Business Context and Reporting Period
This Form 8-K Current Report was filed by Horizon Bancorp, Inc. (NASDAQ: HBNC) on March 4, 2026. The report discloses a material corporate governance event involving the elimination of an executive position and the subsequent departure of a senior officer.
Key Financial Metrics
The filing does not provide specific financial data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. This report focuses exclusively on personnel changes and associated compensatory arrangements.
Material Changes
- Position Elimination: The position of Chief Administration Officer for both Horizon Bancorp, Inc. and its subsidiary, Horizon Bank, has been eliminated, effective March 31, 2026.
- Executive Departure: Mark E. Secor, Executive Vice President and Chief Administration Officer, will depart the Company on March 31, 2026, to pursue other business opportunities.
- Reason for Departure: The departure is not related to any disagreement regarding financial, accounting, or other matters.
Compensatory Arrangements and Risks
In connection with Mr. Secor's departure, the Company expects to enter into a general release of claims and confidentiality statement. The severance package includes:
- Severance Pay: One week of pay for each full year of service based on the weekly rate of compensation in effect on the departure date, capped at a maximum of 13 weeks.
- Bonus Payment: Payment of an accrued cash bonus under the 2026 Executive Officer Bonus Plan, pro-rated to March 31, 2026, payable at target.
- Conditions: Mr. Secor has seven days to revoke acceptance of the release; the agreement becomes effective after this period if not revoked.
The filing includes standard forward-looking statement disclaimers regarding risks such as interest rate volatility, inflation, credit losses, cybersecurity threats, and regulatory changes.
Investor Verification Checklist
- Verify the exact tenure of Mark E. Secor to calculate the precise severance payout (capped at 13 weeks).
- Confirm the pro-rated bonus amount under the 2026 Executive Officer Bonus Plan.
- Review the Company's subsequent filings to identify the interim or permanent replacement for the Chief Administration Officer role.
- Monitor future 10-Q or 10-K filings for any impact on operating expenses related to this executive transition.