Document:

Exhibit 10.6

      

       

      

       
        HORIZON BANK

          

          

          CHANGE IN CONTROL AGREEMENT

        This Change in Control Agreement (“Agreement”),
          dated and effective as of January 1, 2020 (the “Effective Date”), is entered into between Horizon Bank (“Bank”), an
          Indiana state bank, and Todd A. Etzler (“Employee”),
          a resident of the State of Indiana.

        WITNESSETH:

        Whereas, Bank is a subsidiary of Horizon Bancorp, Inc. (“Holding Company”), a corporation formed under the laws of the State of Indiana;

        Whereas, Executive currently serves as an employee of the Bank, either
          as an employee-at-will or pursuant to a written employment agreement;

        Whereas, the Board of Directors of the Bank (“Board”) has determined that it is in the best interests of the Bank and the Holding Company to assure that the Bank will have the continued dedication and objectivity of Employee, notwithstanding the possibility, threat or
          occurrence of a Change in Control (as defined herein) of the Bank or the Holding Company; and

        Whereas, the Board believes that it is in the best interests of the
          Bank and the Holding Company to provide Employee with certain severance benefits following a Change in Control in order to provide Employee with enhanced financial security, to allow the Bank to remain competitive with peers, and to incentivize
          and encourage Employee to remain with the Bank notwithstanding the possibility of a Change in Control.

        Now, Therefore, in consideration of the mutual promises herein
          contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

        Section 1.          Term.

        The term of this Agreement shall begin on the Effective Date and, except as otherwise expressly provided herein, automatically terminate
          immediately upon the termination of Employee’s employment, for any reason, prior to a Change in Control. In the event Employee is still employed by Bank at the time of a Change in Control, then the term shall continue for one (1) year following
          consummation of the Change in Control. Notwithstanding the foregoing, the provisions of Sections 8 – 24 of this Agreement shall survive any termination of the Term, as provided in Section 12 of this Agreement.

        Section 2.          At-Will Employment.

        Unless Employee is a party to a separate written employment agreement with Bank or Holding Company, nothing in this Agreement shall be
          deemed to entitle Employee to continued employment with Bank or any affiliated companies. Employee acknowledges that unless Employee is subject to a separate written employment agreement that provides otherwise, Employee is an at-will employee,
          meaning that either Employee or Bank can terminate the employment relationship at any time, with or without Cause (as defined herein), and that this Agreement shall not change or affect Employee’s at-will status. If Employee’s employment with
          Bank terminates prior to a Change in Control, Employee shall have no further rights under this Agreement, except as otherwise provided herein.

        
          
            

          

        

        
        

        

        Section 3.          Change in Control.

        (a)
               Definition.  For purposes of this Agreement, a “Change in Control” shall be deemed to
          have occurred if the conditions or events set forth in any one or more of the following subsections occur:

        (i)          Any merger,
            consolidation or similar transaction which involves Bank or Holding Company and in which persons who are the shareholders of Bank or Holding Company immediately prior to the transaction own, immediately after the transaction, shares of the
            surviving or combined entity which possess voting rights equal to or less than 50 percent of the voting rights of all shareholders of such entity, determined on a fully diluted basis;

        (ii)          Any sale, lease,
            exchange, transfer or other disposition of all or substantially all of the consolidated assets of Bank or Holding Company;

        (iii)          Any tender,
            exchange, sale or other disposition (other than disposition of the stock of Holding Company or Bank in connection with bankruptcy, insolvency, foreclosure, receivership or other similar transactions) or purchase (other than purchases by Holding
            Company or any Holding Company or Bank-sponsored employee benefit plan, or purchases by members of the board of directors of Holding Company or Bank) of shares which represent more than 25 percent of the voting power of Holding Company or Bank;
            or

        (iv)          During any period
            of two consecutive years, individuals who at the date of this Agreement constitute the board of directors of Holding Company cease for any reason to constitute at least a majority thereof, unless the election of each director at the beginning
            of the period has been approved by directors representing at least a majority of the directors then in office.

        (b)
               Exceptions.  Notwithstanding the provisions of Section 3(a), a Change in Control shall not be deemed to have occurred:

        (i)          As a result of the
            issuance of stock by the Holding Company in connection with any public offering of its stock;

        (ii)          With respect to
            stock ownership by the Horizon Bancorp Employee Stock Ownership Plan Trust (which forms a part of the Horizon Bancorp Employees’ Stock Ownership Plan), the Horizon Bancorp Employee’s Thrift Plan Trust (which forms a part of the Horizon Bancorp
            Employee’s Thrift Plan), or any other employee benefit plan; or

        (iii)          With
              respect to any payment or benefit provided under the Agreement to which Section 409A of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), is applicable and for which a change in control event is required, unless the event related to such payment or benefit constitutes a “change in control” for purposes of Section 409A.

        
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        Section 4.          Double-Trigger Severance Benefits in Connection with a Change in Control and a Qualifying Termination.

        (a)
               Termination Period.  In connection with a Change in Control, Employee will be entitled to the severance benefits set forth in
          this Section 4 if during the six (6) month period prior to a Change in Control or during the one (1) year period following consummation of a Change in Control, either of the following two qualifying terminations occurs: (i) Bank terminates
          Employee’s employment for any reason other than for Cause (as hereafter defined); or (ii) Employee resigns for Good Reason (as hereafter defined) in accordance with the provisions of Section 6; (each of the terminations described in (i) and (ii)
          hereof shall be referred to as a “Qualifying Termination”).

        (b)          Conditions to Receipt
                of Severance Benefits.  Employee’s entitlement to the severance payments set forth in this Section 4 shall be contingent upon Employee’s execution (and non-revocation) of a release of claims relating
              to Employee’s employment by the Bank, Holding Company, and/or any of their Affiliates in favor of such parties in a form reasonably acceptable to, and provided by, Bank (the “Release”). Bank will set a deadline for return of the Release that will be no later than sixty (60) days following the later of the Employee’s Qualifying Termination or Change in Control, as applicable, and the Release must
              remain unrevoked during any revocation period. No severance benefits shall be paid to Employee under this Agreement if the Release is not executed by Employee and returned to Bank by such deadline. In addition, Employee must be and remain in
              compliance with the provisions of Sections 8 – 10 of this Agreement.

        (c)  Severance Benefits Provided.  Upon a Qualifying Termination and subject to Employee’s compliance with Sections 8 - 10 hereof and Employee’s
          timely execution and delivery of the Release, Bank will pay or provide to Employee the following amounts and benefits:

        (i)          That portion of
            Employee’s base salary earned through the date of termination, payable in accordance with normal payroll practices commencing as of the first payroll period following Employee’s return of the executed Release and the lapse of all applicable
            revocation periods, or as soon as administratively practicable thereafter;

        (ii)          A
              lump sum amount equal to 1.00 times Employee’s annual base salary in effect as of the date immediately preceding the date of termination plus
              a single sum payment equal to the average of the Employee’s total cash bonuses paid or payable for the last two calendar years preceding the date of termination multiplied by a factor of 1.00, all payable as of the date of the first payroll following delivery of the executed Release and the lapse of all applicable revocation periods, or as soon as administratively
              practicable thereafter;

        (iii)          Continued
              participation in the group health insurance and group life insurance benefits which Employee was eligible to participate in or receive on the day prior to the date of termination (“Insurance

              Programs”), beginning on the date of termination and continuing for a period of twelve (12) months (“Benefit Continuation Term”), but only to the extent Employee continues to qualify for participation therein and takes all actions required in connection with such
              participation (including participation through Employee’s timely election of COBRA continuation coverage). If Employee is not permitted to continue participation in those Insurance Programs for any portion of the Benefit Continuation Term,
              Bank will reimburse Employee for the cost of health insurance and life insurance benefits for the Benefit Continuation Term, subject to the Employee timely providing evidence of

        
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        payment for such benefits; provided, however, the amount of these benefits
          will be limited to an amount equal to 110% of Bank’s cost of providing comparable benefits under the Insurance Programs and provided that Employee shall receive the entire amount payable under this Section 4(c)(iii) no later than the end of the
          second calendar year following the Qualifying Termination;

        (iv)          All amounts that
            have vested or accrued prior to or on the date of termination (or otherwise are or become payable to Employee) under all incentive compensation or other qualified and non-qualified employee benefit plans of the Holding Company or Bank in
            accordance with the provisions of such plans and past practices of Holding Company or Bank, including without limitation, any Bank contributions or matches related to those amounts. For purposes of clarification, the intent of this Section is
            for Employee to receive all amounts attributable to Employee’s participation in such plans, as now or hereafter existing, up to and including the date of termination, regardless of whether the amounts are historically deposited or credited to
            individual employee accounts or subject to Board of Director approval on a date beyond the date of termination, and Bank agrees to compute and pay, deposit or credit all such amounts as soon as possible after the date of termination if not
            capable of being calculated, paid, deposited or credited prior to the date of termination;

        (v)          An amount equal to
            the partial year bonus which Employee would have earned based on the then-current bonus plan of the Bank in the year a Change in Control occurred, as measured through the effective date of a Change in Control based on the then-current financial
            results, determined by the Bank in its discretion, payable as of the first payroll following delivery of the executed Release and the lapse of all applicable revocation periods, or as soon as administratively practicable thereafter;

        (vi)          Notwithstanding the
            foregoing, all options granted to Employee to purchase shares of common stock of the Holding Company and all performance shares and shares of restricted stock of the Holding Company (whether such options, performance shares and restricted
            shares are vested or unvested) shall be treated in accordance with the applicable plan and award agreement(s) between the Holding Company and Employee.

        (d)
              Suspension and Termination of Severance Benefits.

        (i)          If
              Employee is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Sections 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of Bank and Holding Company under this Agreement shall terminate as of the effective date of the order, but vested rights of the
              parties shall not be affected.

        (ii)          If the Bank is in
            default (as defined in Section 3(x)(1) of FDIA), all obligations of Bank and Holding Company under this Agreement shall terminate as of the date of default; however, this subsection shall not affect the vested rights of the parties.

        (iii)          All
              obligations of Bank and Holding Company under this Agreement shall terminate, except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank: (A) by the Indiana Department of Financial
              Institutions (the “DFI”) or its designee, or the Bank’s primary federal regulator at the time

        
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        that the Federal Deposit Insurance Corporation (“FDIC”) enters into an agreement
          to provide assistance to or on behalf of the Bank under the authority contained in Section 13(c) of FDIA; or (B) by the DFI, or its designee, or the Bank’s primary federal regulator, at the time that the DFI, or its designee, or the Bank’s
          primary federal regulator, approves a supervisory merger to resolve problems related to the operation of the Bank or when the Bank is determined by the DFI, or the Bank’s primary federal regulator, to be in an unsafe or unsound condition. Any
          such action shall not affect any vested rights of the parties.

        (iv)          If a notice served
            under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. 1818(e)(3) or (g)(1)) suspends and/or temporarily prohibits Employee from participating in the conduct of the Bank’s affairs, Bank’s and Holding Company’s obligations under this Agreement
            shall be suspended as of the effective date of such notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, Bank shall (A) pay Employee all or part of the compensation withheld while its contract
            obligations were suspended, and/or (B) reinstate (in whole or in part) any of its obligations which were suspended.

        (v)          Notwithstanding
            anything to the contrary contained herein, Employee acknowledges and agrees that any payments made to Employee pursuant to this Agreement, or otherwise, are subject to and conditioned upon compliance with the provisions of 12 U.S.C. 1828(k) and
            Part 359 of the FDIC’s regulations (12 C.F.R. Part 359), which provisions contain certain prohibitions and limitations on making “golden parachute” and certain indemnification payments by FDIC-insured institutions and their holding companies.
            In the event any payments to Employee pursuant to this Agreement are prohibited or limited by the provisions of such statute and/or regulations, Bank and/or Holding Company (A) shall pay the maximum amount that may be paid after applying such
            limitations; and (B) will use commercially reasonable efforts to obtain the consent of the appropriate regulatory authorities to the payment of any amount that otherwise cannot be paid due to the application of such limitations. Employee agrees
            that Bank and/or Holding Company shall not have breached any obligations under this Agreement if they are unable to pay all or some portion of any payment due to Employee as a result of the application of these limitations.

        (e)          Effect of Section 409A of the
              Internal Revenue Code.

        (i)          To the
              extent a Change in Control qualifies as a “change in control” for purposes of Section 409A of the Internal Revenue Code, the parties intend that any payments made or benefits received pursuant to this Section 4, or otherwise received by
              Employee, shall be exempt from, or comply with, Section 409A of the Internal Revenue Code and all Treasury Regulations and guidance promulgated thereunder (“Section 409A”). To the maximum extent permitted, this Agreement shall be limited, construed and interpreted in accordance with such intent. In no event whatsoever shall Bank, Holding Company, any Affiliates, and/or their
              respective officers, directors, employees or agents be liable for any additional tax, interest or penalties that may be imposed on Employee by Section 409A or damages for failing to comply with Section 409A.

        (ii)          Notwithstanding any
            other provision of this Agreement to the contrary, if at the time of Employee’s separation from service (as defined in Section 409A) Employee is a “Specified Employee” within the meaning and in accordance with Treasury Regulation Section

        
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        1.409A-1(i), then Bank will defer the payment or commencement of any nonqualified deferred compensation subject to
          Section 409A payable upon separation from service (without any reduction in such payments or benefits ultimately paid or provided to Employee) until the date that is six (6) months following separation from service or, if earlier, the earliest
          other date as is permitted under Section 409A. Any amounts that otherwise would have been paid during this deferral period will be paid in a lump sum on the day after the expiration of the six (6) month period or such shorter period, if
          applicable.

        Section 5.          Termination for Cause.

        (a)
               Definition of “Cause”.  For purposes of this Agreement, “Cause” is defined as any of the
          following actions:

        (i)          An
              intentional act of fraud, embezzlement, theft, or personal dishonesty; willful misconduct, or breach of fiduciary duty involving personal profit by Employee in the course of Employee’s employment; provided, however, that (A) no act or failure to act will be deemed to have been intentional or willful if it was due primarily to an error in judgment or negligence; and (B) an act or
              failure to act will only be considered intentional or willful if it is not in good faith and if it is without a reasonable belief that the action or failure to act is in the best interest of Bank or Holding Company;

        (ii)          Intentional damage
            by Employee to the business or property of Bank or Holding Company, causing material harm to Bank or Holding Company;

        (iii)          Material breach by
            Employee of any provision of this Agreement or any employment agreement the Employee is a party to;

        (iv)          Gross negligence or
            insubordination by Employee in the performance of Employee’s duties, or the Employee’s refusal or repeated failure to carry out lawful directives of the Board of Directors of Bank or Holding Company or of any other supervisor; or

        (v)          Removal or permanent
            prohibition of Employee from participating in the conduct of the affairs of Bank or Holding Company by an order issued under subsection 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act, 12 USC §§ 1818(e)(4) and (g)(1).

        (b)
               Procedure for a Termination for Cause.  Bank, upon written notice to Employee, may terminate Employee’s employment for Cause,
          which will terminate Employee’s employment and right to compensation immediately, except in the limited case expressly provided herein with respect to Causes that are curable. The written notice will (i) indicate the specific provisions of this
          Agreement relied upon for such termination; (ii) set forth in reasonable detail the facts and circumstances claimed to provide a basis for such termination; (iii) state whether the Board of Directors of Bank has determined in good faith that the
          issue is curable; and (iv) if the issue has been deemed curable, describe the steps, actions, events or other items that must be taken, completed or followed by Employee to correct or cure the basis for such termination. If (but only if) the
          basis for termination has been deemed curable by the Board of Directors, then Employee will have thirty (30) days following the effective date of such notice to fully correct and cure the basis for the termination of Employee’s employment. If
          Employee does not fully correct and cure the basis for the termination of Employee’s employment within such 30-day period, then Bank will have the right to terminate Employee’s employment with Bank immediately for Cause upon delivering to
          Employee a second written notice

        
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        of termination and without any further cure period. Unless otherwise specified in the written notice, the date of termination shall be the date of the
          first written notice, in the case of an uncurable Cause, and shall be the date of the second written notice, in the case of a curable but uncured Cause.

        (c)
               Effect on Other Written Agreements.  Bank intends the provisions of this Section 5 relating to a termination for Cause to be
          consistent with any similar terms and conditions contained in any separate written employment agreement to which Employee may be a party, but to the extent any separate written employment agreement contains different terms relating to a
          termination for Cause, the provisions of this Agreement shall prevail in all cases following a Change in Control.

        Section 6.          Termination for Good Reason.

        (a)
               Definition of “Good Reason”.  For purposes of this Agreement, “Good Reason” is defined as
          the occurrence of any of the following events:

        (i)          The requirement that
            Employee move Employee’s office to a location more than thirty (30) miles from Employee’s principal residence as of the Effective Date;

        (ii)          A reduction in
            Employee’s then-current annual base salary;

        (iii)          The removal of
            Employee from participation in any incentive compensation or performance-based compensation plans without replacement with a comparable or superior substitute plan or otherwise compensating Employee in an amount substantially equivalent to the
            value of the lost benefit;

        (iv)          The taking of any action by Bank or Holding Company which would directly or indirectly reduce any material benefit plan or program or deprive Employee of any such benefit enjoyed by Employee;

        (v)          The assignment to Employee of duties and responsibilities materially different from those normally associated with Employee’s position;

        (vi)          A material diminution or reduction in Employee’s duties, responsibilities or authority (including reporting responsibilities) normally associated with Employee’s position;

        (vii)          Any action by Bank
            to remove Employee from Employee’s then-current officer position or materially change Employee’s title, except for promotions;

        (viii)          A material breach by Bank of any provision of this Agreement, other than a breach justifying termination pursuant to any other provision of this Agreement; or

        (ix)          To the extent such
            assumption does not occur as a matter of law, any failure of Bank or Holding Company to obtain the assumption of the obligation to perform this Agreement by any successor, including upon a Change in Control.

        (b)
               Procedure for a Termination for Good Reason.  Employee, by written notice to Bank, may terminate Employee’s employment with Bank
          for Good Reason. For Employee to have the right to resign for Good Reason, all of the following must timely occur: (i) Employee must provide Bank with written notice of the occurrence of any of the Good Reason events within ninety (90) days

        
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        immediately following the first occurrence of such event, and such notice must describe in detail the Good Reason event and the proposed cure to such
          event; (ii) Bank must fail to cure such event within a period of thirty (30) days from the date of receipt of such notice; and (iii) a second written notice of termination is delivered by Employee to Bank within ninety (90) days following the day
          on which the 30-day period set forth in the preceding clause (ii) expires. Unless otherwise specified in the second written notice, the date of termination shall be the date of the second written notice.

        (c)
               Effect on Other Written Agreements.  Bank intends the provisions of this Section 6 relating to a termination for Good Reason to
          be consistent with any similar terms and conditions contained in any separate written employment agreement to which Employee may be a party, but to the extent any separate written employment agreement contains different terms relating to a
          termination for Good Reason, the provisions of this Agreement shall prevail in all cases following a Change in Control.

        Section 7.          Terminations for Other Reasons.

        (a)
               Termination by Bank without Cause.  Upon thirty (30) days’ written notice to Employee, Bank may terminate Employee’s employment
          without Cause.

        (b)
               Termination by Employee without Good Reason.  Employee, upon sixty (60) days’ written notice to Bank, may terminate Employee’s
          employment without Good Reason.

        Section 8.          Non-Disclosure; Return of Confidential Information and Other Property.

        (a)
               Access to Confidential Information.  Employee understands, acknowledges and agrees that during the course of Employee’s
          employment with Bank, Employee will gain information regarding, knowledge of and familiarity with the Confidential Information (as hereinafter defined) of Bank and its Affiliates and that if the Confidential Information was disclosed by Employee,
          Bank or any Affiliates would suffer irreparable damage and harm. Employee understands, acknowledges and agrees that the Confidential Information derives substantial economic value from, among other reasons, not being known or readily
          ascertainable by proper means by others who could obtain economic value therefrom upon disclosure. Employee acknowledges and agrees that Bank and all Affiliates use reasonable means to maintain the secrecy and confidentiality of the Confidential
          Information. For purposes of this Agreement, the term “Affiliate” means Holding Company and all subsidiaries of Holding Company and its subsidiaries.

        (b)
               Non-Disclosure.  At all times while Employee is employed by Bank, and at all times thereafter, Employee shall not (i) directly or
          indirectly disclose, provide or discuss any Confidential Information with or to any Person (as hereinafter defined) other than those directors, officers, employees, representatives and agents of Bank and any Affiliates who need to know such
          Confidential Information for a proper corporate purpose, and (ii) directly or indirectly use any Confidential Information (A) to compete against Bank or any Affiliates, or (B) for Employee’s own benefit or for the benefit of any Person other than
          Bank or any Affiliate. Employee agrees that all Confidential Information at all times shall remain the property of, as applicable, Bank or its Affiliates.

        (c)
               Confidential Information Defined.  For purposes of this Agreement, the term “Confidential Information” means any and all:

        
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        (i)          materials, records,
            data, documents, lists, writings and information (whether in writing, printed, verbal, electronic, computerized, on disk or otherwise) (A) relating or referring in any manner to the business, operations, affairs, financial condition, results of
            operation, cash flow, assets, liabilities, sales, revenues, income, estimates, projections, policies, strategies, techniques, methods, products, developments, suppliers, relationships and/or customers of Bank or any Affiliate that are
            confidential, proprietary or not otherwise publicly available, in any event not without a breach of this Agreement, or (B) that Bank or any Affiliate has deemed confidential, proprietary or nonpublic;

        (ii)          trade secrets of
            Bank or any Affiliate, as defined in Indiana Code Section 24‐2‐3‐2, as amended, or any successor statute; and

        (iii)          any and all
            copies, summaries, analyses and extracts which relate or refer to or reflect any of the items set forth in (i) or (ii) above.

        (d)
               Definition of Person.  For purposes of this Agreement, the term “Person” shall mean any natural person, proprietorship,
          partnership, corporation, limited liability company, bank, organization, firm, business, joint venture, association, trust or other entity and any government agency, body or authority.

        (e)
               Return of Confidential Information and Other Property.  Employee covenants and agrees:

        (i)          to keep all
            Confidential Information subject to Bank’s or any Affiliate’s custody and control and to promptly return to Bank or the appropriate Affiliate all Confidential Information that is still in Employee’s possession or control at the termination of
            Employee’s employment with Bank; and

        (ii)          promptly upon
            termination of Employee’s employment with Bank, to return to Bank, at Bank’s principal office, all vehicles, equipment, computers, credit cards and other property of Bank and to cease using any of the foregoing.

        Section 9.          Non-Solicitation of Customers and Employees.

        (a)
               Obligations of Employee.  During the Term, and for one (1) year thereafter, Employee will not in a competitive capacity (as defined in Section 10), on behalf of any person or entity other than Bank or any Affiliate, directly or indirectly:

        (i)          solicit, divert (or
            attempt to solicit or divert) or accept business from any customer of Bank or any Affiliate;

        (ii)          solicit, divert (or
            attempt to solicit or divert) or accept business from any customer of Bank or any Affiliate with whom Employee had contact (either directly or indirectly) or over which Employee had responsibility at any time in the one year preceding
            Employee’s separation,

        (iii)          solicit, divert
            (or attempt to solicit or divert) or accept business from any customer of Bank or any Affiliate about whom Employee obtained Confidential Information;

        
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        (iv)          solicit, divert (or
            attempt to solicit or divert) or accept business from any identified prospective customer of Bank or any Affiliate; or

        (v)          solicit, divert (or
            attempt to solicit or divert) or accept business from any identified prospective customer of Bank or any Affiliate with whom Employee had contact (either directly or indirectly) or over which Employee had responsibility at any time in the one
            year preceding Employee’s separation,

        (vi)          solicit, divert (or
            attempt to solicit or divert) or accept business from any identified prospective customer of Bank or any Affiliate about whom Employee has obtained confidential or proprietary information;

        (vii)          encourage,
            solicit, induce, or attempt to encourage, solicit or induce any employee, service provider, agent or representative of Bank or any Affiliate, who (a) has access to, or possesses, Confidential Information, trade secrets, or other knowledge
            regarding the Bank or any Affiliate that could give a competitor an unfair advantage, or (b) within the preceding two years, has serviced or established goodwill with the Bank’s customers or acquired confidential information about those
            customers, or (c) was someone Employee had worked with, or supervised in Employee’s last two-years of employment (hereafter defined as an “Individual”), to leave his/her employment or terminate his/her relationship with Bank or any Affiliate or
            devote less than full time efforts to Bank’s or an Affiliate’s business; or

        (viii)          hire
              or attempt to hire, for any competitive or other position with any competitor or other business, any Individual  who has been an employee of Bank or any Affiliate at any time within the preceding one year; provided, however, that Employee shall not be deemed to have violated this Section if an employee responds to a general advertisement for employment with the competitor.

        

        

        Section 10.          Non-Competition.

        (a)
               During Employment.  During Employee’s employment, Employee shall not, directly or indirectly, have any ownership interest in,
          work for, advise, manage, act as an agent or consultant for, or have any business connection or business or employment relationship with, any entity or person which competes with Bank or any of its Affiliates.

        (b)
               Following Termination of Employment.  For a period of one (1) year after Employee’s separation from Bank for any reason, Employee shall not:

        (i)          in the states of
            Indiana and/or Michigan;

        (ii)          in any Indiana
            county or Michigan county in which Bank maintains a branch or other office;

        (iii)          in any Indiana
            county or Michigan county in which customers of Bank reside or maintain a facility;

        
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        (iv)          in the geographic
            area in which Employee has been performing services on behalf of Bank, or for which Employee has been assigned responsibility, at any time within one (1) year preceding Employee’s separation;

        directly or indirectly own, manage, finance, operate, control or participate in ownership, management, or operation of, act as an agent, consultant, or be
          employed in a Competitive Capacity with, any banking or financial institution which competes with Bank or any of its Affiliates. Employee further agrees that during that same period, Employee will not assist in the research and development of
          products or services (A) where such research and development would be aided by the Confidential Information learned in the course of Employee’s relationship with Bank; or (B) which compete with those products or services of Bank or any Affiliate.

        (c)
               Definition of “Competitive Capacity”.  For purposes of this Agreement, the term “Competitive
            Capacity” shall mean (i) performing tasks or duties similar to those Employee performed at Bank or any Affiliate for a competitor of Bank; (ii) managing/supervising those who, for a competitor of Bank, perform tasks or duties similar to
          those which Employee performed at Bank; or (iii) performing, on behalf of a competitor of Bank, tasks or duties in which Employee utilized any Confidential Information that Employee learned in the course of Employee’s relationship with Bank or
          any Affiliate.

        Section 11.          Periods of Noncompliance and Reasonableness of Periods.

        (a)
               Acknowledgment.  Bank and Employee understand, acknowledge and agree that the restrictions and covenants contained in Sections 8,
          9 and 10 hereof are reasonable in view of the nature of the business in which Bank and the Affiliates are engaged, Employee’s position with Bank and the Affiliates and Employee’s advantageous knowledge of and familiarity with the business,
          operations, affairs and customers of Bank and the Affiliates. Employee acknowledges that the various covenants, restrictions and obligations set forth in those Sections are separate and independent obligations, and may be enforced separately or
          in any combination.

        (b)
               Effect of Employee Breach.  The time periods during which the restrictions and covenants of Sections 8, 9 and 10 are applicable
          will be extended by a period of time equal to any period during which Employee is not in compliance with such restrictions and covenants. Bank’s obligation to pay the amounts otherwise payable to Employee pursuant to this Agreement shall
          immediately terminate in the event that Employee breaches any of the provisions of Sections 8, 9 and 10 hereof. Notwithstanding the foregoing, (i) the covenants of Employee set forth in Sections 8, 9 and 10 hereof shall continue in full force and
          effect and be binding upon Employee; (ii) Bank shall be entitled to the remedies specified in Section 13 hereof; and (iii) Bank shall be entitled to its damages, costs and expenses (including, without limitation, reasonable attorney’s fees and
          expenses) resulting from or relating to Employee’s breach of any of the provisions of Sections Section 8, 9 or 10 hereof.

        (c)
               Effect of Bank Breach.  Bank and Employee understand, acknowledge and agree that Employee’s entitlement to special severance
          benefits upon a Qualifying Termination following a Change in Control, and the other provisions benefiting Employee under this Agreement, are a material part of the consideration for the restrictions contained in Sections 8, 9 and 10 of this
          Agreement. Accordingly, if Bank breaches any of its material obligations to Employee that arise following termination of Employee for any reason, and the breach is not cured within thirty (30) days of written

        
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        notice of the breach, then Employee’s obligations under Sections 8, 9 and 10 of this Agreement shall be suspended.

        Section 12.          Survival of Certain Provisions.

        Employee hereby expressly agrees that upon any termination of the Term of this Agreement due to Employee’s termination of employment
          with Bank or otherwise, the provisions of Sections 8 - 24 hereof shall continue to be in full force and effect and binding upon Employee in accordance with the respective provisions of such Sections (except in the case of Bank breach as described
          in Section 11).

        Section 13.          Remedies.

        Employee agrees that Bank or an Affiliate will suffer irreparable damage and injury and will not have an adequate remedy at law in the
          event of any actual, threatened or attempted breach by Employee of any provision of Sections 8, 9 or 10. Accordingly, in the event of a breach or a threatened or attempted breach by Employee of any provision of Sections 8, 9 or 10, in addition to
          all other remedies to which Bank and Affiliates are entitled at law, in equity or otherwise, Bank and Affiliates may be entitled to a temporary restraining order and a permanent injunction or a decree of specific performance of any provision of
          Sections 8, 9 or 10. The foregoing remedies shall not be deemed to be the exclusive rights or remedies of Bank or an Affiliate for any breach of or noncompliance with this Agreement by Employee but shall be in addition to all other rights and
          remedies available to Bank or an Affiliate at law, in equity or otherwise.

        Section 14.          Section 280G.

        Anything in this Agreement to the contrary notwithstanding, in the event Bank’s independent public accountants or counsel determine that
          any payment by Bank to or for the benefit of Employee, whether paid or payable pursuant to the terms of this Agreement or otherwise, would be non-deductible by Bank for federal income tax purposes because of Section 280G of the Internal Revenue
          Code, the amount payable to or for the benefit of Employee pursuant to this Agreement and all other arrangements shall be reduced (but not below zero) in a manner determined by Holding Company to the Reduced Amount. For purposes of this Section
          14, the “Reduced Amount” shall be the amount which maximizes the amount payable without causing the payment to be non-deductible by Bank because of Section 280G. If two economically equivalent amounts are
          subject to reduction but are payable at different times, the amounts shall be reduced (but not below zero) on a pro rata basis.

        Section 15.          Successors and Assigns.

        This Agreement is binding upon and shall be for the benefit of the successors and assigns of Bank and Holding Company, including any
          corporation or any other form of business organization with which Bank or Holding Company may merge or consolidate, or to which it may transfer substantially all of its assets. Bank or Holding Company shall require any successor to expressly
          assume and agree, in writing, to perform this Agreement and any successor shall absolutely and unconditionally assume all of Bank’s and Holding Company’s obligations hereunder. Failure of Bank or Holding Company to obtain such agreement prior to
          the effectiveness of any such succession shall be a material breach of this Agreement and shall entitle Employee to terminate employment with Bank for Good Reason pursuant to Section 6 of this Agreement. As used in this Agreement, “Bank” shall
          mean Bank as hereinbefore defined and any successor to its business and/or assets. This Agreement may not be assigned by Bank or Holding Company without the prior written consent of Employee,

        
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        which consent shall not be unreasonably withheld. The Agreement will also be binding upon, enforceable against, and inure to the benefit of Employee and
          Employee’s heirs and representatives, and nothing herein is intended to confer any right, remedy or benefit upon any other person. Employee shall not assign Employee’s interest in this Agreement or any part thereof.

        Section 16.          Consent of Bank.

        Any act, request, approval, consent or opinion of Bank under this Agreement, must be in writing and may be authorized, given or
          expressed only by Bank’s President or Chief Executive Officer, or by such other person as the Bank’s Board of Directors may designate.

        Section 17.          Notices.

        All notices, requests and other communications under this Agreement will be in writing (which will include facsimile communication) and
          will be deemed to have been duly given if (a) delivered by hand; (b) sent by certified United States Mail, return receipt requested, first class postage pre-paid; (c) sent by overnight delivery service; or (d) sent by facsimile transmission if
          such fax is confirmed immediately thereafter by also mailing a copy of such notice, request or other communication by regular United States Mail, first class postage pre-paid, as follows:

        	 	
                (A)

              	
                If to Employee:

              	
                Todd A. Etzler

              
	 	 	 	
                [redacted for privacy]

              
	 	 	 	 
	 	 	 	 
	 	
                (B)

              	
                If to Bank:

              	
                Horizon Bank

              
	 	 	 	
                515 Franklin Street

              
	 	 	 	
                Michigan City, IN 46360

              
	 	 	 	
                Attn:  Chief Executive Officer

              

        

        

        Section 18.          Governing Law.

        This Agreement shall be governed by and construed in accordance with the laws of the State of Indiana applicable to contracts made and
          to be performed therein.

        Section 19.          Enforcement Expenses.

        If a dispute arises regarding the termination of Employee or as to the interpretation or enforcement of this Agreement and Employee
          obtains a final judgment in Employee’s favor in a court of competent jurisdiction or Employee’s claim is settled by Bank prior to the rendering of a judgment by such a court, all reasonable legal fees and expenses incurred by Employee in
          contesting or disputing any such termination or seeking to obtain or enforce any right or benefit provided for in this Agreement or otherwise pursuing Employee’s claims shall be paid by Bank (except as otherwise decided in any settlement between
          the parties) to the extent permitted by law.

        Section 20.          Superseding Prior Agreements; Entire Agreement.

        The Employee, Bank and Holding Company agree that as long as the provisions of Sections 8, 9 and 10 are in effect, those provisions
          shall supersede and replace any similar restrictions in any other agreement between the parties, including, but not limited to, any employment agreement,

        
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        non‐competition or non-solicitation agreement, and any equity award agreement or plan relating thereto. This Agreement sets forth the entire understanding
          of the parties hereto with respect to its subject matter, merges and supersedes all prior and contemporaneous understandings with respect to its subject matter, and may not be waived or modified, in whole or in part, except by a writing signed by
          each of the parties hereto. No waiver of any provision of this Agreement in any instance shall be deemed to be a waiver of the same or any other provision in any other instance.

        Section 21.          Headings.

        The headings in this Agreement have been inserted solely for ease of reference and shall not be considered in the interpretation or
          construction of this Agreement.

        Section 22.          Severability.

        If any provision of this Agreement is held to be invalid or unenforceable by a court of competent jurisdiction, this Agreement shall be
          interpreted and enforceable as if such provision were severed or limited or such payment reduced, but only to the extent necessary to render such provision and this Agreement enforceable.

        Section 23.          Counterparts.

        This Agreement may be executed in two or more counterparts, each of which shall be an original, but all of which together shall
          constitute one and the same instrument.

        Section 24.          Amendment.

        This Agreement may be amended, modified or supplemented only by a written agreement executed by both of the parties hereto.

        Signature Page Follows

        
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        IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of December 31, 2019, to be effective as of the Effective Date.

        	 	
                BANK

              
	 	 	 
	 	 	 
	 	
                By:

              	
                /s/ Craig M. Dwight

              
	 	 	
                Printed:  Craig M. Dwight

              
	 	 	
                Title:  Chairman and Chief Executive Officer

              
	 	 	 
	 	 	 
	 	
                EMPLOYEE

              
	 	 	 
	 	 	 
	 	
                By:

              	
                /s/ Todd A. Etzler

              
	 	 	
                Printed:  Todd A. Etzler

              
	 	 	
                Title:  Senior Vice President & General Counsel

              

        

        

      

    

  

  15Exhibit 10.7

    

     

    

     
      Amended and Restated Employment Agreement

        (Craig M. Dwight)

      This Amended and Restated Employment Agreement (the “Agreement”) is made and entered into to be effective as of January 1,
        2020 (the “Effective Date”), by and among Horizon
          Bank (the “Bank”), an Indiana state-chartered commercial bank formerly known as Horizon Bank, N.A., Horizon Bancorp, Inc. (the “Holding Company”), an Indiana
        corporation formerly known as Horizon Bancorp and a registered bank holding company, and Craig M. Dwight (the “Executive”), a resident of the State of Indiana. The Bank and the Holding Company are referred to herein jointly as the “Company.” This Agreement updates, amends, restates, supersedes and replaces in its entirety the Employment Agreement, dated December 1, 2006, by and among the parties.

       

      

      W I T N E S S E T H:

      WHEREAS, Bank is a wholly-owned subsidiary of the Holding Company; and

      WHEREAS, the Executive is currently employed by the Company and is currently serving as the
        Chairman and Chief Executive Officer of the Bank and the Holding Company; and

      WHEREAS, the Company desires to continue the employment of the Executive, and the Executive
        desires to continue to be employed by the Company, in accordance with the provisions of this Agreement; and

      WHEREAS, in addition to the employment provisions contained herein, the Company and the
        Executive have agreed to certain restrictions, covenants, agreements and severance payments, as set forth in this Agreement; and

      WHEREAS, the Executive is willing to commit to continue in the performance of such services
        for the Company upon the terms and conditions set forth herein;

      NOW, THEREFORE, in consideration of the foregoing premises, the mutual covenants, agreements
        and obligations contained herein, the continued employment of the Executive by the Company pursuant to this Agreement and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the
        Executive, each intending to be legally bound, hereby agree as follows:

      Section 1.          Employment; Term.

      (a)          Employment. Unless terminated earlier as provided herein, the Company hereby agrees to employ the
          Executive, and the Executive hereby agrees to be employed by the Company, on a full-time basis in accordance with the provisions of this Agreement.

      (b)          Term. Unless terminated earlier as provided herein, the initial term of the Executive’s employment
          with the Company hereunder will begin on the Effective Date of this Agreement and will end on the date which is three years following the date hereof (i.e., January 1, 2023). The initial term of this Agreement and all extensions thereof, if any, are hereinafter referred to individually and collectively as the “Term”).

      Section 2.          Position; Duties; Responsibilities.

      (a)          Position. During the Term, the Executive will be the Chairman and Chief Executive Officer of the Bank
          and the Holding Company and will perform such duties and

      
        
          

        

      

      
      

      

      responsibilities as may be assigned by the board of directors of the Bank or the Holding
        Company and which are not unreasonably inconsistent with the duties currently being performed by the Executive.

      (b)          Duties and Responsibilities. During the Term, the Executive will devote substantially all business
          time, attention and energy, and reasonable best efforts, to the interests and business of the Bank, the Holding Company and their affiliates and subsidiaries (collectively “Affiliates”) and to the performance of the Executive’s duties and responsibilities on behalf of the Company and any Affiliate. The Executive may use his discretion in fixing the hours and schedule of work
          consistent with the proper discharge of the Executive’s duties. The Executive, subject to the direction and control of the board of directors of the Bank and of the Holding Company, will have all power and authority commensurate with the
          Executive’s status and necessary to perform his duties hereunder. During the Term, the Executive will not serve on the board of directors of any for-profit organization without the prior consent of the Holding Company’s board of directors (the “Board”).

      (c)          Working Conditions. So long as the Executive is employed by the Company pursuant to this Agreement,
          the Executive will be entitled to office space and working conditions consistent with his position as Chairman and Chief Executive Officer of the Bank and the Holding Company. The Company will provide the Executive with such assistance and
          working accommodations as are suitable to the character of his positions with the Company and as are adequate for the performance of the Executive’s duties. The Executive will not be required to be absent from the location of the principal
          executive offices of the Company on travel status or otherwise more than 30 days in any calendar year. The Company will not, without the written consent of the Executive, relocate or transfer Executive to a location more than 30 miles from his
          principal residence.

      Section 3.          Compensation and Employee Benefits.

      (a)          Base Salary. During the Term, for all services rendered to or on behalf of the Company by the
          Executive in all capacities pursuant to this Agreement or otherwise, the Company will pay to the Executive an annual base salary equal to the amount being paid to the Executive as of the date of this Agreement (the “Base Salary”), which Base Salary will be adjusted in accordance with this Section. At approximately annual intervals, after the end of each fiscal year of the Bank during
          the Term, the Compensation Committee of the Board (the “Committee”) will review, or will cause to be reviewed, the Base Salary payable to the
          Executive, giving attention to all factors that the Committee deems pertinent, including, without limitation, the performance of the Bank, the Holding Company and any Affiliate, the performance of the Executive and the compensation practices
          inside and outside of the Company. The Committee will, after such annual review, determine the Base Salary to be paid until the completion of the next annual review, but such new Base Salary will not be less than the Base Salary as of the
          Effective Date hereof. The Base Salary will be paid to the Executive in accordance with the Bank’s usual and customary payroll practices applicable to its employees generally.

      (b)          Incentive Compensation. During the Term, the Executive will be entitled to participate in all
          incentive compensation plans and programs in effect from time to time

      
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      and generally available to executive officers of the Company, subject to the terms and
        conditions of such plans and programs.

      (c)          Employee Benefit Plans. During the Term, the Executive will be entitled to participate in all employee
          benefit plans and programs in effect from time to time and generally available to executive officers of the Company, subject to the terms and conditions of such plans and programs.

      (d)          Other Policies. All other matters relating to the employment of the Executive by the Company not
          specifically addressed in this Agreement, or in the plans and programs referenced above (including, without limitation, vacation, sick and other paid time off), will be subject to the employee handbooks, rules, policies and procedures of the
          Company in effect from time to time.

      (e)          Taxes and Other Amounts. All taxes (other than the Company’s portion of FICA taxes) on the Base Salary
          and other amounts payable to the Executive pursuant to this Agreement or any plan or program will be paid by the Executive. The Company will be entitled to withhold from the Base Salary and all other amounts payable to the Executive pursuant to
          this Agreement or any plan or program (i) applicable withholding taxes, and (ii) such other amounts as may be authorized by the Executive in writing.

      (f)          Acknowledgment by the Executive. Notwithstanding anything herein to the contrary, the Executive hereby
          understands, acknowledges and agrees that the Bank or Holding Company may, each in its sole discretion, amend, modify, freeze, suspend or terminate any or all of the incentive compensation, stock option, employee benefit and other plans and
          programs referenced herein at any time and from time to time in the future as provided in such plans and programs. Any such amendment, modification, freezing, suspension or termination will not affect any of the Executive’s vested or accrued
          benefits under any such plans or programs.

      Section 4.          Termination of Employment.

      Subject to the respective continuing obligations of the parties hereto set forth in this
        Agreement, the Executive’s employment with the Company may be terminated during the Term in any of the following ways:

      (a)          Termination by the Company for Cause. The Company, upon written notice to the Executive, may terminate
          the Executive’s employment with the Company immediately (except as otherwise expressly provided herein with respect to the Executive’s limited right to cure) for Cause. For purposes of this Agreement, “Cause” is defined as any of the following
          actions:

      (i)          An intentional act of fraud, embezzlement, theft, or personal dishonesty; willful misconduct, or breach of fiduciary duty involving personal profit by the Executive in the course of the
          Executive’s employment; provided, however, that (A) no act or failure to act will be deemed to have been intentional or willful if it was due primarily to an error in judgment or negligence; and (B) an act or failure to act will only be
          considered intentional or willful if it is not in good faith and if it is without a reasonable belief that the action or failure to act is in the best interest of the Company or any Affiliate;

      
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      (ii)          Intentional damage by the Executive to the business or property of the Company or any Affiliate, causing material harm to the Company or any Affiliate;

      (iii)          Material breach by the Executive of any provision of this Agreement or any change in control or similar agreement the Executive is a party to;

      (iv)          Gross negligence or insubordination by the Executive in the performance of the Executive’s duties, or the Executive’s refusal or repeated failure to carry out lawful directives of the Board of
          Directors of Bank or Holding Company or of any other supervisor;

      (v)          Removal or permanent prohibition of the Executive from participating in the conduct of the affairs of Bank or Holding Company or any Affiliate by an order issued under subsection 8(e)(4) or
          8(g)(1) of the Federal Deposit Insurance Act, 12 USC §§ 1818(e)(4) and (g)(1).

      (b)          Termination by the Company Without Cause. The Company, upon not less than 30 days prior written notice
          to the Executive, may terminate the Executive’s employment with the Company without Cause.

      (c)          Termination by the Executive for Good Reason. The Executive, upon written notice to the Company, may
          terminate his employment with the Company immediately (except as otherwise expressly provided herein with respect to the Company’s limited right to cure) for Good Reason. For purposes of this Agreement, “Good Reason” is defined as the occurrence of any of the following events:

      (i)          The requirement that the Executive move the Executive’s office to a location more than thirty (30) miles from the Executive’s principal residence as of the date of this Agreement;

      (ii)          A reduction of ten percent (10%) or more in the Executive’s then-current annual base salary, unless part of an institution-wide reduction and proportionate to the reduction in the annual base
          salary of all other executive officers of the Company;

      (iii)          The removal of the Executive from participation in any incentive compensation or performance-based compensation plans which results in a reduction of ten percent (10%) or more
          in the Executive’s total compensation, unless the Company terminates participation in the plan or plans with respect to all other executive officers of the Company;

      (iv)          The taking of any action by Bank or Holding Company which would directly or indirectly reduce any material benefit plan or program or deprive the Executive of any such benefit
          enjoyed by the Executive, resulting in a reduction of ten percent (10%) or more in the Executive’s total compensation, unless part of an institution-wide reduction and applied similarly to all other executive officers of the Company;

      (v)          The assignment to the Executive of duties and responsibilities materially different from those normally associated with the Executive’s position;

      
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      (vi)          A material diminution or reduction in the Executive’s duties, responsibilities or authority (including reporting responsibilities) normally associated with the Executive’s position;

      (vii)          Any action by the Company to remove the Executive from the Executive’s then-current officer position or materially change the Executive’s title, except for promotions and
          except for removal from office for Cause;

      (viii)          A material breach by the Company of any provision of this Agreement, other than a breach justifying termination pursuant to any other provision of this Agreement; or

      (ix)          To the extent such assumption does not occur as a matter of law, any failure of Bank or Holding Company to obtain the assumption of the obligation to perform this Agreement by any successor,
          including upon a change in control.

      (d)          Termination by the Executive Without Good Reason. The Executive, upon not less than 60 days prior
          written notice to the Bank, may terminate his employment with the Company without Good Reason.

      (e)          Termination in the Event of Death or Disability. The Executive’s employment hereunder will terminate
          immediately upon the death of the Executive. The Executive’s employment with the Company may be terminated by the Company in the event of the occurrence of a Disability of the Executive. For purposes hereof, a “Disability” is defined as the Executive’s inability 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. If, 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, the Executive is receiving income replacement benefits for a period of not less than three months under an accident and health plan sponsored by the Company, the Executive will be deemed to be
          Disabled. The Compensation Committee of the Board will be the sole and final judge of whether the Executive is Disabled for purposes of this Agreement, after consideration of any evidence it may require, including the reports of any physician or
          physicians it may designate.

      (f)          Notice and Date of Termination. Any termination of the Executive’s employment with the Company as
          contemplated by this Section 4, except in the event of the Executive’s death, will be communicated in writing by the terminating party to the other party hereto. Any notice of termination will indicate the specific provisions of this Agreement
          relied upon and, if applicable, will set forth in reasonable detail the facts and circumstances claimed to provide a basis for such termination. The last day of the Executive’s employment with the Company will be referred to herein as the “Date of Termination.”

      (g)          Limited Right to Cure by the Company and the Executive.

      (i)          In the event that the Company desires to terminate the Executive’s employment for Cause pursuant to subsection 4(a)(iii), the Company, upon written notice to the Executive, may terminate the
          Executive’s employment for Cause, which will terminate the Executive’s employment and right to compensation

      
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      immediately, except in the limited case expressly provided herein with respect to Causes that
        are curable. The written notice will (A) indicate the specific provisions of this Agreement relied upon for such termination; (B) set forth in reasonable detail the facts and circumstances claimed to provide a basis for such termination; (C) state
        whether the Board of Directors of the Holding Company has determined in good faith that the issue is curable; and (D) if the issue has been deemed curable, describe the steps, actions, events or other items that must be taken, completed or followed
        by the Executive to correct or cure the basis for such termination. If (but only if) the basis for termination has been deemed curable by the Board of Directors, then the Executive will have thirty (30) days following the effective date of such
        notice to fully correct and cure the basis for the termination of the Executive’s employment. If the Executive does not fully correct and cure the basis for the termination of the Executive’s employment within such 30-day period, then the Company
        will have the right to terminate the Executive’s employment immediately for Cause upon delivering to the Executive a second written notice of termination and without any further cure period. Unless otherwise specified in the written notice, the
        date of termination shall be the date of the first written notice, in the case of an uncurable Cause, and shall be the date of the second written notice, in the case of a curable but uncured Cause. Notwithstanding the foregoing, the Executive will
        be entitled to so correct and cure only a maximum of two times during any calendar year.

      (ii)          In the event that the Executive desires to terminate the Executive’s employment with the Company for Good Reason pursuant to subsection 4(c), all of the following must timely occur: (A) within
          ninety (90) days immediately following the first occurrence of such event, the Executive must deliver to the Company a written notice describing, in reasonable detail, the Good Reason event and the proposed cure to such event; (B) the Company
          must fail to cure such event during the thirty (30) days from the date of receipt of such notice; and (C) a second written notice of termination must be delivered by the Executive to the Company within ninety (90) days following the day on which
          the 30-day cure period set forth in the preceding clause (B) expires. The Executive’s employment with the Company will terminate immediately upon delivery of the second written notice of termination. Notwithstanding the foregoing, the Company
          will be entitled to so correct and cure only a maximum of two times during any calendar year.

      (h)          Regulatory Restrictions.

      (i)          If Executive is removed and/or permanently prohibited from participating in the conduct of the Bank’s affairs by an order issued under Sections 8(e)(4) or 8(g)(1) of the Federal Deposit
          Insurance Act (“FDIA”) (12 U.S.C. 1818(e)(4) and (g)(1)), all obligations of the Company under this Agreement shall terminate as of the
          effective date of the order, but vested rights of the parties shall not be affected.

      (ii)          If the Bank is in default (as defined in Section 3(x)(1) of FDIA), all obligations of the Company under this Agreement shall terminate as of the date of default; however, this subsection shall
          not affect the vested rights of the parties.

      
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      (iii)          All obligations under this Agreement shall terminate, except to the extent determined that continuation of this Agreement is necessary for the continued operation of the Bank:
          (A) by the Indiana Department of Financial Institutions (the “DFI”) or its designee, or the Bank’s primary federal regulator at the time that
          the Federal Deposit Insurance Corporation (“FDIC”) enters into an agreement to provide assistance to or on behalf of the Bank under the
          authority contained in Section 13(c) of FDIA; or (B) by the DFI, or its designee, or the Bank’s primary federal regulator, at the time that the DFI, or its designee, or the Bank’s primary federal regulator, approves a supervisory merger to
          resolve problems related to the operation of the Bank or when the Bank is determined by the DFI, or the Bank’s primary federal regulator, to be in an unsafe or unsound condition. Any such action shall not affect any vested rights of the parties.

      (iv)          If a notice served under Section 8(e)(3) or (g)(1) of the FDIA (12 U.S.C. 1818(e)(3) or (g)(1)) suspends and/or temporarily prohibits Executive from participating in the conduct of the Bank’s
          affairs, the Company’s obligations under this Agreement shall be suspended as of the effective date of such notice, unless stayed by appropriate proceedings. If the charges in the notice are dismissed, the Company may, in its sole discretion, (A)
          pay Executive all or part of the compensation withheld while its contract obligations were suspended, and/or (B) reinstate (in whole or in part) any of its obligations which were suspended.

      (v)          Notwithstanding anything to the contrary contained herein, Executive acknowledges and agrees that any payments made to Executive pursuant to this Agreement, or otherwise, are subject to and
          conditioned upon compliance with the provisions of 12 U.S.C. 1828(k) and Part 359 of the FDIC’s regulations (12 C.F.R. Part 359), which provisions contain certain prohibitions and limitations on making “golden parachute” and certain
          indemnification payments by FDIC-insured institutions and their holding companies. In the event any payments to Executive pursuant to this Agreement are prohibited or limited by the provisions of such statute and/or regulations, Bank and/or
          Holding Company (A) shall pay the maximum amount that may be paid after applying such limitations; and (B) will use commercially reasonable efforts to obtain the consent of the appropriate regulatory authorities to the payment of any amount that
          otherwise cannot be paid due to the application of such limitations. Executive agrees that Bank and/or Holding Company shall not have breached any obligations under this Agreement if they are unable to pay all or some portion of any payment due
          to Executive as a result of the application of these limitations.

      Section 5.          Payment Upon Termination of Employment.

      Upon the termination of the Executive’s employment with the Company pursuant to Section 4,
        the Executive will receive the following:

      (a)          Termination by the Company for Cause, by the Executive Without Good Reason or Due to Death or Disability of the
              Executive. Upon the termination of the Executive’s employment by the Company for Cause pursuant to subsection 4(a), by the Executive without Good Reason pursuant to subsection 4(d) or in the event of termination

      
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      due to the death or Disability of the Executive pursuant to subsection 4(e), the Company will
        pay or provide to the Executive the following amounts and benefits:

      (i)          that portion of the Executive’s Base Salary earned through the Date of Termination, payable in accordance with normal payroll practices;

      (ii)          all amounts that have vested or accrued prior to the Date of Termination under all incentive compensation or employee benefit plans of the Bank or Holding Company in accordance with the
          provisions of such plans; and

      (iii)          notwithstanding the foregoing, all options granted to the Executive to purchase shares of common stock of the Holding Company and all shares of restricted stock of the Holding
          Company (whether such options and restricted shares are vested or unvested) shall be treated in accordance with the applicable plan and award agreement(s) between the Holding Company and the Executive.

      It is noted that nothing in this Agreement will serve to prevent the Executive from receiving
        long term disability payments from the Company’s long term disability program, if any, if the Executive is otherwise eligible to receive benefits under such a program.

      (b)          Termination by the Company Without Cause or by the Executive With Good Reason. Upon the termination of
          the Executive’s employment by the Company without Cause pursuant to subsection 4(b) or by the Executive with Good Reason pursuant to subsection 4(c), the Company will pay or provide to the Executive the following amounts and benefits:

      (i)          that portion of the Executive’s Base Salary earned through the Date of Termination, payable in accordance with normal payroll practices;

      (ii)          an amount equal to two times the Executive’s annual Base Salary in effect as of the date immediately preceding the Date of Termination plus an amount equal to the Executive’s cash bonuses paid
          or payable for the last two calendar years preceding the Date of Termination, all payable as of the date of the first payroll following the Date of Termination and delivery of the Release (as defined in Section 5(d)) and the lapse of all
          applicable revocation periods, or as soon as administratively practicable thereafter;

      (iii)          continued participation in the group health insurance and group life insurance benefits which the Executive would have been eligible to participate in or receive on the day
          prior to the Date of Termination (“Insurance Programs”) beginning on the Date of Termination and continuing for a period of two years (“Benefit Continuation Term”), but only to the extent the Executive continues to qualify for participation therein. If the Executive is not permitted
          to continue participation in those Insurance Programs, the Company will reimburse the Executive for the costs of health insurance and life insurance benefits for the Benefit Continuation Term; provided, however, the amount of these benefits will be limited to an amount equal to 110% of the Company’s then current cost of providing comparable benefits under the Insurance Programs;

      (iv)          all amounts that have vested or accrued prior to or on the Date of Termination (or otherwise are or become payable to the Executive) under all incentive compensation or other qualified and
          non-qualified employee benefit plans

      
        8

        
          

        

      

      

      

      of the Holding Company or Bank in accordance with the provisions of such plans and past
        practices of Holding Company or Bank, including without limitation, any Bank contributions or matches related to those amounts. For purposes of clarification, the intent of this Section is for the Executive to receive all amounts attributable to
        the Executive’s participation in such plans, as now or hereafter existing, up to and including the Date of Termination, regardless of whether the amounts are historically deposited or credited to individual employee accounts or subject to Board of
        Director approval on a date beyond the Date of Termination, and Bank agrees to compute and pay, deposit or credit all such amounts as soon as possible after the Date of Termination if not capable of being calculated, paid, deposited or credited
        prior to the Date of Termination; and

      (v)          notwithstanding the foregoing, all options granted to the Executive to purchase shares of common stock of the Holding Company and all shares of restricted stock of the Holding Company (whether
          such options and restricted shares are vested or unvested) shall be treated in accordance with the applicable plan and award agreement(s) between the Holding Company and the Executive.

      (c)          Delay of Payment of Benefits in Certain Circumstances.

      (i)          Separation from Service. “Separation from Service” means the date on which the Executive dies, retires or otherwise experiences a Termination of Employment with the Company; provided, however, a Separation from Service does not occur if the Executive 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
          Executive’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. The Executive will incur a “Termination of Employment” when a termination of employment is incurred under Treasury Regulation Section 1.409A-1(h)(ii).

      (ii)          Suspension of Payments to Specified Employees. To the extent such suspension is required by Section
          409A of the Internal Revenue Code of 1986, as amended (“Code”) or Treasury Regulations issued pursuant to Code Section 409A, if an amount is
          payable to the Executive due to the Executive’s Separation from Service for a reason other than the Executive’s death, and if at the time of the Separation from Service the Executive is a “Specified Employee,” payment of all amounts which constitute deferred compensation under Code Section 409A to the Executive under the Agreement will be suspended for six months following such
          Separation from Service. The Executive will receive payment of such amounts on the first day following the six-month suspension period.

      (A)          A “Specified Employee” means an individual who is a “Key Employee” of the Company at a time when the Holding Company’s stock is publicly traded on an established securities market. The Executive will

      
        9

        
          

        

      

      

      

      be a Specified Employee on the first day of the fourth month following any “Identification Date” on which the Executive is a Key Employee.

      (B)          The Executive is a “Key Employee” if at any time during the 12-month period ending on an
          Identification Date the Executive is: (i) an officer of the Company having annual compensation greater than $175,000 (as adjusted in accordance with the requirements of Code Section 409A); (ii) a five-percent owner of the Company; or (iii) a
          one-percent owner of the Company having an annual compensation greater than $150,000. For purposes of determining whether an Executive is an officer under clause (i), no more than 50 employees (or, if lesser, the greater of three or ten percent
          of the employees) will be treated as officers, and those categories of employees listed in Code Section 414(q)(5) will be excluded.

      (C)          The “Identification Date” for purposes of this Agreement is December 31 of each calendar
          year.

      (d)          Certain Limitations. All amounts payable to the Executive pursuant to this Section 5 will be subject
          to the following limitations:

      (i)          amounts payable pursuant to this Section will be subject to the terms of subsections 5(c) and 5(e) and paid only so long as the Executive is not in breach of any of the provisions of this
          Agreement; and

      (ii)          payment will be made pursuant to this Section only if the Executive executes a full release of claims relating to the Executive’s employment by the Company and/or any Affiliate in favor of such
          parties in a form reasonably acceptable to, and provided by, the Company (the “Release”). The Company will set a deadline for return of the
          Release that will be no later than sixty (60) days following the termination of employment, and the Release must remain unrevoked during any revocation period.

      (e)          280G Cutback. Anything in this Agreement to the contrary notwithstanding, in the event the Company’s
          independent public accountants determine that any payment by the Company to or for the benefit of the Executive, whether paid or payable pursuant to the terms of this Agreement or otherwise, would be non-deductible by the Company for federal
          income tax purposes because of Section 280G of the Internal Revenue Code of 1986, as amended, the amount payable to or for the benefit of the Executive pursuant to this Agreement and all other arrangements shall be reduced (but not below zero) in
          a manner determined by the Company to the Reduced Amount. For purposes of this Section, the “Reduced Amount” shall be the amount which
          maximizes the amount payable without causing the payment to be non-deductible by the Company because of Section 280G. If two economically equivalent amounts are subject to reduction but are payable at different times, the amounts shall be reduced
          (but not below zero) on a pro rata basis.

      Section 6.          Survival of Certain Provisions.

      Upon any termination of the Executive’s employment with the Company, the Executive and the
        Company hereby expressly agree that the provisions of Sections 5, 6, 7, and 8 will continue to be in full force and effect and binding upon the Executive and the Company in accordance with the applicable respective provisions of such Sections.

      
        10

        
          

        

      

      

      

      Section 7.          Indemnification.

      The Company will indemnify the Executive (and his legal representatives or other successors)
        to the fullest extent permitted (including payment of expenses in advance of final disposition of the proceeding) by the Articles of Incorporation and By-Laws of the Company as in effect at such time. The Executive will be entitled to the
        protection of any insurance policies the Company may elect to maintain generally for the benefit of its directors and officers, against all costs, charges and expenses whatsoever incurred or sustained by him or his legal representatives in
        connection with any action, suit or proceeding to which he (or his legal representatives or other successors) may be made a party by reason of his being or having been a director, officer or employee of the Company or any of its subsidiaries. If
        any action, suit or proceeding is brought or threatened against the Executive in respect of which indemnity may be sought against the Company pursuant to the foregoing, the Executive will notify the Company promptly in writing of the institution of
        such action, suit or proceeding, and the Company will assume the defense thereof and the employment of counsel and payment of all fees and expenses.

      Section 8.          Miscellaneous.

      (a)          Assignment. This Agreement is personal in nature and no party hereto will, without the prior written
          consent of the other party hereto, assign or transfer this Agreement or any rights or obligations hereunder, except as provided pursuant to subsection 8(p) or as otherwise provided herein. Without limiting the foregoing, the Executive’s right to
          receive compensation hereunder will not be assignable or transferable by the Executive, whether by pledge, creation of a security interest or otherwise, other than a transfer by the Executive’s will or by the laws of descent, and in the event of
          any attempted assignment or transfer contrary to this Section, the Company will have no liability to pay any amounts so attempted to be assigned or transferred. Notwithstanding the foregoing or anything herein to the contrary, this Agreement may
          be assigned by the Company to any Affiliate without the prior consent of the Executive.

      (b)          Waiver. Either party hereto may, by a writing signed by the waiving party, waive the performance by
          the other party of any of the covenants or agreements to be performed by such other party under this Agreement. The waiver by either party hereto of a breach of or noncompliance with any provision of this Agreement will not operate or be
          construed as a continuing waiver or a waiver of any other or subsequent breach or noncompliance hereunder. The failure or delay of either party at any time to insist upon the strict performance of any provision of this Agreement or to enforce its
          rights or remedies under this Agreement will not be construed as a waiver or relinquishment of the right to insist upon strict performance of such provision, or to pursue any of its rights or remedies for any breach hereof, at a future time.

      (c)          Amendment. This Agreement may be amended, modified or supplemented only by a written agreement
          executed by all of the parties hereto.

      (d)          Headings. The headings in this Agreement have been inserted solely for ease of reference and will not
          be considered in the interpretation or construction of this Agreement.

      (e)          Severability. In case any one or more of the provisions (or any portion thereof) contained herein
          will, for any reason, be held to be invalid, illegal or unenforceable

      
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      in any respect, such invalidity, illegality or unenforceability will not affect any other
        provision of this Agreement, but this Agreement will be construed as if such invalid, illegal or unenforceable provision or provisions (or portion thereof) had never been contained herein.

      (f)          Counterparts. This Agreement may be executed in any number of counterparts, each of which will be an
          original, but such counterparts will together constitute one and the same agreement.

      (g)          Construction. This Agreement will be deemed to have been drafted by both parties hereto. This
          Agreement will be construed in accordance with the fair meaning of its provisions and its language will not be strictly construed against, nor will ambiguities be resolved against, any party.

      (h)          Review and Consultation. The Executive hereby acknowledges and agrees that he (i) has read this
          Agreement in its entirety prior to executing it, (ii) understands the provisions, effects and restrictions of this Agreement, (iii) has consulted with such of his own attorneys, accountants and financial and other advisors as he has deemed
          appropriate in connection with his execution of this Agreement, and (iv) has executed this Agreement voluntarily. THE EXECUTIVE HEREBY UNDERSTANDS,
            ACKNOWLEDGES AND AGREES THAT HE HAS NOT RECEIVED ANY ADVICE, COUNSEL OR RECOMMENDATION WITH RESPECT TO THIS AGREEMENT FROM ANY DIRECTOR OR EMPLOYEE OF, OR ANY ATTORNEY, ACCOUNTANT OR ADVISOR FOR, THE BANK OR THE HOLDING COMPANY.

      (i)          Attorneys’ Fees. Each party hereto will pay the other party’s reasonable costs and expenses
          (including, without limitation, reasonable attorneys’ fees and disbursements) in connection with such other party successfully enforcing any provision or provisions of this Agreement (except as otherwise provided herein) against the breaching
          party (whether by litigation, arbitration, mediation, settlement or negotiation).

      (j)          Entire Agreement. This Agreement supersedes and novates all other prior understandings, commitments,
          representations, negotiations, contracts and agreements, whether oral or written, between the parties hereto relating to the matters contemplated hereby and constitutes the entire understanding and agreement between the parties hereto relating to
          the subject matter hereof. In particular, as referred to in the Preamble, this Agreement supersedes, novates and replaces the Employment Agreement, dated December 1, 2006, by and among the parties, and all amendments and addendums thereto.

      (k)          Certain References. Whenever in this Agreement a singular word is used, it also will include the
          plural wherever required by the context and vice-versa. All references to the masculine, feminine or neuter genders herein will include any other gender, as the context requires. Unless expressly provided otherwise, all references in this
          Agreement to days will mean calendar, not business, days.

      (l)          Governing Law. This Agreement will be governed by and construed in accordance with the laws of the
          State of Indiana applicable to contracts made and to be performed therein.

      (m)          Notices. All notices, requests and other communications hereunder will be in writing (which will
          include facsimile communication) and will be deemed to have been

      
        12

        
          

        

      

      

      

      duly given if (i) delivered by hand; (ii) sent by certified United States Mail, return
        receipt requested, first class postage pre-paid; (iii) sent by overnight delivery service; or (iv) sent by facsimile transmission if such fax is confirmed immediately thereafter by also mailing a copy of such notice, request or other communication
        by regular United States Mail, first class postage pre-paid, as follows:

      

      

      	 	
              If to the Company:

            	
              Horizon Bancorp, Inc.

              Attention: Chairman of the Compensation Committee of the Board of Directors

              515 Franklin Street

              Michigan City, Indiana 46360

              Telephone: (219) 879-0211

              Facsimile: (219) 873-2628

               

            
	 	
              AND:

            	
              Horizon Bank

              Attention: President

              515 Franklin Street

              Michigan City, Indiana 46360

              Telephone: (219) 879-0211

              Facsimile: (219) 873-2628

               

            
	 	
              If to the Executive:

            	
              Craig M. Dwight

              Redacted for privacy

               

            

      

      

      or to such other address or facsimile number as any party hereto may have furnished to the
        other parties in writing in accordance herewith, except that notices of change of address or facsimile number will be effective only upon receipt. All such notices, requests and other communications will be effective (i) if delivered by hand, when
        delivered; (ii) if sent by mail in the manner provided herein, two business days after deposit with the United States Postal Service; (iii) if sent by overnight express delivery service, on the next business day after deposit with such service; or
        (iv) if sent by facsimile transmission, on the date indicated on the fax confirmation page of the sender if such fax also is confirmed by mail in the manner provided herein.

      (n)          Jurisdiction and Venue. The parties hereto hereby agree that all demands, claims, actions, causes of
          action, suits, proceedings and litigation between or among the parties relating to this Agreement, will be filed, tried and litigated only in a federal or state court located in the State of Indiana. In connection with the foregoing, the parties
          hereto irrevocably consent to the jurisdiction and venue of such court and expressly waive any claims or defenses of lack of jurisdiction of or proper venue by such court.

      (o)          Recitals. The recitals contained on page one of this Agreement are expressly incorporated into and
          made a part of this Agreement.

      (p)          Successors. The Company will require any successor (whether direct or indirect, by purchase, merger,
          consolidation, share exchange, combination or otherwise) to all or substantially all of the business, assets or voting securities of the Bank or the Holding

      
        13

        
          

        

      

      

      

      Company to expressly assume and agree, in writing, to perform this Agreement in, and any
        successor will absolutely and unconditionally assume all of the Company’s obligations hereunder to, the same manner and extent, and upon the same terms and conditions, that the Company would be required to perform it if no such succession had taken
        place. Failure of the Company to obtain such agreement prior to the effectiveness of any such succession will be a material breach of this Agreement by the Company and will entitle the Executive to terminate his employment with the Company for Good
        Reason pursuant to subsection 4(c). As used in this Agreement, the Company will mean the Company as hereinbefore defined and any successor to their business, assets or voting securities as aforesaid.

      

      

      

      

      

      

      

      

      [Signature page follows]

      
        14

        
          

        

      

      

      

      In Witness Whereof, the parties hereto have made, entered into, executed and delivered this Agreement as of December 31, 2019, to be effective as of the Effective Date.

      

      

      

      

      
        	
                HORIZON BANK

              	 	
                ATTEST

              
	 	 	 	 	 
	 	 	 	 	 
	
                By:

              	
                James D. Neff

              	 	
                By:

              	
                Mark E. Secor

              

        

        

        	 	 	 	 	 
	 	 	 	 	 
	
                Signature:

              	
                /s/ James D. Neff

              	 	
                Signature:

              	
                /s/ Mark E. Secor

              

        

        

        	
                Title:

              	
                President

              	 	
                Title:

              	
                Executive Vice President & Chief Financial Officer

              
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	
                HORIZON BANCORP, INC.

              	 	
                EXECUTIVE

              

        

        

        	 	 	 	 	 
	
                By:

              	
                /s/ Susan D. Aaron

              	 	
                /s/ Craig M. Dwight

              
	 	
                Susan D. Aaron

              	 	
                Craig M. Dwight

              
	 	
                Chairperson Compensation Committee of the Board of Directors

              	 	 	 

      

      

      

      15

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