<SEC-DOCUMENT>0000908834-17-000079.txt : 20170426
<SEC-HEADER>0000908834-17-000079.hdr.sgml : 20170426
<ACCEPTANCE-DATETIME>20170426150947
ACCESSION NUMBER:		0000908834-17-000079
CONFORMED SUBMISSION TYPE:	DEFA14A
PUBLIC DOCUMENT COUNT:		4
FILED AS OF DATE:		20170426
DATE AS OF CHANGE:		20170426
EFFECTIVENESS DATE:		20170426

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HORIZON BANCORP /IN/
		CENTRAL INDEX KEY:			0000706129
		STANDARD INDUSTRIAL CLASSIFICATION:	NATIONAL COMMERCIAL BANKS [6021]
		IRS NUMBER:				351562417
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		DEFA14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-10792
		FILM NUMBER:		17783882

	BUSINESS ADDRESS:	
		STREET 1:		515 FRANKLIN SQUARE
		CITY:			MICHIGAN CITY
		STATE:			IN
		ZIP:			46360
		BUSINESS PHONE:		2198790211

	MAIL ADDRESS:	
		STREET 1:		515 FRANKLIN SQUARE
		CITY:			MICHIGAN CITY
		STATE:			IN
		ZIP:			46360

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CITIZENS MICHIANA FINANCIAL CORP
		DATE OF NAME CHANGE:	19861021
</SEC-HEADER>
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<TYPE>DEFA14A
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">SCHEDULE 14A INFORMATION</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Check the appropriate box:</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 14pt; FONT-FAMILY: 'Times New Roman', Times, serif; FONT-WEIGHT: bold; TEXT-ALIGN: center">HORIZON BANCORP</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: center">(Name of Registrant as Specified in Its Charter)</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Payment of Filing Fee (Check the appropriate box):</div>

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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">April 26, 2017</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dear Valued Shareholders,</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">On March 13, 2017, we filed the proxy statement for Horizon Bancorp&#8217;s 2017 annual meeting of shareholders scheduled for May 4, 2017.&#160; In the proxy statement, our board of directors unanimously recommends a vote &#8220;FOR&#8221; the election of four director nominees listed in the proxy statement as Proposal 1.&#160; ISS Proxy Advisory Services (&#8220;ISS&#8221;) has<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font> however, recommended that its clients vote &#8220;against&#8221; the election of three of the four directors, Daniel Hopp, Steven Reed and James Dworkin, solely because of a provision in our articles of incorporation stating that our bylaws can only be amended by the directors<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Under a new 2017 policy, ISS considers any restriction on bylaw amendments by shareholders to be a &#8220;material governance failure.&#8221; In its Proxy Analysis and Benchmarking Policy Voting Recommendations report on Horizon issued only days ago on April 21, 2017, ISS stated it was recommending a vote against directors Daniel Hopp, James Dworkin and Steven Reed because of this issue. We assume that ISS made such a recommendation with respect to all three of these directors since our entire Board of Directors normally considers corporate governance issues. We also note that other shareholder advisory services, such as Glass Lewis, do not have such a policy, and have recommended a vote &#8220;For&#8221; all of our director nominees.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Horizon&#8217;s articles of incorporation, which have been previously approved by the shareholders, reflect the statutory default under Indiana law, which provides that only an Indiana corporation&#8217;s board of directors may amend or repeal the corporation&#8217;s bylaws. Indiana has had this statutory default for over 80 years, since at least 1929. As a result, Horizon firmly believes that we have not diminished shareholders&#8217; rights under Indiana state law in any way, because shareholders do not have the right under Indiana law to amend the bylaws as a statutory default.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Furthermore, there are many provisions in our bylaws that deal with various procedural and administrative matters, such as meetings of our committees and the issuance of our stock (among others), and if these provisions were amended in ways that didn&#8217;t have Horizon&#8217;s or the shareholders&#8217; best interests in mind, it would likely be very disruptive to the operations of Horizon and effective corporate governance.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Horizon strongly believes that our board membership reflects skills, leadership, experience and diversity not typically found in a community bank of our size<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font> and therefore<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font> we believe not to elect any of the aforementioned directors would be significantly detrimental to Horizon and would not further good corporate governance.&#160; I would encourage you to read our proxy statement to gain further insight into the skills and unique experiences of each director up for election.</div>

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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">We encourage you to vote &#8220;FOR&#8221; all directors under Proposal 1 of this year&#8217;s proxy statement for the following reasons:</div>

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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">We firmly believe that we have not diminished shareholders&#8217; rights under state law in any way, because shareholders do not have the right under Indiana law to amend the bylaws as a statutory default.</div>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Horizon&#8217;s directors provide a unique set of skills, experience, diversity and talent that is not commonly found in a community bank of our size.</div>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Horizon has a strong independent lead director &#8211; who is up for election &#8211; Daniel Hopp.&#160; He is the retired General Counsel of Whirlpool Corporation, which is an experience uncommon for community bank board members.</div>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">A vote against the three directors would deprive Horizon of the skill and experience necessary to maintain an effective Board</div>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Dan Hopp &#8211; Dan is Horizon&#8217;s Lead Director. He is the retired SVP, Corporate Affairs and General Counsel Whirlpool Corporation, a Fortune 500 company<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></div>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Steve Reed &#8211; Partner with the accounting firm of BGBC Partners, LLP, Indianapolis, Indiana.&#160;&#160; Steve is Horizon&#8217;s Audit Committee Chair and Financial Expert &#8211; his area of expertise is in financial forensic audits and business valuations<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></div>
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<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 54pt">c.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">James Dworkin &#8211; Chancellor Emeritus Purdue University North Central with a background in Industrial Relations.&#160; In addition, Mr. Dworkin is heavily engaged in the local not for profit organizations and has a pulse on the local community.</div>
</td>
</tr>
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</div>

<div>
<table id="z11a24a664eea4a07af8c973ed707ada4" class="DSPFListTable" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">5.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Horizon has a meaningful stock ownership requirement for our Board and executive management team<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font> and therefore<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font> we believe we are aligned with shareholders&#8217; interests<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">.</font></div>
</td>
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</div>

<div>
<table id="z007a8856047f41a082bc9c718ac43815" class="DSPFListTable" style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; WIDTH: 100%" cellspacing="0" cellpadding="0">
<tr>
<td style="WIDTH: 36pt; VERTICAL-ALIGN: top; align: right">
<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left; MARGIN-LEFT: 18pt">6.</div>
</td>
<td style="WIDTH: auto; VERTICAL-ALIGN: top">
<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Horizon&#8217;s stock performance has historically outperformed the major market indices for ten, five and one year time periods. We believe this outstanding performance is due<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font> in large part<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif">,</font> to the tenured directors that ISS now suggests a negative vote against.</div>
</td>
</tr>
</table>
</div>
</div>

<div>&#160;</div>

<div style="MARGIN-BOTTOM: 10pt"><br>
</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">OUR BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT YOU VOTE &#8220;FOR&#8221; THE ELECTION OF ALL FOUR DIRECTOR NOMINEES TO OUR BOARD OF DIRECTORS.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Thank you for your continued support and loyalty to Horizon.</div>

<div style="MARGIN-BOTTOM: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left"><img src="image00003.jpg"></div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Craig M. Dwight</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Times New Roman', Times, serif; TEXT-ALIGN: left">Chairman and Chief Executive Officer</div>
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