Document:

Exhibit 10.9

 

EXHIBIT 10.9 FORM OF CHANGE OF CONTROL AGREEMENT

AGREEMENT

     THIS AGREEMENT (“Agreement”), dated as of
                                        
, 1999, is entered into between
Horizon Bank, N.A. (“Bank”), a national banking association organized under the laws of the United
States of America, and
                                        
 (hereinafter referred to as “Employee”), an Indiana
resident.

WITNESSETH:

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

     WHEREAS, Employee is employed by the Bank to serve as its
                                        
 Officer;

     WHEREAS, because of Employee’s experience and familiarity with general banking affairs, the
Bank wishes to assure that, in the event of a change of control of the Holding Company, the Bank
will continue to have Employee available to perform duties substantially similar to those currently
being performed by Employee and to continue to contribute to the Bank’s growth and success; and

     WHEREAS, Employee is willing to commit to continue in the performance of such services for the
Bank upon the terms and conditions set forth herein.

     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
hereto agree as follows:

     1. Employment.

     (A) The Bank hereby agrees that, effective upon a Change of Control of the Holding Company and
provided that Employee is still serving as
                                        
                     Officer of the Bank at that
time, the Bank will continue to employ Employee as
                                    Officer to perform the
duties described herein, and Employee hereby accepts such employment on the terms and conditions
stated herein. It is understood that, prior to such Change of Control, this Agreement shall confer
no rights of employment or other benefits (or obligations) whatsoever upon Employee, and that
Employee shall remain subject to termination at will.

     (B) For purposes of this Agreement, “Change of Control” shall mean a Change of Control of the
Holding Company of a nature which would be required to be reported in response to Item 5(f) of
Schedule 14A promulgated under the Securities Exchange Act of 1934, as amended, or any merger,
tender offer, consolidation or sale of substantially all of the assets of Holding Company, or
related series of such events, as a result of which: (i) the majority shareholders of Holding
Company immediately prior to such event hold less than fifty-percent (50%) of the outstanding
voting securities of Holding Company or its survivor or successor immediately after such event; or
(ii) persons holding less than twenty-percent (20%) of such securities before such event own more
than fifty-percent (50%) of such securities after such event; or (iii) persons constituting a
majority of the Board of Directors of the Holding Company (the “ Holding Company Board”) were not
directors of the Holding Company for at least twenty-four (24) months preceding the event.

     2. Term of Employment. Subject to the provisions for termination set forth herein,
the term of Employee’s employment hereunder shall commence on the date a Change of Control occurs
and shall extend until two (2) years after the date of such Change of Control (such term, including
any extensions thereof shall herein be referred to as the “Term”). Notwithstanding the foregoing,
this

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Agreement shall automatically terminate (and the Term shall thereupon end) without notice when
Employee attains sixty-five (65) years of age.

     3. Duties of Employee. During the Term, Employee shall be the
                                        
                     Officer of the Bank and shall perform such duties and responsibilities
for the Bank as may be assigned by the Bank and which are not unreasonably inconsistent with the
duties currently being performed by Employee; provided, however, that such duties shall be
performed in or from the principal executive offices of Bank, currently located in Michigan City,
Indiana. Employee shall not be required to be absent from the location of the principal executive
offices of Bank on travel status or otherwise more than thirty (30) days in any calendar year.
Bank shall not, without the written consent of Employee, relocate or transfer Employee to a
location more than thirty (30) miles from his principal residence. During the Term, Employee shall
devote substantially all business time, attention and energy, and reasonable best efforts, to the
interests and business of the Bank and to the performance of the Employee’s duties and
responsibilities on behalf of the Bank. Employee may use his/her discretion in fixing the hours
and schedule of work consistent with the proper discharge of the Employee’s duties. Employee,
subject to the direction and control of the Bank’s Board of Directors (“Bank Board”), shall have
all power and authority commensurate with the Employee’s status and necessary to perform the
Employee’s duties hereunder. So long as Employee is employed by Bank pursuant to this Agreement,
Employee shall be entitled to office space and working conditions consistent with the position as
                                        
                     Officer. The Bank shall provide Employee with such assistance and working
accommodations as are suitable to the character of the position with the Bank and as are adequate
for the performance of the Employee’s duties.

     4. Compensation. Employee’s basic annual salary as
                                        
 Officer (“Base
Salary”) shall be the Employee’s basic annual salary at the time of the Change of Control. Such
Base Salary shall be payable in accordance with the Bank’s standard payroll practices. The rate of
Employee’s Base Salary shall be reviewed by the Bank Board not less often than annually and may be
increased, but not decreased, from time to time in such amounts as the Board in its discretion may
determine. Any and all increases in Employee’s salary pursuant to this Section shall cause the
level of Base Salary to be increased by the amount of each such increase for purposes of this
Agreement. The increased level of Base Salary as provided in this Section shall become the level
of Base Salary for the remainder of the Term until there is a further increase in Base Salary as
provided herein. Such salary payments shall be subject to the withholding of applicable income and
employment taxes and other appropriate and customary amounts.

     5. Vacation. During the Term, Employee shall be entitled to the number of weeks per
calendar year of paid vacation in effect for the Employee upon the Change in Control as increased
in accordance with the Bank’s vacation policy then in effect or as changed from time to time, but
provided that such vacation may not be decreased below that amount in effect on the date of the
Change in Control. Such vacation shall be utilized at such times when the Employee’s absence will
not materially impair Bank’s normal business functions. Employee shall not be entitled to any
additional compensation for any unused and lapsed vacation time. In addition to the vacation
described above, Employee also shall be entitled to all paid holidays customarily given by Bank to
its officers.

     6. Other Benefits. The following shall apply with respect to Employee’s coverage by
and participation under employee benefit plans and programs sponsored or otherwise made available
by the Bank.

     (A) During the Term, Employee shall be entitled to participate in or receive benefits under
(i) any life, health, hospitalization, medical, dental, disability or other insurance policy or
plan, (ii) pension, retirement or employee stock ownership plan, (iii) bonus or profit-sharing plan
or program, (iv) deferred compensation plan or arrangement, and (v) any other employee benefit
plan, program or arrangement, made available by Bank on the date of this Agreement and from time to
time in the future to Bank’s directors, officers and employees on a basis consistent with the
terms, conditions and overall

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administration of the foregoing plans, programs or arrangements and with respect to which
Employee is otherwise eligible to participate or receive benefits.

     (B) During the Term, Employee shall be entitled to receive such other benefits or participate
in such other activities as the Employee participated in or was entitled to receive on the date of
the Change in Control, including but not limited to bonus or incentive plans, use of company cars,
or payment of membership fees to clubs and organizations, but this provision does not grant the
Employee any greater benefits than the Employee had in effect on the date of the Change in Control.

     7. Expenses. The Bank shall pay or reimburse Employee for all reasonable expenses
actually incurred or paid by the Employee in the performance of services rendered by the Employee
pursuant to this Agreement. Such expenses shall be supported by the documentary evidence required
to substantiate them as income tax deductions for the Bank. Employee shall attend, at the
Employee’s discretion, those professional meetings, conventions and/or similar functions that
Employee and Bank mutually deem appropriate and useful for the purposes of keeping abreast of
current developments in the industry and/or promoting the interests of Bank.

     8. Termination. Subject to the respective continuing obligations of the parties,
including but not limited to those set forth in Section 10 below, Employee’s employment by Bank may
be terminated prior to the expiration of the Term as follows:

     (A) Bank Board, upon written notice to Employee, may terminate Employee’s employment with Bank
immediately for cause. For purposes of this subsection 8(A), “cause” shall be defined as (i)
personal dishonesty, (ii) incompetence, (iii) willful misconduct, (iv) willful violation of any
law, rule, or regulation (other than traffic violations or smaller offenses) or final
cease-and-desist order, or (v) any material breach of any term, condition or covenant of this
Agreement.

     (B) Bank Board may terminate Employee’s employment with Bank without cause at any time;
provided, however, that the “date of termination” for purpose of determining benefits payable to
Employee under Section 6 hereof shall be the date which is thirty (30) days after Employee receives
written notice of such termination.

     (C) Employee, by written notice to Bank, may terminate his employment with Bank immediately
for cause. For purposes of this subsection 8(C), “cause” shall be defined as: (i) any action by
Bank Board to remove the Employee as
                                        
 Officer of Bank, except where Bank Board
properly acts to remove Employee from such office for “cause” as defined in subsection 8(A)
hereof; (ii) any action by Bank Board to materially eliminate, limit, increase, or modify
Employee’s duties and/or authority as
                                        
                     Officer of Bank (including
authority, subject to corporate controls no more restrictive than those in effect on the date
hereof, to hire and discharge employees who are not bona fide officers of Employer); (iii) any
failure of Bank or Holding Company to obtain the assumption of the obligation to perform this
Agreement by any successor as contemplated in Section 19 hereof; or (iv) any intentional breach by
Bank of a term, condition or covenant of this Agreement.

     (D) Employee, upon sixty (60) days written notice to Bank, may terminate his employment with
Bank without cause.

     (E) Employee’s employment with Bank shall terminate in the event of Employee’s death or
disability. For purposes hereof, “disability” shall be defined as Employee’s inability by reason
of illness or other physical or mental incapacity to perform the duties required by the Employee’s
employment for any consecutive one hundred eighty (180) day period. Notice of any termination by
Bank because of Employee’s “disability” shall be given to Employee prior to the full resumption by
him of the performance of such duties.

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     9. Compensation Upon Termination. In the event of termination of Employee’s
employment with Bank pursuant to Section 8 hereof, compensation shall continue to be paid by Bank
to Employee as follows:

     (A) In the event of termination pursuant to subsection 8(A), 8(B), 8(C) or 8(D), compensation
provided for herein (including Base Salary) shall continue to be paid, and Employee shall continue
to participate in the employment benefit, retirement, and compensation plans and other perquisites
as provided in Section 6 hereof, through the date of termination specified in the notice of
termination. Any benefits payable under insurance, health, retirement and bonus plans as a result
of Employer’s participation in such plans through such date shall be paid when due under those
plans. The date of termination specified in any notice of termination pursuant to subsection 8(A)
shall be no later than the last business day of the month in which said notice is provided to
Employee.

     (B) In the event of termination pursuant to subsection 8(E), compensation provided for herein
(including Base Salary) shall continue to be paid, and Employee shall continue to participate in
the employment benefit, retirement, and compensation plans and other perquisites as provided in
Section 6 hereof, (i) in the event of Employee’s death, through the date of death, or (ii) in the
event of Employee’s disability, through the date of proper notice of disability as required by
subsection 8 (E). Any benefits payable under insurance, health, retirement and bonus plans as a
result of Bank’s participation in such plans through such date shall be paid when due under those
plans.

     10. Nonsolicitation Covenants of Employee. In order to induce Bank to enter into this
Agreement, Employee hereby agrees as follows:

     (A) During the Term and for a period of two (2) years after termination of such employment for
any reason Employee shall not divulge or furnish any trade secrets (as defined in IND. CODE §
24-2-3-2) of Bank or any confidential information acquired by him while employed by Bank concerning
the policies, plans, procedures or customers of Bank to any person, firm or corporation, other than
Bank or upon its written request, or use any such trade secret or confidential information directly
or indirectly for Employee’s own benefit or for the benefit of any person, firm or corporation
other than Bank, since such trade secrets and confidential information are confidential and shall
at all times remain the property of Bank.

     (B) During the Term and for a period of two (2) years after termination of Employee’s
employment by Bank for reasons other than those set forth in subsections 8(B) or 8(C) of this
Agreement, Employee shall not directly or indirectly provide banking or bank-related services to or
solicit the banking or bank-related business of any person, firm, company or other business entity
that is doing business with the Bank, or assist any actual or potential competitor of Bank to
provide banking or bank-related services to or solicit banking or bank-related business from any
such person, firm, company, or business entity, in any such place.

     (C) If Employee’s employment by Bank is terminated for any reasons, Employee will turn over
immediately thereafter to Bank all business correspondence, letters, papers, reports, customers’
lists, financial statements, credit reports or other confidential information or documents of bank
or its affiliates in the possession or control of Employee, all of which writings are and will
continue to be the sole and exclusive property of Bank or its affiliates.

     (D) If Employee is terminated by Bank during the Term for reasons set forth in subsection 8(B)
of this Agreement, Employee shall have no obligations to Bank with respect to nonsolicitation under
Section 10(B), but shall continue with respect to confidential information, trade secrets and
return of property under Section 10(A) and 10(C).

     11. Notice of Termination. Any termination of Employee’s employment with Bank as
contemplated by Section 8 hereof, except in the circumstances of Employee’s death, shall be
communicated by written “Notice of Termination” by the terminating party to the other party hereto.
Any Notice of Termination pursuant to subsections 8(A), 8(C), or 8(E) shall indicate the specific

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provisions of this Agreement relied upon and shall set forth in reasonable detail the facts
and circumstances claimed to provide a basis for such termination.

     12. Employee Discipline.

     (A) If Employee is suspended and/or temporarily prohibited from participating in the conduct
of Bank’s or any affiliates’ affairs by a notice from the Comptroller of the Currency or other
applicable regulatory body having jurisdiction, Bank’s obligations under this Agreement shall be
suspended as of the date of service of such notice, unless stayed by appropriate proceedings. If
the charges in the notice are dismissed, Bank shall (i) pay Employee all or part of the
compensation withheld while its obligations under this Agreement were suspended and (ii) reinstate
(in whole or in part) any of its obligations which were suspended.

     (B) If Employee is removed and/or permanently prohibited from participating in the conduct of
Bank’s or any affiliates’ affairs by an order issued from the Comptroller of the Currency or other
applicable regulatory body having jurisdiction, all obligations of Bank under this Agreement shall
terminate as of the effective date of the Order, although the vested rights of the parties to the
Agreement shall not be affected.

     13. Tax Payments. Anything in this Agreement to the contrary notwithstanding, in the
event Bank’s independent public accountants determine that any payment by Bank to or for the
benefit of Employee, whether paid or payable pursuant to the terms of this Agreement, would be
non-deductible by Employer 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 the Agreement shall
be reduced (but not below zero) to the Reduced Amount. For purposes of this Section 13, 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 of the Internal Revenue Code.

     14. Successors and Assigns. This Agreement is binding upon and shall be for the
benefit of the successors and assigns of the Bank, including any corporation or any other form of
business organization with which the Bank may merge or consolidate, or to which it may transfer
substantially all of its assets. This Agreement may not be assigned by the Bank without the prior
written consent of Employee, which consent shall not be unreasonably withheld. The Agreement will
also be binding upon, enforceable against, and inure to the benefit of the Employee and the
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 his interest in this Agreement or any
part thereof.

     15. Consent of the Bank. Any act, request, approval, consent or opinion of the Bank
under this Agreement, must be in writing and may be authorized, given or expressed only by
resolution of the Bank Board, or by such other person as the Bank Board may designate.

     16. Notices. For purposes of this Agreement, notices and all other communications
provided for herein shall be in writing and shall be deemed to have been given when delivered or
mailed by United States registered or certified mail, return receipt requested, postage prepaid,
addressed as follows:

	 	 	 	 	 	 	 	 
	

	(A)
	 	If to Employee:
	 	 	 	 
	

	 	 	 	 	 	 
	 	 
	

	 	 	 	 	 	 
	 	 
	

	 	 	 	 	 	 
	 	 

	 	 	 	 	 	 	 
	 

	(B)	 	 	If to Bank:
	 	Horizon Bank, N. A.
	

	 	 	 	 	 	515 Franklin Square
	

	 	 	 	 	 	Michigan City, Indiana 46360

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     17. 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.

     18. Enforcement Expenses. If a dispute arises regarding the termination of Employee
pursuant to Section 8 above or as to the interpretation or enforcement of this Agreement and
Employee obtains a final judgment in the Employee’s favor in a court of competent jurisdiction or
the 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 his claims shall be paid by Bank (except as otherwise decided in any settlement
between the parties) to the extent permitted by law.

     19. Entire Agreement. 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.

     20. Construction. Headings contained in this Agreement are for convenience of
reference only and shall not be used in the interpretation of this Agreement. References herein to
Sections are to the sections of this Agreement.

     21. Successor to Bank. The Bank shall require any successor (whether direct or
indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of the Bank, by agreement in form and substance satisfactory to Employee, to
expressly assume and agree to perform this Agreement in the same manner and to the same extent that
the Bank would be required to perform it if no such succession had taken place. Failure of the
Bank to obtain such agreement prior to the effectiveness of any such succession shall be a material
intentional breach of this Agreement and shall entitle Employee to terminate employment with Bank
pursuant to subsection 8(C) hereof. As used in this Agreement, “Bank” shall mean the Bank as
hereinbefore defined and any successor to its business and/or assets.

     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.

     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.

     24. Compensation Upon Change In Control. Notwithstanding any provision in the
Agreement to the contrary, at the time of a Change in Control, the Employee shall have the option
to resign from his position and receive a severance payment equal to two (2) times the Employee’s
Base Salary in effect at the time of the resignation. In the event that the Employee does not
resign, but the Employee is then terminated or forced to resign as a result of a Change in Control,
whether immediately or, at any time during the term of the Agreement pursuant to Section 8(B) or
8(C) of the Agreement, the Employee shall receive a severance payment equal to two (2) times the
Employee’s Base Salary in effect at the time the termination occurs.

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 	 	 
	 	 	Bank:Horizon Bank, N. A.
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Printed:	 	 	 	 
	 	 	 	 	 	 
	 	 	Title:	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Employee
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	

	 	By:	 	 	 	 	 	 
	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	Printed:
	 
	 	 	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	          Address

96Exhibit 10.10

 

EXHIBIT 10.10 FORM OF RESTRICTED STOCK AWARD AGREEMENT UNDER 2003 OMNIBUS PLAN

HORIZON BANCORP

2003 OMNIBUS EQUITY INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT

     THIS AGREEMENT (the “Agreement”), made and executed as of the
                     day of August, 2004,
between Horizon Bancorp, an Indiana corporation (the “Company”), and
                                        
, an
officer or employee of the Company or one of its Affiliates (the “Participant”).

WITNESSETH:

     WHEREAS, the Company has adopted the Horizon Bancorp 2003 Omnibus Equity Incentive Plan (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 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, it is the view of the Company that this goal can be achieved by granting Restricted
Stock to eligible officers and other key employees; 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 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 grants to the Participant
                    
shares of common 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. The Participant hereby acknowledges that he or she has received a
copy of the Plan.

2. Period of Restriction and Vesting. The Period of Restriction shall begin on the Grant
Date and end, except as otherwise provided in Sections 3 and 4 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 fifth anniversary of the Grant Date, provided the Participant is
an Employee on such date. The Grant Date is August 2, 2004.

3. Change in Control. Notwithstanding any other provision of this Agreement, the
Restricted Stock will be vested upon a Change in Control of the Company as provided in Section 12.1
of the Plan.

4. 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, all unvested Restricted Stock shall be forfeited effective
as of the date of the Participant’s Termination of Service.

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

6. 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 in its behalf and the Participant;

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	 	(b)  	The Participant has received a balance sheet and income statement of the
Company and as an officer or key employee 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.

7. 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 7 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 as
provided in Section 6.6 of the Plan.

8. 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. Within a
reasonable period of time following the end of the Period of Restriction, the Company will issue to
the Participant or his beneficiary the number of shares of Restricted Stock specified in Section 1
of this Agreement, less any withholding required by Section 10 of this Agreement.

9. Restrictive Legend. 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 that the shares to be issued to such Participant contain a legend in substantially the
following form:

	 	 	 	 	 
	 

	 	“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.”
	 	 

The Company will issue such additional certificates as may be required to give effect to
Section 14 of this Agreement.

Notwithstanding the foregoing provisions of this Section 9, the Company will not be required to
deliver any certificates for shares prior to: (i) the end of the Period of Restriction; (ii)
completing any registration or other qualification of the Shares, which the Company deems necessary
or advisable under any federal or state law or under the rulings or regulations of the Securities
and Exchange Commission or any other governmental regulatory body; and (iii) obtaining any approval
or other clearance from any federal or state governmental agency or body, which the Company
determines to be necessary or advisable. The Company has no obligation to obtain the fulfillment
of the conditions specified in the preceding sentence. As a further condition to the issuance of
certificates for shares, the Company may require the making of any representation or warranty which
the Company deems necessary or advisable under any applicable law or regulation.

10. Income and Employment Tax Withholding. The Participant will be solely responsible for
paying to the Company all required federal, state, city and local income and employment taxes which
arise on the expiration of the Period of Restriction and the vesting of the shares of Restricted
Stock. The Committee, in its sole discretion and subject to such rules as it may adopt, will
require the Participant to satisfy any withholding tax obligation by having the Company retain
shares of Restricted Stock which have a Fair Market Value, determined as of the date of the
issuance of such Restricted Stock to the Participant, equal to the amount of the minimum
withholding tax to be satisfied by that retention.

11. 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 14.9
of the Plan.

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12. 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 agreements contained
herein. The Participant hereby further agrees to release and hold harmless the Company and its
Affiliates (and their respective directors, officers and employees) 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.

13. Financial Information. The Company hereby undertakes to deliver to the Participant,
at such time as they become available and so long as the Period of Restriction has not expired and
the Restricted Stock has not been forfeited, 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.

14. Changes in Shares. In the event of any change in the Shares, as described in Section
4.6 of the Plan, the Committee will make appropriate adjustment or substitution in the shares of
Restricted Stock, all as provided in the Plan. The Committee’s determination in this respect will
be final and binding upon all parties.

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

	 	(a)  	At all times while the Participant is employed by the Company or any Affiliate,
and at all times thereafter, the Participant shall not:

	 	(i)  	directly or indirectly disclose, provide or discuss any
Confidential Information with or to any third party other than those directors,
officers, employees, representatives and agents of the Company and any
Affiliates who need to know such Confidential Information for a proper corporate
purpose, and
	 
	 	(ii)  	directly or indirectly use any Confidential Information to
compete against the Company or any Affiliates, or for the Participant’s own
benefit or for the benefit of any third party other than the Company or any
Affiliate.

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

	 	(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 the Company 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 the Company or any Affiliate has
deemed confidential, proprietary or nonpublic;
	 
	 	(ii)  	trade secrets of the Company 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.
The Participant agrees that all Confidential Information is confidential and is
and at all times shall remain the property of, as applicable, the Company or any
of the Affiliates.

	 	(c)  	The Participant covenants and agrees:

	 	(i)  	to keep all Confidential Information subject to the Company’s or
any Affiliate’s custody and control and to promptly return to the Company or the
appropriate Affiliate all Confidential Information that is still in the
Participant’s possession or control at the termination of the Participant’s
employment with the Company; and
	 
	 	(ii)  	promptly upon termination of the Participant’s employment with
the Company, to return to the Company, at the Company’s principal office, all
vehicles, equipment, computers, credit cards and other property of the Company
and to cease using any of the foregoing.

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16. Non-Competition.

	 	(a)  	At all times while the Executive is employed by the Company and for a period of
one (1) year following the termination of the Participant’s employment with the
Company, the Participant shall not, in LaPorte or Porter Counties in Indiana, directly
or indirectly, or individually or together with any other third party, as owner,
shareholder, investor, member, partner, proprietor, principal, director, officer,
employee, manager, agent, representative, independent contractor, consultant or
otherwise:

	 	(i)  	Engage in or assist a third party in engaging in, or use or
permit his name to be used in connection with, any business, operation or
activity which competes with any business, operation or activity conducted or
proposed to be conducted by the Company or any Affiliates or which is in the
same or a similar line of business as the Company or any Affiliates (“Competing
Business”), at any time during the Participant’s employment with the Company or
any Affiliates or during such one (1) year period following the Date of
Termination; or
	 
	 	(ii)  	Finance, join, operate or control any Competing Business at any
time during the Executive’s employment with the Company or any Affiliates or
during such one (1) year period following the Date of Termination; or
	 
	 	(iii)  	Offer or provide employment to, hire or engage (whether on a
full-time, part-time or consulting basis or otherwise) any individual who has
been an employee of the Company or any Affiliates within one (1) year prior to
such offer, hiring or engagement.

	 	(b)  	Competing Business is defined as providing lending services, trust services,
investment services, deposit taking services and insurance services and any similar
services provided to customers by the Company or any Affiliates during the one (1) year
period preceding the Date of Termination.
	 
	 	(c)  	The Participant acknowledges the regional scope of the business of the Company
and the Affiliates. Notwithstanding the foregoing, in the event that any provision of
this Section is found by a court of competent jurisdiction to exceed the time,
geographic or other restrictions permitted by applicable law in any jurisdiction, then
such court shall have the power to reduce, limit or reform (but not to 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 Participant in its reduced,
limited or reformed manner; provided, however, that a provision shall be enforceable in
its reduced, limited or reformed manner only in the particular jurisdiction in which a
court of competent jurisdiction makes such determination.

17. Non-Solicitation. The Participant hereby understands, acknowledges and agrees that,
by virtue of his positions with the Company and any Affiliates, the Participant has and will have
advantageous familiarity and personal contacts with the Customers, as that term is defined herein,
wherever located, of the Company or any of the Affiliates and has and will have advantageous
familiarity with the business, operations and affairs of the Company or any of the Affiliates. In
addition, the Participant understands, acknowledges and agrees that the business of the Company and
the Affiliates is highly competitive. Accordingly, at all times while the Executive is employed by
the Company or any of the Affiliates and for a period of one (1) year following the Date of
Termination, the Participant shall not, directly or indirectly, or individually or together with
any third party, as owner, shareholder, investor, member, partner, proprietor, principal, director,
officer, employee, manager, agent, representative, independent contractor, consultant or otherwise:

	 	(a)  	Solicit in any manner, seek to obtain or service any business of any Customer
of the Company or any of the Affiliates during the one (1) year period prior to the
Date of Termination; or
	 
	 	(b)  	Request or advise any Customer, suppliers, vendors or others who were doing
business with the Company or any of the Affiliates during the one (1) year period prior
to the Date of Termination, to terminate, reduce, limit or change their business or
relationship with the Company or any of the Affiliates; or
	 
	 	(c)  	Induce, request or attempt to influence any employee of the Company or any of
the Affiliates who was employed by the Company or any Affiliates during the one (1)
year period prior to the Date of Termination, to terminate his or her employment with
the Company or any of the Affiliates.

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“Customer” is defined as anyone with whom the Company or any Affiliates did business in the one
year preceding the Participants’ termination of employment from the Company.

18. 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.

19. 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.

20. Counterparts. This Agreement may be executed in two (2) or more counterparts, each of
which will be deemed an original, but all of which collectively will constitute one and the same
instrument.

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

	 	 	 	 	 
	 	 	HORIZON BANCORP
	 
	 	 	 	 
	

	 	By:	 	 
	

	 	 	 	 
	

	 	 	Robert E. Swinehart
	

	 	 	Chairman of the Compensation Committee of
	

	 	 	the Board of Directors
	 
	 	 	 	 
	 	 	PARTICIPANT
	 
	 	 	 	 
	 
	 	 	 	 
	 	 	 

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