Kerber Lynn 4

What Happened

• Lynn Kerber, Executive Vice President & Chief Consumer Banking Officer of Horizon Bancorp (HBNC), was granted 4,128 restricted shares on March 17, 2026 (transaction code A). The shares show an acquisition price of $0 in the filing because they were granted as restricted stock.
• On March 18, 2026, 450 shares were surrendered/withheld to satisfy tax withholding obligations (transaction code F) at $15.71 per share, for a reported value of $7,070.

Key Details

• Transaction dates and amounts:
  • 2026-03-17: Grant of 4,128 restricted shares (A) — acquisition price reported as $0.
  • 2026-03-18: 450 shares withheld for taxes (F) at $15.71 each; total $7,070 reported as disposed.
• Vesting/conditions: 4,128-share award vests in three equal installments — 1,376 shares on each of March 17, 2027, 2028, and 2029 (footnote F1).
• Adjustment: The award amount was adjusted to reflect additional shares allocated after the last ownership report (footnote F2).
• Shares owned after transaction: Not disclosed in the filing.
• Filing timeliness: Form filed 2026-03-20. The March 18 withholding appears to be reported within two business days; the March 17 grant appears to have been reported one business day late based on the typical two-business-day Form 4 deadline.

Context

• This was a restricted stock grant, not an open-market purchase or exercise of options. Restricted awards typically vest over time (here, three annual vesting dates) and are often issued as part of compensation.
• The 450-share disposition is a tax-withholding event (common when restricted shares vest or are delivered) and does not necessarily signal a voluntary sale by the insider.