Document:

EX-4.1

 EXHIBIT 4.1 

HORIZON BANCORP 

AMENDED AND RESTATED 

2005 DIRECTORS’ DEFERRED COMPENSATION PLAN 

(Effective as of December 19, 2017) 

 HORIZON BANCORP 

AMENDED AND RESTATED 

2005 DIRECTORS’ DEFERRED COMPENSATION PLAN 

TABLE OF CONTENTS 
  

							
	 	 	 	  	PAGE	 
	 ARTICLE I INTRODUCTION
	  	 	1	 
			
	 Section 1.1
	 	 Purpose
	  	 	1	 
	 Section 1.2
	 	 Effective Date; Plan Year
	  	 	1	 
	 Section 1.3
	 	 Administration
	  	 	1	 
	 Section 1.4
	 	 Affiliates
	  	 	1	 
	 Section 1.5
	 	 Supplements
	  	 	1	 
	 Section 1.6
	 	 Definitions
	  	 	2	 
		
	 ARTICLE II ELIGIBILITY AND PARTICIPATION
	  	 	2	 
			
	 Section 2.1
	 	 Eligibility
	  	 	2	 
	 Section 2.2
	 	 Deferral Election Form
	  	 	2	 
		
	 ARTICLE III CONTRIBUTIONS AND ALLOCATIONS
	  	 	2	 
			
	 Section 3.1
	 	 Participant Deferral Contributions
	  	 	2	 
	 Section 3.2
	 	 Deferral Elections
	  	 	2	 
	 Section 3.3
	 	 Plan Account
	  	 	4	 
	 Section 3.4
	 	 Investment Credits
	  	 	4	 
	 Section 3.5
	 	 Account Allocations
	  	 	4	 
		
	 ARTICLE IV BENEFIT PAYMENTS
	  	 	4	 
			
	 Section 4.1
	 	 Time of Payment of Benefits
	  	 	4	 
	 Section 4.2
	 	 Method of Payment
	  	 	5	 
	 Section 4.3
	 	 Method of Payment Elections
	  	 	5	 
	 Section 4.4
	 	 Vesting
	  	 	6	 
	 Section 4.5
	 	 Disability or Death
	  	 	6	 
	 Section 4.6
	 	 Unforeseeable Emergency
	  	 	7	 
	 Section 4.7
	 	 Acceleration of Time of Payment
	  	 	7	 
		
	 ARTICLE V PLAN ADMINISTRATION
	  	 	7	 
			
	 Section 5.1
	 	 Appointment of the Committee
	  	 	7	 

							
	 Section 5.2
	 	 Powers and Responsibilities of the Committee
	  	 	7	 
	 Section 5.3
	 	 Liabilities
	  	 	8	 
		
	 ARTICLE VI BENEFIT CLAIMS
	  	 	8	 
		
	 ARTICLE VII FUNDING AND TRANSFERS
	  	 	8	 
			
	 Section 7.1
	 	 Unfunded Status
	  	 	8	 
	 Section 7.2
	 	 Trust
	  	 	9	 
		
	 ARTICLE VIII AMENDMENT AND TERMINATION OF THE PLAN
	  	 	9	 
			
	 Section 8.1
	 	 Amendment of the Plan
	  	 	9	 
	 Section 8.2
	 	 Termination of the Plan
	  	 	9	 
		
	 ARTICLE IX PARTICIPATION BY AFFILIATES
	  	 	9	 
			
	 Section 9.1
	 	 Affiliate Participation
	  	 	9	 
	 Section 9.2
	 	 Horizon Bancorp Action Binding on Other Employers
	  	 	9	 
		
	 ARTICLE X MISCELLANEOUS
	  	 	10	 
			
	 Section 10.1
	 	 Governing Law
	  	 	10	 
	 Section 10.2
	 	 Headings and Gender
	  	 	10	 
	 Section 10.3
	 	 Withholding of Taxes
	  	 	10	 
	 Section 10.4
	 	 Spendthrift Clause
	  	 	10	 
	 Section 10.5
	 	 Counterparts
	  	 	10	 
	 Section 10.6
	 	 No Enlargement of Rights
	  	 	10	 
	 Section 10.7
	 	 Limitations on Liability
	  	 	10	 
	 Section 10.8
	 	 Incapacity of Participant or Beneficiary
	  	 	10	 
	 Section 10.9
	 	 Evidence
	  	 	11	 
	 Section 10.10
	 	 Action by Company
	  	 	11	 
	 Section 10.11
	 	 Severability
	  	 	11	 
	 Section 10.12
	 	 Information to be Furnished by a Participant
	  	 	11	 
	 Section 10.13
	 	 Binding on Successors
	  	 	11	 

 ARTICLE I 

INTRODUCTION 

Section 1.1     Purpose. The purpose of this Amended and Restated Horizon Bancorp 2005 Directors’
Deferred Compensation Plan (the “Plan”) is to permit non-employee members of the Board of Directors (the “Board”) of Horizon Bancorp (the “Company”) and of
the board of directors of the Company’s Affiliates, to elect to defer all or a portion of the fees payable to them for their services as board members. It is the intention of the Company that the Plan constitute a deferred compensation
arrangement that complies with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). Consequently, the Plan will be administered and its provisions interpreted consistently with that intention. 

Section 1.2     Effective Date; Plan Year. The “Effective Date” of the Plan is
January 1, 2005. The “Plan Year” is the 12-month period beginning on each January 1 and ending on the next following December 31. 

Section 1.3     Administration. The Plan will be administered by the Compensation Committee of the
Board (the “Committee”). The Committee, from time to time, may adopt any rules and procedures it deems necessary or desirable for the proper and efficient administration of the Plan that are consistent with the terms of the Plan.
Any notice or document required to be given or filed with the Committee will be properly given or filed if delivered to or mailed, by registered mail, postage paid, to the Compensation Committee of the Board of Directors, Horizon Bancorp, 515
Franklin Square, Michigan City, Indiana 46360, Attention: Human Resource Department. 
 Section 1.4    
Affiliates. Any corporation or trade or business whose employees are treated as being employed by the Company under Code Sections 414(b), 414(c), 414(m) or 414(o) (an “Affiliate”) may adopt the Plan with the Company’s
consent in accordance with Section 9.1. 
 Section 1.5     Supplements. The provisions of the
Plan may be modified by supplements to the Plan. The terms and provisions of each supplement are a part of the Plan and supersede any other provisions of the Plan to the extent necessary to eliminate any inconsistencies between the supplement and
any other Plan provisions. 

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

					
	 Term
	  	Plan Section	 
	 Acceleration Event
	  	 	4.8	 
	 Account
	  	 	3.3	 
	 Affiliate
	  	 	1.4	 
	 Bank
	  	 	2.1	 
	 Board
	  	 	1.1	 
	 Code
	  	 	1.1	 
	 Committee
	  	 	1.3	 
	 Company
	  	 	1.1	 
	 Director
	  	 	2.1	 
	 Disabled
	  	 	4.5	(b) 
	 Effective Date
	  	 	3.1	 
	 Fees
	  	 	2.1	 
	 Participant
	  	 	2.2	 
	 Participant Deferral Contributions
	  	 	2.1	 
	 Plan
	  	 	1.1	 
	 Plan Year
	  	 	1.2	 
	 Separation from Service
	  	 	4.1	(b) 
	 Trust
	  	 	7.2	 
	 Unforeseeable Emergency
	  	 	3.2	(e) 

 ARTICLE II 

ELIGIBILITY AND PARTICIPATION 

Section 2.1     Eligibility. Any duly elected and serving
non-employee member of the Board or of the board of directors of Horizon Bank (“Bank”) or another Affiliate that has adopted the Plan under Article IX (“Director”) is eligible
to become a Participant in the Plan as of the later of the Effective Date or the date the individual becomes a Director. 

Section 2.2     Deferral Election Form. A Director will become a “Participant” by completing
a deferral election form pursuant to Article III. A Participant will cease to be an active Participant effective as of the earlier of the date the Plan is terminated or the date the Participant is no longer serving as a Director, so that he or she
will not be entitled to make deferrals under Article III on or after that date. 
 ARTICLE III 

CONTRIBUTIONS AND ALLOCATIONS 

Section 3.1     Participant Deferral Contributions. Subject to the terms and limitations
of this Article III, a Participant may elect, pursuant to Section 3.2, to have all or a portion of his Fees payable in any Plan Year withheld by the Company and credited as a “Participant Deferral Contribution” under the Plan. The
term “contribution” is used for ease of reference; however, contributions are merely credits to each Participant’s Account, which is a bookkeeping account. The term “Fees,” for purposes of the Plan, means the fees
payable by the Company or an Affiliate to the Participant for the Participant’s services as a Director, including retainer fees for attendance at regularly scheduled meetings, special meetings called from time to time, and fees for attendance
at any and all meetings of committees of the applicable board of directors. 
 Section 3.2     Deferral
Elections. Participant Deferral Contributions will be withheld from a Participant’s Fees in accordance with the following terms and conditions. 

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

 

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

  

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

  

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

  

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

  
 3 

 Section 3.3     Plan Account. The Committee will establish
and maintain an “Account” under the Plan for each Participant and will increase and decrease a Participant’s Account as provided in Section 3.5. 

Section 3.4     Investment Credits. A Participant’s Account will be increased or decreased to
reflect the increase or decrease in the value of the Account established for the Participant. The amount of interest credited will be determined based on the investment earnings under the funding methods used by the Company pursuant to
Section 7.2. However, if no such method is used, earnings and losses on a Participant’s Account will be determined by treating the Participant’s Account as if such balance were hypothetically invested in five-year U.S. Treasury Bonds,
at the rate published in The Wall Street Journal as in effect as of the first business day of each calendar month, plus 200 basis points, but not to exceed 120% of the Applicable Long Term Federal rate for monthly compounding. In the event
any Participant is entitled to a distribution of the Account under Article IV, the increase or decrease in the value of the Account will be allocated as of the last day of the month immediately preceding the month in which the payment to the
Participant will be made. 
 Section 3.5     Account Allocations. As of each accounting date, each
Participant’s Account will be: 
  

	 	(i)	Increased by the amount credited to the Account under Section 3.1 since the last accounting; 

  

	 	(ii)	Increased or decreased by the amount determined under Section 3.4 since the last accounting; and 

  

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

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

ARTICLE IV 
 BENEFIT
PAYMENTS 
 Section 4.1     Time of Payment of Benefits. Except as provided in Sections 4.5
through 4.7, a Participant will receive or will begin to receive payment of his Account balance (as determined under Article III) within 90 days following the date specified for payment or the commencement of payment effectively elected by the
Participant, as provided in this Section. 
  

	 	(a)	 Timing of Execution and Delivery of Election. A Participant may elect the date his Account balance will be
paid or will begin to be paid by completing and filing with the Committee a payment election form approved by the Committee. The specified date must be a date at least two years from the beginning of the Plan

  
 4 

	 	
Year for which the first deferral under the Plan is made. To be effective, the election under this Section must be filed with the Committee no later than the later of: (i) the time the
Participant first makes a deferral election under this Plan (or under any other plan required to be aggregated with this Plan pursuant to the requirements of Code Section 409A); or (ii) December 31, 2006. In lieu of specifying a date
certain, a Participant may elect to have payment made or commenced within a specified period of time following the date the Participant experiences a Separation from Service (as defined in subsection 4.1(b). If no date is specified, payment will be
made or commenced within 90 days following the Participant’s Separation from Service. 

  

	 	(b)	Separation from Service. “Separation from Service” means the date on which the Participant dies, retires or otherwise ceases to be a Director. 

 

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

Section 4.2     Method of Payment. Except as provided in Sections 4.5 through 4.7, the balance of a
Participant’s Account will be distributed in cash (or in the discretion of the Committee, in shares of Company common stock) in: 
  

	 	(a)	A single lump sum payment; 

  

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

  

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

Section 4.3     Method of Payment Elections. 

 

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

  
 5 

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

  

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

 Section 4.4     Vesting. A Participant will be fully “vested” in his
Account balance at all times. 
 Section 4.5     Disability or Death. In the event a Participant
experiences a Separation from Service due to the Participant’s Disability or if the Participant dies or becomes Disabled before he has received his entire Account balance, the unpaid balance will be paid to the Participant or, in the event of
his death to his designated beneficiary or beneficiaries, in a single lump sum within 90 days of a determination by the Committee that the Participant is Disabled or within 90 days of the Participant’s death. 

 

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

 

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

  
 6 

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

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

  

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

Section 4.7     Acceleration of Time of Payment. Except as provided in Section 4.6 or this
Section, the time or schedule of payment of a Participant’s Account provided in Sections 4.1 through 4.5 may not be accelerated. The time or schedule of payment of a Participant’s Account may be accelerated in accordance with Treas. Reg.
§ 1.409A-3(j)(4). 
 ARTICLE V 

PLAN ADMINISTRATION 

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

Section 5.2     Powers and Responsibilities of the Committee. 

 

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

  
 7 

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

  

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

  

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

  

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

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

 BENEFIT CLAIMS 

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

FUNDING AND TRANSFERS 

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

  
 8 

 Section 7.2     Trust. Notwithstanding the provisions of
Section 7.1, the Committee may, in its discretion, satisfy all or any part of the Company’s obligations under the Plan from a trust established by the Company in connection with the Plan (“Trust”) or from an insurance
contract, annuity or similar vehicle owned by the Company or by setting aside and investing amounts deferred under the Plan as an asset of the Company. Any such Trust or other vehicle will constitute solely a means to assist the Company in meeting
its promised obligations under the Plan and will not constitute a funded account within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”) or the Code, nor will it create a security interest for
the benefit of any Participant or beneficiary. Any Trust created hereunder will conform in substantially all respects to the terms of the Model Trust, as described in Revenue Procedure 92-64. 

ARTICLE VIII 

AMENDMENT AND TERMINATION OF THE PLAN 

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

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

ARTICLE IX 

PARTICIPATION BY AFFILIATES 

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

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

  

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

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

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

  
 9 

 ARTICLE X 

MISCELLANEOUS 

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

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

Section 10.3     Withholding of Taxes. The Company will withhold from any amount payable under this
Plan all federal, state, city and local taxes as legally required. 
 Section 10.4     Spendthrift
Clause. No benefit or interest available under the Plan will be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment by creditors of a Participant or a Participant’s
beneficiary, either voluntarily or involuntarily. 
 Section 10.5     Counterparts. This Plan may be
executed in any number of counterparts, each one constituting but one and the same instrument, and may be sufficiently evidenced by any one counterpart. 

Section 10.6     No Enlargement of Rights. Nothing contained in the Plan may be construed as a contract
of employment between the Company and any person, nor may the Plan be deemed to give any person the right to be retained as a director or limit the right of the Company to dismiss a director. 

Section 10.7     Limitations on Liability. Notwithstanding any other provision of the Plan, neither the
Company nor any individual acting as an employee or agent of the Company will be liable to a Participant or any beneficiary for any claim, loss, liability or expense incurred in connection with the Plan, except when the same has been judicially
determined to be due to the gross negligence or willful misconduct of that person. 
 Section 10.8    
Incapacity of Participant or Beneficiary. If any person entitled to receive a distribution under the Plan is physically or mentally incapable of personally receiving and giving a valid receipt for any payment due (unless a prior claim for the
distribution has been made by a duly qualified guardian or other legal representative), then, unless and until a claim for the distribution has been made by a duly appointed guardian or other legal representative of the person, the Committee may
provide for the distribution to be made to any other individual or institution then contributing toward or providing for the care and maintenance of the person. Any payment made for the benefit of the person under this Section will be a payment for
the account of such person and a complete discharge of any liability of the Company and the Plan. 

  
 10 

 Section 10.9     Evidence. Evidence required of anyone
under the Plan may be by certificate, affidavit, document or other information which the person relying on the evidence considers pertinent and reliable, and signed, made or presented by the proper party or parties. 

Section 10.10     Action by Company. Any action required of or permitted by the Company under the Plan
will be by resolution of the Board, by the Compensation Committee of the Board, or by a person or persons authorized by resolution of the Compensation Committee or the Board. 

Section 10.11     Severability. In the event any provisions of the Plan are held to be illegal or
invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and endorsed as if the illegal or invalid provisions had never been contained in the Plan. 

Section 10.12     Information to be Furnished by a Participant. A Participant, or any other person
entitled to benefits under the Plan, must furnish the Committee with any and all documents, evidence, data or other information the Committee considers necessary or desirable for the purpose of administering the Plan. Benefit payments under the Plan
are conditioned on a Participant (or other person who is entitled to benefits) furnishing full, true and complete data, evidence or other information to the Committee, and on the prompt execution of any document reasonably related to the
administration of the Plan requested by the Committee. 
 Section 10.13     Binding on Successors.
The Plan will be binding upon and inure to the benefit of the Company and its successors and assigns, and the successors, assigns, designees and estates of a Participant. The Plan will also be binding upon and inure to the benefit of any successor
organization succeeding to substantially all of the assets and business of the Company, but nothing in the Plan will preclude the Company from merging or consolidating into or with, or transferring all or substantially all of its assets to, another
organization which assumes the Plan and all obligations of the Company hereunder. The Company agrees that it will make appropriate provision for the preservation of a Participant’s rights under the Plan in any agreement or plan which it may
enter into to effect any merger, consolidation, reorganization or transfer of assets. Upon such a merger, consolidation, reorganization, or transfer of assets and assumption of Plan obligations of the Company, the term “Company”
will refer to such other organization and the Plan will continue in full force and effect. 

  
 11EX-4.2

 EXHIBIT 4.2 

HORIZON BANCORP 

DIRECTORS DEFERRED COMPENSATION PLAN 

Amended and Restated 
 Effective

 April 1, 1998 

 HORIZON BANCORP 

DIRECTORS DEFERRED COMPENSATION PLAN 

TABLE OF CONTENTS 
  

							
	 	 	 	  	PAGE	 
	ARTICLE I DEFINITIONS	  	 	1	 
	 1.1
	 	“Adjustment”	  	 	1	 
	 1.2
	 	“Affiliate”	  	 	1	 
	 1.3
	 	“Board”	  	 	1	 
	 1.4
	 	“Code”	  	 	1	 
	 1.5
	 	“Committee”	  	 	1	 
	 1.6
	 	“Company”	  	 	1	 
	 1.7
	 	“Director”	  	 	1	 
	 1.8
	 	“Disabled” or “Disability”	  	 	1	 
	 1.9
	 	“Fees”	  	 	1	 
	 1.10
	 	“Individual Account”	  	 	1	 
	 1.11
	 	“Participant”	  	 	1	 
	 1.12
	 	”Participation Agreement”	  	 	2	 
	 1.13
	 	“Plan”	  	 	2	 
	 1.14
	 	“Plan Year”	  	 	2	 
		
	ARTICLE II INTRODUCTION	  	 	2	 
	 2.1
	 	Purpose	  	 	2	 
	 2.2
	 	Effective Date	  	 	2	 
	 2.3
	 	Affiliates	  	 	2	 
		
	ARTICLE III PARTICIPATION	  	 	3	 
	 3.1
	 	Right to Defer	  	 	3	 
	 3.2
	 	Participation Agreement	  	 	3	 
	 3.3
	 	Establishment of Individual Accounts	  	 	4	 
		
	ARTICLE IV INVESTMENT OF CONTRIBUTIONS	  	 	4	 
	 4.1
	 	Investments	  	 	4	 
	 4.2
	 	Unsecured Contractual Rights	  	 	4	 
		
	ARTICLE V DISTRIBUTIONS	  	 	5	 
	 5.1
	 	Time of Payment of Benefits	  	 	5	 
	 5.2
	 	Method of Payment of Benefits	  	 	5	 
	 5.3
	 	Benefit Payment Elections	  	 	5	 
	 5.4
	 	New Mandatory Benefit Payment Elections	  	 	6	 
	 5.5
	 	Death of a Participant and Beneficiary Designation	  	 	6	 

							
	ARTICLE VI PLAN ADMINISTRATION	  	 	7	 
	 6.1
	  	Administration by the Committee	  	 	7	 
	 6.2
	  	Powers and Responsibilities of the Committee	  	 	7	 
	 6.3
	  	Liabilities	  	 	8	 
	 6.4
	  	Claims Procedure	  	 	8	 
	 6.5
	  	Income and Employment Tax Withholding	  	 	9	 
		
	ARTICLE VII AMENDMENT AND TERMINATION	  	 	9	 
		
	ARTICLE VIII PARTICIPATION BY AFFILIATES	  	 	10	 
	 8.1
	  	Affiliate Participation	  	 	10	 
	 8.2
	  	Horizon Bancorp Action Binding on Other Employers	  	 	10	 
		
	ARTICLE IX GENERAL PROVISIONS	  	 	10	 
	 9.1
	  	Governing Law	  	 	10	 
	 9.2
	  	Headings and Gender	  	 	10	 
	 9.3
	  	Participant’s Rights; Acquittance	  	 	10	 
	 9.4
	  	Spendthrift Clause	  	 	10	 
	 9.5
	  	Counterparts	  	 	11	 
	 9.6
	  	No Enlargement of Employment Rights	  	 	11	 
	 9.7
	  	Limitations on Liability	  	 	11	 
	 9.8
	  	Incapacity of Participant or Beneficiary	  	 	11	 
	 9.9
	  	Corporate Successors	  	 	11	 
	 9.10
	  	Evidence	  	 	11	 
	 9.11
	  	Action by a Company	  	 	11	 
	 9.12
	  	Severability	  	 	11	 

  

 ARTICLE I 

DEFINITIONS 

Whenever the initial letter of a word or phrase is capitalized herein, the following words and phrases shall have the meanings stated below
unless a different meaning is plainly required by the context: 
 1.1    “Adjustment” means the net increases
and decreases in the market value of the Individual Account of each Participant. Such increases and decreases shall include such items as realized or unrealized investment gains and losses, if any, and investment income, if any, and may, in the
discretion of Horizon Bancorp, include expenses properly attributable to administering the Plan. 

1.2    “Affiliate” means Horizon Bancorp and any other corporation or trade or business whose employees are
treated as being employed by Horizon Bancorp under Code Sections 414(b), 414(c), 414(m) or 414(o). 

1.3    “Board” means the Board of Directors of Horizon Bancorp. 

1.4    “Code” means the Internal Revenue Code of 1986, as amended. 

1.5    “Committee” means the Administrative Committee appointed by the Board to administer the Plan as directed
by the Board. 
 1.6    “Company” means Horizon Bancorp, Horizon Bank and each other Affiliate that adopts the
Plan. 
 1.7    “Director” means any duly elected and serving member or former member of the Board of
Directors of a Company who is not also an employee of the Company at any time during the Plan Year immediately preceding his participation in the Plan. 

1.8    “Disabled” or “Disability” means any disability that would qualify as a disability under
Section 22(c)(3) of the Code. 
 1.9    “Fees” means all fees paid to a Participant for a Plan Year for
services rendered to a Company as a Director with respect to such Plan Year including retainer fees for attendance at regularly scheduled Board of Directors meetings, special meetings called from time to time, and fees for attendance at any and all
meetings of committees of a Company’s Board of Directors. 
 1.10    “Individual Account” means the
individual bookkeeping account maintained for each Participant in accordance with Section 2.2. 

1.11    “Participant” means a non-employee Director of a Company who
becomes a participant pursuant to Article II of the Plan. 

 1.12    ”Participation Agreement” means the written agreement
between the Participant and a Company pursuant to which the Participant elects to defer receipt of Fees, designate a beneficiary, and elect a form and the time of distribution of his benefits under the Plan. 

1.13    “Plan” means this Horizon Bancorp Directors Deferred Compensation Plan, as amended and restated,
generally effective April 1, 1998. 
 1.14    “Plan Year” means the twelve (12) month period
beginning January 1, and ending December 31. 
 ARTICLE II 

INTRODUCTION 

2.1    Purpose. The Horizon Bancorp Directors Deferred Compensation Plan (“Plan”) as set forth herein is
a complete amendment and restatement of the Plan which was originally effective January 1, 1984. The purpose of this Plan is to permit Directors of Horizon Bancorp, Horizon Bank and any other Company under the Plan to defer the receipt and
resulting taxation of the Fees received from a Company for services as a Director of a Company. All benefits payable under this Plan shall be paid solely out of the general assets of the Companies. 

2.2    Effective Date. The Horizon Bancorp Directors Deferred Compensation Plan was originally established by
Horizon Bancorp, effective January 1, 1984. The effective date of the Plan, as amended and restated is April 1, 1998. The provisions of the Plan only apply to a Director who was not receiving a distribution of his benefit under the Plan or
a predecessor plan before the effective date. The rights and benefits, if any, of a Director who was receiving a distribution of his benefit under the Plan before the effective date will be determined in accordance with the terms of the Plan in
effect as of the date he began receiving a distribution of his benefit. 
 2.3    Affiliates. Any Affiliate may
adopt the Plan for the benefit of its Directors with Horizon Bancorp’s consent in accordance with Section 8.1. 

  
 2 

 ARTICLE III 

PARTICIPATION 

3.1    Right to Defer. A Director may become a Participant by electing, on a Participation Agreement, to defer the
receipt of all or a portion of the Fees he or she would otherwise receive with respect to a Plan Year as a Director of a Company. 

3.2    Participation Agreement. 
  

	 	(a)	Requirement for Participation Agreement. As a condition to a Company’s and the Committee’s obligation to credit deferred Fees for the benefit of a Participant pursuant to Section 3.1, the
Participant must execute a Participation Agreement (on such forms as shall be prescribed by the Committee) in which it is agreed that the Participant’s Company will withhold payment of all or a portion of the Participant’s Fees and shall
credit such amount withheld to the Participant’s Individual Account at the time set forth in the Plan. 

  

	 	(b)	Timing of Execution and Delivery of Participation Agreement. Except as provided in Section 5.4, a Participation Agreement must be executed by the Participant and the Committee prior to the first day of the
year in which the Participant is entitled to receive the Fees with respect to which the Participant Fees specified in the Participation Agreement relate. 

  

	 	(c)	Modification of Participant Deferral Election. At any time, a Participant and the Committee may execute and deliver an amended Participation Agreement which increases, decreases, commences or terminates the
deferral of the Participant’s Fees. Provided, however, except as provided in Section 5.4, such amended Participation Agreement must be executed by the Participant and the Committee prior to the first day of the Plan Year in which the
Participant is entitled to receive the Fees with respect to which the Participant Fees specified in the Participation Agreement relate. 

  

	 	(d)	Directors Elected Mid-Year. A non-employee elected to fill a vacancy on a Company’s Board of Directors who was not a Director
on the preceding December 31st may, by completing a Participation Agreement before his term begins, elect to defer Fees for the balance of the Plan Year following such election and for succeeding Plan Years. 

  
 3 

 3.3    Establishment of Individual Accounts. 

 

	 	(a)	Individual Account. All amounts to be allocated to each Participant pursuant to Section 3.1, shall be credited to the Participant’s Individual Account as of the last day of the Plan Year for which such
Fees are payable and all amounts paid to the Participant or his designated beneficiary pursuant to Article V shall be debited from his Individual Account as of the time actually paid. Additionally, all amounts credited to each Participant under the
Plan prior to April 1, 1998, shall be credited, as of April 1, 1998, to such Participants’ Individual Accounts under this restated Plan. 

  

	 	(b)	Allocation of Adjustments. Following the allocations made pursuant to the foregoing, the Committee shall determine the Adjustments for each Plan Year, and on such other dates as the Committee deems necessary or
advisable, by adding together all income received, and realized and unrealized gains and losses, and deducting therefrom all taxes, charges or expenses (unless paid separately by a Company in a Company’s discretion, outside the confines of this
Plan) and any realized and unrealized losses since the most recent allocation of Adjustments to Participants’ Individual Accounts. The Adjustments shall be allocated as of the allocation date specified herein to the Individual Accounts of
Participants who maintain a credit balance in their Individual Accounts as of such date as provided in Section 4.1. 

ARTICLE IV 

INVESTMENT OF CONTRIBUTIONS 

4.1    Investments. For periods ending prior to April 1, 1998, the Adjustment to each Participant’s
Individual Account equals the rate of interest equal to the average of the rates paid on the last business day of each month during the Plan Year for one (1) year notes issued by the U.S. Treasury. Effective for periods beginning on and after
April 1, 1998, the Adjustment to each Participant’s Individual Account shall be determined as if the amounts credited to such Individual Account were invested in hypothetical investments designated by the Committee to be used to measure
increases or decreases in the Individual Account over time. No provision of the Plan shall impose or be deemed to impose any obligation upon a Company, other than an unsecured contractual obligation to make a cash payment to Participants and their
beneficiaries in accordance with the terms of the Plan. Benefits payable under the Plan shall be paid directly by a Company from its general assets. A Company shall not be required to segregate any funds or other assets for the payment of benefits
under the Plan. 
 4.2    Unsecured Contractual Rights. The Plan at all times shall be unfunded and shall
constitute a mere promise by a Company to make benefit payments in the future. Notwithstanding any other provision of this Plan, neither a Participant nor his designated beneficiary shall have any preferred claim on, or any beneficial ownership
interest in, any assets of a Company prior to the time benefits are paid as provided in Article V, including any Fees deferred by the Participant. All rights created under this Plan shall be mere unsecured contractual rights of the Participant
against a Company. 

  
 4 

 ARTICLE V 

DISTRIBUTIONS 

5.1    Time of Payment of Benefits. All amounts credited to a Participant’s Individual Account, including any
Adjustments credited In accordance with Section 3.3, shall be or commence to be distributed to or for the benefit of a Participant (or his designated beneficiary) on the date effectively elected by the Participant in his Participation
Agreement. A Participant may amend his Participation Agreement as to the time of payment only pursuant to Section 5.4 or if the amended Participation Agreement provides for the deferral of the distribution to a date later than the date
previously elected. 
 5.2    Method of Payment of Benefits. The balance of a Participant’s Individual
Account shall be distributed in cash in a single lump sum payment or in substantially equal annual installments over a period of not less than three (3) nor more than twelve (12) years, or in a combination of those two methods, as elected
by a Participant in accordance with the provisions of Section 5.3. 
 5.3    Benefit Payment Elections. 

 

	 	(a)	In order to be effective, a Participant’s election of the time and the method in which his benefits shall be distributed (including benefits which become payable as a result of the Participant’s death as set
forth in Section 5.5) must be made by delivering a Participation Agreement or an amended Participation Agreement to the Committee not later than sixty (60) days prior to the beginning of the Plan Year in which the Participant has elected
to begin receiving his benefits. If the Participant does not elect a time or method of distribution under Section 5.2, or such election is not timely or properly made under this Section 5.3, a Company shall pay the entire benefit at the
time and in the method effectively elected in the most recent Participation Agreement, or if no such effective Participation Agreement exists, in the form of a single lump sum within thirty (30) to sixty (60) days after the first to occur
of the following: 

  

	 	(i)    Disability;	or 

  

	 	(ii)    Attainment	of age sixty-five (65); 

  

	 	(b)	In the event a Participant properly elects and is eligible to receive his Individual Account in the form of installments, the Participant must specify in his written election the number of years over which the
installments are to be distributed. 

  
 5 

	 	(c)	In the event a Participant properly elects and is eligible to receive his Individual Account in a combination of a lump sum and installments, the Participant must specify in his written election the percentage of the
account which will be distributed in a single lump sum and the percentage of the account which will be distributed in installments, including the number of years over which such installments shall be distributed. 

5.4    New Mandatory Benefit Payment Elections. Notwithstanding any provision in this Plan to the contrary, a
Participation Agreement providing an effective election as to the deferral amount and the time and method of payment of benefits under the Plan shall be entered into by all existing Participants and by all directors beginning participation effective
April 1, 1998, prior to April 1, 1998, including all Participants who are no longer actively deferring Fees under the Plan, and such election shall supersede all prior benefit payment elections; provided, however, that if a
Participant’s benefit under the Plan is in pay status before April 1, 1998, pursuant to a prior election, then that Participant may not effectively make a new election and must continue to receive his benefit payments at the time and in
the manner previously elected. If a Participant does not make an effective election as required by this Section 5.4 or pursuant to Section 5.3(a), then his benefit shall be paid at the time and in the manner provided in
Section 5.3(a). 
 5.5    Death of a Participant and Beneficiary Designation. 

 

	 	(a)	Form and Time of Payment. In the event of a Participant’s death prior to tire time his benefits under the Plan commence to be distributed, the balance in his Individual Account shall be paid to his
designated beneficiary in the form elected by the Participant in his most recently filed Participation Agreement. Such distribution shall be made or commence to be made within 60 days of the date of the Participant’s death. If the Participant
has not made an election as to the form in which his benefit under the Plan is to be distributed, or if his election was not timely filed with the Committee or is not in proper form, such benefit shall be paid to the Participant’s designated
beneficiary, in a single lump sum, within sixty (60) days of the date of the Participant’s death. If the Participant dies after distribution of his benefits under the Plan has commenced, his remaining benefit, if any, shall be distributed
in the same form(s) and at the same time(s) as such benefit was being distributed prior to his death, or in a single lump sum, if effectively elected by the Participant in his most recently filed Participation Agreement. Notwithstanding any
provision to the contrary, however, the Committee, in its sole discretion, may approve an accelerated method and time of distribution to said beneficiary or beneficiaries. 

  
 6 

	 	(b)	Designation of Beneficiaries. The Participant may designate a primary and contingent beneficiary or beneficiaries on forms provided by the Committee, which for this purpose may include the Participation
Agreement. Such designation may be changed at any time for any reason by the Participant. If the Participant fails to designate a beneficiary, or if such designation shall for any reason be illegal or ineffective, or if the designated
beneficiary(ies) shall not survive the Participant, his benefits under the Plan shall be paid to his estate. 

 ARTICLE
VI 
 PLAN ADMINISTRATION 

6.1    Administration by the Committee. The Committee shall be responsible for administering the Plan. Except as
Horizon Bancorp shall otherwise expressly determine the Committee shall be charged with the full power and the responsibility for administering the Plan in all its details. 

6.2    Powers and Responsibilities of the Committee. 

 

	 	(a)	The Committee shall have all powers necessary to administer the Plan,, including the power to construe and interpret the Plan documents; to decide all questions relating to an individual’s eligibility to
participate in the Plan; to determine the amount, manner and timing of any distribution of benefits or withdrawal under the Plan; to resolve any claim for benefits in accordance with Section 6.4, and to appoint or employ advisors, including
legal counsel, to render advice with respect to any of the Committee’s responsibilities under the Plan. Any construction, interpretation, or application of the Plan by the Committee shall be final, conclusive and binding. All actions by the
Committee shall be taken pursuant to uniform standards applied to all persons similarly situated. 

  

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

  

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

  
 7 

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

6.3    Liabilities. The Committee shall be indemnified and held harmless by the Companies with respect to any
actual or alleged breach of responsibilities performed or to be performed hereunder. 
 6.4    Claims Procedure.

  

	 	(a)	Filing a Claim. Any Participant or beneficiary under the Plan may file a written claim for a Plan benefit with the Committee or with a person named by the Committee to receive claims under the Plan.

  

	 	(b)	Notice of Denial of Claim. In the event of a denial or limitation of any benefit or payment due to or requested by any Participant or beneficiary under the Plan (“claimant”), the claimant shall be given a
written notification containing specific reasons for the denial or limitation of his benefit. The written notification shall contain specific reference to the pertinent Plan provisions on which the denial or limitation of his benefit is based. In
addition, it shall contain a description of any other material or information necessary for the claimant to perfect a claim, and an explanation of why such material or information is necessary. The notification shall further provide appropriate
information as to the steps to be taken if the claimant wishes to submit his claim for review. This written notification shall be given to a claimant within 90 days after receipt of his claim by the Committee unless special circumstances require an
extension of time for processing the claim. If such an extension of time for processing is required, written notice of the extension shall be furnished to the claimant prior to the termination of said 90-day
period, and such notice shall indicate the special circumstances which make the postponement appropriate. 

  

	 	(c)	 Right of Review. In the event of a denial or limitation of his benefit, the claimant or his duly authorized
representative shall be permitted to review pertinent documents and to submit to the Committee issues and comments in writing. In addition, the claimant or his duly authorized representative may make a written request for a full and fair review of
his claim and its denial by the Committee; provided, however, that such written request 

  
 8 

	 	
must be received by the Committee (or its delegate to receive such requests) within 60 days after receipt by the claimant of written notification of the denial or limitation of the claim. The 60-day requirement may be waived by the Committee in appropriate cases. 

  

	 	(d)	Decision oil Review. A decision shall be rendered by the Committee within 60 days after the receipt of the request for review, provided that where special circumstances require an extension of time for processing the
decision, it may be postponed on written notice to the claimant (prior to the expiration of the initial 60-day period) for an additional 60 days after the receipt of such request for review. Any decision by
the Committee shall be furnished to the claimant in writing and shall set forth the specific reasons for the decision and the specific Plan provisions on which the decision is based. 

 

	 	(e)	Court Action. No Participant or beneficiary shall have the right to seek judicial review of a denial of benefits, or to bring any action in any court to enforce a claim for benefits prior to filing a claim for benefits
or exhausting his rights to review under this Section 6.4. 

 6.5    Income and Employment Tax
Withholding. The Companies shall be responsible for withholding, and the Participant shall agree to such withholdings in his Participation Agreement, from the Participant’s Fees or from the distribution of his benefit under the Plan of all
applicable federal, state, city and local taxes. 
 ARTICLE VII 

AMENDMENT AND TERMINATION 

The Board may amend, suspend or terminate, in whole or in part, the Plan without the consent of the Committee, the Participant, beneficiary or
other person, except that no amendment, suspension or termination shall retroactively impair or otherwise adversely affect (without consent) the rights of a Participant, beneficiary or other person entitled to benefits under the Plan which have
accrued prior to the date of such action, as determined by the Committee in its sole discretion. It is noted, however, that the Participant’s benefits under the Plan constitute mere unsecured claims on the general assets of a Company. In
addition, the Plan will terminate with respect to an individual Company by resolution of the Company’s Board of Directors, provided that 30 days advance written notice is given to the Committee and Horizon Bancorp. 

  
 9 

 ARTICLE VIII 

PARTICIPATION BY AFFILIATES 

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

	 	(a)	a certified copy of a resolution of its Board of Directors to that effect; and 

  

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

Notwithstanding any provision herein to the contrary, Horizon Bank shall automatically be a participating Company as of the effective date of
the restatement of this Plan, April 1,1998. 
 8.2    Horizon Bancorp Action Binding on Other Employers. As
long as Horizon Bancorp is a Company under the Plan, it is empowered to act for any other Company in all matters relating to the Plan or the Committee. 

ARTICLE IX 

GENERAL PROVISIONS 

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

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

9.3    Participant’s Rights; Acquittance. No Participant shall acquire any right to be
retained in an Employer’s employ by virtue of the Plan, nor, upon his dismissal, or upon his voluntary termination of employment, shall he have any right or interest in or to any Plan assets other than as specifically provided herein. 

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

  
 10 

 9.5    Counterparts. TMs Plan may be executed in any number of
counterparts, each of which shall constitute but one and the same instrument and may be sufficiently evidenced by any one counterpart. 

9.6    No Enlargement of Employment Rights. Nothing contained in the Plan shall be construed as a contract of
employment between a Company and any person, nor shall the Plan be deemed to give any person the right to be retained in the employ or as a Director of a Company or limit the right of a Company to employ or discharge any person with or without
cause. 
 9.7    Limitations on Liability. Notwithstanding any of the preceding provisions of the Plan, none of
the Companies, the Committee and each individual acting as an employee or agent of any of them shall be liable to any Participant Director or beneficiary for any claim, loss, liability or expense incurred in connection with the Plan, except when the
same shall have been judicially determined to be due to the gross negligence or willful misconduct of such person. 

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

9.9    Corporate Successors. The Plan shall not be automatically terminated by a transfer or sale of assets of
Horizon Bancorp or by the merger or consolidation of Horizon Bancorp into or with any other corporation or other entity (“Transaction”), but the Plan shall be continued after the Transaction only if and to the extent that the transferee,
purchaser or successor entity agrees to continue the Plan. 
 9.10    Evidence. Evidence required of anyone under
the Plan may be by certificate, affidavit, document or other information which the person relying thereon considers pertinent and reliable, and signed, made or presented by the proper party or parties. 

9.11    Action by a Company. Any action required of or permitted by a Company under the Plan shall be by resolution
of its Board of Directors or, for Horizon Bancorp, by resolution of the Board or the Committee or by a person or persons authorized by resolution of the Board or the Committee. 

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

  
 11 

 SIGNATURES 

IN WITNESS WHEREOF, Horizon Bancorp, by its officers thereunder duly authorized, have caused this Horizon Bancorp Directors Deferred
Compensation Plan to be executed this 19th day of December, 1997, effective April 1, 1998. 
  

									
		 		  		 	HORIZON BANCORP
					
		 		  		 	By:	 	 /s/ Thomas P. McCormick

		 		  		 	Title:	 	 President

	ATTEST:	  		 		 	

  

									
	By:	 	 /s/ Diana E. Taylor
	 		 		 	
	Title:	 	 Chief Financial Officer
	 		 		 	

  
 12 

 HORIZON BANCORP 

Amendment 
 to 

Horizon Bancorp 

Directors Deferred Compensation Plan 

(As Amended and Restated Effective April 1, 1998) 

WHEREAS, Horizon Bancorp (the “Company”) maintains the Horizon Bancorp Directors Deferred Compensation Plan
(as Amended and Restated effective April 1, 1998) (the “Plan”); 
 WHEREAS, pursuant to Article VII of
the Plan, the Board of Directors of the Company (the “Board”) has reserved the right to amend the Plan; 

WHEREAS, the Board has determined to amend the Plan to clarify that the assets of a grantor trust used for the Plan may be
distributed in common stock of the Company; and 
 WHEREAS, the Board has authorized such amendment to the Plan as set forth
below; 
 NOW, THEREFORE, pursuant to Article VII of the Plan, the Company hereby amends the Plan, effective
December 19, 2017, by deleting Section 5.2 in its entirety and replacing it with the following: 
 “Section 5.2 Method
of Payment of Benefits. The balance of a Participant’s Individual Account shall be distributed in cash, Common Stock, or a combination of both, at the discretion of the Company, with cash to be distributed in a single lump sum payment or in
substantially equal annual installments over a period of not less than three (3) nor more than twelve (12) years, or in a combination of those two methods, as elected by a Participant in accordance with the provisions of
Section 5.3.” 
 IN WITNESS WHEREOF, the undersigned officers of the Company have
caused this Amendment to be executed this 19th day of December, 2017. 
  

							
	 	 	 	 	 	 	 /s/ Craig M. Dwight

	 	 	 	 	 	 	 Craig M. Dwight, Chairman and
 Chief
Executive Officer

	Attest	 		 	

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

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