Document:

EX-10.2

 EXHIBIT 10.2 

 

			
	

	 	2021 OMNIBUS EQUITY INCENTIVE PLAN

 AWARD AGREEMENT 

RESTRICTED STOCK – TIME-BASED VESTING 

SUMMARY 
  

			
	Grant Date:	 	  

		
	Number of Shares of Restricted Stock:  	 	  

		
	Vesting Date:	 	  

 THIS AWARD AGREEMENT (the “Agreement”), is entered into and effective as of
            , 20        , between Horizon Bancorp, Inc., an Indiana corporation (the “Company”), and
                    , an eligible participant (the “Participant”) in the Horizon Bancorp, Inc. 2021 Omnibus Equity Incentive Plan
(the “Plan”). Capitalized terms used in this Agreement and not otherwise defined shall have the meanings ascribed to them in the Plan. 

WHEREAS, the Company has adopted the Plan to further the growth and financial success of the Company and its Affiliates by aligning the
interests of Participants, through the ownership of shares of Stock and through other incentives, with the interests of the Company’s shareholders; to provide Participants with an incentive for excellence in individual performance; to promote
teamwork among Participants; to provide flexibility to the Company in its ability to motivate, attract and retain the services of Participants who make significant contributions to the Company’s success; and to allow Participants to share in
the success of the Company; and 
 WHEREAS, the Participant has been designated by the Committee as an individual to whom Restricted
Stock should be granted as determined from the duties performed, the initiative and industry of the Participant, and/or his or her potential contribution to the future development, growth and prosperity of the Company. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Company and the Participant agree as
follows: 
 1.    Award of Restricted Stock. The Company hereby awards to the Participant, effective as of the
date the Committee granted the award (the “Grant Date”),                      (0,000) shares of Stock of the Company
(hereinafter, the “Restricted Stock”), subject to the terms and conditions of this Agreement and the provisions of the Plan. All provisions of the Plan, including defined terms, are incorporated herein and expressly made a part of
this Agreement by reference. 
 2.    Grant Date. The Grant Date of the award of Restricted Stock is
            , 20    . 
 3.    Period
of Restriction and Vesting. The “Period of Restriction” shall begin on the Grant Date and end, except as otherwise provided in Sections 4 and 5 of this Agreement, on the date 

 

 
  

 
shares of Restricted Stock become vested. For purposes of this Agreement, the shares of Restricted Stock shall become vested on the
                     anniversary of the Grant Date, provided the Participant remains an eligible participant in the Plan on such date. 

4.    Change in Control. Notwithstanding any other provision of this Agreement to the contrary, the Restricted
Stock shall become vested upon a Change in Control of the Company only to the extent and under the circumstances provided in the Plan. 

5.    Termination of Service. Notwithstanding any other provision of this Agreement, unless otherwise determined by
the Committee in its sole discretion, in the event of the Participant’s Termination of Service for any reason other than death, Disability or Retirement, all unvested Restricted Stock shall be forfeited effective as of the date of the
Participant’s Termination of Service. In the event of the Participant’s Termination of Service by reason of death, Disability or Retirement, unvested Restricted Stock shall become vested only to the extent and under the
circumstances provided in the Plan. 
 6.    Pass-Through of Dividends and Voting Rights. Unless otherwise
determined by the Committee in its sole discretion, the Participant shall be entitled to (a) receive all cash dividends paid with respect to the Restricted Stock, and (b) exercise all voting rights associated with the Restricted Stock,
regardless of whether the Period of Restriction has lapsed. 
 7.    Participant’s Representations. The
Participant represents to the Company that: 
  

	 	(a)	 The terms and arrangements relating to the grant of Restricted Stock and the offer thereof have been arrived at
or made through direct communication with the Company or a person acting on its behalf and the Participant; 

  

	 	(b)	 The Participant has access to the financial statements and other SEC filings, including a recent balance sheet
and income statement, of the Company, and as an Employee, Consultant or Director of the Company or one of its Affiliates: 

  

	 	(i)	 is thoroughly familiar with the Company’s business affairs and financial condition; and

  

	 	(ii)	 has been provided with or has access to such information (and has such knowledge and experience in financial
and business matters that the Participant is capable of utilizing such information) as is necessary to evaluate the risks, and make an informed investment decision with respect to, the grant of Restricted Stock; and 

 

	 	(c)	 The Restricted Stock is being acquired in good faith for investment purposes and not with a view to, or for
sale in connection with, any distribution thereof. 

 8.    Nontransferability. Until the end
of the Period of Restriction, the Restricted Stock cannot be (a) sold, transferred, assigned, margined, encumbered, bequeathed, gifted, alienated, hypothecated, pledged or otherwise disposed of, whether by operation of law, whether voluntarily
or involuntarily or otherwise, or (b) subject to execution, attachment or similar process. Any attempted or purported transfer of Restricted Stock in contravention of this Section or the Plan shall be null and void and of no force or effect
whatsoever; provided, however, that the shares of Restricted Stock may be transferred to the Company in connection with exercise of an Option or for tax withholding as provided in the Plan. 

  
  

			
	 AWARD AGREEMENT 

RESTRICTED STOCK (TIME-BASED)
	  	PAGE 2

 

 
  

 9.    Issuance of Shares. At or within a reasonable period of time
following execution of this Agreement, the Company will issue, in book entry form, the Restricted Stock, using a restricted book entry account with the Company’s transfer agent. Within a reasonable period of time following the end of the Period
of Restriction, the Company shall issue to the Participant the number of shares of Restricted Stock that are earned and vested in accordance with this Agreement, less any tax withholding required by this Agreement. Notwithstanding any other
provision of this Agreement, the Company shall have no obligation to deliver any shares of Stock or make any other distribution of benefits under the Plan unless such delivery or distribution complies with all applicable laws (including the
requirements of the Securities Act), and the applicable requirements of any Exchange or similar entity. As a further condition to the issuance of shares of Stock, the Company may require a Participant to make any representation or warranty that the
Company deems necessary or advisable under any applicable law or regulation. 
 10.    Restrictive Legends. A
legend may be placed on any certificate(s) or other document(s) delivered to the Participant indicating restrictions on transferability of the Restricted Stock pursuant to this Agreement or any other restrictions that the Committee may deem
advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any applicable federal or state securities laws or any stock exchange on which the Stock is then listed or quoted. In the event the Participant
is an “affiliate” of the Company (as defined by Rule 144 promulgated under the Securities Act of 1933, as amended), the Company may require the transfer agent to apply affiliate transfer restrictions to the Stock, and apply the following
legend, in substantially the following form, to physical certificates delivered, if any: 
 “THE HOLDER OF THE SHARES EVIDENCED BY THIS
CERTIFICATE IS AN “AFFILIATE” OF THE COMPANY (AS DEFINED BY RULE 144 PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED), AND THEREFORE, THE SHARES ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE
TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE APPLICABLE STATE SECURITIES LAWS.” 

11.    Income and Employment Tax Withholding. The Participant shall be solely responsible for paying to the Company
all required federal, state, city and local income and employment taxes which arise when the Restricted Stock vests. The Committee, in its sole discretion and subject to such rules as it may adopt, shall require the Participant to satisfy any
withholding tax obligation by having the Company withhold a number of shares of Restricted Stock otherwise vesting that would satisfy the tax withholding in an amount up to a Participant’s highest marginal rate, provided such withholding does
not trigger liability accounting under FASB ASC Topic 718 or its successor, based on the Fair Market Value of a share of Stock on the vesting date. 

12.    Section 83(b) Election. The Participant may make an election under Code Section 83(b) (a
“Section 83(b) Election”) with respect to the Restricted Stock. Any such election must be made within thirty (30) days after the Grant Date. If the Participant elects to make a Section 83(b) Election,
the Participant shall provide the Company with a copy of an executed version and satisfactory evidence of the filing of the executed Section 83(b) Election with the U.S. Internal Revenue Service. The Participant agrees to assume full
responsibility for ensuring that the Section 83(b) Election is actually and timely filed with the U.S. Internal Revenue Service and for all tax consequences resulting from the Section 83(b) Election. 

13.    Mitigation of Excise Tax. The Participant acknowledges that the Restricted Stock issued hereunder is subject
to reduction by the Committee for the reasons specified in Section 7.18 of the Plan. 

  
  

			
	 AWARD AGREEMENT 

RESTRICTED STOCK (TIME-BASED)
	  	PAGE 3

 

 
  

 14.    Indemnity. The Participant hereby agrees to indemnify and
hold harmless the Company and its Affiliates (and their respective directors, officers and employees), and the Committee, from and against any and all losses, claims, damages, liabilities and expenses based upon or arising out of the incorrectness
or alleged incorrectness of any representation made by Participant to the Company or any failure on the part of the Participant to perform any agreement contained herein. The Participant hereby further agrees to release and hold harmless the Company
and its Affiliates (and their respective directors, officers and employees), including the Committee, from and against any tax liability, including without limitation, interest and penalties, incurred by the Participant in connection with the
Participant’s participation in the Plan. 
 15.    Financial Information. The Company hereby undertakes to
make available to the Participant, so long as the Restricted Stock award is in effect and unvested, a balance sheet and income statement of the Company with respect to any fiscal year of the Company ending on or after the date of this Agreement. The
Company has made this information available on the Company’s website at www.horizonbank.com under About Us – Investor Relations at “Financial Information” (financial highlights) and at “Documents – SEC
Filings” (Form 10-K audited financial statements and Form 10-Q unaudited quarterly financial statements). Upon written request, the Company will provide a paper
copy of the balance sheet and income statement. 
 16.    Changes in Stock. In the event of any change in the
Stock, as described in the Plan, the Committee shall make the appropriate adjustment or substitution to or of the shares of Restricted Stock, all as provided in the Plan. The Committee’s determination in this respect shall be final and binding
upon all parties. 
 17.    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 in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be construed as
if such invalid, illegal or unenforceable provision or provisions (or portion thereof) had never been contained herein. If any provision of this Agreement shall be determined by a court of competent jurisdiction to be unenforceable because of the
provision’s scope, duration or other factor, then such provision shall be considered divisible and the court making such determination shall have the power to reduce or limit (but not increase or make greater) such scope, duration or other
factor or to reform (but not increase or make greater) such provision to make it enforceable to the maximum extent permitted by law, and such provision shall then be enforceable against the appropriate party hereto in its reformed, reduced or
limited form; provided, however, that a provision shall be enforceable in its reformed, reduced or limited form only in the particular jurisdiction in which a court of competent jurisdiction makes such determination. 

18.    No Right to Continued Service. Neither the Plan nor this Agreement shall confer upon the Participant any
right to be retained in any position as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to effect a Termination of Service of the
Participant at any time, with or without Cause. 
 19.    Interpretation. Any dispute regarding the
interpretation of this Agreement shall be submitted by the Participant or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company. In the event of a
conflict between any term or provision contained in this Agreement and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

20.    Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will
be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors,
and administrators. 

  
  

			
	 AWARD AGREEMENT 

RESTRICTED STOCK (TIME-BASED)
	  	PAGE 4

 

 
  

 21.    Amendment. The Committee has the right to amend, alter,
suspend, discontinue or cancel this Agreement, prospectively or retroactively; provided, that, no such amendment shall adversely affect the Participant’s material rights under this Agreement without the Participant’s consent. In addition,
the Committee may amend the Plan or this Agreement to conform to any present or future law (including, but not limited to, Internal Revenue Code Section 409A) or avoid certain adverse accounting effects, as described in the Plan. 

22.    Clawback Policy. If the Company is required to prepare an accounting restatement due to the material
noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the federal securities laws, any Participant who is subject to automatic forfeiture under Section 304 of the Sarbanes-Oxley Act of 2002
shall reimburse the Company the amount of any payment in settlement of an Award earned or accrued during the twelve-month period following the first public issuance or filing with the SEC (whichever first occurred) of the financial document
embodying such financial reporting requirement. In addition, Awards granted hereunder are subject to any clawback policy adopted by the Board from time to time. 

23.    Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The
Participant has read and understands the terms and provisions of the Plan and this Agreement, and accepts the Restricted Stock subject to all of the terms and conditions of the Plan and this Agreement. The Participant acknowledges that there may be
adverse tax consequences upon the grant or vesting of the Restricted Stock or disposition of the underlying shares of Stock and that the Participant has been advised to consult a tax advisor prior to such grant, vesting or disposition. 

24.    Effect of Headings. The descriptive headings of the Sections and, where applicable, subsections of this
Agreement are inserted for convenience and identification only and do not constitute a part of this Agreement for purposes of interpretation. 

25.    Controlling Laws. Except to the extent superseded by the laws of the United States, the laws of the State of
Indiana, without reference to the choice of law principles thereof, shall be controlling in all matters relating to this Agreement. 

26.    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, and each of which may be delivered by facsimile, e-mail, electronic signature (including, but not limited to, DocuSign® or Adobe Sign), or
other functionally equivalent electronic means of transmission, and these counterparts will together constitute one and the same instrument. The parties agree that these forms of signatures shall be treated the same as handwritten signatures for the
purposes of validity, enforceability and admissibility. 
 [Signature page follows] 

  
  

			
	 AWARD AGREEMENT 

RESTRICTED STOCK (TIME-BASED)
	  	PAGE 5

 

 
  

 IN WITNESS WHEREOF, the Company, by its officer thereunder duly authorized, and the
Participant, have caused this Award Agreement to be executed as of the day and year first above written. 
  

									
	HORIZON BANCORP, INC.	 		 		 	OPTIONEE
					
	By:	 	
                     
                   
	 		 		 	  

	Signature	 		 		 	Signature
				
	  
 Printed
	 		 		 	  
 Printed

				
	  
 Title:
	 		 		 	  
 Job Title

  
  

			
	 AWARD AGREEMENT 

RESTRICTED STOCK (TIME-BASED)
	  	PAGE 6EX-10.3

 EXHIBIT 10.3 

 
 

 
 2021 OMNIBUS EQUITY INCENTIVE PLAN 

AWARD AGREEMENT 

RESTRICTED STOCK–PERFORMANCE-BASED VESTING 

SUMMARY 
  

			
	Grant Date:	 	  

		
	Number of Shares of Restricted Stock:  	 	  

		
	Performance Period:	 	   January 1, 20     to December 31,
20    

 THIS AWARD AGREEMENT (the “Agreement”), is entered into and effective as of
            , 20    , between Horizon Bancorp, Inc., an Indiana corporation (the “Company”), and
                    , an eligible participant (the “Participant”) in the Horizon Bancorp, Inc. 2021 Omnibus Equity Incentive Plan
(the “Plan”). Capitalized terms used in this Agreement and not otherwise defined shall have the meanings ascribed to them in the Plan. 

WHEREAS, the Company has adopted the Plan to further the growth and financial success of the Company and its Affiliates by aligning the
interests of Participants, through the ownership of shares of Stock and through other incentives, with the interests of the Company’s shareholders; to provide Participants with an incentive for excellence in individual performance; to promote
teamwork among Participants; to provide flexibility to the Company in its ability to motivate, attract and retain the services of Participants who make significant contributions to the Company’s success; and to allow Participants to share in
the success of the Company; and 
 WHEREAS, the Participant has been designated by the Committee as an individual to whom Restricted
Stock should be granted as determined from the duties performed, the initiative and industry of the Participant, and/or his or her potential contribution to the future development, growth and prosperity of the Company. 

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Company and the Participant agree as
follows: 
 1.    Award of Restricted Stock. The Company hereby awards to the Participant, effective as of the
date the Committee granted the award (the “Grant Date”),                     (0,000) shares of Stock of the Company
(hereinafter, the “Restricted Stock”), subject to the terms and conditions of this Agreement and the provisions of the Plan. All provisions of the Plan, including defined terms, are incorporated herein and expressly made a part of
this Agreement by reference. 
 2.    Grant Date. The Grant Date of the award of Restricted Stock is
            , 20    . 

 

 
  

 3.    Performance Period. The “Performance Period”
related to this award of Restricted Stock is the three-year period beginning on January 1, 20     and ending on December 31, 20    . 

4.    Performance Goals. The “Performance Goals” for the Performance Period are specified in
Schedule A based on a comparison of the Company’s average performance over the Performance Period (i.e., the summation of performance for calendar years one, two and three divided by three) for (a) return on common
equity (“ROCE”), (b) compounded annual growth rate of total assets (“CAGR”), and (c) return on average assets (“ROAA”), all relative to the average performance for publicly-traded banks with
total assets between $3 billion and $7 billion on the SNL Bank Index (the “SNL Index”) for ROCE, CAGR and ROAA over the Performance Period. Only banks which have reported year-end
results by March 1st will be considered for comparison purposes. In the event S&P Global Market Intelligence LLC (or any successor) ceases to publish the SNL Index, the Committee will engage
an independent compensation consultant to assist the Committee in selecting a new bank index or bank peer group for purposes of determining if a Performance Goal has been met. 

5.    Performance-Based Vesting Requirements. The Participant will earn the Restricted Stock and the Restricted
Stock will vest for the Performance Period (a) to the extent the Performance Goals are satisfied in accordance with Schedule A, and (b) only if the Service-based vesting requirements in
Section 6 below also have been satisfied, except as otherwise provided in the Plan. If the Performance Goals are satisfied, the percentage of the Restricted Stock that will be earned, vested and payable in accordance with this Agreement shall
be determined through linear interpolation as set forth in Schedule B. If the Performance Goals are not satisfied, the Restricted Stock eligible to be earned and vested during the Performance Period will be forfeited effective as of
the last day of the Performance Period. 
 6.    Service-Based Vesting Requirements. The Participant will satisfy
the Service-based vesting requirements if the Participant does not incur a Termination of Service prior to the last day of the Performance Period. 

7.    Termination of Service. Notwithstanding any other provision of this Agreement, unless otherwise
determined by the Committee in its sole discretion, in the event of the Participant’s Termination of Service for any reason other than death, Disability or Retirement, all unvested Restricted Stock shall be forfeited effective as of the date of
the Participant’s Termination of Service. In the event of the Participant’s Termination of Service by reason of death, Disability or Retirement, unvested Restricted Stock shall become vested only to the extent and under the
circumstances provided in the Plan. 
 8.    Change in Control. Notwithstanding any other provision of
this Agreement to the contrary, the Restricted Stock shall become vested upon a Change in Control of the Company only to the extent and under the circumstances provided in the Plan.  

9.    Pass-Through of Dividends and Voting Rights. Unless otherwise determined by the
Committee in its sole discretion, the Participant shall be entitled to (a) receive all cash dividends paid with respect to the Restricted Stock, and (b) exercise all voting rights associated with the Restricted Stock, regardless of whether
the Performance Period has expired.  

  
  

			
	 AWARD AGREEMENT

RESTRICTED STOCK (PERFORMANCE-BASED)
	  	PAGE 2

 

 
  

 10.    Participant’s Representations. The Participant
represents to the Company that: 
  

	 	(a)	 The terms and arrangements relating to the grant of Restricted Stock and the offer thereof have been arrived at
or made through direct communication with the Company or a person acting on its behalf and the Participant; 

  

	 	(b)	 The Participant has access to the financial statements and other SEC filings, including a recent balance sheet
and income statement, of the Company, and as an Employee, Consultant or Director of the Company or one of its Affiliates: 

  

	 	(i)	 is thoroughly familiar with the Company’s business affairs and financial condition; and

  

	 	(ii)	 has been provided with or has access to such information (and has such knowledge and experience in financial
and business matters that the Participant is capable of utilizing such information) as is necessary to evaluate the risks, and make an informed investment decision with respect to, the grant of Restricted Stock; and 

 

	 	(c)	 The Restricted Stock is being acquired in good faith for investment purposes and not with a view to, or for
sale in connection with, any distribution thereof. 

 11.    Nontransferability. Until
the Restricted Stock becomes earned and vested based on achievement or satisfaction of the performance-based requirements and the Service-based requirements, the Restricted Stock cannot be (a) sold, transferred, assigned, margined, encumbered,
bequeathed, gifted, alienated, hypothecated, pledged or otherwise disposed of, whether by operation of law, whether voluntarily or involuntarily or otherwise, or (b) subject to execution, attachment or similar process. Any attempted or
purported transfer of Restricted Stock in contravention of this Section or the Plan shall be null and void and of no force or effect whatsoever. 

12.    Issuance of Shares. At or within a reasonable period of time following execution of this Agreement, the
Company will issue, in book entry form, the Restricted Stock, using a restricted book entry account with the Company’s transfer agent. Within a reasonable period of time after the Restricted Stock becomes earned and vested based on the
performance-based requirements and the Service-based requirements, the Company shall issue to the Participant the number of shares of Restricted Stock that are earned and vested in accordance with this Agreement, less any tax withholding required by
this Agreement. Notwithstanding any other provision of this Agreement, the Company shall have no obligation to deliver any shares of Stock or make any other distribution of benefits under the Plan unless such delivery or distribution complies with
all applicable laws (including the requirements of the Securities Act), and the applicable requirements of any Exchange or similar entity. As a further condition to the issuance of shares of Stock, the Company may require a Participant to make any
representation or warranty that the Company deems necessary or advisable under any applicable law or regulation. 

13.    Restrictive Legends. A legend may be placed on any certificate(s) or other document(s) delivered to
the Participant indicating restrictions on transferability of the Restricted Stock pursuant to this Agreement or any other restrictions that the Committee may deem advisable  

  
  

			
	 AWARD AGREEMENT

RESTRICTED STOCK (PERFORMANCE-BASED)
	  	PAGE 3

 

 
  

 
under the rules, regulations and other requirements of the Securities and Exchange Commission, any applicable federal or state securities laws or any stock exchange on which the Stock is then
listed or quoted. In the event the Participant is an “affiliate” of the Company (as defined by Rule 144 promulgated under the Securities Act of 1933, as amended), the Company may require the transfer agent to apply affiliate transfer
restrictions to the Stock, and apply the following legend, in substantially the following form, to physical certificates delivered, if any: 

“THE HOLDER OF THE SHARES EVIDENCED BY THIS CERTIFICATE IS AN “AFFILIATE” OF THE COMPANY (AS DEFINED BY RULE 144 PROMULGATED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED), AND THEREFORE, THE SHARES ARE SUBJECT TO CERTAIN RESTRICTIONS ON TRANSFERABILITY AND RESALE AND MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND THE
APPLICABLE STATE SECURITIES LAWS.” 
 14.    Income and Employment Tax Withholding. The Participant
shall be solely responsible for paying to the Company all required federal, state, city and local income and employment taxes which arise when the Restricted Stock vests. The Committee, in its sole discretion and subject to such rules as it may
adopt, shall require the Participant to satisfy any withholding tax obligation by having the Company withhold a number of shares of Restricted Stock otherwise vesting that would satisfy the tax withholding in an amount up to a Participant’s
highest marginal rate, provided such withholding does not trigger liability accounting under FASB ASC Topic 718 or its successor, based on the Fair Market Value of a share of Stock on the vesting date. 

15.    Section 83(b) Election. The Participant may make an election under Code Section 83(b) (a
“Section 83(b) Election”) with respect to the Restricted Stock. Any such election must be made within thirty (30) days after the Grant Date. If the Participant elects to make a Section 83(b) Election,
the Participant shall provide the Company with a copy of an executed version and satisfactory evidence of the filing of the executed Section 83(b) Election with the U.S. Internal Revenue Service. The Participant agrees to assume full
responsibility for ensuring that the Section 83(b) Election is actually and timely filed with the U.S. Internal Revenue Service and for all tax consequences resulting from the Section 83(b) Election. 

16.    Mitigation of Excise Tax. The Participant acknowledges that the Restricted Stock issued hereunder is
subject to reduction by the Committee for the reasons specified in Section 7.18 of the Plan. 

17.    Indemnity. The Participant hereby agrees to indemnify and hold harmless the Company and its Affiliates (and
their respective directors, officers and employees), and the Committee, from and against any and all losses, claims, damages, liabilities and expenses based upon or arising out of the incorrectness or alleged incorrectness of any representation made
by Participant to the Company or any failure on the part of the Participant to perform any agreement contained herein. The Participant hereby further agrees to release and hold harmless the Company and its Affiliates (and their respective directors,
officers and employees), including the Committee, from and against any tax liability, including without limitation, interest and penalties, incurred by the Participant in connection with the Participant’s participation in the Plan. 

18.    Financial Information. The Company hereby undertakes to make available to the Participant, so long as
the Restricted Stock award is in effect and unvested, a balance sheet and income 

  
  

			
	 AWARD AGREEMENT

RESTRICTED STOCK (PERFORMANCE-BASED)
	  	PAGE 4

 

 
  

 
statement of the Company with respect to any fiscal year of the Company ending on or after the date of this Agreement. The Company has made this information available on the Company’s
website at www.horizonbank.com under About Us – Investor Relations at “Financial Information” (financial highlights) and at “Documents – SEC Filings” (Form
10-K audited financial statements and Form 10-Q unaudited quarterly financial statements). Upon written request, the Company will provide a paper copy of the balance
sheet and income statement. 
 19.    Changes in Stock. In the event of any change in the Stock, as described in
the Plan, the Committee shall make the appropriate adjustment or substitution to or of the shares of Restricted Stock, all as provided in the Plan. The Committee’s determination in this respect shall be final and binding upon all parties. 

20.    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 in any respect, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement, but this Agreement shall be construed as if such invalid, illegal or
unenforceable provision or provisions (or portion thereof) had never been contained herein. If any provision of this Agreement shall be determined by a court of competent jurisdiction to be unenforceable because of the provision’s scope,
duration or other factor, then such provision shall be considered divisible and the court making such determination shall have the power to reduce or limit (but not increase or make greater) such scope, duration or other factor or to reform (but not
increase or make greater) such provision to make it enforceable to the maximum extent permitted by law, and such provision shall then be enforceable against the appropriate party hereto in its reformed, reduced or limited form; provided,
however, that a provision shall be enforceable in its reformed, reduced or limited form only in the particular jurisdiction in which a court of competent jurisdiction makes such determination. 

21.    No Right to Continued Service. Neither the Plan nor this Agreement shall confer upon the Participant any
right to be retained in any position as an Employee, Consultant or Director of the Company. Further, nothing in the Plan or this Agreement shall be construed to limit the discretion of the Company to effect a Termination of Service of the
Participant at any time, with or without Cause. 
 22.    Interpretation. Any dispute regarding the
interpretation of this Agreement shall be submitted by the Participant or the Company to the Committee for review. The resolution of such dispute by the Committee shall be final and binding on the Participant and the Company. In the event of a
conflict between any term or provision contained in this Agreement and a term or provision of the Plan, the applicable terms and provisions of the Plan will govern and prevail. 

23.    Successors and Assigns. The Company may assign any of its rights under this Agreement. This Agreement will
be binding upon and inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth herein, this Agreement will be binding upon the Participant and the Participant’s beneficiaries, executors,
and administrators. 
 24.    Amendment. The Committee has the right to amend, alter, suspend, discontinue or
cancel this Agreement, prospectively or retroactively; provided, that, no such amendment shall adversely affect the Participant’s material rights under this Agreement without the Participant’s consent. In addition, the Committee may amend
the Plan or this Agreement to conform to any present or future law (including, but not limited to, Internal Revenue Code Section 409A) or avoid certain adverse accounting effects, as described in the Plan. 

  
  

			
	 AWARD AGREEMENT

RESTRICTED STOCK (PERFORMANCE-BASED)
	  	PAGE 5

 

 
  

 25.    Clawback Policy. If the Company is required to prepare an
accounting restatement due to the material noncompliance of the Company, as a result of misconduct, with any financial reporting requirement under the federal securities laws, any Participant who is subject to automatic forfeiture under
Section 304 of the Sarbanes-Oxley Act of 2002 shall reimburse the Company the amount of any payment in settlement of an Award earned or accrued during the twelve-month period following the first public issuance or filing with the SEC (whichever
first occurred) of the financial document embodying such financial reporting requirement. In addition, Awards granted hereunder are subject to any clawback policy adopted by the Board from time to time. 

26.    Acceptance. The Participant hereby acknowledges receipt of a copy of the Plan and this Agreement. The
Participant has read and understands the terms and provisions of the Plan and this Agreement, and accepts the Restricted Stock subject to all of the terms and conditions of the Plan and this Agreement. The Participant acknowledges that there may be
adverse tax consequences upon the grant or vesting of the Restricted Stock or disposition of the underlying shares of Stock and that the Participant has been advised to consult a tax advisor prior to such grant, vesting or disposition. 

27.    Effect of Headings. The descriptive headings of the Sections and, where applicable, subsections of this
Agreement are inserted for convenience and identification only and do not constitute a part of this Agreement for purposes of interpretation. 

28.    Controlling Laws. Except to the extent superseded by the laws of the United States, the laws of the State of
Indiana, without reference to the choice of law principles thereof, shall be controlling in all matters relating to this Agreement.  

29.    Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an
original, and each of which may be delivered by facsimile, e-mail, electronic signature (including, but not limited to, DocuSign® or Adobe Sign), or
other functionally equivalent electronic means of transmission, and these counterparts will together constitute one and the same instrument. The parties agree that these forms of signatures shall be treated the same as handwritten signatures for the
purposes of validity, enforceability and admissibility. 
 [Signature page follows] 

  
  

			
	 AWARD AGREEMENT

RESTRICTED STOCK (PERFORMANCE-BASED)
	  	PAGE 6

 

 
  

 IN WITNESS WHEREOF, the Company, by its officer thereunder duly authorized, and the
Participant, have caused this Award Agreement to be executed as of the day and year first above written. 
  

									
	HORIZON BANCORP, INC.	 		 		 	OPTIONEE
					
	By:	 	
                     

	 		 		 	  

	Signature	 		 		 	Signature
				
	  
	 		 		 	  

	Printed	 		 		 	Printed
				
	  
	 		 		 	  

	Title:	 		 		 	Job Title

  
  

			
	 AWARD AGREEMENT

RESTRICTED STOCK (PERFORMANCE-BASED)
	  	PAGE 7

 

 
  

 SCHEDULE A 

PERFORMANCE GOALS AND EARNINGS LEVELS FOR
PERFORMANCE PERIOD 
  

									
	 Performance Goal
	  	 Weight
	  	Threshold
25%-49%
Payout	  	Target
100%-149%
Payout	  	Maximum
150% Payout
	 Return on Common Equity : The ROCE of the Company compared with the ROCE of the banks
included in the SNL Bank Index.
	  	34%	  	50th to 74th

Percentile
	  	75th to 84th

Percentile
	  	Greater than

84th Percentile

	 Compounded Annual Growth Rate of Total Assets: The CAGR of total assets for the Company
compared with the CAGR of total assets for the banks included SNL Bank Index.
	  	33%	  	50th to 74th

Percentile
	  	75th to 84th

Percentile
	  	Greater than

84th Percentile

	 Return on Average Assets: The ROAA for the Company compared with the ROAA for the banks
included in the SNL Bank Index.
	  	33%	  	50th to 74th

Percentile
	  	75th to 84th

Percentile
	  	Greater than

84th Percentile

  
  

			
	 AWARD AGREEMENT

RESTRICTED STOCK (PERFORMANCE-BASED)
	  	PAGE 8

 

 
  

 SCHEDULE B 

LINEAR INTERPOLATION PAYOUT 

 

											
	Linear Interpolation Payouts
	Threshold	  	Target	  	 Maximum

	 Threshold

Percentile
	  	Payout %	  	Target
Percentile	  	Linear
Payout %	  	 Target

Percentile
	  	 Maximum
Payout %

	49	  	49	  	50	  	100	  	85% or higher	  	150% of Target
	48	  	48	  	51	  	101	  		  	
	47	  	47	  	52	  	103	  		  	
	46	  	46	  	53	  	104	  		  	
	45	  	45	  	54	  	106	  		  	
	44	  	44	  	55	  	107	  		  	
	43	  	43	  	56	  	109	  		  	
	42	  	42	  	57	  	110	  		  	
	41	  	41	  	58	  	111	  		  	
	40	  	40	  	59	  	113	  		  	
	39	  	25	  	60	  	114	  		  	
	38	  	25	  	61	  	116	  		  	
	37	  	25	  	62	  	117	  		  	
	36	  	25	  	63	  	119	  		  	
	35	  	25	  	64	  	120	  		  	
	34	  	25	  	65	  	121	  		  	
	33	  	25	  	66	  	123	  		  	
	32	  	25	  	67	  	124	  		  	
	31	  	25	  	68	  	126	  		  	
	30	  	25	  	69	  	127	  		  	
	29	  	25	  	70	  	129	  		  	
	28	  	25	  	71	  	130	  		  	
	27	  	25	  	72	  	131	  		  	
	26	  	25	  	73	  	133	  		  	
	25	  	25	  	74	  	134	  		  	
		  		  	75	  	136	  		  	
		  		  	76	  	137	  		  	
		  		  	77	  	139	  		  	
		  		  	78	  	140	  		  	
		  		  	79	  	141	  		  	
		  		  	80	  	143	  		  	
		  		  	81	  	144	  		  	
		  		  	82	  	146	  		  	
		  		  	83	  	147	  		  	
		  		  	84	  	149	  		  	

  
  

			
	 AWARD AGREEMENT

RESTRICTED STOCK (PERFORMANCE-BASED)
	  	PAGE 9

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00327-of-00352.parquet"}]]