a Participant’s
child to college or the desire to purchase a home. 
 3.2 Excess Matching Contributions. 

 

	 	(a)	Amount of Contribution. The Company may, but shall not be required to, make Excess Matching Contributions under the Plan. Excess Matching Contributions to be made by the Company for the benefit of a Participant
for any Plan Year shall consist of two parts. The first part shall be in an amount, as determined by the Board, which does not exceed the difference between (i) and (ii) below: 

  
 5 

	 	(i)	The Matching Contributions which would have been allocated to the Participant’s Matching Contributions Account under the Thrift Plan for the Plan Year without giving effect to the limitations on Compensation
imposed by Section 401(a)(17) of the Code, the reductions applicable to highly compensated employees due to the discrimination tests set forth in Section 401(k) and (m) of the Code, the limitations on Salary Redirection Contributions
imposed by Section 402(g) of the Code or the limitations on annual additions imposed by Section 415 of the Code. 

  

	 	(ii)	The amount of Matching Contributions actually allocated to the Participant’s Matching Contributions Account under the Thrift Plan for the Plan Year. 

 

	 	(b)	In addition to the Excess Matching Contributions specified in subsection (a), the Company may, as determined by the Board, make an additional Excess Matching Contribution in such amount as shall be determined by the
Board in its discretion. 

  

	 	(c)	Timing of Contributions. Excess Matching Contributions made for the benefit of a Participant for any Plan Year shall be credited to a Participant’s Excess Matching Contributions Account within the time
prescribed for making Matching Contributions under the Thrift Plan. 

 3.3 Employer Supplemental Contributions. In
addition to the Excess Matching Contributions provided for in Section 3.2, the Employer may make Employer Supplemental Contributions under the plan in accordance with the provisions of subsections (a) and (b). 

 

	 	(a)	Amount of Contribution. The Company may, but shall not be required to, contribute on behalf of a Participant such amounts as the Board may in its discretion determine from time to time to be advisable, which
amounts shall constitute the Employer Supplemental Contributions under the Plan. 

  

	 	(b)	Timing of Contributions. Employer Supplemental Contributions may be made by the Company at any time. 

3.4 Allocation of Adjustments. 
  

	 	(a)	Individual Accounts. The Committee shall establish and maintain an Individual Account in the name of each Participant to which the Committee shall credit all amounts allocated to each such Participant pursuant to
this Article III. Each Individual Account shall be comprised of whichever of the following are applicable to a particular Participant: Excess Matching Contributions Account, Excess Salary Redirection Contributions Account and Employer Supplemental
Contributions Account. 

  
 6 

	 	(b)	Determination of Adjustments. Following the allocations made pursuant to Sections 3.1, 3.2, and 3.3, the Committee shall determine the Adjustments for December 31 of the applicable Plan Year (and, in the
event a Participant is eligible for a distribution as provided in Article V, for the last day of the month immediately preceding the month the Participant terminates service for any reason), and on such other dates as the Committee deems advisable,
by adding together all income received, and realized and unrealized gains and any realized and unrealized losses since the most recent allocation of Adjustments to Participants’ Individual Accounts. 

 

	 	(c)	Allocation of Adjustments Prior to January 1, 1997. For all Plan Years ending prior to January 1, 1997, the Adjustments shall be allocated as of the end of the Plan Year to the Individual
Accounts of Participants who maintain a credit balance in their Individual Accounts as of such date in the same proportion that the balance of each Participant’s Individual Account as of such date bears to the balance of all Individual Accounts
of Participants in the Plan on such date. Provided, however, in the event any Participant is entitled to a distribution of his Individual Account under Article V, the Adjustments shall be allocated as of the last day of the month immediately
preceding the month in which the Participant’s termination of service occurs. 

  

	 	(d)	Allocation of Adjustments Commencing on January 1, 1997. Effective as of January 1, 1997, Adjustments shall be determined for each Participant’s Individual Account under
Section 3.4(b) above, and then credited to each Participant’s Individual Account under this subsection (d) as of the last day of the Plan Year and on such other dates as the Committee deems advisable. Provided, however, in the event
any Participant is entitled to a distribution of this Individual Account under Article V, the Adjustments shall be allocated as of the last day of the month immediately preceding the month in which the Participant’s termination of service
occurs. No provision of the Plan shall impose or be deemed to impose any obligation upon the Company, other than an unsecured contractual obligation to make a cash payment to Participants and their beneficiaries in accordance with the terms of the
Plan. Benefits payable under the Plan shall be paid directly by the Company from the Company’s general assets. 

 3.5
Allocation of Forfeitures. The amount, if any, of a Participant’s Excess Matching Contributions and Employer Supplemental Contributions Accounts forfeited under Section 5.1 shall be allocated to the Excess Matching Contributions
Accounts or the Employer Supplemental Contributions Accounts, as the case may be, of all other Participants eligible to receive Excess Matching Contributions under Section 3.2 and Employer Supplemental Contributions under Section 3.3 for
the Plan Year in which the forfeiture occurs. Such allocation shall be allocated in the proportion that the Participant’s Compensation for the Plan Year bears to the total Compensation of all Participants for such Plan Year. If, however, there
are no Participants under the Plan who are eligible to receive an allocation of forfeitures for the Plan Year in which a forfeiture occurs, then, once the Company has satisfied all obligations to Participants under the Plan, such forfeiture shall
revert to the Company. 

  
 7 

 ARTICLE IV 

FUNDING OF BENEFITS 
 4.1
Unsecured Contractual Rights. The Plan at all times shall be unfunded and shall constitute a mere promise by the Company to make benefit payments in the future. Notwithstanding any other provision of this Plan or any trust created in
connection with the Plan, neither a Participant nor his designated beneficiary shall have any preferred claim on, or any beneficial ownership interest in, any assets of the Company prior to the time benefits are paid as provided in Article V,
including any Compensation deferred hereunder by the Participant. All rights created under this Plan shall be mere unsecured contractual rights of the Participant against the Company. 

4.2 Trust. Notwithstanding the provisions of Section 4.1, the Committee may, in its discretion, satisfy all or any part of the
Company’s obligations under the Plan from a trust established by the Company in connection with the Plan or from an insurance contract, annuity or similar vehicle owned by the Company or by setting aside and investing amounts deferred under the
Plan as an asset of the Company. Any such trust or other vehicle shall constitute solely a means to assist the Company in meeting its promised obligations under the Plan and shall not constitute a funded account within the meaning of ERISA or the
Code, nor shall it create a security interest for the benefit of any Participant or beneficiary. Any trust created hereunder shall conform in all respects to the terms of the Model Trust, as described in Revenue Procedure 92-64. 
 4.3 Change in Control. 

 

	 	(a)	Establishment of a Trust Due to Change in Control of the Company. Notwithstanding the provisions of Sections 4.1 and 4.2, upon a Change in Control of the Company, as defined in Section 4.3(b), the Company
shall, as soon as possible, but in no event later than ninety (90) days following the Change in Control, establish a trust that shall substantially conform to the model trust, as described in Revenue Procedure
92-64. Upon the creation of such trust, the Company shall make an irrevocable lump sum contribution to the trust in an amount that is sufficient to pay all Plan Participants and beneficiaries the benefits to
which Plan Participants or their beneficiaries would be entitled pursuant to the terms of the Plan as of the date on which the Change in Control occurred. 

  

	 	(b)	 Definition of Change in Control. “Change in Control” means a change in control of a nature that
would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A promulgated under the Securities Exchange Act of 1934, as amended, or if Item 6(e) is no longer in effect, any regulations issued by the Securities and
Exchange Commission pursuant to the Securities Exchange Act of 1934 which serve similar purposes; provided that, without limitation, a Change in Control shall be deemed to have occurred if and when (i) any “person” (as such term is
used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of 1934) is or becomes a beneficial owner, directly or indirectly, of securities of the Company representing twenty-five percent (25%) or more of the combined voting power of the
Company’s then outstanding 

  
 8 

	 	
securities or (ii) individuals who were members of the Board of Directors of the Company immediately prior to a meeting of the shareholders of the Company involving a contest for the
election of directors shall not constitute a majority of the Board of Directors following such election. Notwithstanding the foregoing, a Change in Control of the Company shall not occur as a result of the issuance of stock by the Company in
connection with any public offering or private placement of its stock. 

 ARTICLE V 

DISTRIBUTIONS 
 5.1
Forfeitures on Termination of Service. A Participant’s Excess Salary Redirection Contributions Account shall not be subject to forfeiture or reversion to the Company hereunder. Provided, however, to the extent specified by the Board at
the time an Employee becomes a Participant, the Participant’s Excess Matching Contributions Account and Employer Supplemental Contributions Account under the Plan shall be subject to forfeiture upon the Participant’s termination of
employment, prior to his completion of such number of Years of Service as shall be determined by the Board at the time he became a Participant, under circumstances other than any one of the following: (i) the death of the Participant while
still employed; (ii) the Committee’s determination that the Participant is Totally and Permanently Disabled; or (iii) a Participant’s retirement on or after attaining age sixty-five (65). 

Notwithstanding the foregoing provisions of this Section 5.1, the Participant shall not have any preferred claim on, or any beneficial
ownership interest in, any assets of the Company or any trust created in connection with the Plan and any such assets shall be and remain subject to the claims of the Company’s creditors until the time such assets are actually paid to the
Participant as provided in Article V. 
 5.2 Year of Service. For purposes of this Article V, a Year of Service means each
Plan Year (commencing on and after the Effective Date) during which the Employee has completed one thousand (1,000) Hours of Service for the Company, as defined in Section 1.23 of the Thrift Plan. 

5.3 Time of Payment of Benefits. All nonforfeitable amounts credited to a Participant’s Individual Account, including any
Adjustments credited in accordance with Section 3.5, shall be distributed to a Participant (or his designated beneficiary) within thirty (30) days after the earliest of a Participant’s termination of service following death, Total and
Permanent Disability, retirement on or after attaining age sixty-five (65) or other separation from service with the Company. 
 5.4
Method of Payment. Benefits shall be distributed in a single lump sum payment or in substantially equal annual installments over a period of not less than three (3) nor more than twelve (12) years, or in a combination of those two
(2) methods, as elected by a Participant in accordance with the provisions of Section 5.6. 
 5.5 Death of the Participant and
Beneficiary Designation. If a Participant dies before the distribution of his benefits under the Plan commences, the Participant’s benefits shall be distributed to the Participant’s designated beneficiary or beneficiaries in a single
lump sum or in substantially equal annual installments or in a combination of those two methods, as elected by the Participant in accordance with the provisions of Section 5.6, as soon as reasonably

  
 9 

 
practicable after the Participant’s death. Installment payments under this Section 5.5 shall be made over a period which is not less than three (3) nor more than twelve
(12) years. If a Participant dies after distribution of his benefits under the Plan has begun, the balance of the Participant’s benefits yet to be distributed (if any) shall continue to be distributed to the Participant’s designated
beneficiary or beneficiaries in the manner in which such benefits were being distributed on the date of the Participant’s death. 
 The
Participant may designate a primary and contingent beneficiary or beneficiaries on forms provided by the Committee, which for this purpose may include the Participation Agreement. Such designation may be changed at any time for any reason by the
Participant. If the Participant fails to designate a beneficiary, or if such designation shall for any reason be illegal or ineffective, or if the designated beneficiary shall not survive the Participant, his benefits under the Plan shall be paid:
(i) to his surviving spouse; (ii) if there is no surviving spouse, to his descendants (including legally adopted children or their descendants) per stirpes; (iii) if there is neither a surviving spouse nor surviving
descendants, to the duly appointed and qualified executor or other personal representative of the Participant to be distributed in accordance with the Participant’s wills or applicable intestacy law; or (iv) in the event that there shall
be no such representative duly appointed and qualified within thirty (30) days after the date of death of the Participant, then to such persons as, at the date of his death, would be entitled to share in the distribution of the
Participant’s estate under the provisions of the applicable statute then in force governing the descent of intestate property, in the proportions specified in such statute. The Committee may determine the identity of the distributees, and in so
doing may act and rely upon any information it may deem reliable upon reasonable inquiry, and upon any affidavit, certificate, or other paper believed by it to be genuine, and upon any evidence believed by it to be sufficient. 

5.6 Payment Form Elections. A Participant shall designate the method of payment to be used under Sections 5.4
and 5.5 at the time he becomes a Participant in this Plan on the form authorized by and filed with the Committee. A Participant may change such designation by completing and filing a new election form with the Committee at any time but in no event
later than six (6) months prior to the date on which his benefits first become distributable under Section 5.3. If no election is in effect or if the Participant’s election has not been timely or properly made at the time
distributions are to commence under either Section 5.4 or 5.5, distribution shall be made in five (5) substantially equal annual installments. 

ARTICLE VI 
 PLAN
ADMINISTRATION 
 6.1 Company. 
  

	 	(a)	The Company, in establishing and maintaining the Plan, of necessity retains control of the operation and administration of the Plan. The Company, in accordance with specific provisions of the Plan, has, as herein
indicated, delegated certain of these rights and obligations to the Committee which, in turn, shall be solely responsible for those, and only those, delegated rights and obligations. 

  
 10 

	 	(b)	The Company shall supply such full and timely information for all matters relating to the Plan as (i) the Committee, (ii) the trustee of any trust established in connection with the Plan, or (iii) the
attorneys, accountants and investment manager(s) engaged on behalf of the Plan by the Company may require for the effective discharge of their respective duties. 

6.2 Benefits Committee. 
  

	 	(a)	The Company shall appoint a committee of not less than three (3) persons, who are members of the Board but who are not Employees, to hold office at the pleasure of the Company, such committee to be known as the
Benefits Committee (“Committee”). No Compensation shall be paid to members of the Committee from the trust for service on such Committee. The Committee shall choose from among its members a chairman and a secretary. Any action of the
Committee shall be determined by the vote of a majority of its members. Either the chairman or the secretary may execute any certificate or written direction on behalf of the Committee. If the Company shall fail to appoint the Committee, then the
Company shall constitute the plan administrator of the Plan and all references to the Committee under the Plan shall be deemed for all purposes to refer to the Company. 

 

	 	(b)	The Committee shall hold meetings upon such notice, at such place or places and at such time or times as the Committee may from time to time determine. A majority of the members of the Committee at the time in office
shall constitute a quorum for the transaction of business. 

  

	 	(c)	The Committee may employ such counsel, accountants, and other agents as it shall deem advisable. The Company shall pay, or cause to be paid, the reasonable compensation of such counsel, accountants, and other agents and
any other reasonable expenses incurred by the Committee in the administration of the Plan and trust. 

  

	 	(d)	All members of the Committee shall serve until their resignation or dismissal by the Board and vacancies shall be filled in the same manner as the original appointments. The Board may dismiss any member of the Committee
with or without cause. 

 6.3 Claims Procedure. 

 

	 	(a)	The Committee shall receive all applications for benefits. Upon receipt by the Committee of such an application, it shall determine all facts which are necessary to establish the right of an application to benefits
under the provisions of the Plan and the amount thereof as herein provided. Upon request, the Committee shall afford the applicant the right of a hearing with respect to any finding of fact or determination. The applicant shall be notified in
writing of any adverse decision with respect to his claim within sixty (60) days after its submission. The notice shall be written in a manner calculated to be understood by the applicant and shall include: 

 

	 	(i)	The specific reason or reasons for the denial; 

  

	 	(ii)	Specific references to the pertinent Plan provisions on which the denial is based; 

  
 11 

	 	(iii)	A description of any additional material or information necessary for the applicant to perfect the claim and an explanation why such material or information is necessary; and 

 

	 	(iv)	An explanation of the Plan’s claim review procedures. 

  

	 	(b)	If special circumstances require an extension of time for processing the initial claim, a written notice of the extension and the reason therefor shall be furnished to the claimant before the end of the initial sixty
(60) day period. In no event shall such extension exceed sixty (60) days. 

  

	 	(c)	In the event a claim for benefits is denied or if the applicant has had no response to such claim within sixty (60) days of its submission (in which case the claim for benefits shall be deemed to have been denied),
the applicant or his duly authorized representative, at the applicant’s sole expense, may appeal the denial to the Committee within sixty (60) days of the receipt of written notice of denial or sixty (60) days from the date such claim
is deemed to be denied. In pursuing such appeal the applicant or his duly authorized representative: 

  

	 	(i)	May request in writing that the Committee review the denial; 

  

	 	(ii)	May review pertinent documents; and 

  

	 	(iii)	May submit issues and comments in writing. 

  

	 	(d)	The decision on review shall be made within sixty (60) days of receipt of the request for review, unless special circumstances require an extension of time for processing, in which case a decision shall be rendered
as soon as possible, but not later than one hundred twenty (120) days after receipt of request for review. If such an extension of time is required, written notice of the extension shall be furnished to the claimant before the end of the
original sixty (60) day period. The decision on review shall be made in writing, shall be written in a manner calculated to be understood by the claimant, and shall include specific references to the provisions of the Plan on which such denial
is based. If the decision on review is not furnished within the time specified above, the claims shall be deemed denied on review. 

6.4 Records. All acts and determinations of the Committee shall be duly recorded by the secretary thereof and all such records together
with such other documents as may be necessary in exercising its duties under the Plan shall be reserved in the custody of such secretary. Such records and documents shall at all times be open for inspection and for the purpose of making copies by
any person designated by the Company. 
 6.5 No Liability. The Company assumes no obligation or responsibility to any of its
Employees, Participants or beneficiaries for any act of, or failure to act, on the part of the Committee (unless the Company is the Committee). 

6.6 Indemnity of Committee Members. The Company shall indemnify and save harmless the members of the Committee, and each of them, from
and against any and all loss resulting from liability to which the Committee, or the members of the Committee, may be subjected by 

  
 12 

 
reason of any act or conduct (except willful misconduct or gross negligence) in their official capacities in the administration of the Plan, including all expenses reasonably incurred in their
defense, in case the Company fails to provide such defense. The Committee members and the Company may execute a letter agreement further delineating the indemnification agreement of this Section 6.6. 

6.7 Discretionary Powers and Authority of the Company and Committee. The Company and the Committee shall have any and all power and
authority (including discretion with respect to the exercise of that power and authority) which shall be necessary, properly advisable, desirable or convenient to enable them to carry out their responsibilities under the Plan. By way of illustration
and not limitation, the Company and Committee are empowered and authorized to (a) make rules and regulations with respect to the Plan which are not inconsistent with the provisions of the Plan or the Code; (b) determine, consistently
therewith, all questions that may arise concerning eligibility, benefits, status and rights of any person claiming particular status under the Plan, including without limitation Participants, beneficiaries and the spouses and beneficiaries thereof;
and (c) subject to and consistent with the Code, to construe and interpret the Plan and correct any defect, supply any omissions or reconcile any inconsistencies in the Plan. Subject to the provisions of Section 6.3, such action shall be
final, conclusive and binding upon all persons, whether or not claiming benefits under the Plan. 
 ARTICLE VII 

AMENDMENT AND TERMINATION OF THE PLAN 

7.1 Amendment of the Plan. The Company shall have the right at any time by action of the Board, to modify, alter or amend the Plan in
whole or in part. 
 7.2 Termination of the Plan. The Company reserves the right at any time by action of its Board to terminate the
Plan by resolution of the Board or to reduce or cease contributions at any time. 
 ARTICLE VIII 

MISCELLANEOUS 
 8.1
Governing Law. The Plan shall be construed, regulated and administered according to the laws of the State of Indiana, except in those areas preempted by the laws of the United States of America in which case such laws will control. 

8.2 Headings and Gender. The headings and subheadings in the Plan have been inserted for convenience of reference only and shall not
affect the construction of the provisions hereof. In any necessary construction the masculine shall include the feminine and the singular the plural, and vice versa. 

8.3 Administration Expenses. The expenses of administering the Plan shall be paid by the Company. 

8.4 Participant’s Rights; Acquittance. No Participant in the Plan shall acquire any right to be retained in the Company’s
employ by virtue of the Plan, nor, upon his dismissal, or upon his voluntary termination of employment, shall he have any right or interest in and to any assets of the Company other than as specifically provided herein. Unless a trust is established
in connection with the Plan, the Company shall be liable for the payment of any benefit provided for herein. 

  
 13 

 8.5 Spendthrift Clause. No benefit or interest available hereunder will be subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of the Participant or the Participant’s designated beneficiary, either voluntarily or involuntarily. 

8.6 Counterparts. The Plan may be executed in any number of counterparts, each of which shall constitute but one and the same instrument
and may be sufficiently evidenced by any one counterpart. 
 8.7 No Enlargement of Employment Rights. Nothing contained in the Plan
shall be construed as a contract of employment between the Company and any person, nor shall the Plan be deemed to give any person the right to be retained in the employ of the Company or limit the right of the Company to employ or discharge any
person with or without cause, or to discipline any Employee. 
 8.8 Limitations on Liability. Notwithstanding any of the preceding
provisions of the Plan, neither the Company, the Committee nor any individual acting as an employee or agent of either of them shall be liable to any Participant, Employee or beneficiary for any claim, loss, liability or expense incurred in
connection with the Plan, except when the same shall have been judicially determined to be due to the gross negligence or willful misconduct of such person. 

8.9 Incapacity of Participant or Beneficiary. If any person entitled to receive a payment under the Plan is physically or mentally
incapable of personally receiving and giving a valid receipt for any payment due (unless prior claim therefor shall have been made by a duly qualified guardian or other legal representative), then, unless and until claim therefor shall have been
made by a duly appointed guardian or other legal representative of such person, the Company may provide for such payment or any part thereof to be made to any other person or institution then contributing toward or providing for the care and
maintenance of such person. Any such payment shall be a payment for the account of such person and a complete discharge of any liability of the Company and the Plan therefor. 

8.10 Corporate Successors. The Plan shall not be automatically terminated by a transfer or sale of assets of the Company or by the
merger or consolidation of the Company into or with any other corporation or other entity, but the Plan shall be continued after such sale, merger or consolidation only if and to the extent that the transferee, purchaser or successor entity agrees
to continue the Plan. In the event that the Plan is not continued by the transferee, purchaser or successor entity, then the Plan shall terminate in accordance with the provisions of Section 7.2. 

  
 14 

 SIGNATURES 

IN WITNESS WHEREOF, the Company has caused this Amended and Restated Supplemental Executive Retirement Plan to be executed by its duly
authorized officers, this day of , 1998, but effective as of January 1, 1997. 
  

			
	HORIZON BANCORP
		
	By:	 	  

	Title:	 	

  

			
	ATTEST: [SEAL]
		
	By:	 	  

	Title:	 	

  
 15 

 FIFTH AMENDMENT 

TO 
 HORIZON BANCORP

 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 

(As Amended and Restated Effective January 1, 1997) 

WHEREAS, Horizon Bancorp (the “Company”) maintains the Horizon Bancorp Supplemental Executive Retirement Plan (As Amended and
Restated Effective January 1, 1997) (the “Plan”); and 
 WHEREAS, pursuant to Section 7.1 of the Plan, the Board of
Directors of the Company (the “Board”) has reserved the right to amend the Plan; 
 WHEREAS, the Board has determined to amend the
Plan to clarify that the assets of a grantor trust used for the Plan may be invested in common stock of the Company; and 
 WHEREAS,
allowing participants’ accounts in the Plan to be invested in Company Stock will more closely align participants’ interests with the Company’s shareholders; and 

WHEREAS, the Board has authorized such amendment to the Plan as set forth below; 

NOW, THEREFORE, pursuant to Section 7.1 of the Plan, the Company hereby amends the Plan, effective as January 1, 2010, by adding the
following sentence to the end of Section 4.2: 
 “To the extent permitted by a trust established pursuant to this Section, the
assets of the trust may be invested in common stock of the Company.” 
 IN WITNESS WHEREOF, the undersigned officers of the Company
have caused this Fifth Amendment to be executed this 15th day of December, 2009, but effective as of January 1, 2010. 
  

			
	HORIZON BANCORP
		
	By:	 	 /s/ Craig M. Dwight

		 	Craig M. Dwight, President and Chief Executive Officer

  

			
	ATTEST
		
	By:	 	 /s/ Mark E. Secor

		 	Mark E. Secor, Chief Financial Officer

  
 16 

 HORIZON BANCORP 

Sixth Amendment 
 to

 Horizon Bancorp 

Supplemental Executive Retirement Plan 

(As Amended and Restated Effective January 1, 1997) 

WHEREAS, Horizon Bancorp (the “Company”) maintains the Horizon Bancorp Supplemental Executive Retirement Plan
(as Amended and Restated effective January 1, 1997) (the “Plan”); 
 WHEREAS, pursuant to
Section 7.1 of the Plan, the Board of Directors of the Company (the “Board”) has reserved the right to amend the Plan; 

WHEREAS, the Board has determined to amend the Plan to clarify that the assets of a grantor trust used for the Plan may be
distributed in common stock of the Company; and 
 WHEREAS, the Board has authorized such amendment to the Plan as set forth
below; 
 NOW, THEREFORE, pursuant to Section 7.1 of the Plan, the Company hereby amends the Plan,
effective December 19, 2017, by deleting Section 5.4 in its entirety and replacing it with the following: 

“Section 5.4 Method of Payment. Benefits shall be distributed in cash, Common Stock, or a combination of both,
at the discretion of the Company, with cash to be distributed in a single lump sum payment or in substantially equal annual installments over a period of not less than three (3) nor more than twelve (12) years, or in a combination of those
two (2) methods, as elected by a Participant in accordance with the provisions of Section 5.6.” 
 IN
WITNESS WHEREOF, the undersigned officers of the Company have caused this Sixth Amendment to be executed this 19th day of December, 2017. 

 

	
	 /s/ Craig M. Dwight,

	 Craig M. Dwight, Chairman and
 Chief Executive
Officer

  

			
	Attest
		
	By:	 	 /s/ Mark E. Secor

		 	Mark E. Secor, Chief Financial Officer

  
 17

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