<SEC-DOCUMENT>0002077096-25-000174.txt : 20251023
<SEC-HEADER>0002077096-25-000174.hdr.sgml : 20251023
<ACCEPTANCE-DATETIME>20251023160141
ACCESSION NUMBER:		0002077096-25-000174
CONFORMED SUBMISSION TYPE:	S-4
PUBLIC DOCUMENT COUNT:		18
FILED AS OF DATE:		20251023
DATE AS OF CHANGE:		20251023

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			HORIZON BANCORP INC /IN/
		CENTRAL INDEX KEY:			0000706129
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		ORGANIZATION NAME:           	02 Finance
		EIN:				351562417
		STATE OF INCORPORATION:			IN
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		S-4
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-291029
		FILM NUMBER:		251412999

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	HORIZON BANCORP /IN/
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	CITIZENS MICHIANA FINANCIAL CORP
		DATE OF NAME CHANGE:	19861021
</SEC-HEADER>
<DOCUMENT>
<TYPE>S-4
<SEQUENCE>1
<FILENAME>ea0261879-s4_horizon.htm
<DESCRIPTION>REGISTRATION STATEMENT
<TEXT>
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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">As filed with the Securities and Exchange Commission on October 23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">Registration
No. 333-_________</P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 0pt; margin-bottom: 0pt; width: 100%"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>___________________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">FORM S-4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>REGISTRATION STATEMENT<BR>
UNDER THE SECURITIES ACT OF 1933</B></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>HORIZON BANCORP, INC.</B><BR>
(Exact Name of Registrant as Specified in its Charter)</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indiana</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>6022</B></FONT></TD>
    <TD STYLE="width: 2%; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>35-1562417</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or Other Jurisdiction of<BR>
 Incorporation or Organization)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Primary Standard Industrial<BR>
 Classification Code Number)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(IRS Employer <BR>
Identification Number)</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>515 Franklin Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Michigan City, Indiana 46360<BR>
(219) 879-0211</B><BR>
(Address, Including Zip Code, and Telephone Number, Including Area Code, of Registrant&rsquo;s Principal Executive Offices)</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Todd A. Etzler<BR>
    EVP, Chief Legal and Risk Officer &amp; Corporate Secretary<BR>
    515 Franklin Street</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Michigan City, Indiana 46360<BR>
    (219) 879-0211</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name, Address, Including Zip Code, and Telephone
Number, Including Area Code, of Agent for Service)</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Copies to:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Charlie Goode</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><B>Warner Norcross + Judd LLP</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><B>150 Ottawa Avenue NW, Suite 1500</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><B>Grand Rapids, Michigan 49503-2487</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; font-size: 10pt"><B>(616) 752-2000</B></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Approximate date of commencement
of proposed sale of the securities to the public: As soon as practicable after this Registration Statement becomes effective.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the se<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">curities
being registered on this form are being offered in connection with the formation of a holding company and there is compliance with General
Instruction G, check the following box:&nbsp;&nbsp;&#9744;</FONT></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, check the following
box and list the Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, check the following box and list the
Securities Act registration statement number of the earlier effective registration statement for the same offering.&nbsp;&nbsp;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Indicate by check mark whether
the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging
growth company. See the definitions of &ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer,&rdquo; &ldquo;smaller reporting company,&rdquo;
and &ldquo;emerging growth company&rdquo; in Rule 12b-2 of the Exchange Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 51%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer&nbsp;&#9744;</FONT></TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 41%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer&nbsp;&nbsp; <FONT STYLE="font-family: Wingdings">&thorn;</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-accelerated&nbsp;filer&nbsp;&nbsp;&#9744;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Smaller reporting company&nbsp;&nbsp;&#9744;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging Growth Company&nbsp;&nbsp; &#9744;</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If an emergi<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">ng
growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any
new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of the Securities Act.&nbsp;&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
applicable, place an X in the box to designate the appropriate rule provision relied upon in conducting this transaction:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; width: 60%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    Act Rule 13e-4(i) (Cross-Border Issuer Tender Offer)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exchange
    Act Rule 14d-1(d) (Cross-Border Third-Party Tender Offer)</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 0pt">&#9744;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>THE REGISTRANT HEREBY AMENDS THIS REGISTRATION
STATEMENT ON SUCH DATE OR DATES AS MAY BE NECESSARY TO DELAY ITS EFFECTIVE DATE UNTIL THE REGISTRANT SHALL FILE A FURTHER AMENDMENT WHICH
SPECIFICALLY STATES THAT THIS REGISTRATION STATEMENT SHALL THEREAFTER BECOME EFFECTIVE IN ACCORDANCE WITH SECTION 8(A) OF THE SECURITIES
ACT OF 1933 OR UNTIL THE REGISTRATION STATEMENT SHALL BECOME EFFECTIVE ON SUCH DATE AS THE COMMISSION, ACTING PURSUANT TO SAID SECTION
8(A), MAY DETERMINE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 7pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>




<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<DIV STYLE="padding: 3pt; border: Black 1.5pt solid">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: Red"><B>The information in
this prospectus is not complete and may be changed. We may not complete the exchange offer and these securities may not be issued until
the registration statement filed with the Securities and Exchange Commission is effective. This prospectus does not constitute an offer
to sell or the solicitation of offers to buy these securities in any jurisdiction where the offer or sale is not permitted<FONT STYLE="font-size: 7pt">&nbsp;</FONT></B></FONT></P>

</DIV>

<P STYLE="font: 5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Red">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="color: Red"><B>PRELIMINARY &mdash;
SUBJECT TO COMPLETION &mdash; DATED OCTOBER 23, 2025</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0in">PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="image_001.jpg" ALT=""></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OFFER TO EXCHANGE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UP TO $100,000,000 IN AGGREGATE PRINCIPAL AMOUNT
OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7.00% FIXED-TO-FLOATING RATE SUBORDINATED NOTES
DUE 2035</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THAT HAVE BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED,</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FOR ANY AND ALL OUTSTANDING UNREGISTERED</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7.00% FIXED-TO-FLOATING RATE SUBORDINATED NOTES
DUE 2035</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>The exchange offer will
expire at 5:00 p.m. Eastern time on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], unless extended</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Horizon Bancorp, Inc. (&ldquo;<B>Horizon</B>&rdquo;
or the &ldquo;<B>Company</B>&rdquo;) is offering to exchange 7.00% Fixed-to-Floating Rate Subordinated Notes due 2035 that have been registered
under the Securities Act of 1933, as amended (&ldquo;<B>Securities Act</B>&rdquo;), which we refer to in this prospectus as the &ldquo;New
Notes,&rdquo; for any and all of our outstanding unregistered 7.00% Fixed-to-Floating Rate Subordinated Notes due 2035 that we issued in
a private placement on August 29, 2025, which we refer to in this prospectus as the &ldquo;Old Notes.&rdquo; Horizon is making this offer
to exchange the New Notes for the Old Notes to satisfy our obligations under a registration rights agreement that we entered into with
the purchasers of the Old Notes in connection with our issuance of the Old Notes to those purchasers.</P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Horizon will not receive any
cash proceeds from the exchange offer. The issuance of the New Notes in exchange for the Old Notes will not result in any increase in
our outstanding indebtedness. Old Notes that are not exchanged for New Notes in the exchange offer will remain outstanding. The exchange
offer is not subject to any minimum tender condition, but is subject to certain customary conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon expiration of the exchange
offer, Horizon will exchange Old Notes that have been validly tendered and not validly withdrawn prior to such expiration for an equal
principal amount of New Notes. The terms of the New Notes are identical in all material respects to the terms of the Old Notes, except
that: (1) the New Notes will be registered with the Securities and Exchange Commission (&ldquo;<B>SEC</B>&rdquo;) under the Securities Act
and, as a result, will not bear any legend restricting their transfer; (2) the New Notes will bear a different CUSIP number and ISIN number
from the Old Notes; (3) the New Notes will not generally be subject to transfer restrictions; (4) holders of the New Notes will not be
entitled to registration rights under the registration rights agreement that we entered into with the purchasers of the Old Notes; and
(5) because the holders of the New Notes will not be entitled to registration rights, holders of the New Notes will not have the right
to additional interest under the circumstances described in that registration rights agreement relating to our fulfillment of our registration
obligations. Following fulfillment of our registration obligations, the accrual of any such additional interest on the Old Notes will
cease as well. The New Notes evidence the same debt as the Old Notes and are governed by the same indenture under which the Old Notes
were issued.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Notes are a new issue
of securities with no established trading market, and we do not expect any public market to develop in the future for the New Notes. The
Old Notes are not listed on any national securities exchange or quotation system, and we do not intend to apply for listing of the New
Notes on any national securities exchange or quotation system.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise provided
in this prospectus, you may validly withdraw your tender of Old Notes at any time prior to 5:00 p.m. Eastern Time on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], the expiration
date of the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any broker-dealer that holds
Old Notes acquired for its own account as a result of market-making activities or other trading activities and that receives New Notes
for its own account pursuant to the exchange offer may be a statutory underwriter and must acknowledge that it will deliver a prospectus
meeting the requirements of the Securities Act in connection with any resale of such New Notes. A broker-dealer that acquired Old Notes
because of market-making or other trading activities may use this prospectus, as supplemented or amended from time to time, in connection
with resales of the New Notes for a period of 180 days after the completion of the exchange offer. See &ldquo;<I>Plan of Distribution</I>&rdquo;
on page 39.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Investing in our securities
involves certain risks. See &ldquo;Risk Factors&rdquo; beginning on page 13, as well as the risk factors contained in our Annual Report
on Form 10-K for the year ended December 31, 2024, and in the other reports filed by us with the SEC and incorporated by reference into
this prospectus. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt"></FONT></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B>Neither the SEC nor any
state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense. The securities are not savings accounts, deposits or obligations of any bank
and are not insured by the Federal Deposit Insurance Corporation (&ldquo;FDIC&rdquo;) or any other governmental agency.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">This prospectus is dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 7pt">&nbsp;</FONT></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">TABLE OF CONTENTS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt; width: 91%"><B><A HREF="#a_001">ABOUT THIS PROSPECTUS</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; width: 9%; vertical-align: bottom"><B>1</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt"><B><A HREF="#a_002">WHERE YOU CAN FIND MORE INFORMATION</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>2</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt"><B><A HREF="#a_003">INCORPORATION OF CERTAIN INFORMATION BY REFERENCE</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>3</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt"><B><A HREF="#a_004">CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>4</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt"><B><A HREF="#a_005">SUMMARY</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>6</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_006">Horizon bancorp, inc.</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>6</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_007">Summary of the Exchange Offer</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>7</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_008">Summary of the New Notes</A></B></TD>
    <TD STYLE="padding: 5pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>10</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 0pt 0pt 0in"><B><A HREF="#a_009">RISK FACTORS</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>13</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt"><B><A HREF="#a_010">USE OF PROCEEDS</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>16</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 0pt 0pt"><B><A HREF="#a_011">THE EXCHANGE OFFER</A></B></TD>
    <TD STYLE="padding: 5pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>17</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_012">General</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>17</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_013">Registration Rights Agreement</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>18</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_014">Eligibility; Transferability</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>18</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_015">Expiration of the Exchange Offer; Extensions; Amendments</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>19</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_016">Conditions</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>19</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_017">Procedures for Tendering Old Notes</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>20</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_018">Representations</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>22</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_019">Withdrawal of Tenders</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>22</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_020">Exchange Agent</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>23</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_021">Fees and Expenses</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>23</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_022">Accounting Treatment</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>23</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_023">Consequences of Failure to Exchange</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>23</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_024">Additional Information Regarding the Registration Rights Agreement</A></B></TD>
    <TD STYLE="padding: 5pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>24</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 0pt 0pt"><B><A HREF="#a_025">DESCRIPTION OF THE NOTES</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>25</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_026">General</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>25</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_027">Principal, Maturity and Interest</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>25</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_028">Effect of Benchmark Replacement</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>26</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_029">Definitions Relating to the Determination of a Floating Interest Rate</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>26</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_030">Determination and Decisions</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>29</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_031">Interest Payments</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>29</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_032">Subordination</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>29</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_033">Redemption</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>31</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_034">Repurchases</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>32</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_035">No Sinking Fund; Non-Convertible</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>32</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_036">Form, Denomination, Transfer, Exchange and Book-Entry Procedures</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>32</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_037">Indenture Covenants</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>34</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_038">Events of Default; Right of Acceleration; Failure to Pay Principal or Interest</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>34</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_039">Amendment, Supplement and Waiver</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>35</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_040">Satisfaction and Discharge of the Indenture; Defeasance</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>36</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_041">The Trustee</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>37</B></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 3pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_042">No Personal Liability of Shareholders, Employees, Officers, Directors or Exchange Agent</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>37</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 0pt 0pt 0.125in; font-variant: small-caps"><B><A HREF="#a_043">Governing Law</A></B></TD>
    <TD STYLE="padding: 5pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>37</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 5pt 0pt 0pt"><B><A HREF="#a_044">MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES</A></B></TD>
    <TD STYLE="padding: 3pt 0pt 0pt; text-align: center; vertical-align: bottom"><B>38</B></TD></TR>

</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; width: 91%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B><BR STYLE="clear: both">
</B></FONT><B><A HREF="#a_045">PLAN OF DISTRIBUTION</A></B></TD>
    <TD STYLE="padding-top: 3pt; text-align: center; width: 9%; vertical-align: bottom"><B>39</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt"><B><A HREF="#a_046">LEGAL MATTERS</A></B></TD>
    <TD STYLE="padding-top: 3pt; text-align: center; vertical-align: bottom"><B>39</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt"><B><A HREF="#a_047">EXPERTS</A></B></TD>
    <TD STYLE="padding-top: 3pt; text-align: center; vertical-align: bottom"><B>39</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt"><B><A HREF="#a_048">PART II INFORMATION NOT REQUIRED IN PROSPECTUS</A></B></TD>
    <TD STYLE="padding-top: 5pt; text-align: center; vertical-align: bottom"><B>II-1</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 5pt; font-variant: small-caps; padding-left: 0.125in"><B><A HREF="#a_049">Item 20. Indemnification of directors and officers</A></B></TD>
    <TD STYLE="padding-top: 3pt; text-align: center; vertical-align: bottom"><B>II-1</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; font-variant: small-caps; padding-left: 0.125in"><B><A HREF="#a_050">Item 21. EXHIBITS AND FINANCIAL STATEMENTS</A></B></TD>
    <TD STYLE="padding-top: 3pt; text-align: center; vertical-align: bottom"><B>II-1</B></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 3pt; font-variant: small-caps; padding-left: 0.125in"><B><A HREF="#a_051">Item 22. UNDERTAKINGS</A></B></TD>
    <TD STYLE="padding-top: 3pt; text-align: center; vertical-align: bottom"><B>II-1</B></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_001"></A>ABOUT THIS PROSPECTUS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
a registration statement on Form S-4 (the &ldquo;<B>registration statement</B>&rdquo;) that we have filed with the SEC under the Securities
Act. This prospectus does not contain all the information set forth in the registration statement, certain parts of which are omitted
in accordance with the rules and regulations of the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are providing this prospectus
to holders of Old Notes in connection with our offer to exchange Old Notes for New Notes (the &ldquo;<B>exchange offer</B>&rdquo;). We are
not making the exchange offer to, nor will we accept tenders for exchange from, holders of Old Notes in any jurisdiction in which the
exchange offer or the acceptance of the exchange offer would not be in compliance with the securities or blue sky laws of such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should rely only on the
information contained or incorporated by reference into this prospectus and in the accompanying letter of transmittal filed by us with
the SEC. We have not authorized any other person to provide you with any other information regarding the exchange offer. If anyone provides
you with information that is different or inconsistent, you should not rely on it. You should not assume that any information contained
in or incorporated by reference into this prospectus is accurate as of any date other than the date of the applicable document that contains
such information. Our business, financial condition, results of operations, and prospects may have changed since such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You should not consider any
information in this prospectus to be investment, legal or tax advice. You should consult your own counsel, accountant, and other advisors
for legal, tax, business, financial and related advice regarding the exchange offer and ownership of these securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise indicated
or the context otherwise requires, as used in this prospectus, the terms &ldquo;we,&rdquo; &ldquo;us,&rdquo; &ldquo;our,&rdquo; &ldquo;Horizon,&rdquo;
or the &ldquo;Company&rdquo; refer to Horizon Bancorp, Inc. and its consolidated subsidiaries, and the term the &ldquo;Bank&rdquo; refers
to Horizon Bank, the wholly owned subsidiary of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_002"></A>WHERE YOU CAN FIND MORE
INFORMATION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Horizon is subject to the
reporting requirements of the Securities Exchange Act of 1934, as amended (the &ldquo;<B>Exchange Act</B>&rdquo;), and therefore we file
annual, quarterly and current reports, proxy statements, and other documents with the SEC. Our SEC filings are available on the SEC&rsquo;s
website at www.sec.gov. We also maintain a website at www.horizonbank.com.
Copies of certain information filed by us with the SEC are also available on our website at www.horizonbank.com
in the section headed &ldquo;<I>About Us &ndash; Investor Relations &ndash; Financials &ndash; SEC Filings</I>.&rdquo; The reference to
our website is not intended to be an active link and the information on, or that can be accessed through, our website is not, and you
must not consider the information to be, a part of this prospectus or any other filings we make with the SEC. See &ldquo;<I>Incorporation
of Certain Information by Reference</I>&rdquo; on page 3 for more information on documents incorporated by reference into this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus is part of
the registration statement and does not contain all of the information in the registration statement. The registration statement, including
the exhibits thereto and the documents incorporated by reference therein, contains additional relevant information about us, the New Notes
and the exchange offer. You may request a copy of these filings, at no cost, by contacting us at the following address or telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">Horizon
Bancorp, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attention: Todd A. Etzler, Chief Legal and Risk
Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">515 Franklin Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Michigan City, Indiana 46360</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Telephone: (219) 879-0211</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>To ensure timely delivery of any requested information,
holders of the Old Notes must make any request no later than [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], which is five business days before the expiration date of the exchange
offer, or, if we decide to extend the expiration date of the exchange offer, no later than five business days before such extended expiration
date. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_003"></A>INCORPORATION OF CERTAIN
INFORMATION BY REFERENCE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The SEC allows us to &ldquo;incorporate
by reference&rdquo; in this prospectus the information in other documents that we file with the SEC, which means that we can disclose important
information to you by referring you to those documents. The information incorporated by reference is considered to be part of this prospectus
and should be read with the same care. When we update the information contained in documents that have been incorporated by reference,
by making future filings with the SEC, the information incorporated by reference into this prospectus is considered to be automatically
updated and superseded. In other words, in all cases, if you are considering whether to rely on information contained in this prospectus
or information incorporated by reference into this prospectus, you should rely on the information contained in the document that was filed
later. We incorporate by reference (other than any information furnished to, rather than filed with, the SEC, unless expressly stated
otherwise therein) the documents listed below, which are considered to be a part of this prospectus:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our annual report on <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000036/hbnc-20241231.htm">Form 10-K</A> for the fiscal year ended December 31, 2024, filed with the SEC on March
14, 2025;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our quarterly report on <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000085/hbnc-20250331.htm">Form 10-Q</A> for the quarter ended March 31, 2025, filed with the SEC on May 8, 2025;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our quarterly report on <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000135/hbnc-20250630.htm">Form 10-Q</A> for the quarter ended June 30, 2025, filed with the SEC on August 11,
2025;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Our Current Reports on Form 8-K filed on <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000006/hbnc-20250122.htm">January
                                                                                                              22, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000011/hbnc-20250226.htm">February 26, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000055/hbnc-20250318.htm">March
                                                                                                              19, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000073/hbnc-20250415.htm">April 17, 2025</A> (as
                                                                                                              amended on <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000075/hbnc-20250415.htm">April 17, 2025</A>), <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000081/hbnc-20250501.htm">May
                                                                                                              2, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000094/hbnc-20250520.htm">May 23, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000124/hbnc-20250617.htm">June
                                                                                                              18, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000207709625000039/ea0254230-8k_horizon.htm">August 22,
                                                                                                              2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000207709625000094/ea0254779-8k_horizon.htm">August 29, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000157/hbnc-20250915.htm">September
                                                                                                              15, 2025</A>, <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000159/hbnc-20250916.htm">September 17, 2025</A>, and <A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000164/hbnc-20251010.htm">October 14, 2025</A>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-weight: normal">We
are also incorporating by reference all other documents that we subsequently file with the SEC pursuant to Sections 13(a), 13(c), 14 or
15(d) of the Exchange Act, (1) after the date of the initial registration statement and prior to the effectiveness of the registration
statement and (2) after the date of the effectiveness of the registration statement and prior to the date that is 180 days following the
expiration date of the exchange offer. </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may obtain a copy of any
or all of the documents incorporated by reference into this prospectus (other than an exhibit to a document unless that exhibit is specifically
incorporated by reference into that document) from the SEC through the SEC&rsquo;s website at www.sec.gov. You also may obtain these documents
at no cost by visiting our website at www.horizonbank.com, or by requesting them in writing or by telephone at the following address or
telephone number:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><FONT STYLE="font-weight: normal">Horizon
Bancorp, Inc.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attention: Todd A. Etzler, Chief Legal and Risk
Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">515 Franklin Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Michigan City, Indiana 46360</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">Telephone: (219) 879-0211</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_004"></A>CAUTIONARY NOTE&nbsp;REGARDING
FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This prospectus contains forward-looking
statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act with respect to Horizon and the
Bank. The Company intends such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained
in the Private Securities Reform Act of 1995, and is including this statement for the purposes of these safe harbor provisions. Statements
in this report should be considered in conjunction with the other information available about Horizon, including the information in the
other filings we make with the SEC. The forward-looking statements are based on management&rsquo;s expectations and are subject to a number
of risks and uncertainties. We have tried, wherever possible, to identify such statements by using words such as &ldquo;anticipate,&rdquo;
&ldquo;expect,&rdquo; &ldquo;estimate,&rdquo; &ldquo;project,&rdquo; &ldquo;intend,&rdquo; &ldquo;plan,&rdquo; &ldquo;believe,&rdquo;
&ldquo;could,&rdquo; &ldquo;will&rdquo; and similar expressions in connection with any discussion of future operating or financial performance.
Although management believes that the expectations reflected in such forward&ndash;looking statements are reasonable, actual results may
differ materially from those expressed or implied in such statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Actual results may differ
materially, adversely or positively, from the expectations of the Company that are expressed or implied by any forward-looking statement.
Risks, uncertainties, and factors that could cause the Company&rsquo;s actual results to vary materially from those expressed or implied
by any forward-looking statement include but are not limited to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">effects on Horizon&rsquo;s business resulting from new U.S. domestic or foreign governmental trade measures,
including but not limited to tariffs, import and export controls, foreign exchange intervention accomplished to offset the effects of
trade policy or in response to currency volatility, and other restrictions on free trade;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">uncertain conditions within the domestic and international macroeconomic environment, including trade
policy, monetary and fiscal policy, and conditions in the investment, credit, interest rate, and derivatives markets, and their impact
on Horizon and its customers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">current financial conditions within the banking industry;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the level and volatility of interest rates, spreads on earning assets and interest bearing
liabilities, and interest rate sensitivity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the aggregate effects of elevated inflation levels in recent years;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">loss of key Horizon personnel;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">macroeconomic conditions and their impact on Horizon and its customers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the increasing use of Bitcoin and other crypto currencies and/or stable coin and the possible impact these
alternative currencies may have on deposit disintermediation and income derived from payment systems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">risks related to the development and use of artificial intelligence (AI);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the effect of interest rates on net interest rate margin and their impact on mortgage loan volumes and
the outflow of deposits;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">increases in disintermediation, as new technologies allow consumers to complete financial transactions
without the assistance of banks;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential loss of fee income, including interchange fees, as new and emerging alternative payment platforms
(e.g., Apple Pay or Bitcoin) take a greater market share of payment systems;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">estimates of fair value of certain of Horizon&rsquo;s assets and liabilities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">volatility and disruption in financial markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in prepayment speeds, loan originations, credit losses and market values, collateral securing
loans and other assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in sources of liquidity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">potential risk of environmental liability related to lending and acquisition activities;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in the competitive environment in Horizon&rsquo;s market areas and among other financial service
providers;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">legislation and/or regulation affecting the financial services industry as a whole, and Horizon and its
subsidiaries in particular;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in regulatory supervision and oversight, including monetary policy and capital requirements;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">changes in accounting policies or procedures as may be adopted and required by regulatory agencies;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">litigation, regulatory enforcement, tax, and legal compliance risk and costs, as applicable generally
and specifically to the financial and fiduciary (generally and as an ESOP fiduciary) environment, especially if materially different from
the amount we expect to incur or have accrued for, and any disruptions caused by the same;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the effects and costs of governmental investigations or related actions by third parties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">rapid technological developments and changes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the risks presented by cyber terrorism and data security breaches;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the rising costs of effective cybersecurity;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">containing costs and expenses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the ability of the U.S. federal government to manage federal debt limits;</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 72px; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 24px; font-size: 10pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">the potential influence on the U.S. financial markets and economy from the effects of climate change and social justice initiatives;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the risks of expansion through mergers and acquisitions, including unexpected credit quality problems
with acquired loans, difficulty integrating acquired operations and material differences in the actual financial results of such transactions
compared with Horizon&rsquo;s initial expectations, including the full realization of anticipated cost savings; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">acts of terrorism, war and global conflicts, such as the Russia-Ukraine conflict and continued unrest
in the Middle East, and the potential impact they may have on supply chains, the availability of commodities, commodity prices, and the
overall U.S. and global financial markets.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The foregoing list of important
factors is not exclusive, and you are cautioned not to place undue reliance on these forward-looking statements, which speak only as of
the date of this document or, in the case of documents incorporated by reference, the dates of those documents. Except as required by
applicable law or regulation, we do not undertake to update any forward-looking statements, whether written or oral, that may be made
from time to time by us or on our behalf. For a detailed discussion of the risks and uncertainties that may cause our actual results or
performance to differ materially from the results or performance expressed or implied by forward-looking statements, see &ldquo;<I>Risk
Factors</I>&rdquo; in Item 1A of Part I of our 2024 Annual Report on Form 10&ndash;K, and in the subsequent reports we file with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_005"></A>SUMMARY</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>This summary highlights
selected information appearing elsewhere in, or incorporated by reference into, this prospectus and is therefore qualified in its entirety
by the more detailed information appearing elsewhere in, or incorporated by reference into, this prospectus. This summary may not contain
all of the information that may be important to you or that you should consider in deciding to exchange your Old Notes for New Notes.
We urge you to read carefully this entire prospectus and the other documents to which it refers to understand fully the terms of the New
Notes and the exchange offer. You should pay special attention to the sections entitled &ldquo;Risk Factors&rdquo; beginning on page 13
and &ldquo;Cautionary Note Regarding Forward-Looking Statements&rdquo; beginning on page 4.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_006"></A>Horizon Bancorp, Inc.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Headquartered in Michigan
City, Indiana, Horizon Bancorp, Inc. (&ldquo;<B>Horizon</B>&rdquo; or the &ldquo;<B>Company</B>&rdquo;) is a registered financial holding
company that operates through its wholly owned subsidiary, Horizon Bank (&ldquo;<B>Horizon Bank</B>&rdquo; or the &ldquo;<B>Bank</B>&rdquo;).
Horizon Bank was founded in 1873 as a national association, and it remained a national association until its conversion to an Indiana
state-chartered commercial bank effective June 23, 2017. The Bank has wholly-owned direct and indirect subsidiaries: Horizon Investments,
Inc. (&ldquo;<B>Horizon Investments</B>&rdquo;), Horizon Properties, Inc. (&ldquo;<B>Horizon Properties</B>&rdquo;), Horizon Insurance Services,
Inc. (&ldquo;<B>Horizon Insurance</B>&rdquo;), Horizon Grantor Trust, Wolverine Commercial Holdings, LLC., Horizon Advancement Corp. (&ldquo;<B>Horizon
Advancement</B>&rdquo;), HB Community Development Corp. (&ldquo;<B>Horizon CDC</B>&rdquo;) and Horizon PWM Withholding LLC (&ldquo;<B>Horizon
PWM</B>&rdquo;). Horizon Investments manages the investment portfolio of the Bank. Horizon Properties manages the real estate investment
trust. Horizon Insurance is used by the Company&rsquo;s Wealth Management to sell certain life insurance products through a third party.
Horizon Grantor Trust holds title to certain company owned life insurance policies. Wolverine Commercial Holdings, LLC held real estate
that has been sold and does not otherwise engage in significant business activities. Horizon Advancement invests in tax credit projects.
Horizon CDC invests in community development and welfare projects. Horizon PWM is a disregarded entity used for filing and managing withholding
taxes withheld by Horizon Bank&rsquo;s wealth management department.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company&rsquo;s business is
primarily concentrated in a single industry segment, commercial banking. The Bank provides full-service commercial and retail banking
services, corporate and individual trust and agency services and other services incident to banking in and around northwestern, northeastern,
and central Indiana, and southern and central Michigan. These services include time, savings, and demand deposits, and safe deposit services.
Loans, both commercial and consumer, are extended primarily on a secured basis to corporations, partnerships and individuals. Commercial
lending covers such categories as finance and insurance, construction, manufacturing, healthcare and education. The Bank&rsquo;s consumer loan
departments make mortgage loans, home equity loans and lines of credit, and auto loans to consumers. In addition, the Bank offers trust
and wealth management services. The Bank maintains 71 full-service branches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As of June 30, 2025, we had
total assets of $7.65 billion, gross loans held for investment of $4.99 billion and total deposits of $5.70 billion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are regulated by the FDIC,
the Federal Reserve Board, the Indiana Department of Financial Institutions, and other regulatory agencies. See the section entitled &ldquo;Regulation
and Supervision&rdquo; in our Annual Report on Form 10-K for the year ended December 31, 2024 for more information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our principal executive office
is located at 515 Franklin Street, Michigan City, Indiana 46360, and our telephone number is (219) 879-0211. Our common stock is traded
on the NASDAQ Global Select Market under the symbol &ldquo;HBNC.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Additional information about
the Company and its subsidiaries may be found in the documents incorporated by reference into this prospectus. See &ldquo;<I>Where You
Can Find More Information</I>&rdquo; on page 2 for additional information.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>




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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_007"></A>Summary of the Exchange Offer</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following provides a summary
of certain terms of the exchange offer. See &ldquo;<I>The Exchange Offer</I>&rdquo; beginning on page 17 for a more complete description
of the exchange offer and &ldquo;<I>Description of the Notes</I>&rdquo; beginning on page 25 for a more complete description of the terms
of the Old Notes and New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Old Notes&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$100,000,000 in aggregate principal amount of 7.00% Fixed-to-Floating Rate Subordinated Notes due 2035.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>New Notes&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Up to $100,000,000 in aggregate principal amount of 7.00% Fixed-to-Floating Rate Subordinated Notes due 2035 that have terms that are identical in all material respects to the terms of the Old Notes, except that: (1) the New Notes will be registered with the SEC under the Securities Act and, as a result, will not bear any legend restricting their transfer; (2) the New Notes will bear a different CUSIP number and ISIN number from the Old Notes; (3) the New Notes will generally not be subject to transfer restrictions; (4) holders of the New Notes will not be entitled to registration rights under the registration rights agreement that we entered into with the initial purchasers of the Old Notes or otherwise; and (5) because the holders of the New Notes will not be entitled to registration rights, holders of the New Notes will not have the right to additional interest under the circumstances described in the registration rights agreement relating to our fulfillment of our registration obligations.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exchange Offer&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are offering to exchange the Old Notes for a like principal amount of New Notes. Subject to the terms of the exchange offer, following the expiration or termination of the exchange offer, we will exchange Old Notes that have been validly tendered and not validly withdrawn prior to such expiration or termination for an equal principal amount of New Notes.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Expiration Date&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The exchange offer will expire at 5:00 p.m. Eastern Time, on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], unless extended (the &ldquo;<B>expiration date</B>&rdquo;).</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Withdrawal Rights</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Old Notes Issued in Book-Entry Form</I></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You may withdraw the book-entry tender of your Old Notes at any time before the expiration date. For a withdrawal of tendered Old Notes issued in book-entry form to be effective, the exchange agent must receive, on or prior to 5:00 p.m. Eastern Time on the expiration date, a computer-generated notice of withdrawal, transmitted by Depository Trust Company (&ldquo;<B>DTC</B>&rdquo;), on your behalf in accordance with the appropriate procedures of DTC&rsquo;s &ldquo;Automated Tender Offer Program,&rdquo; or ATOP. See &ldquo;<I>The Exchange Offer&thinsp;-&thinsp;Withdrawal of Tenders</I>&rdquo; on page 22.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Certificated Old Notes</I><B>&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">You may withdraw the certificated tender of your Old Notes at any time before the expiration date. For a withdrawal of tendered Old Notes issued in certificated form (&ldquo;<B>Certificated Old Notes</B>&rdquo;), the exchange agent must receive a written notice of withdrawal prior to 5:00 p.m. Eastern Time, on the expiration date. See &ldquo;<I>The Exchange Offer &ndash; Withdrawal of Tenders</I>&rdquo; on page 22.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Conditions to Exchange Offer&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The exchange offer is subject to customary conditions, which we may waive. See &ldquo;<I>The Exchange Offer &ndash; Conditions</I>&rdquo; on page 19.&nbsp;</FONT></TD></TR>
  </TABLE>
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</DIV>

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<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Procedures for Tendering Old Notes</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 64%; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Old Notes Issued in Book-Entry Form</I></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$92.0 million of the Old Notes were issued in book-entry form, and are currently represented by global certificates held for the account of DTC, as depositary, or its nominee. Accordingly, DTC is treated as the registered holder of such Old Notes and will be the only entity that can tender such Old Notes for New Notes. In order to participate in the exchange offer, you must follow the procedures established by DTC for tendering your Old Notes held in book-entry form. These ATOP procedures require that, prior to the expiration date of the exchange offer, (i) DTC receives (a) your instructions to exchange your Old Notes and (b) your agreement to be bound by the terms of the accompanying letter of transmittal, and (ii) the exchange agent receives a computer generated message known as an &ldquo;agent&rsquo;s message&rdquo; that is transmitted through ATOP. Please note that by using the ATOP procedures to tender and exchange Old Notes, you will be bound by the terms of the accompanying letter of transmittal, and you will be deemed to have made the acknowledgments and representations it contains. See &ldquo;<I>The Exchange Offer&thinsp;-&thinsp;Eligibility; Transferability</I>&rdquo; on page 18 and &ldquo;<I>The Exchange Offer&thinsp;-&thinsp;Representations</I>&rdquo; on page 22.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><I>Certificated Old Notes</I></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$8.0 million of the Old Notes are Certificated Old Notes. For any Old Notes that are in certificated form and that are registered in the initial purchaser&rsquo;s name, each beneficial holder of an Old Note must transmit a properly completed and duly executed letter of transmittal, the certificated note, and all other documents required by the letter of transmittal to the exchange agent, at its address listed under &ldquo;<I>The Exchange Offer&thinsp;-&thinsp;Exchange Agent</I>&rdquo; on page 23. Please note that by signing, or agreeing to be bound by, the letter of transmittal, you will be making a number of important representations to us. See &ldquo;<I>The Exchange Offer&thinsp;-&thinsp;Eligibility; Transferability</I>&rdquo; on page 18 and &ldquo;<I>The Exchange Offer&thinsp;-&thinsp;Representations</I>&rdquo; on page 22.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>United States Federal Income Tax Considerations&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The exchange of Old Notes for New Notes in the exchange offer generally should not constitute a taxable event for United States federal income tax purposes. See &ldquo;<I>Material United States Federal Income Tax Considerations</I>&rdquo; on page 38. &nbsp;You should consult your own tax advisor as to the tax consequences of exchanging your Old Notes for New Notes. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Registration Rights&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under the terms of the registration rights agreement that we entered into with the initial purchasers of the Old Notes at the time we issued the Old Notes, we agreed to register the New Notes and undertake the exchange offer. The exchange offer is intended to satisfy the rights of holders of Old Notes under that registration rights agreement. After the exchange offer is completed, we will have no further obligations, except under certain limited circumstances, to provide for any exchange or undertake any further registration with respect to the Old Notes. </FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

</DIV>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Transferability</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 64%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based on existing interpretations of the Securities Act by the staff of the SEC, we believe that you may offer for resale, resell or otherwise transfer the New Notes without complying with the registration and prospectus delivery requirements of the Securities Act, provided that:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%; text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify; width: 56%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you are acquiring the New Notes in the ordinary course of business;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you do not have an arrangement or understanding with any person to participate in any distribution (within the meaning of the Securities Act) of the New Notes;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you are not an &ldquo;affiliate&rdquo; of ours within the meaning of Rule 405 under the Securities Act;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you are not a broker-dealer registered under the Exchange Act, and you are not engaged in, nor is any such person engaged in, and do not intend to engage in, any distribution (within the meaning of the Securities Act) of the New Notes; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">you are not acting on behalf of any person who could not truthfully make these statements.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 64%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our belief that transfers of New Notes would be
    permitted without complying with the registration and prospectus delivery requirements of the Securities Act under the conditions described
    above is based on interpretations by the staff of the SEC given to other, unrelated issuers in similar exchange offers. The staff of the
    SEC has not considered the exchange offer in the context of a no-action letter, and we cannot assure you that the staff of the SEC would
    make a similar interpretation with respect to the exchange offer. If our belief is not accurate and you transfer a New Note without complying
    with the registration and prospectus delivery requirements of the Securities Act or without an exemption from such requirements, you may
    incur liability under the Securities Act. We do not and will not assume, or indemnify you against, any such liability. See &ldquo;<I>Risk
    Factors&thinsp;-&thinsp;Risks Related to the Exchange Offer</I>&rdquo; beginning on page 13.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Any broker-dealer that holds Old Notes acquired
    for its own account as a result of market-making activities or other trading activities and that receives New Notes for its own account
    pursuant to the exchange offer may be a statutory underwriter and must acknowledge that it will deliver a prospectus meeting the requirements
    of the Securities Act in connection with any resale of such New Notes. See &ldquo;<I>Plan of Distribution</I>&rdquo; on page 39.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Consequences of Failing to Exchange Old Notes&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any Old Notes that are not exchanged in the exchange offer will continue to be governed by the same indenture under which the Old Notes were issued. Old Notes that are not exchanged will remain subject to the restrictions on transfer described in the Old Notes, and you will not be able to offer, sell, pledge or otherwise transfer the Old Notes, except under an exemption from the registration requirements of the Securities Act or unless the Old Notes are registered under the Securities Act. If you do not participate in the exchange offer, the liquidity of your Old Notes could be adversely affected. See &ldquo;<I>Risk Factors&thinsp;-&thinsp;Risks Related to the Exchange Offer</I>&rdquo; on page 13 and &ldquo;<I>The Exchange Offer - Consequences of Failure to Exchange</I>&rdquo; on page 23.&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Use of Proceeds&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">We will not receive any cash proceeds from the exchange of Old Notes for New Notes as a result of the exchange offer. We will pay all expenses incident to the exchange offer. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Cancellation of Exchanged Old Notes</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Old Notes that are surrendered in exchange for New Notes will be retired and cancelled and will not be reissued. Accordingly, the issuance of the New Notes under the exchange offer will not result in any increase in our outstanding indebtedness. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Exchange Agent&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wilmington Trust, National Association, is serving as the exchange agent for the exchange offer. See &ldquo;<I>The Exchange Offer - Exchange Agent</I>&rdquo; on page 23 for the address, telephone number, and email address of the exchange agent. </FONT></TD></TR>
  </TABLE>
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</DIV>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><A NAME="a_008"></A>Summary of the New Notes</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following provides a summary
of certain terms of the New Notes. The New Notes have terms that are identical in all material respects to the terms of the Old Notes,
except that: (1) the New Notes will be registered with the SEC under the Securities Act and, as a result, will not bear any legend restricting
their transfer; (2) the New Notes will bear a different CUSIP number and ISIN number from the Old Notes; (3) the New Notes will generally
not be subject to transfer restrictions; (4) holders of the New Notes will not be entitled to registration rights under the registration
rights agreement that we entered into with the initial purchasers of the Old Notes; and (5) because the holders of the New Notes will
not be entitled to registration rights, holders of the New Notes will not have the right to additional interest under the circumstances
described in the registration rights agreement relating to our fulfillment of our registration obligations. The New Notes will evidence
the same debt as the Old Notes and will be governed by the same indenture under which the Old Notes were issued. See &ldquo;<I>Description
of the Notes</I>&rdquo; on page 25 for a more complete description of the terms of the New Notes. References in this prospectus to the
&ldquo;notes&rdquo; include both the Old Notes and the New Notes unless otherwise indicated or the context otherwise requires. Unless otherwise
indicated or the context otherwise requires, as used in this summary, &ldquo;we,&rdquo; &ldquo;our,&rdquo; &ldquo;us&rdquo; and the &ldquo;Company&rdquo;
refer only to Horizon Bancorp, Inc. and not to any of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt; width: 30%">
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"></P>
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Issuer &nbsp;</B></P></TD>
    <TD STYLE="padding: 0pt; width: 1%">&nbsp;</TD>
    <TD STYLE="padding: 0pt; width: 69%; text-align: justify; font-size: 10pt">Horizon Bancorp, Inc. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Securities&nbsp;</B></P></TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">7.00% Fixed-to-Floating Rate Subordinated Notes due 2035.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Aggregate Principal Amount &nbsp;</B></P></TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">Up to $100,000,000. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Maturity Date&nbsp;</B></P></TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">September 15, 2035, unless previously redeemed. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Form and Denomination </B></P>
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">The New Notes will be issued only in fully registered form without interest coupons, in minimum denominations of $100,000 and any integral multiple of $1,000 in excess thereof. Unless otherwise required for institutional accredited investors, the New Notes will be evidenced by a global note deposited with the trustee for the New Notes, as custodian for DTC, and transfers of beneficial interests will be facilitated only through records maintained by DTC and its participants.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Interest Rate and Interest Rate Payment Dates
During Fixed Rate Period&nbsp;</B></P></TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">7.00% per annum, from and including August 29, 2025 to, but excluding September 15, 2030 (the &ldquo;<B>Fixed Rate Period</B>&rdquo;) payable semiannually in arrears on September 15 and March 15 of each year, beginning March 15, 2026.</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Interest Rate and Interest Rate Payment Dates During Floating Rate
    Period </B></P>
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">From and including September 15, 2030, to, but excluding, the maturity date or early redemption date (the &ldquo;<B>Floating Rate Period</B>&rdquo;), the interest rate shall reset quarterly to an interest rate per annum equal to a benchmark rate that is expected to be the then current Three-Month Term Secured Overnight Financing Rate (&ldquo;<B>SOFR</B>&rdquo;), as published by the Federal Reserve Bank of New York (provided, however, that in the event Three-Month Term SOFR is less than zero, Three-Month Term SOFR shall be deemed to be zero), plus 360 basis points, payable quarterly in arrears on March 15, June 15, September 15, and December 15 of each year, beginning December 15, 2030. If Three-Month Term SOFR cannot be determined on a given date, a different index shall be determined and used in accordance with the terms of the New Notes. </TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Day Count Convention </B></P>
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt">
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">During the Fixed Rate Period: 30-day month/360-day
    year.</P>
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify">During the Floating Rate Period: 360-day year
    and the number of actual days elapsed.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding: 0pt">
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>Record Dates </B></P>
    <P STYLE="text-indent: 0pt; font: 10pt Times New Roman, Times, Serif; margin: 0pt"><B>&nbsp;</B></P></TD>
    <TD STYLE="padding: 0pt">&nbsp;</TD>
    <TD STYLE="padding: 0pt; text-align: justify; font-size: 10pt">Each interest payment will be made to the holders of record who held the New Notes at the close of business on the first calendar day prior to the applicable interest payment date. </TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

</DIV>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Subordination; Ranking&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 69%; text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The New Notes will be our general unsecured, subordinated obligations and:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 3%; text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="width: 60%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will rank junior in right of payment and upon our liquidation to our existing and future &ldquo;senior indebtedness&rdquo; (as defined below);</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will rank equally in right of payment and upon our liquidation with our existing and future indebtedness, the terms of which provide that such indebtedness ranks equally with promissory notes, bonds, debentures and other evidences of indebtedness of types that include the New Notes;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will rank senior in right of payment and upon our liquidation to any indebtedness, the terms of which provide that such indebtedness ranks junior to promissory notes, bonds, debentures and other evidences of indebtedness of types that include the New Notes; and</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">will be effectively subordinated to all of the existing and future indebtedness, deposits and other liabilities of the Bank and our other current and future subsidiaries.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 69%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">As of June 30, 2025, the Company and its subsidiaries had, in the aggregate, outstanding total liabilities, including debt and deposits, of $6.8 billion. Included in this amount, as of June 30, 2025, the Company had $55.8 million of indebtedness that would rank senior to or equal in right of payment with the New Notes (other than the Old Notes), and $57.6 million of indebtedness that would rank subordinate to the New Notes. See &ldquo;<I>Description of the Notes&thinsp;-&thinsp;Subordination</I>&rdquo; on page 29.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Optional Redemption&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company may, at its option, beginning with the interest payment date of September 15, 2030, but not prior thereto (except upon the occurrence of certain events specified below), and on any scheduled interest payment date thereafter, redeem the New Notes, in whole or in part, subject to obtaining the prior approval of the Federal Reserve Board to the extent such prior approval is then required under the capital adequacy rules of the Federal Reserve Board, at a redemption price equal to 100% of the principal amount of the New Notes to be redeemed plus any accrued and unpaid interest to, but excluding, the date of redemption. Any partial redemption will be made pro rata among all of the noteholders (such redemption to be considered a &ldquo;Pro Rata Pass-Through of Principal&rdquo; for purpose of a redemption processed through DTC). The New Notes will not be subject to redemption at the option of the noteholders, and there is no sinking fund for the New Notes. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Special Event Redemption&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The New Notes may not be redeemed prior to September 15, 2030, except that the Company may redeem the New Notes at any time, at its option, in whole but not in part, subject to obtaining the prior approval of the Federal Reserve Board to extent such prior approval is then required under the capital adequacy rules of the Federal Reserve Board, if (i) a subsequent event occurs that precludes the New Notes from being recognized as Tier 2 capital for regulatory capital purposes, (ii) a change or prospective change in law occurs that could prevent the Company from deducting interest payable on the New Notes for U.S. federal income tax purposes, or (iii) the Company is required to register as an investment company under the Investment Company Act of 1940, as amended, in each case, at a redemption price equal to 100% of the principal amount of the New Notes plus any accrued and unpaid interest to, but excluding, the redemption date. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>No Limitations on Indebtedness&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The terms of the New Notes do not limit the amount of additional indebtedness the Company, the Bank or any of our respective subsidiaries may incur or the amount of other obligations ranking senior or equal to the New Notes that we may incur. </FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

</DIV>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Limited Indenture Covenants&nbsp;</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: justify; width: 69%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The indenture governing the New Notes contains no financial covenants requiring us to achieve or maintain any minimum financial results relating to our financial position or results of operations or meet or exceed any financial ratios as a general matter or in order to incur additional indebtedness or obligations or to maintain any reserves. Moreover, neither the indenture nor the New Notes contain any covenants prohibiting us from, or limiting our right to, grant liens on our assets to secure our indebtedness or other obligations that are senior in right of payment to the New Notes, to repurchase our stock or other securities, including any of the New Notes, or to pay dividends or make other distributions to our shareholders (except, subject to certain limited exceptions, the Company is prohibited from declaring or paying any dividends or distributions on, or redeeming, purchasing, acquiring, or making a liquidation payment with respect to, any of the Company&rsquo;s capital stock, making any payment of principal or interest or premium, if any, on or repaying, repurchasing or redeeming any debt securities of the Company that rank equal with or junior to the notes, or making any payments under any guarantee that ranks equal with or junior to the notes, in each case, upon our failure to make any required payment of principal or interest on the notes). </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Listing; No Public Market&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The New Notes are a new issue of securities with no established trading market, and we do not expect any public market to develop in the future for the New Notes. The Old Notes are not listed on any national securities exchange or quotation system and we do not intend to apply for listing of the New Notes on any national securities exchange or quotation system. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Risk Factors</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">See &ldquo;<I>Risk Factors</I>&rdquo; beginning on page 13 of this prospectus, as well as the sections entitled &ldquo;Risk Factors&rdquo; in our annual and quarterly reports filed with the SEC, and other information included in or incorporated by reference into this prospectus for a discussion of factors you should consider carefully before deciding to participate in the exchange offer. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Trustee&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wilmington Trust, National Association, or its successor if replaced in accordance with the applicable provisions of the indenture. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Governing Law&nbsp;</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The indenture and the New Notes are governed by and will be construed in accordance with the laws of the State of New York.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</DIV>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_009"></A>RISK FACTORS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><I>In addition to the other
information contained in or incorporated by reference into this prospectus, including the matters addressed under &ldquo;Cautionary Note
Regarding Forward-Looking Statements&rdquo; and the matters discussed under &ldquo;Risk Factors&rdquo; and &ldquo;Management&rsquo;s Discussion
and Analysis of Financial Condition and Results of Operations&rdquo; in our Annual Report on Form 10-K for the year ended December 31,
2024 and Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, and any updates to those risk factors and other matters set
forth in our subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K, all of which have been or will be filed with the
SEC and are incorporated by reference herein, you should carefully consider the following risks in deciding whether to participate in
the exchange offer. See &ldquo;Where You Can Find More Information&rdquo; on page 2. If any of the risks contained in or incorporated by
reference into this prospectus develop into actual events, our business, financial condition, liquidity, results of operations and prospects
could be materially and adversely affected, the value of the New Notes could decline, our ability to repay the New Notes may be impaired
and you may lose all or part of your investment.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to our Business</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For a discussion of certain
risks applicable to our business and operations, see the section entitled &ldquo;Risk Factors&rdquo; in our Annual Report on Form 10-K for
the year ended December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the Exchange Offer</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>If you do not tender your Old Notes, you
will continue to hold unregistered Old Notes, and your ability to transfer Old Notes will be adversely affected.&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you do not exchange your
Old Notes for New Notes in the exchange offer, you will continue to be subject to the restrictions on transfer of your Old Notes described
in the legend on the global certificates for the Old Notes. The restrictions on transfer of the Old Notes arose because we issued the
Old Notes in a private placement not subject to registration under the Securities Act or applicable state securities laws. In general,
you may only offer or sell the Old Notes if they are registered under the Securities Act and applicable state securities laws, or you
offer and sell under an exemption from these requirements. We do not plan to register any sale of the Old Notes under the Securities Act.
Additionally, the tender of Old Notes under the exchange offer by other holders will reduce the principal amount of the Old Notes outstanding,
which may have an adverse effect upon, and increase the volatility of, the market price of any Old Notes that remain outstanding (should
such a market develop), due to a reduction in liquidity. See &ldquo;<I>The Exchange Offer - Consequences of Failure to Exchange</I>&rdquo;
on page 23.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>You may not receive New Notes in the exchange
offer if you do not properly follow the exchange offer procedures.&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will issue New Notes in
exchange for your Old Notes only if you validly tender and do not validly withdraw your Old Notes before expiration of the exchange offer.
Although we intend to request the exchange agent to notify holders of defects or irregularities relating to tenders and withdrawals of
Old Notes, neither we, the exchange agent nor any other person will have any duty or incur any liability for failure to give such notification.
If you are the beneficial holder of Old Notes that are held through your broker, dealer, commercial bank, trust company or other nominee,
and you wish to tender such Old Notes in the exchange offer, you should promptly contact the person through whom your Old Notes are held
and instruct that person to tender your Old Notes on your behalf in accordance with the procedures described in this prospectus and the
accompanying letter of transmittal. Old Notes that are not tendered or that are tendered but not accepted for exchange will, following
consummation of the exchange offer, continue to be subject to the existing transfer restrictions under the Securities Act, and upon consummation
of the exchange offer, certain registration and other rights under the registration rights agreement that we entered into with the initial
purchasers of the Old Notes will terminate. See &ldquo;<I>The Exchange Offer&thinsp;-&thinsp;Procedures for Tendering Old Notes</I>&rdquo;
on page 20 and &ldquo;<I>The Exchange Offer&thinsp;-&thinsp;Consequences of Failure to Exchange</I>&rdquo; on page 23.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Some holders who exchange their Old Notes
may be deemed to be underwriters, and these holders will be required to comply with additional requirements under the Securities Act.&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based on interpretations of
the Securities Act by the staff of the SEC contained in certain no-action letters issued to other parties, we believe that you, or any
other person receiving New Notes, may offer for resale, resell or otherwise transfer the New Notes without complying with the registration
and prospectus delivery requirements of the Securities Act. Our belief that transfers of New Notes would be permitted without registration
or prospectus delivery under the conditions described above is based on interpretations by the staff of the SEC given to other, unrelated
issuers in similar exchange offers. The staff of the SEC has not considered the exchange offer in the context of a no-action letter, and
we cannot assure you that the staff of the SEC would make a similar interpretation with respect to the exchange offer. Additionally, in
some instances described in this prospectus under &ldquo;<I>Plan of Distribution</I>,&rdquo; certain holders of New Notes will remain obligated
to comply with the registration and prospectus delivery requirements of the Securities Act to resell the New Notes. If any such holder
transfers any New Notes without delivering a prospectus meeting the requirements of the Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">Act or without an applicable exemption
from registration under the Securities Act, such holder may incur liability under the Securities Act. We do not and will not assume, or
indemnify any such holder or other person against, such liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Risks Related to the Notes</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>The amount of interest payable on the notes
will vary during the Floating Rate Period.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The interest rate of the notes
will be calculated based on the Secured Overnight Financing Rate (&ldquo;<B>SOFR</B>&rdquo;) during the Floating Rate Period. As SOFR is
a floating rate, the interest rate on the notes will vary during the Floating Rate Period. During this period, the notes will bear a floating
interest rate set each quarterly interest period at a per annum rate equal to the Benchmark rate (which is expected to be Three-Month
Term SOFR) plus a to-be-determined spread equal to a stated amount of basis points. Floating rate debt securities bear additional significant
risks not associated with fixed rate debt securities, including fluctuation of interest rates and the possibility that you will receive
an amount of interest that is lower than expected. We have no control over a number of matters, including economic, financial, and political
events, that are important in determining the existence, magnitude, and longevity of market volatility and other risks and their impact
on the value of, or payments made on, the floating rate notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Changes in SOFR could adversely affect the
amount of interest that accrues on the SOFR-linked notes and the trading prices for the SOFR-linked notes. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because SOFR is published
by the Federal Reserve Bank of New York (&ldquo;<B>FRBNY</B>&rdquo;) based on data received from other sources, we have no control over
its determination, calculation or publication. There can be no assurance that SOFR will not be discontinued or fundamentally altered in
a manner that is materially adverse to the interests of investors in the SOFR-linked notes. If the manner in which SOFR is calculated
is changed, that change may result in a change in the amount of interest that accrues on the SOFR-linked notes, which may adversely affect
the trading prices of the SOFR-linked notes. There is no assurance that changes in SOFR could not have a material adverse effect on the
yield on, value of and market for the SOFR-linked notes. In addition, the interest rate on the SOFR-linked notes for any day will not
be adjusted for any modification or amendment to SOFR for that day that FRBNY may publish if the interest rate for that day has already
been determined before such publication. Further, if the Benchmark rate on the SOFR-linked notes for any interest period declines to zero
or becomes negative, then the Benchmark rate for such interest period will be deemed to be zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Our obligations under the notes will be
unsecured and subordinated to any senior indebtedness. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notes will be general
unsecured, subordinated obligations of Horizon. Accordingly, they will be junior in right of payment to any of our existing and future
senior indebtedness. The notes will rank equally with all of our other existing and future subordinated indebtedness, including any subordinated
indebtedness issued in the future. In addition, the notes will be structurally subordinated to any existing and future liabilities and
obligations, including deposits, of our current and future subsidiaries, including the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because the notes will not
be secured by any of our assets, the notes will be effectively subordinated to all of our secured indebtedness to the extent of the value
of the collateral securing such indebtedness. Holders of notes may not be fully repaid in the event of our bankruptcy, liquidation, reorganization
or default on our senior indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The notes will not be obligations of, or insured
or guaranteed by, the FDIC, any other governmental agency or the Bank and will be structurally subordinated to all liabilities of the
Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notes will be obligations
of Horizon only and will not be obligations of, or guaranteed or insured by, the FDIC, any other governmental agency, or the Bank. The
notes will be structurally subordinated to all existing and future indebtedness and other liabilities and obligations of the Bank, which
means that creditors of the Bank (including its depositors) generally will be paid from the Bank&rsquo;s assets before holders of the
notes would have any claims to those assets. Furthermore, the Bank is under no obligation to make payments to us, and any payments to
us would depend on the earnings or financial condition of the Bank and various business considerations. Statutory, contractual or other
restrictions also limit the Bank&rsquo;s ability to pay dividends or make distributions, loans or advances to us. For these reasons, we
may not have access to any assets or cash flows of the Bank to make interest and principal payments on the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We are a holding company with limited operations,
and depend on the Bank for the funds required to make payments on the notes. Our access to funds from the Bank may become limited, thereby
restricting our ability to make payments on the notes. </I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Horizon is a separate and
distinct legal entity from the Bank. Our principal sources of funds to make payments on the notes and our other obligations are dividends,
distributions and other payments from the Bank. Our ability to receive dividends from the Bank is contingent on a number of factors, including
the Bank&rsquo;s ability to meet applicable regulatory capital requirements, the Bank&rsquo;s profitability and earnings, and the general
strength of its balance sheet. Accordingly, we can provide no assurance that we will receive dividends or other distributions from the
Bank in an amount sufficient to make interest and principal payments on the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I></I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Your ability to transfer the notes may
be limited by the absence of an active trading market, and there is no assurance that any active trading market will develop for the
notes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no established public
market for the notes, and we cannot assure you that an active trading market for the notes will develop. If no active trading market develops,
you may not be able to resell the notes at their fair market value or at all. We do not intend to apply for listing the notes on any securities
exchange. In addition, limitations on the transfer of the notes may be imposed under applicable federal and state securities laws. Future
trading prices and liquidity of the notes will depend on many factors, including, among other things, prevailing interest rates, our operating
results, our financial condition and the market for similar securities. We cannot assure you as to the development or liquidity of any
trading market for the notes or that you will be able to sell your notes at a particular time or the price that you receive when you sell
will be favorable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>In the event we redeem the notes before
maturity, you may not be able to reinvest your principal at the same or a higher rate of return.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may redeem the notes, in
whole or in part, and without premium or penalty, at any time five years after the date of issuance, subject to certain conditions. You
should assume that we will exercise our redemption option if we are able to obtain capital at a lower cost than we must pay on the notes
or if it is otherwise in our interest to redeem the notes. We may also redeem the notes, in whole or in part, and without premium or penalty,
upon the occurrence of certain events at any time, including within the first five years after the date of issuance. There can be no assurance
that the proceeds from the redemption of a notes can be reinvested in other securities having terms, interest rates, and investment risks
similar to the redeemed notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>As a holder of the notes, you will not be
entitled to any rights with respect to our capital stock.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you hold notes, you will
not be entitled to any rights with respect to our capital stock (including, without limitation, voting rights and rights to receive any
dividends or other distributions on our capital stock) by virtue of holding notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Holders of the notes will have no say over
our management and affairs.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our officers and directors
will make all decisions with respect to our management. Holders of the notes have no right or power to take part in our management. Prospective
investors will be entirely reliant on our officers and directors to effectively manage our business so that we may meet our debt obligations
when they fall due.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Holders of the notes are not protected in
the event of a material adverse change in our financial condition or results of operations and there is limited covenant protection in
the notes and the indenture.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The covenants in the notes
and the indenture are limited and do not protect holders of notes in the event of a material adverse change in our financial condition
or results of operations. Payments of principal of the notes can be accelerated only in accordance with the terms and conditions contained
in the notes and the indenture. The notes and the indenture do not contain any provisions which restrict us from incurring, assuming or
becoming liable with respect to any indebtedness or other obligations, whether secured or unsecured, including indebtedness which will
rank senior to the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notes and the indenture
do not contain any financial ratios or specified levels of liquidity to which we must adhere. In addition, the notes and the indenture
do not contain any provisions which require us to repurchase, redeem, or modify the terms of the notes upon any events involving the Company
which may adversely affect our creditworthiness. Therefore, neither the covenants nor the other provisions of the notes and the indenture
should be a significant factor in evaluating whether we will be able to comply or will comply with our obligations under the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>We will be able to incur additional debt,
which could result in a further increase of our leverage and thereby have an adverse effect on our ability to pay our obligations under
the notes.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of the notes and
the indenture do not and will not prohibit us from incurring additional debt. We may seek to raise additional capital in the future, which
could be in the form of senior debt or additional subordinated debt. If we do incur more debt, the related risks that we would face with
an increase in leverage could result in an adverse effect on our ability to pay our obligations under the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_010"></A>USE OF PROCEEDS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The exchange offer is intended
to satisfy our obligations under the registration rights agreement that we entered into with the initial purchasers of the Old Notes.
We will not receive any cash proceeds from the exchange offer. In consideration for issuing the New Notes as contemplated by this prospectus,
we will receive a like principal amount in exchange of the Old Notes. Old Notes that are surrendered in exchange for New Notes will be
retired and cancelled and will not be reissued. Accordingly, the issuance of the New Notes under the exchange offer will not result in
any increase in our outstanding indebtedness. Subject to certain exceptions, we will pay all expenses incident to the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_011"></A>THE EXCHANGE OFFER</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_012"></A><B>General</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">In
connection with the issuance of the Old Notes on August 29, 2025, we entered into a registration rights agreement with the initial purchasers
of the Old Notes, which provides for the exchange offer we are making pursuant to this prospectus. The exchange offer will permit eligible
holders of Old Notes to exchange their Old Notes for New Notes that are identical in all material respects with the Old Notes, except
that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the New Notes will be registered with the SEC under the Securities Act and, as a result, will not bear
any legend restricting their transfer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the New Notes will bear a different CUSIP number and ISIN number from the Old Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the New Notes will generally not be subject to transfer restrictions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">holders of the New Notes will not be entitled to registration rights under the registration rights agreement
or otherwise; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in; background-color: white"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">because the New Notes will not be entitled to registration rights, holders of the New Notes will not have
the right to additional interest under the circumstances described in the registration rights agreement relating to our fulfillment of
our registration obligations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
New Notes will evidence the same debt as the Old Notes. Holders of the New Notes will continue to be entitled to the benefits of the indenture.
Accordingly, the New Notes and the Old Notes will be treated as a single series of subordinated debt securities under the indenture. Old
Notes that are not accepted for exchange in the exchange offer will remain outstanding and interest on those Old Notes will continue to
accrue at the applicable interest rate and be subject to the terms of the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
exchange offer does not depend on any minimum aggregate principal amount of Old Notes being tendered for exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
intend to conduct the exchange offer in accordance with the provisions of the registration rights agreement, the applicable requirements
of the Exchange Act and the related rules and regulations of the SEC applicable to transactions of this type.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">We
will be deemed to have accepted validly tendered Old Notes if and when we have given oral or written notice to the exchange agent of our
acceptance of such Old Notes. Subject to the terms and conditions of the exchange offer, delivery of New Notes will be made by the exchange
agent after receipt of our notice of acceptance. The exchange agent will act as agent for the holders of Old Notes tendering their Old
Notes for the purpose of receiving New Notes from us in exchange for such tendered and accepted Old Notes. The exchange offer is subject
to the conditions set forth below under &ldquo;<I>The Exchange Offer - Conditions</I>&rdquo; on page 19. As a result of these conditions
(which may be waived by us, in whole or in part, in our absolute discretion), we may not be required to exchange any of the Old Notes.
In such case, or if any tendered Old Notes are not accepted for exchange because of an invalid tender, the occurrence of other events
described in this prospectus or otherwise, we will return or cause to be returned the Old Notes not exchanged to the tendering holder
after the expiration or termination of the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">If
a holder of Old Notes validly tenders Old Notes in the exchange offer, the tendering holder will not be required to pay us brokerage commissions
or fees. In addition, subject to the instructions in the letter of transmittal and certain limited exceptions described in this prospectus
and the letter of transmittal, the tendering holder will not be required to pay transfer taxes for the exchange of Old Notes. Subject
to certain exceptions described in this prospectus, we will pay all of the expenses in connection with the exchange offer, other than
certain applicable taxes. See &ldquo;<I>The Exchange Offer&thinsp;-&thinsp;Fees and Expenses</I>&rdquo; on page 23.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">Holders
of outstanding Old Notes do not have any appraisal, dissenters&rsquo; or similar rights in connection with the exchange offer. Outstanding Old
Notes that are not tendered, or are tendered but not accepted, in connection with the exchange offer will remain outstanding. If you do
not properly tender your Old Notes, you will continue to hold unregistered Old Notes and your ability to transfer Old Notes may be adversely
affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>Neither
we nor the exchange agent are making any recommendation to the holders of the outstanding Old Notes as to whether to tender all or any
portion of their outstanding Old Notes in the exchange offer. In addition, neither we nor the exchange agent have authorized anyone to
make any such recommendation. Holders of the outstanding Old Notes must make their own decision whether to tender pursuant to the exchange
offer, and, if so, the aggregate principal amount of outstanding Old Notes to tender after reading this prospectus and the letter of transmittal
and consulting with their advisors, if any, based on their financial position and individual requirements.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><A NAME="a_013"></A>Registration Rights
Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We issued the Old Notes in
a private placement not subject to registration under the Securities Act or applicable state securities laws. In connection with the issuance
of the Old Notes, we entered into a registration rights agreement with the initial purchasers of the Old Notes, and we are making the
exchange offer to comply with our contractual obligations under the registration rights agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following provides a summary
of certain terms of the registration rights agreement. This summary is qualified in its entirety by reference to the form of registration
rights agreement, which is incorporated by reference as an exhibit to the registration statement of which this prospectus is a part.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of the registration
rights agreement, we agreed to register the New Notes and undertake the exchange offer. The exchange offer is intended to satisfy the
rights of holders of Old Notes under the registration rights agreement. After the exchange offer is completed, we will have no further
obligations, except under the limited circumstances described below, to provide for any exchange or undertake any further registration
with respect to the Old Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the terms of the registration
rights agreement, we agreed, among other things, to use commercially reasonable efforts to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">file a registration statement with the SEC on or prior to October 28, 2025 with respect to a registered
offer to exchange the Old Notes for the New Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cause that registration statement to be declared effective by the SEC no later than December 27, 2025;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">cause that registration statement to remain effective until the closing of the exchange offer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">commence the exchange offer promptly after the effectiveness of the registration statement and keep the
exchange offer open for not less than 20 business days, or longer if required by applicable law, after the date on which notice of the
exchange offer is given to the holders of the Old Notes; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">consummate the exchange offer no later than 45 days after the effective date of that registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also agreed to issue and
exchange New Notes for all Old Notes validly tendered and not validly withdrawn before the expiration of the exchange offer. We are sending
this prospectus, together with a letter of transmittal, to all the holders of the Old Notes known to us. For each Old Note validly tendered
to us in the exchange offer and not validly withdrawn, the holder will receive a New Note having a principal amount equal to the principal
amount of the tendered Old Note. Old Notes may be exchanged, and New Notes will be issued, only in minimum denominations of $100,000 and
any integral multiple of $1,000 in excess thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We further agreed that, under
certain circumstances, we would file a shelf registration statement with the SEC that would allow resales by certain holders of the Old
Notes in lieu of such holders participating in the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_014"></A><B>Eligibility; Transferability</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are making the exchange
offer in reliance on interpretations of the Securities Act by the staff of the SEC set forth in several no-action letters issued to other
parties. We have not sought or received our own no-action letter from the staff of the SEC with respect to the exchange offer and the
related transactions, and there can be no assurance that the staff of the SEC will make a determination in the case of the exchange offer
and such transactions that is similar to its determinations in the above mentioned no-action letters. However, based on these existing
SEC staff interpretations, we believe that you, or any other person receiving New Notes, may offer for resale, resell, or otherwise transfer
the New Notes without complying with the registration and prospectus delivery requirements of the Securities Act, provided that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">you are, or the person receiving the New Notes is, acquiring the New Notes in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">you do not, nor does any such person, have an arrangement or understanding with any person to participate
in any distribution (within the meaning of the Securities Act) of the New Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">you are not, nor is any such person, an &ldquo;affiliate&rdquo; of ours within the meaning of Rule 405 under
the Securities Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">you are not, nor is any such person, a broker-dealer registered under the Exchange Act, and you are not
engaged in nor is any such person engaged in, and do not intend to engage in, any distribution (within the meaning of the Securities Act)
of the New Notes; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">you are not acting on behalf of any person who could not truthfully make these statements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To participate in the exchange
offer, you must represent as a holder of Old Notes that each of these statements is true.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, in order for
broker-dealers registered under the Exchange Act to participate in the exchange offer, each such broker-dealer must also: (1) represent
that it is participating in the exchange offer for its own account and is exchanging Old Notes acquired as a result of market-making activities
or other trading activities; (2) confirm that it has not entered into any arrangement or understanding with us or any of our affiliates
to distribute the New Notes and (3) acknowledge that it will deliver a prospectus meeting the requirements of the Securities Act in connection
with any resale of the New Notes. The letter of transmittal to be delivered in connection with a tender</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">of Old Notes states that by so
acknowledging and by delivering a prospectus such broker-dealer will not be deemed to admit that it is an &ldquo;underwriter&rdquo; within
the meaning of the Securities Act. This prospectus, as it may be amended or supplemented from time to time, may be used by a broker-dealer
in connection with resale of the New Notes received in exchange for the Old Notes where such Old Notes were acquired by such broker-dealer
as a result of market-making activities or other trading activities. We have agreed that, for a period of 180 days following the expiration
date of the exchange offer, we will amend or supplement this prospectus to expedite or facilitate the disposition of any New Notes by
such broker-dealers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any holder of Old Notes (1)
who is our affiliate, (2) who does not acquire the New Notes in the ordinary course of business, (3) who participates in or intends to
participate in the exchange offer for the purpose of, or with a view to, distributing the New Notes or (4) who is a broker-dealer who
purchased the Old Notes directly from us:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will not be able to rely on the interpretations of the staff of the SEC set forth in the no-action letters
described above;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will not be able to tender Old Notes in the exchange offer; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">must comply with the registration and prospectus delivery requirements of the Securities Act in connection
with any sale or transfer of the New Notes, unless the sale or transfer is made pursuant to an exemption from those requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The exchange offer is not
being made to, nor will we accept tenders for exchange from, holders of Old Notes in any jurisdiction in which the exchange offer or the
acceptance of the exchange offer would not be in compliance with the securities or blue sky laws of such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_015"></A><B>Expiration of the Exchange Offer; Extensions;
Amendments </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The exchange offer will expire
at 5:00 p.m. Eastern Time on [ ] or at such later date or time to which we may extend the exchange offer. We refer to such date, as it
may be extended, as the &ldquo;expiration date.&rdquo; To extend the exchange offer, we will notify the exchange agent and each registered
holder of the Old Notes of any extension before 9:00 a.m., Eastern Time on the next business day after the previously scheduled expiration
date. During any such extension, all Old Notes previously tendered will remain subject to the exchange offer and may be accepted for exchange
by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We reserve the right to extend
the exchange offer, delay accepting any tendered Old Notes or, if any of the conditions described below under the heading &ldquo;<I>The
Exchange Offer&thinsp;-&thinsp;Conditions</I>&rdquo; have not been satisfied, to terminate the exchange offer. We also reserve the right
to amend the terms of the exchange offer in any manner. We will give oral or written notice of any delay, extension or termination of,
or amendment to, the exchange offer to the exchange agent. We will keep the exchange offer open for not less than 20 business days, or
longer if required by applicable law, after the date on which notice of the exchange offer is given to holders of the Old Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we amend the exchange offer
in a manner that we consider material, we will disclose that amendment by means of a prospectus supplement, and we will extend the exchange
offer so that at least five business days remain in the exchange offer following notice of the material change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we determine to make a
public announcement of any delay, extension, amendment or termination of the exchange offer, we will do so by making a timely release
through an appropriate news agency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If we terminate or withdraw
the exchange offer, we will promptly return any Old Notes deposited under the exchange offer as required by Rule 14e-1(c) under the Exchange
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_016"></A><B>Conditions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The exchange offer is not
conditioned on any minimum aggregate principal amount of Old Notes being tendered or accepted for exchange. Notwithstanding any other
term of the exchange offer, we will not be required to accept for exchange, or issue any New Notes for, any Old Notes and may terminate
or amend the exchange offer before the acceptance of the Old Notes, if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">such Old Notes are tendered to us other than in accordance with the terms and conditions of the exchange
offer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we determine that the exchange offer, or the making of any exchange by a holder, violates any applicable
law or any applicable interpretation by the staff of the SEC; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any action or proceeding is instituted or threatened in any court or by or before any governmental agency
with respect to the exchange offer that, in our judgment, would reasonably be expected to impair our ability to proceed with the exchange
offer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The conditions listed above
are for our sole benefit and may be asserted by us regardless of the circumstances giving rise to any of these conditions. We reserve
the absolute right to waive these conditions in whole or in part at any time and from time to time in our sole discretion prior to the
expiration date, subject to applicable law. Our failure at any time to exercise any of the above rights will</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">not be considered a waiver
of that right, and that right will be considered an ongoing right which we may assert at any time and from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition, we will not accept
for exchange any Old Notes tendered, and no New Notes will be issued in exchange for those Old Notes, if at any time any stop order is
threatened or issued by the SEC with respect to the registration statement for the exchange offer and the New Notes or the qualification
of the indenture under the Trust Indenture Act of 1939, as amended (the &ldquo;<B>Trust Indenture Act</B>&rdquo;). In any such event, we
must use our commercially reasonable efforts to obtain the withdrawal of any such stop order as soon as practicable and provide prompt
notice to each holder of the withdrawal of any such stop order.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Further, we will not be obligated
to accept for exchange the Old Notes of any holder that has not made to us the representations described under &ldquo;<I>The Exchange Offer&thinsp;-&thinsp;Eligibility;
Transferability</I>&rdquo; beginning on page 18 and &ldquo;<I>Plan of Distribution</I>&rdquo; beginning on page 39.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_017"></A><B>Procedures for Tendering Old Notes </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to participate in
the exchange offer, you must validly tender your Old Notes to the exchange agent, as described below, by the expiration date. It is your
responsibility to validly tender your Old Notes. We have the right to waive any defects. However, we are not required to waive defects
and are not required to notify you of defects in your tender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If you have any questions
or need help in exchanging your Old Notes, please contact the exchange agent, whose address, phone number and email address are set forth
below in &ldquo;<I>The Exchange Offer - Exchange Agen</I>t&rdquo; on page 23.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">There is no procedure for
guaranteed late delivery of the Old Notes in connection with the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will determine all questions
as to the validity, form, eligibility (including time of receipt), acceptance and withdrawal of tendered Old Notes in our sole discretion,
and our determination will be final and binding on all parties. We reserve the absolute right, in our sole and absolute discretion, to
reject any and all Old Notes not validly tendered or any Old Notes whose acceptance by us would, in the opinion of our counsel, be unlawful.
We also reserve the absolute right, in our sole discretion subject to applicable law, to waive or amend any of the conditions of the exchange
offer or to waive any defects, irregularities or conditions of tender as to any particular Old Notes, either before or after the expiration
date. Our interpretation of the terms and conditions of the exchange offer (including the instructions in the accompanying letter of transmittal)
will be final and binding on all parties. No alternative, conditional or contingent tenders will be accepted. Unless waived, any defects
or irregularities in connection with tenders of Old Notes must be cured within a time period we will reasonably determine. We are not
required to waive defects and are not required to notify you of defects in your tender. Although we intend to request the exchange agent
to notify holders of defects or irregularities relating to tenders and withdrawals of Old Notes, neither we, the exchange agent nor any
other person will have any duty or incur any liability for failure to give such notification. Tenders of Old Notes will not be considered
to have been made until such defects or irregularities have been cured or waived. If we waive any terms or conditions with respect to
a noteholder, we will extend the same waiver to all noteholders with respect to that term or condition. Any Old Notes received by the
exchange agent that are not validly tendered and as to which the defects or irregularities have not been cured or waived will be returned
by the exchange agent, without expense, to the tendering holders following the expiration date. Each tendering holder, by delivery of
an agent&rsquo;s message, waives any right to receive any notice of the acceptance of such tender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Old Notes Issued in Book-Entry Form&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For any Old Notes that were
issued in book-entry form and are currently represented by global certificates held for the account of DTC, DTC as the registered holder
of the Old Notes, will be the only entity that can tender such Old Notes for New Notes. Therefore, to validly tender Old Notes held in
book-entry form, and to obtain New Notes, such holders must comply with the procedures below to initiate the exchange agent&rsquo;s book-entry
transfer of the Old Notes into the exchange agent&rsquo;s account at DTC using DTC&rsquo;s ATOP procedures. To comply with those procedures, such
holders must cause:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a properly transmitted &ldquo;agent&rsquo;s message&rdquo; (as defined below) to
be received by the exchange agent through ATOP prior to 5:00 p.m. Eastern Time, on the expiration date; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a timely confirmation of a book-entry tender of the Old Notes into the exchange agent&rsquo;s account at DTC
through ATOP pursuant to the procedure for book-entry transfer described below to be received by the exchange agent prior to 5:00 p.m.
Eastern Time on the expiration date.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Following receipt of a properly
transmitted &ldquo;agent&rsquo;s message,&rdquo; the exchange agent will establish an ATOP account with DTC for purposes of the exchange offer
promptly after the commencement of the exchange offer. Any financial institution that is a DTC participant, including your broker or bank,
may make a book-entry tender of outstanding Old Notes by causing the book-entry transfer of such Old Notes into the exchange agent&rsquo;s ATOP
account in accordance with DTC&rsquo;s procedures for such transfers. In connection with the transfer, the exchange agent must receive a properly
transmitted &ldquo;agent&rsquo;s message,&rdquo; as well as a timely confirmation of a book-entry</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">tender of the Old Notes into its account at
DTC through ATOP, prior to 5:00 p.m. Eastern Time, on the expiration date. Subject to the terms of the exchange offer, following the expiration
or termination of the exchange offer, the exchange agent will exchange Old Notes validly tendered and not validly withdrawn prior to such
expiration or termination for an equal principal amount of New Notes by credit to the holder&rsquo;s account at DTC. If the entire principal
amount of all Old Notes held by a holder is not tendered, then Old Notes for the principal amount of the Old Notes not tendered and accepted
will be returned by credit to the holder&rsquo;s account at DTC following the expiration date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The term &ldquo;agent&rsquo;s message&rdquo;
means a message transmitted by a DTC participant to DTC, and thereafter transmitted by DTC to the exchange agent, which states that DTC
has received an express acknowledgement from the participant stating that such participant and beneficial holder agree to be bound by
the terms of the exchange offer, including the letter of transmittal, and that such agreement may be enforced against such participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Each agent&rsquo;s message must
include the following information:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">name of the beneficial owner tendering such Old Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">account number of the beneficial owner tendering such Old Notes;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">principal amount of Old Notes tendered by such beneficial owner; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a confirmation that the beneficial owner of the Old Notes has agreed to be bound by the terms of the accompanying
letter of transmittal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The delivery of the Old Notes
through DTC, and any transmission of an agent&rsquo;s message through ATOP, is at the election and risk of the person tendering Old Notes. If
we do not accept any tendered Old Notes for exchange, the unaccepted Old Notes will be returned, without expense, to their tendering holder
by crediting the holder&rsquo;s account at DTC, following the expiration or termination of the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tender by a holder of
Old Notes that is not validly withdrawn prior to the expiration date of the exchange offer and that is accepted by us will constitute
a binding agreement between us and the holder in accordance with the terms and subject to the conditions set forth in this prospectus
and in the accompanying letter of transmittal. By using the ATOP procedures to exchange Old Notes, you will not be required to deliver
a letter of transmittal to the exchange agent. However, by using the ATOP procedures to tender and exchange Old Notes, you will be bound
by the terms of the letter of transmittal, and you will be deemed to have made the acknowledgements and the representations and warranties
it contains, just as if you had signed it. Each tendering holder, by delivery of an agent&rsquo;s message, waives any right to receive any notice
of the acceptance of such tender.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><I>Certificated Old Notes</I>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If your Old Notes were Certificated
Old Notes, then you must physically tender your Old Notes for New Notes. Therefore, to tender Old Notes subject to the exchange offer
and to obtain New Notes you must transmit to the exchange agent, at its address listed under &ldquo;<I>The Exchange Offer&thinsp;-&thinsp;Exchange
Agent</I>&rdquo; on page 23:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the physical Old Note, if such physical Old Note is not then deposited with Horizon as custodian for the
holder thereof;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a properly completed and duly executed letter of transmittal; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all other documents required by the letter of transmittal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The method of delivery of
original notes, letters of transmittal and all other required documents is at the holder&rsquo;s election and risk. Holders of Certificated
Old Notes should not send letters of transmittal or other required documents to us. If we do not accept any tendered Old Notes for exchange,
the unaccepted physical Old Notes will be returned, without expense, to their tendering holder, following the expiration or termination
of the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The tender by a holder of
Old Notes represented in certificated form that is not validly withdrawn prior to the expiration date of the exchange offer and that is
accepted by us will constitute a binding agreement between us and the holder in accordance with the terms and subject to the conditions
set forth in this prospectus and in the accompanying letter of transmittal. You will be required to deliver the certificated note and
a letter of transmittal to the exchange agent and will be bound by the letter of transmittal terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_018"></A><B>Representations</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in">By tendering Old Notes, each
holder is deemed to have acknowledged to us all of the representations contained in the letter of transmittal, including that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any New Notes that you receive will be acquired in the ordinary course of business;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">you are not participating in the exchange offer with a view to distribute any New Notes nor do you have
any arrangement or understanding with any person to participate in the distribution (within the meaning of the Securities Act) of the
New Notes in violation of the provisions of the Securities Act;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">you are not an &ldquo;affiliate&rdquo; of ours (within the meaning of Rule
405 under the Securities Act); and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if you are a broker-dealer that will receive New Notes for your own account in exchange for Old Notes,
you acquired those New Notes as a result of market-making or other trading activities, and you will satisfy any applicable prospectus
delivery requirements in connection with any resale of such New Notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_019"></A><B>Withdrawal of Tenders</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as otherwise provided
in this prospectus, you may validly withdraw your tender of Old Notes at any time prior to 5:00 p.m. Eastern Time on the expiration date.
For a withdrawal of tendered Old Notes issued to be effective, the exchange agent must receive, prior to 5:00 p.m. Eastern Time on the
expiration date, (i) for Old Notes issued in book-entry form, a computer-generated notice of withdrawal, transmitted by DTC on your behalf
in accordance with the appropriate procedures of DTC&rsquo;s ATOP system prior to 5:00 p.m. Eastern Time, on the expiration date, or (ii) for
Certificated Old Notes, a written notice of withdrawal (which may be given by mail or electronic mail at the address or electronic mail
address for the exchange agent set forth below under &ldquo;<I>The Exchange Offer - Exchange Agent</I>&rdquo;). Any such notice of withdrawal
must:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">specify the name of the person having tendered the Old Notes to be withdrawn and, if different, the name
of the registered holder of such Old Notes (or, in the case of Old Notes tendered by book-entry transfer, the name and DTC account number
of the DTC participant that tendered such Old Notes);</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">identify the Old Notes to be withdrawn (including the CUSIP numbers and, in the case of Certificated Old
Notes, the certificate numbers thereof) and principal amount of such Old Notes;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of Old Notes tendered through DTC&rsquo;s ATOP procedures, specify the name and number of the account
at DTC to be credited with the withdrawn Old Notes;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of Certificated Old Notes, be signed by the same person and in the same manner as the original
letter of transmittal, including any signature guarantees (or, in the case of Old Notes tendered by book-entry transfer, be signed by
or transmitted on behalf of the same DTC participant that tendered such Old Notes), or be accompanied by evidence satisfactory to us and
the exchange agent that the person withdrawing the tender has succeeded to the beneficial ownership of those Old Notes;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">include a statement that such holder is withdrawing its election to have such Old Notes exchanged;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if the letter of transmittal was executed by a person other than the registered holder, be accompanied
by a properly completed irrevocable proxy authorizing such person to effect such withdrawal on behalf of such registered holder;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">and in the case of Old Notes tendered by book-entry transfer, otherwise comply with the procedures of
DTC.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the case of Certificated
Old Notes, the exchange agent will return the properly withdrawn Old Notes promptly following receipt of notice of withdrawal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will determine all questions
as to the validity, form and eligibility (including time of receipt) of such withdrawal notices in our sole discretion, and our determination
will be final and binding on all parties. Any Old Notes validly withdrawn will be considered not to have been validly tendered for purposes
of the exchange offer, and no New Notes will be issued in exchange for such Old Notes. Any Old Notes that have been tendered but that
are not accepted for exchange or that are withdrawn will be returned to the holder, without expense to such holder, after expiration or
termination of the exchange offer. Validly withdrawn Old Notes may be re-tendered by following one of the procedures described above under
&ldquo;<I>The Exchange Offer - Procedures for Tendering Old Notes</I>&rdquo; at any time prior to the expiration date of the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_020"></A><B>Exchange Agent</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Wilmington Trust, National
Association has been appointed the exchange agent for this exchange offer. Letters of transmittal and all correspondence in connection
with this exchange offer should be sent or delivered by each holder of Old Notes, or a beneficial owner&rsquo;s commercial bank, broker,
dealer, trust company or other nominee, to the exchange agent as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" ALIGN="CENTER" STYLE="width: 75%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">By Mail or Hand Delivery:</P></TD>
    <TD STYLE="width: 60%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wilmington Trust, National Association</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Rodney Square North</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1100 North Market Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Wilmington, Delaware 19890</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Attention: Workflow Management &ndash; 5<SUP>th</SUP> Floor&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Telephone:</TD>
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(302) 636-6470&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">Email:</TD>
    <TD STYLE="font-size: 10pt">DTC@wilmingtontrust.com</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will pay the exchange agent
reasonable and customary fees for its services (including attorneys&rsquo; fees) and will reimburse it for its reasonable out-of-pocket expenses
in connection with the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_021"></A><B>Fees and Expenses</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will bear the expenses
of soliciting tenders of the Old Notes and issuance of the New Notes. The principal solicitation is being made through ATOP. However,
we may make additional solicitations by email, telephone or in person by our officers and employees and those of our affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have not retained any dealer-manager
in connection with the exchange offer and will not make any payments to broker-dealers or others soliciting acceptances of the exchange
offer. As indicated above, we will, however, pay the exchange agent reasonable and customary fees for its services and reimburse it for
its related reasonable out-of-pocket expenses. We will also pay any other expenses that we incur in connection with the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except as described below,
we will pay all transfer taxes, if any, applicable to the exchange of Old Notes under the exchange offer. The tendering holder will be
required to pay any transfer taxes, whether imposed on the registered holder or any other person, if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">New Notes and/or substitute Old Notes not exchanged are to be delivered to, or registered or issued in
the name of, any person other than the registered holder of the Old Notes so exchanged;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">tendered Old Notes are registered in the name of any person other than the person signing the letter of
transmittal; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a transfer tax is imposed for any reason other than the exchange of Old Notes under the exchange offer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If satisfactory evidence of
payment of transfer taxes is not submitted with the letter of transmittal, the amount of any transfer taxes will be billed to the tendering
holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_022"></A><B>Accounting Treatment</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will record the New Notes
at the same carrying value as the Old Notes reflected in our accounting records on the date of the exchange. Accordingly, we will not
recognize any gain or loss for accounting purposes upon completion of the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_023"></A><B>Consequences of Failure to Exchange</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Old Notes that are not exchanged
will remain &ldquo;restricted securities&rdquo; within the meaning of Rule 144 under the Securities Act and will be subject to the restrictions
on transfer described in the Old Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Accordingly, such Old Notes
may not be offered, sold, pledged or otherwise transferred except:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to us or to any of our subsidiaries;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">under a registration statement that has been declared effective under the Securities Act;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">for so long as the Old Notes are eligible for resale pursuant to Rule 144A under the Securities Act, to
a person the holder of the Old Notes and any person acting on its behalf reasonably believes is a &ldquo;qualified institutional buyer&rdquo;
as defined in Rule 144A, that purchases for its own account or for the account of another qualified institutional buyer, in each case,
to whom notice is given that the transfer is being made in reliance on Rule 144A; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">under any other available exemption from the registration requirements of the Securities Act (in which
case we and the trustee will have the right to require the delivery of an opinion of counsel (at the holder&rsquo;s sole cost), certifications
and/or other information satisfactory to us and the trustee);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">in each case, subject to compliance with any applicable
foreign, state or other securities laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon completion of the exchange
offer, due to the restrictions on transfer of the Old Notes and the absence of such restrictions applicable to the New Notes, it is likely
that the market, if any, for Old Notes will be relatively less liquid than the market for New Notes, if any. Consequently, holders of
Old Notes who do not participate in the exchange offer could experience significant diminution in the value of their Old Notes, compared
to the value of the New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_024"></A><B>Additional Information Regarding the Registration
Rights Agreement</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As noted above, we are effecting
the exchange offer to comply with our contractual obligations under the registration rights agreement. The registration rights agreement
requires us to cause an exchange offer registration statement to be filed with the SEC under the Securities Act, use our commercially
reasonable efforts to cause the registration statement to become effective, and satisfy certain other obligations, within certain time
periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the registration statement is not filed with the SEC on or prior to October 28, 2025;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the registration statement is not declared effective by the SEC on or prior to December 27, 2025; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the exchange offer is not completed on or prior to the 45th day following the effective date of the registration
statement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">the interest rate on the Old Notes will be increased
by 0.25% per annum immediately following the date of such registration default and will increase by an additional 0.25% per annum immediately
following each 90-day period during which additional interest accrues, but in no event will such increase exceed 0.50% per annum. If at
any time more than one registration default has occurred and is continuing, the increase in interest rate will apply as if there occurred
a single registration default that begins on the date that the earliest such registration default occurred and ends on such date that
there is no registration default. Following the cure of all such registration defaults, the accrual of additional interest will cease
and the interest rate will be reduced to the original interest rate borne by the Old Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our obligation to register
the New Notes will terminate upon completion of the exchange offer. However, under certain limited circumstances specified in the registration
rights agreement, we may be required to file a shelf registration statement covering resales of the Old Notes. If that occurs, the foregoing
interest rate increases will apply equally to any registration default with respect to such shelf registration statement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_025"></A>DESCRIPTION OF THE NOTES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">On August 29, 2025, we issued
$100,000,000 in aggregate principal amount of our 7.00% Fixed-to-Floating Rate Subordinated Notes due 2035, which we have referred to
in this prospectus as the Old Notes. The Old Notes were issued in a private placement transaction to certain institutional accredited
investors and qualified institutional buyers, and as such, were not registered under the Securities Act. The Old Notes were issued under
an indenture dated August 29, 2025, between Horizon Bancorp, Inc., as issuer, and Wilmington Trust, National Association, as trustee,
which we have referred to in this prospectus as the &ldquo;indenture.&rdquo; The term &ldquo;notes&rdquo; refers collectively to the Old Notes
and the New Notes, unless otherwise specified or the context otherwise requires.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Notes will be issued
under the indenture and will evidence the same debt as the Old Notes. The terms of the New Notes are identical in all material respects
to those of the Old Notes, except that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the New Notes will be registered with the SEC under the Securities Act and, as a result, will not bear
any legend restricting their transfer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the New Notes will bear a different CUSIP number and ISIN number from the Old Notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the New Notes generally will not be subject to transfer restrictions;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the New Notes will not be entitled to registration rights under the registration rights agreement or otherwise;
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">because the New Notes will not be entitled to registration rights, holders of the New Notes will not have
the right to additional interest under the circumstances described in the registration rights agreement relating to our fulfillment of
our registration obligations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Notes will be issued
only in fully registered form without interest coupons, in minimum denominations of $100,000 and any integral multiple of $1,000 in excess
thereof. Unless otherwise required for institutional accredited investors, the New Notes will be evidenced by a global note deposited
with the trustee for the New Notes, as custodian for DTC, and transfers of beneficial interests will be facilitated only through records
maintained by DTC and its participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of the New Notes
include those stated in the indenture and those made part of the indenture by reference to the Trust Indenture Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following provides a summary
of certain terms of the indenture and the New Notes. This summary is qualified in its entirety by reference to the complete version of
the indenture, which is incorporated by reference as an exhibit to the registration statement of which this prospectus is a part and to
the form of notes, which is included as an exhibit to the registration statement of which this prospectus is a part. We urge you to read
the indenture and the form of notes because those documents, not this summary description, define your rights as holders of the New Notes.
Whenever we refer to the defined terms of the indenture in this prospectus without defining them, the terms have the meanings given to
them in the indenture. You must look to the indenture for the most complete description of the information summarized in this prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_026"></A><B>General </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The exchange offer for the
New Notes will be for up to $100,000,000 in aggregate principal amount of the Old Notes. The New Notes, together with any Old Notes that
remain outstanding after the exchange offer, will be treated as a single class for all purposes of the indenture, including, without limitation,
waivers, consents, amendments, redemptions and offers to purchase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_027"></A><B>Principal, Maturity and Interest</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The New Notes have materially
identical interest terms as the Old Notes except with respect to additional interest that may be earned on the Old Notes under circumstances
relating to our registration obligations under the registration rights agreement. Interest on the notes will accrue from and including
August 29, 2025. The notes will mature and become payable, unless earlier redeemed, on September 15, 2035.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From and including August
29, 2025 to but excluding September 15, 2030, or earlier redemption date, the New Notes will bear interest at a fixed rate equal to 7.00%
per year, payable semi-annually in arrears on September 15 and March 15 of each year, beginning on March 15, 2026, and interest will be
computed on the basis of a 360-day year consisting of twelve 30-day months.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">From and including September
15, 2030 to but excluding the maturity date or earlier redemption date, the New Notes will bear interest at an annual floating rate, reset
quarterly, equal to a benchmark rate (which is expected to be the then current Three-Month Term SOFR) plus 360 basis points, provided
however, that in the event the benchmark rate is less than zero, then the benchmark rate shall be deemed to be zero. During the Floating
Rate Period, interest on the New Notes will be payable quarterly in arrears on March 15, June 15, September 15, and December 15 of each
year, commencing on December 15, 2030. During this Floating Rate Period, interest will be computed on the basis of a 360-day year and
the actual number of days elapsed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_028"></A><B>Effect of Benchmark Replacement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If, at the commencement of
the Floating Rate Period for the notes, (a) the Relevant Governmental Body (as defined below) has not selected or recommended a forward-looking
term rate for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor of three months based
on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete, (c) we determine that the use of a forward-looking
rate for a tenor of three months based on SOFR is not administratively feasible, or (d) the FRBNY (or a successor administrator) or its
regulatory supervisor announces that the administrator has ceased or will cease providing the Benchmark, then the next-available Benchmark
Replacement under the benchmark transition provisions will be used to determine the interest on the notes during the floating-rate interest
period (unless a Benchmark Transition Event and its related Benchmark Replacement Date occur with respect to that next-available Benchmark
Replacement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_029"></A><B>Definitions Relating to the Determination of
a Floating Interest Rate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of determining
a Benchmark Replacement, if necessary, under the terms of the notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Benchmark</I></B>&rdquo;
means initially, Three-Month Term SOFR; provided that if the Calculation Agent (as defined below) determines on or prior to the Reference
Time that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to Three-Month Term SOFR
or the then-current Benchmark, then &ldquo;Benchmark&rdquo; means the applicable Benchmark Replacement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Benchmark
Replacement</I></B>&rdquo; means the Interpolated Benchmark with respect to the then-current Benchmark, plus the Benchmark Replacement
Adjustment for such Benchmark; provided that if (a) the Calculation Agent cannot determine the Interpolated Benchmark as of the Benchmark
Replacement Date or (b) the then-current Benchmark is Three-Month Term SOFR and a Benchmark Transition Event and its related Benchmark
Replacement Date have occurred with respect to Three-Month Term SOFR (in which event no Interpolated Benchmark with respect to Three-Month
Term SOFR shall be determined), then &ldquo;Benchmark Replacement&rdquo; means the first alternative set forth in the order below that
can be determined by the Calculation Agent as of the Benchmark Replacement Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the sum of (a) Compounded SOFR (as defined below) and (b) the Benchmark Replacement Adjustment;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">the sum of: (a) the alternate rate that has been selected or recommended
by the Relevant Governmental Body as the replacement for the then-current Benchmark for the applicable Corresponding Tenor and (b) the
Benchmark Replacement Adjustment;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">the sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement
Adjustment;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">the sum of: (a) the alternate rate that has been selected by the Calculation Agent as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor, giving due consideration to any industry-accepted rate as a replacement
for the then-current Benchmark for U.S. dollar-denominated floating rate securities at such time, and (b) the Benchmark Replacement Adjustment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">If the Benchmark Replacement, as determined
pursuant to clause (1), (2), (3) or (4) above would be less than zero, the Benchmark Replacement will be deemed to be zero.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Benchmark
Replacement Adjustment</I></B>&rdquo; means the first alternative set forth in the order below that can be determined by the Calculation
Agent, as of the Benchmark Replacement Date:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the spread adjustment, or method for calculating or determining such spread
adjustment (which may be a positive or negative value or zero), that has been selected or recommended by the Relevant Governmental Body
for the applicable Unadjusted Benchmark Replacement;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">if the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA
Fallback Adjustment; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">the spread adjustment (which may be a positive or negative value or zero) that has been selected by the
Calculation Agent giving due consideration to any industry-accepted spread adjustment or method for calculating or determining such spread
adjustment, for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar-denominated
floating rate securities at such time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Benchmark
Replacement Adjustment Conforming Changes</I></B>&rdquo; means, with respect to any Benchmark Replacement, any technical, administrative
or operational changes (including changes to the definition of &ldquo;interest period,&rdquo; timing and frequency of determining rates
with respect to each interest period and making payments of interest, rounding of amounts or tenors, and other administrative matters)
that the Calculation Agent decides may be appropriate to reflect the adoption of such Benchmark Replacement in a manner substantially
consistent with market practice (or, if</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0in">the Calculation Agent decides that adoption of any portion of such market practice is not administratively
feasible or if the Calculation Agent determines that no market practice for use of the Benchmark Replacement exists, in such other manner
as the Calculation Agent determines is reasonably necessary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Benchmark
Replacement Date</I></B>&rdquo; means the earliest to occur of the following events with respect to the then-current Benchmark:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">in the case of clause (1) of the definition of &ldquo;Benchmark Transition Event,&rdquo; the relevant Reference
Time in respect of any determination;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">in the case of clause (2) or (3) of the definition of &ldquo;Benchmark Transition Event,&rdquo; the later
of (i) the date of the public statement or publication of information referenced therein and (ii) the date on which the administrator
of the Benchmark permanently or indefinitely ceases to provide the Benchmark; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">in the case of clause (4) of the definition of &ldquo;Benchmark Transition Event,&rdquo; the date of the
public statement or publication of information referenced therein.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the avoidance of doubt, for purposes
of the definitions of Benchmark Replacement Date and Benchmark Transition Event, references to the Benchmark also include any reference
rate underlying the Benchmark (for example, if the Benchmark becomes Compounded SOFR, references to the Benchmark would include SOFR).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">For the avoidance of doubt, if the event
giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination,
the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Benchmark
Transition Event</I></B>&rdquo; means the occurrence of one or more of the following events with respect to the then-current Benchmark:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">if the Benchmark is Three-Month Term SOFR, (a) the Relevant Governmental Body has not selected or recommended
a forward-looking term rate for a tenor of three months based on SOFR, (b) the development of a forward-looking term rate for a tenor
of three months based on SOFR that has been recommended or selected by the Relevant Governmental Body is not complete or (c) the Company
determines that the use of a forward-looking rate for a tenor of three months based on SOFR is not administratively feasible;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">a public statement or publication of information by or on behalf of the administrator of the Benchmark
announcing that such administrator has ceased or will cease to provide the Benchmark, permanently or indefinitely, provided that, at the
time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">a public statement or publication of information by the regulatory supervisor for the administrator of
the Benchmark, the central bank for the currency of the Benchmark, an insolvency official with jurisdiction over the administrator for
the Benchmark, a resolution authority with jurisdiction over the administrator for the Benchmark or a court or an entity with similar
insolvency or resolution authority over the administrator for the Benchmark, which states that the administrator of the Benchmark has
ceased or will cease to provide the Benchmark permanently or indefinitely, provided that, at the time of such statement or publication,
there is no successor administrator that will continue to provide the Benchmark; or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">a public statement or publication of information by the regulatory supervisor for the administrator of
the Benchmark announcing that the Benchmark is no longer representative.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Calculation
Agent</I></B>&rdquo; means such bank or other entity (which may be the Company or an affiliate of the Company) as may be appointed by the
Company to act as Calculation Agent for the Subordinated Notes during the Floating Rate Period. The initial Calculation Agent for the
Floating Rate Period shall be Wilmington Trust, National Association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Compounded
SOFR</I></B>&rdquo; means the compounded average of SOFRs for the applicable Corresponding Tenor, with the rate, or methodology for this
rate, and conventions for this rate being established by the Calculation Agent in accordance with:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">the rate, or methodology for this rate, and conventions for this rate selected
or recommended by the Relevant Governmental Body for determining Compounded SOFR; provided that;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.25in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">if, and to the extent that, the Calculation Agent determines that Compounded
SOFR cannot be determined in accordance with clause (1) above, then the rate, or methodology for this rate, and conventions for this rate
that have been selected by the Calculation Agent giving due consideration to any industry-accepted market practice for U.S. dollar-denominated
floating rate securities at such time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">For the avoidance of doubt, the calculation
of Compounded SOFR shall exclude the Benchmark Replacement Adjustment (if applicable) and the spread of 360 basis points per annum.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Corresponding
Tenor</I></B>&rdquo; with respect to a Benchmark Replacement means a tenor (including overnight) having approximately the same length (disregarding
business day adjustment) as the applicable tenor for the then-current Benchmark.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Federal
Reserve Board</I></B>&rdquo; means the Board of Governors of the Federal Reserve System or any successor regulatory authority with jurisdiction
over bank holding companies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Federal
Reserve Bank of New York&rsquo;s Website</I></B>&rdquo; means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org,
or any successor source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Interpolated
Benchmark</I></B>&rdquo; with respect to the Benchmark means the rate determined for the Corresponding Tenor by interpolating on a linear
basis between: (a) the Benchmark for the longest period (for which the Benchmark is available) that is shorter than the Corresponding
Tenor, and (b) the Benchmark for the shortest period (for which the Benchmark is available) that is longer than the Corresponding Tenor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>ISDA</I></B>&rdquo;
means the International Swaps and Derivatives Association, Inc. or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>ISDA
Definitions</I></B>&rdquo; means the 2006 ISDA Definitions published by ISDA, as amended or supplemented from time to time, or any successor
definitional booklet for interest rate derivatives published from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>ISDA
Fallback Adjustment</I></B>&rdquo; means the spread adjustment (which may be a positive or negative value or zero) that would apply for
derivatives transactions referencing the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect
to the Benchmark for the applicable tenor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>ISDA
Fallback Rate</I></B>&rdquo; means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective
upon the occurrence of an index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback
Adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Reference
Time</I></B>&rdquo; with respect to any determination of the Benchmark means (1) if the Benchmark is Three-Month Term SOFR, the time determined
by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions, and (2) if the Benchmark is not Three-Month Term
SOFR, the time determined by the Calculation Agent after giving effect to the Benchmark Replacement Adjustment Conforming Changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Relevant
Governmental Body</I></B>&rdquo; means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially
endorsed or convened by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>SOFR</I></B>&rdquo;
means the Secured Overnight Financing Rate published by the Federal Reserve Bank of New York, as the administrator of the Benchmark (or
a successor administrator), on the Federal Reserve Bank of New York&rsquo;s Website.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Term
SOFR</I></B>&rdquo; means the forward-looking term rate based on SOFR that has been selected or recommended by the Relevant Governmental
Body.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Term
SOFR Administrator</I></B>&rdquo; means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of Three-Month Term
SOFR selected by the Calculation Agent in its reasonable discretion).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Three-Month
Term SOFR</I></B>&rdquo; means the rate for Term SOFR for a tenor of three months that is published by the Term SOFR Administrator at the
Reference Time for any interest period, as determined by the Calculation Agent after giving effect to the Three-Month Term SOFR Conventions.
All percentages used in or resulting from any calculation of Three-Month Term SOFR shall be rounded, if necessary, to the nearest one-hundred-thousandth
of a percentage point, with 0.000005% rounded up to 0.00001%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Three-Month
Term SOFR Conventions</I></B>&rdquo; means any determination, decision or election with respect to any technical, administrative or operational
matter (including with respect to the manner and timing of the publication of Three-Month Term SOFR, or changes to the definition of &ldquo;interest
period,&rdquo; timing and frequency of determining Three-Month Term SOFR with respect to each interest period and making payments of interest,
rounding of amounts or tenors, and other administrative matters) that the Calculation Agent decides may be appropriate to reflect the
use of Three-Month Term SOFR as the Benchmark in a manner substantially consistent with market practice (or, if the Calculation Agent
decides that adoption of any portion of such market practice is not administratively feasible or if the Calculation Agent determines that
no market practice for the use of Three-Month Term SOFR exists, in such other manner as the Calculation Agent determines is reasonably
necessary).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">&ldquo;<B><I>Unadjusted
Benchmark Replacement</I></B>&rdquo; means the Benchmark Replacement excluding the Benchmark Replacement Adjustment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_030"></A><B>Determination and Decisions </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Calculation Agent is expressly
authorized to make certain determinations, decisions and elections under the terms of the notes, including with respect to the use of
Three-Month Term SOFR as the Benchmark for the Floating Rate Period and under the benchmark transition provisions. Any determination,
decision or election that may be made by the Calculation Agent under the terms of the notes, including any determination with respect
to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain
from taking any action or any selection:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will be conclusive and binding on the holders of the notes and the trustee absent manifest error;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if made by us as Calculation Agent, will be made in our sole discretion;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">if made by a Calculation Agent other than us, will be made after consultation with us, and the Calculation
Agent will not make any such determination, decision or election to which we reasonably object; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">will become effective without consent from holders of the notes, the trustee or any other party.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Calculation Agent&rsquo;s determination
of any interest rate and its calculation of interest payments for any period will be maintained on file at the Calculation Agent&rsquo;s principal
offices, will be made available to any Holder of the notes upon request and will be provided to the trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_031"></A><B>Interest Payments</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will make each interest
payment to the holders of record of the notes at the close of business on the first calendar day prior to the applicable interest payment
date. Principal of and interest on the notes will be payable, and the notes will be exchangeable and transferable, at the office or agency
that we have designated and maintain for such purposes, which, initially, will be the corporate trust office of the trustee located at
Wilmington Trust, National Association, Rodney Square North, 1100 North Market Street, Wilmington, Delaware 19890, Attention: Horizon
Bancorp, Inc. Administrator; except that payment of interest may be made at our option by check mailed or to the person entitled thereto
as shown on the security register or by wire transfer to an account appropriately designated by the person entitled thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_032"></A><B>Subordination</B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Our obligation to make any
payment on account of the principal of, or interest on, the notes will be subordinate and junior in right of payment to the prior payment
in full of all of our senior indebtedness. As of June 30, 2025, the Company&rsquo;s subsidiaries had, in the aggregate, outstanding debt and
deposits of $6.7 billion, which would rank senior to the notes. In addition, as of June 30, 2025, the Company had $975.4 million of indebtedness
that would rank senior to the notes, $55.8 million, that would rank <I>pari passu</I> with the notes, and $57.6 million that would rank
subordinate to the notes. The notes and the indenture do not contain any limitation on the amount of senior indebtedness that we may incur
in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The term &ldquo;senior indebtedness&rdquo;
means the principal of, and premium, if any, and interest, including interest accruing after the commencement of any bankruptcy proceeding
relating to the Company, on, or substantially similar payments the Company makes in respect of the following categories of debt, whether
that debt was outstanding on the date of execution of this Indenture or thereafter incurred, created or assumed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all indebtedness and obligations of, or guaranteed or assumed by, the Company for money borrowed, whether
or not evidenced by bonds, debentures, securities, notes or other similar instruments, and including, but not limited to all obligations
to the Company&rsquo;s general and secured creditors and obligations incurred in connection with the acquisition of property, assets or
businesses;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">indebtedness of the Company for money borrowed or represented by purchase money obligations, as defined
below;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the Company&rsquo;s obligations as lessee under leases of property whether made as part of a sale and
leaseback transaction to which it is a party or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reimbursement and other obligations relating to letters of credit, bankers&rsquo; acceptances and similar
obligations and direct credit substitutes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all obligations of the Company in respect of interest rate swap, cap or other agreements, interest rate
future or option contracts, currency swap agreements, currency future or option contacts, commodity contracts and other similar arrangements
or derivative products;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all of the Company&rsquo;s obligations issued or assumed as the deferred purchase price of property or
services, but excluding trade accounts payable and accrued liabilities arising in the ordinary course of business;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any other obligation of the Company to its general creditors;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all obligations of the type referred to above of other persons for the payment of which the Company is
liable contingently or otherwise to pay or advance money as obligor, guarantor, endorser or otherwise;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all obligations of the types referred to above of other persons secured by a lien on any property or asset
of the Company; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all amendments, deferrals, renewals, extensions, modifications and refundings of any of the indebtedness
or obligations described above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">However, &ldquo;senior indebtedness&rdquo;
excludes any indebtedness, obligation or liability that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">expressly states that it is junior to the notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is subordinated to indebtedness, obligations or liabilities of the Company to substantially the same extent
as or to a greater extent than the notes are subordinated;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">is identified as junior to, or equal in right of payment with, the notes in any board resolution establishing
such indebtedness or in any indenture providing for such indebtedness;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">indebtedness that expressly provides that it shall not be senior in right of payment to the notes or expressly
provides that it is on the same basis or junior to the notes; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">any indebtedness between the Company and any of its subsidiaries.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For the avoidance of doubt,
&ldquo;senior indebtedness&rdquo; does not include (a) the notes, (b) any subordinated debentures or junior subordinated debentures of the
Company underlying trust preferred securities issued by subsidiary trusts of the Company that are outstanding as of August 29, 2025, or
that are issued after the date hereof by a subsidiary trust of the Company, or (c) any subordinated debentures or junior subordinated
debentures of the Company underlying trust preferred securities of the Company that are outstanding as of the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As used above, the term &ldquo;purchase
money obligations&rdquo; means indebtedness, obligations evidenced by a note, debenture, bond or other instrument, whether or not secured
by a lien or other security interest, issued to evidence the obligation to pay or a guarantee of the payment of, and any deferred obligation
for the payment of, the purchase price of property but excluding indebtedness or obligations for which recourse is limited to the property
purchased, issued or assumed as all or a part of the consideration for the acquisition of property or services, whether by purchase, merger,
consolidation or otherwise, but does not include any trade accounts payable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notwithstanding the foregoing,
and for the avoidance of doubt, if the Federal Reserve Board (or other competent regulatory agency or authority) promulgates any rule
or issues any interpretation that defines a general creditor, the main purpose of which is to establish criteria for determining whether
the subordinated debt of a financial or bank holding company is to be included in its capital, then the term &ldquo;general creditors&rdquo;
as used in the definition of &ldquo;senior indebtedness&rdquo; will have the meaning as described in that rule or interpretation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In accordance with the subordination
provisions of the indenture and the notes, we are permitted to make payments of accrued and unpaid interest on the notes on the interest
payment dates and at maturity and to pay the principal of the notes at maturity unless:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we are subject to any termination, winding up, liquidation or reorganization, whether in bankruptcy, insolvency,
reorganization or receivership proceedings or upon an assignment for the benefit of our creditors or any other marshalling of our assets
and liabilities (subject to the power of a court of competent jurisdiction to make other equitable provision reflecting the rights conferred
upon any senior indebtedness and the holders thereof with respect to the notes and the holders thereof by a lawful plan of reorganization
under applicable bankruptcy law); or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a default in the payment of principal of, or premium, if any, or interest on, any senior indebtedness,
has occurred and is continuing beyond any applicable grace period or an event of default has occurred and is continuing with respect to
any senior indebtedness, or would occur as a result of a payment of principal of, or interest on, the notes being made and that event
of default would permit the holders of any senior indebtedness to accelerate the maturity of that senior indebtedness and such default
or event of default has not been cured, waived or otherwise have ceased to exist.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon our termination, winding
up, liquidation or reorganization, whether in bankruptcy, insolvency, reorganization or receivership proceedings or upon an assignment
for the benefit of our creditors or any other marshalling of our assets and liabilities or otherwise, we must pay to the holders of all
of our senior indebtedness the full amounts of principal of, and premium, if any, and interest on (including interest accruing subsequent
to the commencement of any proceeding for the bankruptcy or reorganization of the Company), that senior indebtedness before any payment
of principal of or interest on the notes is made. If, after we have paid the senior indebtedness in full, there are any amounts available
for payment of the notes and any of our other indebtedness and obligations ranking equally in right of payment with the notes, then we
will use such remaining assets to pay the amounts of principal of, premium, if any, and accrued and unpaid interest on, the notes and
such other of our indebtedness and obligations that rank equally in right of payment with the notes. If those assets are insufficient
to pay in full the principal of, premium, if any, and interest on the notes and such other indebtedness and obligations, those assets
will be applicable ratably to the payment of such amounts owing with respect to the notes and such other indebtedness and obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In the event that we are subject
to any termination, winding up, liquidation or reorganization, whether in bankruptcy, insolvency, reorganization or receivership proceedings
or upon an assignment for the benefit of our creditors or any other marshalling of our assets and liabilities or otherwise, if the holders
of the notes receive for any reason any payment on the notes or other distributions of our assets with respect to the notes before all
of our senior indebtedness is paid in full, the holders of the notes will be required to return that payment or distribution to the bankruptcy
trustee, receiver, liquidating trustee, custodian, assignee, agent or other person making payment of our assets for all our senior indebtedness
remaining unpaid until all that senior indebtedness has been paid in full, after giving effect to any other concurrent payment or distribution
to the holders of such senior indebtedness.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">As a result of the subordination
of the notes in favor of the holders of our senior indebtedness, in the event of our bankruptcy or insolvency, holders of our senior indebtedness
may receive more, ratably, and holders of the notes may receive less, ratably, than our other creditors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">All liabilities of the Bank
and our other subsidiaries, including deposits and liabilities to general creditors arising during the ordinary course of business or
otherwise, will be effectively senior in right of payment to the notes to the extent of the assets of the subsidiary because, as a shareholder
of the subsidiary, we do not have any rights to the assets of the subsidiary except if the subsidiary declares a dividend payable to us
or if there are assets of the subsidiary remaining after it has discharged its liabilities to its creditors in connection with its liquidation.
As of June 30, 2025, the Company&rsquo;s subsidiaries had, in the aggregate, outstanding debt and deposits of $6.7 billion, which would rank
senior to the notes. Over the term of the notes, we will need to rely primarily on dividends paid to us by the Bank, which is a regulated
and supervised depository institution, for the funds necessary to pay the interest on our outstanding debt obligations and to make dividends
and other payments on our other securities outstanding now or in the future. With respect to the payment of the principal of the notes
at their maturity, we may rely on the funds we receive from dividends paid to us by the Bank, but may have to rely on the proceeds of
borrowings and/or the sale of other securities to pay the principal amount of the notes. Regulatory rules may restrict the Bank&rsquo;s ability
to pay dividends or make other distributions to us or provide funds to us by other means. As a result, with respect to the assets of the
Bank, our creditors (including the holders of the notes) are structurally subordinated to the prior claims of creditors of the Bank, including
its depositors, except to the extent that we may be a creditor with recognized claims against the Bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><A NAME="a_033"></A><B>Redemption</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may, at our option, redeem
the notes, in whole or in part, on any interest payment date on or after September 15, 2030. In addition, at our option, we may redeem
all of the notes at any time upon the occurrence of:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a &ldquo;<B>Tier 2 Capital Event</B>,&rdquo; which is defined in the indenture to mean the Company&rsquo;s good
faith determination that, as a result of (a) any amendment to, or change in, the laws, rules or regulations of the United States (including,
for the avoidance of doubt, any agency or instrumentality of the United States, including the Federal Reserve Board and other federal
bank regulatory agencies) or any political subdivision of or in the United States that is enacted or becomes effective after the issue
date of the notes, (b) any proposed change in those laws, rules or regulations that is announced or becomes effective after August 29,
2025, or (c) any official administrative decision or judicial decision or administrative action or other official pronouncement interpreting
or applying those laws, rules, regulations, policies or guidelines with respect thereto that is announced after August 29, 2025 there
is more than an insubstantial risk that the Company will not be entitled to treat the notes as Tier 2 capital for so long as any notes
are outstanding;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">a &ldquo;<B>Tax Event</B>,&rdquo; which is defined in the indenture to mean the receipt by the Company of
an opinion of independent tax counsel to the effect that as a result of (a) an amendment to or change (including any announced prospective
amendment or change) in any law or treaty, or any regulation thereunder, of the United States or any of its political subdivisions or
taxing authorities; (b) a judicial decision, administrative action, official administrative pronouncement, ruling, regulatory procedure,
regulation, notice or announcement, including any notice or announcement of intent to adopt or promulgate any ruling, regulatory procedure
or regulation (any of the foregoing, an &ldquo;Administrative or Judicial Action&rdquo;); or (c) an amendment to or change in any official
position with respect to, or any interpretation of, an Administrative or Judicial Action or a law or regulation of the United States that
differs from the previously generally accepted position or interpretation, in each case, which change or amendment or challenge becomes
effective or which pronouncement, decision or challenge is announced on or after the original issue date of the Subordinated Notes, there
is more than an insubstantial risk that interest payable by the Company on the notes is not, or, within 90 days of the date of such opinion,
will not be, deductible by the Company, in whole or in part, for United States federal income tax purposes; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an &ldquo;<B>Investment Company Event</B>,&rdquo; which is defined in the indenture to mean the receipt
by the Company of a legal opinion from counsel experienced in such matters to the effect that there is more than an insubstantial risk
that the Company is or, within 90 days of the date of such legal opinion will be, considered an &ldquo;investment company&rdquo; that is
required to be registered under the Investment Company Act of 1940, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any redemption of the New
Notes will be subject to prior approval of the Federal Reserve Board, to the extent such approval is then required. If less than the then-outstanding
principal amount of a New Note is redeemed, (i) a new note shall be issued representing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0in">the unredeemed portion without charge to the holder
thereof and (ii) such redemption shall be effected on a pro rata basis to the extent practicable. Any redemption of the notes will be
at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued but unpaid interest to, but excluding,
the date of redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If less than all of the notes
are to be redeemed, the trustee will select the notes or portions thereof to be redeemed on a pro rata basis, unless otherwise required
by law or applicable depositary requirements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Notices of redemption will
be mailed by registered or certified mail (return receipt requested), facsimile, email, or overnight air courier guaranteeing next day
delivery, at least 30 but no more than 60 days before the redemption date to each holder of notes to be redeemed at its registered address.
If any note is to be redeemed in part only, the notice of redemption that relates to that note will state the portion of the principal
amount thereof to be redeemed. A new note in principal amount equal to the unredeemed portion of the original note, if any, will be issued
in the name of the holder thereof upon cancellation of the original note. Notes called for redemption become due on the date fixed for
redemption. On and after the redemption date, interest ceases to accrue on notes or portions of them called for redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the notes are represented
by global notes held by DTC and such redemption is processed through DTC, such redemption will be made on a &ldquo;Pro Rata Pass Through
Distribution of Principal&rdquo; basis in accordance with the procedures of DTC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_034"></A><B>Repurchases</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may purchase notes at any
time on the open market or otherwise. If we purchase notes in this manner, we have the discretion to hold, resell or surrender the notes
to the trustee under the indenture for cancellation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_035"></A><B>No Sinking Fund; Non-Convertible</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notes will not be entitled
to the benefit of any sinking fund. This means that we will not deposit money on a regular basis into any separate custodial account to
repay the notes. The notes are not convertible into, or exchangeable for, any of our equity securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_036"></A><B>Form, Denomination, Transfer, Exchange and
Book-Entry Procedures</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notes will be issued only
in fully registered form, without interest coupons, and in minimum denominations of $100,000 and any integral multiple of $1,000 in excess
thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Unless otherwise required
for institutional accredited investors, the notes will be evidenced by a global note which will be deposited with, or on behalf of, DTC,
or any successor thereto, and registered in the name of Cede &amp; Co., or Cede, as nominee of DTC. Except as set forth below, record
ownership of the global note may be transferred, in whole or in part, only to another nominee of DTC or to a successor of DTC or its nominee.
If New Notes are issued to institutional accredited investors in certificated form, the New Notes will be transferable only on the records
of the trustee and may not be exchanged for a beneficial interest in the global note unless the exchange occurs in connection with a transfer
where the transferor and transferee provide evidence satisfactory to the trustee and DTC that the transferee is eligible to hold a beneficial
interest in the global note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The global note will not be
registered in the name of any person, or exchanged for notes that are registered in the name of any person, other than DTC or its nominee,
unless one of the following occurs:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">DTC notifies us that it is unwilling or unable to continue acting as the depositary for the global note,
or DTC has ceased to be a clearing agency registered under the Exchange Act, and in either case we fail to appoint a successor depositary;
or</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">an event of default with respect to the notes represented by the global
note has occurred and is continuing.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">In those circumstances,
DTC will determine in whose names any securities issued in exchange for the global note will be registered. Any such notes in certificated
form will be issued in minimum denominations of $100,000 and multiples of $1,000 in excess thereof and may be transferred or exchanged
only in such minimum denominations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DTC or its nominee will be
considered the sole owner and holder of the global note for all purposes, and as a result:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">you cannot get notes registered in your name if they are represented by the global note;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">you cannot receive certificated (physical) notes in exchange for your beneficial
interest in the global note;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">you will not be considered to be the owner or holder of the global note
or any note it represents for any purpose; and</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">all payments on the global note will be made to DTC or its nominee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">The laws of
some jurisdictions require that certain kinds of purchasers (for example, certain insurance companies) can only own securities in definitive
(certificated) form. These laws may limit your ability to transfer your beneficial interests in the global note to these types of purchasers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Only institutions (such as
a securities broker or dealer) that have accounts with DTC or its nominee (called &ldquo;participants&rdquo;) and persons that may hold
beneficial interests through participants (including through Euroclear Bank SA/NV or Clearstream Banking, soci&eacute;t&eacute; anonyme,
as DTC participants) can own a beneficial interest in the global note. The only place where the ownership of beneficial interests in the
global note will appear and the only way the transfer of those interests can be made will be on the records kept by DTC (for their participants&rsquo;
interests) and the records kept by those participants (for interests of persons held by participants on their behalf).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Secondary trading in bonds
and notes of corporate issuers is generally settled in clearinghouse (that is, next-day) funds. In contrast, beneficial interests in a
global note usually trade in DTC&rsquo;s same-day funds settlement system, and settle in immediately available funds. We make no representations
as to the effect that settlement in immediately available funds will have on trading activity in those beneficial interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Cash payments of interest
on and principal of the global note will be made to Cede, the nominee for DTC, as the registered owner of the global note. These payments
will be made by wire transfer of immediately available funds on each payment date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">You may exchange or transfer
the notes at the corporate trust office of the trustee for the notes or at any other office or agency maintained by us for those purposes.
We will not require payment of a service charge for any transfer or exchange of the notes, but we may require payment of a sum sufficient
to cover any applicable tax or other governmental charge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We have been informed that,
with respect to any cash payment of interest on or principal of the global note, DTC&rsquo;s practice is to credit participants&rsquo; accounts on
the payment date with payments in amounts proportionate to their respective beneficial interests in the notes represented by the global
note as shown on DTC&rsquo;s records, unless DTC has reason to believe that it will not receive payment on that payment date. Payments by participants
to owners of beneficial interests in notes represented by the global note held through participants will be the responsibility of those
participants, as is now the case with securities held for the accounts of customers registered in &ldquo;street name.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We also understand that neither
DTC nor Cede will consent or vote with respect to the notes. We have been advised that under its usual procedures, DTC will mail an &ldquo;omnibus
proxy&rdquo; to us as soon as possible after the record date. The omnibus proxy assigns Cede&rsquo;s consenting or voting rights to those participants
to whose accounts the notes are credited on the record date identified in a listing attached to the omnibus proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Because DTC can only act on
behalf of participants, who in turn act on behalf of indirect participants, the ability of a person having a beneficial interest in the
principal amount represented by the global note to pledge the interest to persons or entities that do not participate in the DTC book-entry
system, or otherwise take actions in respect of that interest, may be affected by the lack of a physical certificate evidencing its interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DTC has advised that it will
take any action permitted to be taken by a holder of notes (including the presentation of notes for exchange) only at the direction of
one or more participants to whose account with DTC interests in the global note are credited and only in respect of such portion of the
principal amount of the notes represented by the global note as to which such participant has, or participants have, given such direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">DTC has also advised as follows:
DTC is a limited purpose trust company organized under the laws of the State of New York, a &ldquo;banking organization&rdquo; within the
meaning of the New York Banking Law, a member of the Federal Reserve System, a &ldquo;clearing corporation&rdquo; within the meaning of
the Uniform Commercial Code, as amended, and a &ldquo;clearing agency&rdquo; registered pursuant to the provisions of Section 17A of the
Exchange Act. DTC was created to hold securities for its participants and facilitate the clearance and settlement of securities transactions
between participants through electronic book-entry changes in accounts of its participants. Participants include securities brokers and
dealers, banks, trust companies and clearing corporations and may include certain other organizations. Certain of such participants (or
their representatives), together with other entities, own DTC. Indirect access to the DTC system is available to other entities such as
banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a participant, either directly
or indirectly. The rules applicable to DTC and its direct and indirect participants are on file with the SEC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The policies and procedures
of DTC, which may change periodically, will apply to payments, transfers, exchanges and other matters relating to beneficial interests
in the global note. We and the trustee have no responsibility or liability for any aspect of DTC&rsquo;s or any participants&rsquo; records relating
to beneficial interests in the global note, including for payments made on the global note, and we and the trustee are not responsible
for maintaining, supervising or reviewing any of those records.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_037"></A><B>Indenture Covenants</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture contains no
covenants or restrictions restricting the incurrence of indebtedness or other obligations by us or by any subsidiary of ours, including
the Bank. The indenture contains no financial covenants requiring us to achieve or maintain any minimum financial results relating to
our financial position or results of operations or to meet or exceed any financial ratios as a general matter or in order to incur additional
indebtedness or obligations or to maintain any reserves. Moreover, neither the indenture nor the notes contain any covenants limiting
our right to incur additional indebtedness or obligations, grant liens on our assets to secure our indebtedness or other obligations that
are senior in right of payment to the notes, repurchase our stock or other securities, including any of the notes, or pay dividends or
make other distributions to our shareholders (except, subject to certain limited exceptions, the Company is prohibited from declaring
or paying any dividends or distributions on, or redeeming, purchasing, acquiring, or making a liquidation payment with respect to, any
of the Company&rsquo;s capital stock, making any payment of principal or interest or premium, if any, on or repaying, repurchasing or redeeming
any debt securities of the Company that rank equal with or junior to the notes, or making any payments under any guarantee that ranks
equal with or junior to the notes, in each case, upon our failure to make any required payment of principal or interest on the notes).
In addition, neither the indenture nor the notes contain any provision that would provide protection to the holders of the notes against
a sudden and dramatic decline in our credit quality resulting from a merger, takeover, recapitalization or similar restructuring or any
other event involving us or our subsidiaries that may adversely affect our credit quality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_038"></A><B>Events of Default; Right of Acceleration; Failure
to Pay Principal or Interest</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The following are events of
default under the indenture:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the entry of a decree or order for relief in respect of the Company by a court having jurisdiction in
the premises in an involuntary case or proceeding under any applicable bankruptcy, insolvency, or reorganization law, now or hereafter
in effect of the United States or any political subdivision thereof, and such decree or order will have continued unstayed and in effect
for a period of 30 consecutive days;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the commencement by the Company of a voluntary case under any applicable
bankruptcy, insolvency or reorganization law, now or hereafter in effect of the United States or any political subdivision thereof, or
the consent by the Company to the entry of a decree or order for relief in an involuntary case or proceeding under any such law;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the failure of the Company to pay any installment of interest on the notes
as and when the same will become due and payable, and the continuation of such failure for a period of 15 days;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the failure of the Company to pay all or any part of the principal of any
of the notes as and when the same will become due and payable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the failure of the Company to perform any other covenant or agreement under
the notes or the indenture, which continues for 30 days after written notice as provided for in the indenture; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the default by the Company under any bond, debenture, note or other evidence
of indebtedness for money borrowed by the Company having an aggregate principal amount of at least $25,000,000, whether such indebtedness
now exists or is created or incurred in the future, which default (a) constitutes a failure to pay any portion of the principal of such
indebtedness when due and payable after the expiration of any applicable grace period or (b) results in such indebtedness becoming due
or being declared due and payable prior to the date on which it otherwise would have become due or payable without, in the case of clause
(a), such indebtedness having been discharged or, in the case of clause (b), without such indebtedness having been discharged or such
acceleration having been rescinded or annulled.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin: 0pt 0; text-align: justify">&#9;If an event
of default with respect to the notes occurs due to a bankruptcy event, the principal of the notes and all accrued and unpaid interest
thereon, if any, will be immediately due and payable without any declaration or other act on the part of the trustee or any holder of
the notes. If an event of default with respect to the notes occurs due to any reason other than a bankruptcy event, neither the trustee
nor any holder may accelerate the maturity of the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Under the indenture, if the
Company fails to make any payment of interest on any note when such interest becomes due and payable and such default continues for a
period of 15 days, or if the Company fails to make any payment of the principal of any note when such principal becomes due and payable,
the trustee may, subject to certain limitations and conditions, demand, for the benefit of the holders of the notes, that the Company
pay to the trustee, for the benefit of the holders of the notes, the whole amount then due and payable with respect to the notes, with
interest upon the overdue principal, and, to the extent permitted by applicable law, upon any overdue installments of interest at the
rate or respective rates, as the case may be, provided for or with respect to the notes or, if no such rate or rates are so provided,
at the rate or respective rates, as the case may be, of interest borne by the notes. Any such rights to receive payment of such amounts
under the notes remain subject to the subordination provisions of the notes as discussed above under &ldquo;<I>Description of the Notes
&ndash; Subordination</I>.&rdquo; Neither the trustee nor the holders of the notes will have the right to accelerate the maturity of the
notes in the case of our failure to pay the principal of, or interest on, the notes or our non-performance of any other covenant or warranty
under the notes or the indenture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Subject to certain rights
of the trustee, the holders of a majority in principal amount of the outstanding notes will have the right to direct the time, method
and place of conducting any proceeding for any remedy available to the trustee or exercising any trust or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">power conferred on the trustee
with respect to the notes. Notwithstanding the foregoing, the indenture provides that the trustee will be under no obligation to exercise
any of its rights or powers under the indenture at the request, order or direction of any of the holders of outstanding notes, unless
the trustee receives security and indemnity satisfactory to it against any costs, liabilities or expenses which might be incurred by it
in compliance with such request, order or direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_039"></A><B>Amendment, Supplement and Waiver</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Without the consent of any
holder of notes, we and the trustee, at any time and from time to time, may enter into one or more indentures supplemental to the indenture
for any of the following purposes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to provide for the assumption by a successor corporation of our covenants contained in the indenture and
the notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to add to our covenants for the benefit of the holders, or to surrender
any right or power conferred upon us with respect to the notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to permit or facilitate the issuance of notes in uncertificated or global
form, provided any such action will not adversely affect the interests of the holders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to evidence and provide for the acceptance of appointment under the indenture
by a successor trustee and to add to or change any provisions of the indenture to provide for or facilitate the administration of the
trusts hereunder by more than one trustee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to cure any ambiguity or to correct or supplement any provision that may
be defective or that may be inconsistent with any other provision;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to make any other provisions with respect to matters or questions arising
under the indenture that will not adversely affect the interests of the holders of the notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to add any additional events of default;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to supplement any of the provisions of the indenture as necessary to permit
or facilitate legal or covenant defeasance, or satisfaction and discharge of the notes, provided that any such action will not adversely
affect the interests of any holder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to provide for the issuance of the New Notes in connection with this exchange
offer;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to conform any provision of the indenture to the requirements of the Trust
Indenture Act; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">to make any change that does not adversely affect the legal rights under
the indenture of any holder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">With the consent
of the holders of not less than a majority in aggregate principal amount of the outstanding notes, we and the trustee may enter into an
indenture or indentures supplemental to the indenture for the purpose of adding any provisions to or changing in any manner or eliminating
any of the provisions of the indenture or the notes or of modifying in any manner the rights of the holders of the notes under the indenture,
except that no such supplemental indenture will, without the consent of the holder of each outstanding note affected thereby:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce the rate of, or change the time for payment of, interest, including defaulted interest, on any
note;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce the principal of or change the stated maturity of any note, change
the date on which any note may be subject to redemption, or reduce the price at which any note subject to redemption may be redeemed;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">make any note payable in money other than dollars;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">make any change in provisions of the indenture protecting the right of
a holder to receive payment of principal of and interest on such note on or after the due date thereof or to bring suit to enforce payment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">reduce the percentage in principal amount of the outstanding notes the
consent of whose holders is required for any such supplemental indenture or the consent of whose holders is required for any waiver (of
compliance with certain provisions of the indenture or certain defaults thereunder and their consequences); or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">modify any of the provisions of the section of the indenture governing supplemental indentures with the
consent of holders, or those provisions relating to waiver of defaults or certain covenants, except to increase any such percentage required
for such actions or to provide that certain other provisions of the indenture cannot be modified or waived without the consent of the
holder of each outstanding note affected thereby.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of not less than
a majority in aggregate principal amount of the outstanding notes may on behalf of the holders of all notes waive any past default under
the indenture and its consequences, except a default in any payment in respect of the principal of or interest on any note, or in respect
of a covenant or provision of the indenture under which the indenture cannot be modified or amended without the consent of the holder
of each outstanding note.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_040"></A><B>Satisfaction and Discharge of the Indenture;
Defeasance</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may terminate our obligations
under the indenture when:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">either: (a) all notes that have been authenticated and delivered have been delivered to the trustee for
cancellation, or (b) all notes that have not been delivered to the trustee for cancellation (i) have become due and payable or (ii) will
become due and payable at their stated maturity within one year or (iii) if redeemable at the option of the Company, are to be called
for redemption within one year under arrangements satisfactory to the trustee for the giving of notice of redemption by the trustee, and
in the case of the foregoing clause (i), (ii) or (iii), we have deposited or caused to be deposited with the trustee immediately available
funds in an amount sufficient to pay and discharge the entire indebtedness on the outstanding notes;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we have paid or caused to be paid all other sums then due and payable by
us under the indenture with respect to the notes; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we have delivered to the trustee an officer&rsquo;s certificate and an opinion
of counsel, each stating that all conditions precedent under the indenture relating to the satisfaction and discharge of the indenture
have been satisfied.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We may elect,
at our option and at any time, to have our obligations discharged with respect to the outstanding notes, which we refer to as legal defeasance.
Legal defeasance means that we will be deemed to have paid and discharged the entire indebtedness represented by the outstanding notes,
except for:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the rights of the holders of such notes to receive payments in respect of the principal of and interest
on such notes when payments are due;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">our obligations and the obligations of the trustee with respect to such
notes concerning registration of notes, mutilated, destroyed, lost or stolen notes and the maintenance of an office or agency for payment
and money for payments on the notes to be held in trust;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the rights, powers, trusts, duties and immunities of the trustee under
the indenture; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">the defeasance provisions and the application of trust money provisions
of the indenture.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In addition,
we may elect, at our option, to have our obligations released with respect to certain covenants contained in the indenture, which is also
called covenant defeasance. In the event covenant defeasance occurs, certain events (not including non-payment, bankruptcy and insolvency
events) will no longer constitute an event of default with respect to the notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In order to exercise either
legal defeasance or covenant defeasance with respect to outstanding notes:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we must irrevocably have deposited or caused to be deposited with the trustee as trust funds in trust
for the purpose of making the following payments, specifically pledged as security for, and dedicated solely to the benefits of the holders
of such notes, (a) an amount in dollars, (b) U.S. government obligations that through the scheduled payment of principal and interest
in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment on the notes,
money in an amount, or (c) a combination thereof, in each case sufficient to pay and discharge, and which will be applied by the trustee
to pay and discharge, the entire indebtedness in respect of the principal of and interest on the notes on the stated maturity thereof
or, with respect to notes called for redemption, on the redemption date thereof;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">such legal defeasance or covenant defeasance will not result in a breach
or violation of, or constitute a default under, the indenture or any other material agreement or material instrument to which we or our
subsidiaries are a party or by which we or our subsidiaries are bound;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">no event of default, or event which with notice or lapse of time or both would become an event of default
with respect to the outstanding notes will have occurred and be continuing at the time of such deposit referred to in the first bullet
point above (and in the case of legal defeasance will have occurred and be continuing at any time during the period ending on and including
the 91st day after the date of such deposit);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of legal defeasance, we will have delivered to the trustee an opinion of counsel stating that
we have received from, or there has been published by, the Internal Revenue Service a ruling or since the date of the indenture there
has been a change in the applicable United States federal income tax law, in either case to the effect that, and based thereon such opinion
will confirm that, the holders of the notes will not recognize income, gain or loss for United States federal income tax purposes as a
result of such legal defeasance to be effected with respect to such notes and will be subject to United States federal income tax on the
same amount, in the same manner and at the same times as would be the case if such legal defeasance had not occurred;</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">in the case of covenant defeasance, we will have delivered to the trustee
an opinion of counsel to the effect that the holders of the outstanding notes will not recognize income, gain or loss for United States
federal income tax purposes as a result of such covenant defeasance to be effected with respect to the notes and will be subject to United
States</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify">federal income tax on the same amount,
in the same manner and at the same times as would be the case if such covenant defeasance had not occurred; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">we will have delivered to the trustee an officer&rsquo;s certificate and an opinion
of counsel, each stating that all conditions precedent with respect to such legal defeasance or covenant defeasance have been satisfied.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">In connection
with a discharge or defeasance, in the event the trustee is unable to apply the moneys deposited as contemplated under the satisfaction
and discharge provisions of the indenture for any reason, our obligations under the indenture and the notes will be revived as if the
deposit had never occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_041"></A><B>The Trustee</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Wilmington Trust, National
Association is acting as the trustee under the indenture and the initial paying agent and registrar for the notes. From time to time,
we and some of our subsidiaries may maintain deposit accounts and conduct other banking transactions, including lending transactions,
with the trustee in the ordinary course of business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Except during the continuance
of an event of default under the indenture, the trustee will perform only such duties as are specifically set forth in the indenture.
During the continuance of an event of default that has not been cured or waived, the trustee will exercise such of the rights and powers
vested in it by the indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use
under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The indenture and the Trust
Indenture Act contain certain limitations on the rights of the trustee, should it become a creditor of our organization, to obtain payment
of claims in certain cases or to realize on certain property received in respect of any such claim as security or otherwise. The trustee
will be permitted to engage in other transactions; however, if it acquires any &ldquo;conflicting interest&rdquo; (as
defined in the Trust Indenture Act) it must eliminate such conflict within 90 days, apply to the SEC for permission to continue or resign.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The holders of a majority
in principal amount of the outstanding notes will have the right to direct the time, method and place of conducting any proceeding for
any remedy available to the trustee or exercising any trust or power conferred on the trustee, subject to certain exceptions. The indenture
provides that in case an event of default has occurred and is continuing, the trustee will exercise such of the rights and powers vested
in it by the indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the
circumstances. Subject to such provisions, the trustee will be under no obligation to exercise any of the rights or powers vested in it
by the indenture at the request or direction of any of the holders under the indenture, unless such holders will have provided to the
trustee security or indemnity satisfactory to the trustee against the losses, liabilities and expenses which might be incurred by it in
compliance with such request or direction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_042"></A><B>No Personal Liability of Shareholders, Employees,
Officers, Directors or Exchange Agent</B>&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">No past, present or future
director, officer, employee or shareholder of our company or any of our predecessors or successors, as such or in such capacity, nor the
exchange agent will have any personal liability for any of our obligations under the notes or the indenture by reason of his, her or its
status as such director, officer, employee or shareholder. Each holder of notes by accepting a note waives and releases all such liability.
The waiver and release are part of the consideration for the issuance of the notes. Such waiver may not be effective to waive liabilities
under the federal securities laws, and it is the view of the SEC that such a waiver is against public policy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_043"></A><B>Governing Law</B>&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The notes and the indenture
are governed by and will be construed in accordance with the laws of the State of New York without giving effect to any laws or principles
of conflict of laws that would apply the laws of a different jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_044"></A>MATERIAL U.S. FEDERAL INCOME
TAX CONSEQUENCES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
following is a summary of the material United States federal income tax considerations of the exchange of outstanding Old Notes for New
Notes in the exchange offer. It is not a complete analysis of all the potential tax considerations relating to the exchange of outstanding
Old Notes for New Notes in the exchange offer. This discussion is based upon the provisions of the Internal Revenue Code of 1986, as amended
(the &ldquo;<B>Code</B>&rdquo;), or the Code, existing and proposed regulations under the Code and any administrative and judicial interpretations
and rulings thereof, all as currently in effect. These authorities are subject to change, possibly on a retroactive basis, and subject
to differing interpretations. We cannot assure you that the Internal Revenue Service will not challenge one or more of the tax consequences
described in this prospectus, and we have not obtained, and do not intend to obtain, a ruling from the Internal Revenue Service or an
opinion of counsel with respect to the U.S. federal income tax consequences described herein. Furthermore, this discussion does not address
the tax considerations arising under the laws of any foreign, state or local jurisdiction or any non-income tax (such as estate and gift
tax) consequences of the exchange of Old Notes for New Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
exchange of Old Notes for New Notes in the exchange offer should not constitute a taxable exchange for United States federal income tax
purposes. Consequently, (a) a holder of Old Notes should not recognize gain or loss upon the receipt of New Notes in the exchange offer,
(b) a holder&rsquo;s basis in the New Notes received in the exchange offer should be the same as such holder&rsquo;s basis in the Old Notes surrendered
in exchange therefor immediately before the exchange, and (c) a holder&rsquo;s holding period in the New Notes should include such holder&rsquo;s
holding period in the Old Notes surrendered in exchange therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>This
discussion of material United States federal income tax considerations is for general information only and may not be applicable depending
upon a holder&rsquo;s particular situation. Holders of Old Notes considering the exchange offer are urged to consult their own tax advisors
with respect to the tax consequences to them of exchanging Old Notes for New Notes, including the tax consequences under state, local,
estate, foreign and other tax laws and the possible effects of changes in United States or other tax laws. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_045"></A>PLAN OF DISTRIBUTION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Any broker-dealer that holds
Old Notes acquired for its own account as a result of market-making or other trading activities and receives New Notes for its own account
pursuant to the exchange offer may be a statutory underwriter and must deliver a prospectus meeting the requirements of the Securities
Act in connection with any resale of such New Notes. This prospectus, as it may be amended or supplemented from time to time, may be used
by any such broker-dealer in connection with any resale of New Notes received in exchange for such Old Notes, provided that such broker-dealer
notifies the Company to that effect in accordance with the instructions in the letter of transmittal. We will make additional copies of
this prospectus, and any amendments or supplements hereto, available to any such broker-dealer that requests it in accordance with the
instructions in the letter of transmittal. To the extent that any notifying broker-dealer participates in the exchange offer, we will
use our commercially reasonable efforts to maintain the effectiveness of this prospectus for a period of 180 days following the expiration
date of the exchange offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will not receive any proceeds
from any sale of New Notes by broker-dealers or any other persons. New Notes received by broker-dealers for their own account pursuant
to the exchange offer may be sold from time to time in one or more transactions in the over-the-counter market, in negotiated transactions,
through the writing of options on New Notes or a combination of such methods of resale, at market prices prevailing at the time of resale,
at prices related to such prevailing market prices or at negotiated prices. Any such resale may be made directly to purchasers or to or
through brokers or dealers who may receive compensation in the form of commissions or concessions from any such broker-dealer and/or the
purchasers of any New Notes. Any broker-dealer that holds Old Notes acquired for its own account as a result of market-making activities
or other trading activities and receives New Notes for its own account pursuant to the exchange offer and resells such New Notes and any
broker-dealer that participates in a distribution of such New Notes may be a statutory &ldquo;underwriter&rdquo; within the meaning of the
Securities Act, and any profit on any such resale of New Notes and any commission or concessions received by any such persons may be deemed
to be underwriting compensation under the Securities Act. The letter of transmittal states that, by acknowledging that it will deliver
and by delivering a prospectus meeting the requirements of the Securities Act in connection with the resale of any such New Notes, a broker-dealer
will not be deemed to admit that it is an &ldquo;underwriter&rdquo; within the meaning of the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We will promptly send additional
copies of this prospectus, and any amendments or supplements hereto, available to any such broker-dealer that requests it in accordance
with the instructions in the letter of transmittal. We have agreed to pay certain expenses in connection with the exchange offer and will
indemnify the holders of the Old Notes (including any broker-dealers) against certain liabilities, including certain liabilities under
the Securities Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_046"></A>LEGAL MATTERS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The validity of the New Notes
will be passed upon by Warner Norcross + Judd LLP, 150 Ottawa Ave NW, Suite 1500, Grand Rapids, Michigan 49503.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_047"></A>EXPERTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The consolidated financial
statements of the Company as of December 31, 2024 and 2023 and for each of the years in the three-year period ended December 31, 2024,
and the effectiveness of the Company&rsquo;s internal control over financial reporting as of December 31, 2024, have been audited by Forvis
Mazars, LLP, independent registered public accounting firm, as set forth in their reports thereon, included in the Company&rsquo;s Annual
Report on Form 10-K for the year ended December 31, 2024, and incorporated herein by reference. Such consolidated financial statements
and management&rsquo;s assessment of internal control (which is included in Management&rsquo;s Report on Internal Control over Financial
Reporting) have been incorporated herein by reference in reliance upon such reports pertaining to such consolidated financial statements
and the effectiveness of the Company&rsquo;s internal control over financial reporting given on the authority of such firm as experts
in accounting and auditing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in"><A NAME="a_048"></A>PART II<BR>
<BR>
INFORMATION NOT REQUIRED IN THE PROSPECTUS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><A NAME="a_049"></A><FONT STYLE="background-color: white"><B>Item
20. Indemnification of Directors and Officers</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Horizon Bancorp, Inc. is an
Indiana corporation. Horizon&rsquo;s officers and directors (and those who have agreed to such positions) are entitled to be indemnified under
Indiana law and our Articles of Incorporation against certain liabilities and expenses. Chapter 37 of The Indiana Business Company Law
(the &ldquo;<B>IBCL</B>&rdquo;) requires a corporation, unless its articles of incorporation provide otherwise, to indemnify a director
or an officer of the corporation who is wholly successful, on the merits or otherwise, in the defense of any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or investigative and whether formal or informal, against reasonable
expenses, including counsel fees, incurred in connection with the proceeding. The IBCL also permits a corporation to indemnify a director
or an officer who is made a party to a proceeding because the individual was a director or an officer of the corporation against liability
incurred in the proceeding if the individual&rsquo;s conduct was in good faith and the individual reasonably believed, in the case of conduct
in the individual&rsquo;s official capacity with the corporation, that the conduct was in the corporation&rsquo;s best interests, and in all other
cases, that the individual&rsquo;s conduct was at least not opposed to the corporation&rsquo;s best interests. In a criminal proceeding,
the individual must also either have had reasonable cause to believe the individual&rsquo;s conduct was lawful or no reasonable cause to believe
the individual&rsquo;s conduct was unlawful. The IBCL also permits a corporation to pay for or reimburse reasonable expenses incurred
before the final disposition of a proceeding and permits a court of competent jurisdiction to order a corporation to indemnify a director
or officer if the court determines that the person is fairly and reasonably entitled to indemnification in view of all the relevant circumstances,
whether or not the person met the standards for indemnification otherwise provided in the IBCL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Horizon&rsquo;s Articles of Incorporation
provide for mandatory indemnification of officers and directors (and those who have agreed to such positions) if they are wholly successful
on the merits of a proceeding and satisfy the standards of conduct specified by the IBCL set forth in the preceding paragraph. The Articles
of Incorporation also provide that any director or officer of Horizon or any person who is serving at the request of Horizon as a director
or officer of another entity shall be indemnified and held harmless by Horizon to the same extent as Horizon&rsquo;s directors and officers.
In any proceeding, an officer or director is entitled to be indemnified against all liabilities and expenses related to the proceeding
including attorneys&rsquo; fees, judgments, fines, penalties and amounts paid or to be paid in settlement. Horizon&rsquo;s Articles of
Incorporation also provide such persons with certain rights to be paid or reimbursed for expenses incurred in defending any such proceeding
in advance of the final disposition. The Articles of Incorporation also provide that Horizon has the discretion to indemnify employees
and agents to the same extent, and on the same basis, as it is required to indemnify its officers and directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">The
Articles of Incorporation also authorize Horizon to maintain insurance to protect itself and any director, officer, employee or agent
of Horizon against expense, liability or loss, whether or not Horizon would have the power to indemnify such person against such expense,
liability or loss under the IBCL or pursuant to its Articles of Incorporation. Horizon currently maintains such insurance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><A NAME="a_050"></A><FONT STYLE="background-color: white"><B>Item&nbsp;21.
Exhibits and Financial Statements</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The exhibits listed below
in the &ldquo;Exhibit Index&rdquo; are part of this Registration Statement and are numbered in accordance with Item&nbsp;601 of Regulation
S-K.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><A NAME="a_051"></A><FONT STYLE="background-color: white"><B>Item
22. Undertakings</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(1)</TD><TD STYLE="text-align: justify">To file, during any period in which offers or sales are being made, a post-effective
amendment to this registration statement:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">to include any prospectus required by Section 10(a)(3) of the&nbsp;Securities
Act of 1933;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">to reflect in the prospectus any facts or events arising after the effective date of the registration
statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change
in the information set forth in the registration statement; notwithstanding the foregoing, any increase or decrease in volume of securities
offered (if the total dollar value of securities offered would not exceed that which was registered) and any deviation from the low or
high end of the estimated maximum offering range may be reflected in the form of prospectus filed with the SEC pursuant to Rule 424(b)
if, in </TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.25in"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify">the aggregate, the changes in volume and price represent no more than a 20% change in the maximum aggregate offering price set
forth in the &ldquo;Calculation of Filing Fee Tables&rdquo; or &ldquo;Calculation of Registration Fee&rdquo; table, as applicable, in the
effective registration statement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">to include any material information with respect to the plan of distribution not previously disclosed
in the registration statement or any material change to such information in the registration statement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(2)</TD><TD STYLE="text-align: justify">That, for the purpose of determining any liability under the&nbsp;Securities Act of 1933, each such post-effective
amendment shall be deemed to be a new registration statement relating to the securities offered therein, and the offering of such securities
at that time shall be deemed to be the initial&nbsp;<I>bona fide</I>&nbsp;offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(3)</TD><TD STYLE="text-align: justify">To remove from registration by means of a post-effective amendment any of the securities being registered
which remain unsold at the termination of the offering.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(4)</TD><TD STYLE="text-align: justify">That, for the purpose of determining liability under the&nbsp;Securities Act of 1933&nbsp;to any purchaser,
each prospectus filed pursuant to Rule 424(b) as part of a registration statement relating to an offering, other than registration statements
relying on Rule 430B or other than prospectuses filed in reliance on Rule 430A, shall be deemed to be part of and included in the registration
statement as of the date it is first used after effectiveness;&nbsp;<I>provided</I>,&nbsp;<I>however</I>, that no statement made in a
registration statement or prospectus that is part of the registration statement or made in a document incorporated or deemed incorporated
by reference into the registration statement or prospectus that is part of the registration statement will, as to a purchaser with a time
of contract of sale prior to such first use, supersede or modify any statement that was made in the registration statement or prospectus
that was part of the registration statement or made in any such document immediately prior to such date of first use.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(5)</TD><TD STYLE="text-align: justify">That, for the purpose of determining liability of the registrant under the&nbsp;Securities Act of 1933&nbsp;to
any purchaser in the initial distribution of the securities, the undersigned registrant undertakes that in a primary offering of securities
of the undersigned registrant pursuant to this registration statement, regardless of the underwriting method used to sell the securities
to the purchaser, if the securities are offered or sold to such purchaser by means of any of the following communications, the undersigned
registrant will be a seller to the purchaser and will be considered to offer or sell such securities to such purchaser:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD STYLE="text-align: justify">Any preliminary prospectus or prospectus of the undersigned registrant
relating to the offering required to be filed pursuant to Rule 424;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD STYLE="text-align: justify">Any free writing prospectus relating to the offering prepared by or on behalf of the undersigned registrant
or used or referred to by the undersigned registrant;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(iii)</TD><TD STYLE="text-align: justify">The portion of any other free writing prospectus relating to the offering containing material information
about the undersigned registrant or its securities provided by or on behalf of the undersigned registrant; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"></TD><TD STYLE="width: 0.25in">(iv)</TD><TD STYLE="text-align: justify">Any other communication that is an offer in the offering made by the undersigned registrant to the purchaser.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD STYLE="text-align: justify">The undersigned registrant hereby undertakes that for purposes of determining any liability under the&nbsp;Securities
Act of 1933, each filing of the registrant&rsquo;s annual report pursuant to section 13(a) or section 15(d) of the&nbsp;Securities Exchange
Act of 1934&nbsp;(and, where applicable, each filing of an employee benefit plan&rsquo;s annual report pursuant to section 15(d) of the&nbsp;Securities
Exchange Act of 1934) that is incorporated by reference into the registration statement shall be deemed to be a new registration statement
relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide
offering thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD STYLE="text-align: justify">Insofar as indemnification for liabilities arising under the&nbsp;Securities Act of 1933&nbsp;may be permitted
to directors, officers and controlling persons of the registrant pursuant to the foregoing provisions, or otherwise, the registrant has
been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed
in the Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment
by the registrant of expenses incurred or paid by a director, officer or controlling person of the registrant in the successful defense
of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being
registered, the registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to
a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and
will be governed by the final adjudication of such issue.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned registrant
hereby undertakes to respond to requests for information that is incorporated by reference into the prospectus pursuant to Items 4, 10(b),
11, or 13 of this Form, within one business day of receipt of such request, and to send the</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-right: 0; margin-bottom: 0pt; text-align: justify">incorporated documents by first class mail
or other equally prompt means. This includes information contained in documents filed subsequent to the effective date of the registration
statement through the date of responding to the request.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned registrant
hereby undertakes to supply by means of a post-effective amendment all information concerning a transaction, and the company being acquired
involved therein, that was not the subject of and included in the registration statement when it became effective.</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto
duly authorized, in Michigan City, State of Indiana, on October 23, 2025.</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 40%; text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 35%; text-align: justify; font-size: 10pt">Horizon Bancorp, Inc.</TD>
    <TD STYLE="width: 25%; text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: right; font-size: 10pt">By:&nbsp;&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt">/s/ Thomas M. Prame</TD>
    <TD STYLE="text-align: center; font-size: 10pt">October 23, 2025</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt">Thomas M. Prame<BR>
Chief Executive Officer &amp; President</TD>
    <TD STYLE="text-align: justify; font-size: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Pursuant to the requirements
of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date
indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ Thomas M. Prame</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer &amp; President,</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thomas M. Prame</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director (Principal Executive Officer)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;&nbsp;/s/ John R. Stewart</FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Executive Vice President &amp; Chief Financial</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">John R. Stewart, CFA</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Officer (Principal Financial&nbsp;and Accounting Officer)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;* /s/ Eric P. Blackhurst</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman of the Board and Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Eric P. Blackhurst</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;* /s/ Kevn W. Ahern</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kevn W. Ahern</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;* /s/ Lawrence E. Burnell</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lawrence E. Burnell</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;* /s/ James W. Dworkin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">James W. Dworkin</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;* /s/ Julie S. Freigang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Julie S. Freigang</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;* /s/ Brian W. Maass</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brian W. Maass</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;* /s/ Larry S. Magnesen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Larry S. Magnesen</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;* /s/ Michele M. Magnuson</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michele M. Magnuson</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;* /s/ Steven W. Reed</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Steven W. Reed</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 37%; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;* /s/ Michele A. Samuels</FONT></TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 35%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="width: 25%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michele A. Samuels</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;* /s/ Brian C. Walker</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Brian C. Walker</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;* /s/ Vanessa P. Williams</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Director &nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 23, 2025</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vanessa P. Williams</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 9pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">*By /s/ Todd A. Etzler</P></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney-in-Fact</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXHIBIT INDEX</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%"><U>Exhibit</U></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 90%"><U>Document</U></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>3.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/706129/000090883418000092/hb_8k0515ex31.htm">Amended and Restated Articles of Incorporation of Horizon Bancorp, Inc. effective May 16, 2018 (incorporated by reference to Exhibit 3.1 to the Company&rsquo;s Form 8&ndash;K filed on May 16, 2018).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>3.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612922000117/exhibit32amendedandrestate.htm">Amended and Restated Bylaws of Horizon Bancorp, Inc. (incorporated by reference to Exhibit 3.2 to the Company&rsquo;s Form 8&ndash;K filed on December 20, 2022).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/706129/000207709625000094/ea025477901ex4-1_horizon.htm">Indenture dated August 29, 2025 between Horizon Bancorp, Inc. and Wilmington Trust, National Association (incorporated by reference to Exhibit 4.1 to the Company&rsquo;s Form 8&ndash;K filed on August 29, 2025).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="http://www.sec.gov/Archives/edgar/data/706129/000207709625000094/ea025477901ex4-1_horizon.htm">Form of 7.00% Fixed-to-Floating Rate Subordinated Note due September 15, 2035 (included as Exhibits A-1 and A-2 to the Indenture and here incorporated by reference).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.3</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/706129/000207709625000094/ea025477901ex10-1_horizon.htm">Form of Subordinated Note Purchase Agreement, dated as of August 29, 2025, by and among Horizon Bancorp, Inc. and the Purchasers (incorporated by reference to Exhibit 10.1 to the Company&rsquo;s Form 8&ndash;K filed on August 29, 2025).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>4.4</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/706129/000207709625000094/ea025477901ex10-2_horizon.htm">Form of Registration Rights Agreement, dated as of August 29, 2025, by and among Horizon Bancorp, Inc. and the Purchasers (incorporated by reference to Exhibit 10.2 to the Company&rsquo;s Form 8&ndash;K filed on August 29, 2025).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>5</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea026187901ex-5_horizon.htm">Opinion of Warner Norcross + Judd LLP regarding the validity of the securities being registered.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>21</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="https://www.sec.gov/Archives/edgar/data/706129/000070612925000036/hbnc-20241231xexx21xsubsid.htm">Subsidiaries of Horizon (incorporated by reference to Exhibit 21 to the Company&rsquo;s Form 10&ndash;K filed on March 14, 2025).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>23.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea026187901ex-5_horizon.htm">Consent of Warner Norcross + Judd LLP (included in Exhibit 5.1 and here incorporated by reference).</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>23.2</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea026187901ex23-2_horizon.htm">Consent of Forvis Mazars, LLP.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>24</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea026187901ex-24_horizon.htm">Powers of Attorney.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>25.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea026187901ex25-1_horizon.htm">Form T-1 Statement of Eligibility under the Trust Indenture Act of 1939, as amended of Wilmington Trust, National Association, as Trustee with respect to the Indenture.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>99.1</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea026187901ex99-1_horizon.htm">Form of Letter of Transmittal.</A></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>107</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify"><A HREF="ea026187901ex-fee_horizon.htm">Filing Fee Table.</A></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-5
<SEQUENCE>2
<FILENAME>ea026187901ex-5_horizon.htm
<DESCRIPTION>OPINION OF WARNER NORCROSS + JUDD LLP REGARDING THE VALIDITY OF THE SECURITIES BEING REGISTERED
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 5</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Warner Norcross + Judd LLP<BR>
</B>150 Ottawa Avenue NW</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Suite 1500<BR>
Grand Rapids, Michigan 49503-2832</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">616-752-2000</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">www.wnj.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">October 23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Horizon Bancorp, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">515 Franklin Street</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Michigan City, Indiana 46360</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left">Re:</TD><TD STYLE="text-align: justify"><B>Registration Statement on Form S-4</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Ladies and Gentlemen:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are special securities
counsel to Horizon Bancorp, Inc., an Indiana corporation (the &ldquo;<U>Company</U>&rdquo;), in connection with the preparation and filing
of a Registration Statement on Form S-4 (the &ldquo;<U>Registration Statement</U>&rdquo;) under the Securities Act of 1933, as amended (the
&ldquo;<U>Securities Act</U>&rdquo;), related to the offering by the Company of up to $100,000,000 aggregate principal amount of the Company&rsquo;s
7.00% Fixed-to-Floating Rate Subordinated Notes due 2035 (the &ldquo;<U>New Notes</U>&rdquo;), in exchange for a like principal amount of
the Company&rsquo;s outstanding unregistered 7.00% Fixed-to-Floating Rate Subordinated Notes due 2035 (the &ldquo;<U>Old Notes</U>&rdquo;). The
New Notes will be issued pursuant to an Indenture, dated as of August 29, 2025 (the &ldquo;<U>Indenture</U>&rdquo;), between the Company
and Wilmington Trust, National Association, as trustee (the &ldquo;<U>Trustee</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We are familiar with the proceedings
taken by the Company in connection with the authorization of the New Notes pursuant to the exchange offer described in the Registration
Statement. We have examined such documents, records, and matters of law as we have deemed necessary for purposes of this opinion. In our
examination, we have assumed the genuineness of all signatures, the legal capacity of all natural persons, the authenticity of all documents
submitted to us as originals, the conformity to original documents of all documents submitted to us as certified or photostatic copies,
and the authenticity of the originals of such copies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Based solely upon the foregoing,
and in reliance thereon, and subject to the limitations, qualifications and exceptions set forth below, we are of the opinion that, when
(i) the Registration Statement has become effective, (ii) the Indenture has been duly qualified under the Trust Indenture Act of 1939,
as amended, and (iii) the New Notes are duly executed by the Company, authenticated by the Trustee in accordance with the Indenture, and
issued and delivered upon consummation of the exchange offer (as described in the Registration Statement) against receipt of the Old Notes
surrendered in exchange therefor in accordance with the terms of such exchange offer, such New Notes will constitute binding obligations
of the Company, except that the binding nature thereof may be subject to (i) bankruptcy, insolvency, reorganization, receivership, moratorium,
fraudulent conveyance, fraudulent transfer or other similar laws now or hereafter in effect relating to creditors&rsquo; rights generally
and (ii) general principles of equity (whether applied by a court of law or equity) and the discretion of the court before which any proceeding
therefor may be brought.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We express no opinion as to
the applicability of, compliance with or effect of, the law of any jurisdiction other than the laws of the State of Indiana (excluding
municipal and other local ordinances, codes and regulations), the laws of the State of New York (excluding municipal and other local ordinances,
codes and regulations) and the federal laws of the United States. The opinions expressed above are as of the date of this letter, and
we do not assume an obligation to update or supplement those opinions to reflect a fact or circumstance that in the future comes to our
attention or a change in law that in the future occurs or becomes effective. This letter is limited to the matters set forth in it, and
no opinions are implied or may be inferred beyond those expressly stated above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">We consent to the use of our
name under the caption &ldquo;Legal Matters&rdquo; in the Registration Statement and to the inclusion of this opinion as an exhibit to the
Registration Statement. In giving this consent, we do not hereby admit that we are within the category of persons whose consent is required
under Section 7 of the Securities Act.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This opinion is rendered for
the purposes of Part II, Item 21 of Form S-4 and Item 601(b)(5) of Regulation S-K and may not be used, quoted, or referred to or filed
for any other purpose without our prior written permission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Warner Norcross + Judd LLP</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; width: 60%; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 4%; text-align: left"><FONT STYLE="font-size: 10pt">By</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 36%; text-align: left">/s/ Charlie Goode</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Charlie Goode, a Partner</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left"></P>

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<DOCUMENT>
<TYPE>EX-23.2
<SEQUENCE>3
<FILENAME>ea026187901ex23-2_horizon.htm
<DESCRIPTION>CONSENT OF FORVIS MAZARS, LLP
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 23.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Consent of Independent Registered Public Accounting
Firm</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">We consent to the incorporation by reference in
this Registration Statement of Horizon Bancorp, Inc. on Form S-4 of our reports dated March 14, 2025 on our audits of the consolidated
financial statements of Horizon Bancorp, Inc. as of December 31, 2024 and 2023 and for the three-year period ended December 31, 2024 and
our audit of the internal control over financial reporting of Horizon Bancorp, Inc. as of December 31, 2024, which reports are included
in the Annual report on Form 10-K. We also consent to the reference to our firm under the caption &ldquo;Experts&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">/s/ Forvis Mazars, LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Indianapolis, Indiana</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>October 23, 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-24
<SEQUENCE>4
<FILENAME>ea026187901ex-24_horizon.htm
<DESCRIPTION>POWERS OF ATTORNEY
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 24</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LIMITED POWER OF ATTORNEY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned, in his or
her capacity as a director or officer, or both, as the case may be, of Horizon Bancorp, Inc., does hereby appoint Thomas M. Prame, John
R. Stewart and Todd&nbsp;A. Etzler, and any of them severally, his or her attorney or attorneys with full power of substitution to execute
in his or her name, in his or her capacity as a director or officer, or both, as the case may be, of Horizon Bancorp, Inc., a Form S-4
Registration Statement of Horizon Bancorp, Inc., and any and all pre-effective or post-effective amendments and supplements to such Registration
Statement, and to file the same with all exhibits thereto and all other documents in connection therewith with the Securities and Exchange
Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Date: October 23, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%; text-align: left">/s/ Kevin W. Ahern</TD>
    <TD STYLE="padding-bottom: 1.5pt; width: 20%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; width: 40%; text-align: left">/s/ Eric P. Blackhurst</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Kevin W. Ahern</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Eric P. Blackhurst</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">/s/ Lawrence E. Burnell</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">/s/ James B. Dworkin</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Lawrence E. Burnell</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">James B. Dworkin</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">/s/ Julie S. Freigang</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">/s/ Brian W. Maass</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Julie S. Freigang</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Brian W. Maass</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">/s/ Larry S. Magnesen</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">/s/ Michele M. Magnuson</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Larry S. Magnesen</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Michele M. Magnuson</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">/s/ Thomas M. Prame</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">/s/ Steven W. Reed</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Thomas M. Prame</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Steven W. Reed</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">/s/ Michele A. Samuels</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">/s/ Brian C. Walker</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Michele A. Samuels</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Brian C. Walker</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1.5pt solid; text-align: left">/s/ Vanessa P. Williams</TD>
    <TD STYLE="padding-bottom: 1.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left">Vanessa P. Williams</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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<DOCUMENT>
<TYPE>EX-25.1
<SEQUENCE>5
<FILENAME>ea026187901ex25-1_horizon.htm
<DESCRIPTION>FORM T-1 STATEMENT OF ELIGIBILITY UNDER THE TRUST INDENTURE ACT OF 1939, AS AMENDED OF WILMINGTON TRUST, NATIONAL ASSOCIATION, AS TRUSTEE WITH RESPECT TO THE INDENTURE
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: right; margin: 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">Exhibit
25.1</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;<B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>FORM T-1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#9744;</B>
Check if an Application to Determine Eligibility of a Trustee Pursuant to Section 305(b)(2)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of trustee as specified in its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>16-1486454</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(I.R.S. employer identification no.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>1100 North Market Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Wilmington, DE 19890-0001</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Kyle Barry</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Senior Vice President</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Wilmington Trust Company</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>285 Delaware Ave.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Buffalo, NY 14202</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>(716) 839-6909</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Name, address and telephone number of agent for
service)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Horizon Bancorp, Inc.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="text-align: center">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Exact name of obligor as specified in its charter)</P>
    <P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Courier New, Courier, Monospace; width: 49%; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Indiana</B></FONT></TD>
    <TD STYLE="text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1.5pt; font: 10pt Courier New, Courier, Monospace; width: 49%; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>35-1562417</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(State or other jurisdiction of incorporation or organization)</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="font: 10pt Courier New, Courier, Monospace; layout-grid-mode: line; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(I.R.S. Employer Identification No.)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>515 Franklin Street</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Michigan City, IN 46360</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Address of principal executive offices, including
zip code)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>7.00% Fixed-to-Floating Rate Subordinated Notes
due 2035</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(Title of the indenture securities)</P>






<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in; text-align: left"><B>ITEM</B> <B>1.</B></TD><TD STYLE="text-align: justify"><B> GENERAL INFORMATION.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Furnish the following information as to the trustee:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(a)</TD><TD STYLE="text-align: justify">Name and address of each examining or supervising authority
to which it is subject.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 78pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-indent: 0pt">Comptroller of Currency, Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-indent: 0pt">Federal Deposit Insurance Corporation, Washington, D.C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 78pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left">(b)</TD><TD STYLE="text-align: justify">Whether it is authorized to exercise corporate trust powers.</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.75in; text-indent: 0pt">The trustee is authorized to exercise
corporate trust powers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>ITEM 2.</B></TD><TD><B>AFFILIATIONS WITH THE OBLIGOR.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">If the obligor is an affiliate of the trustee,
describe each affiliation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">Based upon an examination of the books and records of the
trustee and information available to the trustee, the obligor is not an affiliate of the trustee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>ITEM 3 &ndash; 15. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.75in">Not applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"><B>ITEM 16.</B></TD><TD><B>LIST OF EXHIBITS.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt -0.25in; text-indent: 0.75in">Listed below are all exhibits filed as
part of this Statement of Eligibility and Qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A
                                            copy of the Charter for Wilmington Trust, National Association.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            authority of Wilmington Trust, National Association to commence business was granted under
                                            the Charter for Wilmington Trust, National Association, incorporated herein by reference
                                            to Exhibit 1 above.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            authorization to exercise corporate trust powers was granted under the Charter for Wilmington
                                            Trust, National Association, incorporated herein by reference to Exhibit 1 above.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">A
                                            copy of the existing By-Laws of Trustee, as now in effect, incorporated herein by reference
                                            to Exhibit 4 of this Form T-1.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Not
                                            applicable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">The
                                            consent of Wilmington Trust, National Association as required by Section 321(b) of the Trust
                                            Indenture Act of 1939, attached hereto as Exhibit 6 of this Form T-1.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Current
                                            Report of the Condition of Wilmington Trust, National Association, published pursuant to
                                            law or the requirements of its supervising or examining authority, attached hereto as Exhibit
                                            7 of this Form T-1.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Not
                                            applicable.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9.</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Not
                                            applicable.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Courier; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Courier; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif"></FONT></P>

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<P STYLE="font: 10pt Courier; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Trust Indenture Act of 1939, as
amended, the trustee, Wilmington Trust, National Association, a national banking association organized and existing under the laws of
the United States of America, has duly caused this Statement of Eligibility to be signed on its behalf by the undersigned, thereunto duly
authorized, all in the City of Wilmington and State of Delaware on the 23<SUP>rd</SUP> day of October, 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WILMINGTON TRUST,
    NATIONAL ASSOCIATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 60%"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; width: 5%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font-size: 10pt; width: 35%"><FONT STYLE="font-size: 10pt">/s/ <FONT STYLE="font-family: Times New Roman, Times, Serif">Michael
    H. Wass</FONT></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp; </FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael H. Wass</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT 1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CHARTER OF WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLES OF ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>OF</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For the purpose of organizing an association to
perform any lawful activities of national banks, the undersigned do enter into the following articles of association:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: left; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">FIRST. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The title of this association shall be Wilmington Trust, National Association.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SECOND.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The main office of the association shall be in the City
of Wilmington, County of New Castle, State of Delaware. The general business of the association shall be conducted at its main office
and its branches.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">THIRD.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of this association shall consist
of not less than five nor more than twenty-five persons, unless the OCC has exempted the bank from the 25-member limit. The exact number
is to be fixed and determined from time to time by resolution of a majority of the full board of directors or by resolution of a majority
of the shareholders at any annual or special meeting thereof. Each director shall own common or preferred stock of the association or
of a holding company owning the association, with an aggregate par, fair market or equity value $1,000. Determination of these values
may be based as of either (i) the date of purchase or (ii) the date the person became a director, whichever value is greater. Any combination
of common or preferred stock of the association or holding company may be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Any vacancy in the board of directors may be filled
by action of a majority of the remaining directors between meetings of shareholders. The board of directors may not increase the number
of directors between meetings of shareholders to a number which:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">exceeds
by more than two the number of directors last elected by shareholders where the number was 15 or less; or</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">exceeds
by more than four the number of directors last elected by shareholders where the number was 16 or more, but in no event shall the number
of directors exceed 25, unless the OCC has exempted the bank from the 25-member limit.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Directors shall be elected for terms of one year
and until their successors are elected and qualified. Terms of directors, including directors selected to fill vacancies, shall expire
at the next regular meeting of shareholders at which directors are elected, unless the directors resign or are removed from office. Despite
the expiration of a director's term, the director shall continue to serve until his or her successor is elected and qualifies or until
there is a decrease in the number of directors and his or her position is eliminated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Honorary or advisory members of the board of directors,
without voting power or power of final decision in matters concerning the business of the association, may be appointed by resolution
of a majority of the full board of directors, or by resolution of shareholders at any annual or special meeting. Honorary or advisory
directors shall not be counted to determine the number of directors of the association or the presence of a quorum in connection with
any board action, and shall not be required to own qualifying shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FOURTH.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There shall be an annual meeting of the shareholders to
elect directors and transact whatever other business may be brought before the meeting. It shall be held at the main office or any other
convenient place the board of directors may designate, on the day of each year specified therefor in the bylaws, or, if that day falls
on a legal holiday in the state in which the association is located, on the next following banking day. If no election is held on the
day fixed, or in the event of a legal holiday on the following banking day, an election may be held on any subsequent day within 60 days
of the day fixed, to be</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">designated by the board of directors, or, if the directors fail to fix the day, by shareholders representing two-thirds
of the shares issued and outstanding. In all cases at least 10 days advance notice of the time, place and purpose of a shareholders&rsquo;
meeting shall be given to the shareholders by first class mail, unless the OCC determines that an emergency circumstance exists. The sole
shareholder of the bank is permitted to waive notice of the shareholders&rsquo; meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In all elections of directors, the number of votes
each common shareholder may cast will be determined by multiplying the number of shares such shareholder owns by the number of directors
to be elected. Those votes may be cumulated and cast for a single candidate or may be distributed among two or more candidates in the
manner selected by the shareholder. If, after the first ballot, subsequent ballots are necessary to elect directors, a shareholder may
not vote shares that he or she has already fully cumulated and voted in favor of a successful candidate. On all other questions, each
common shareholder shall be entitled to one vote for each share of stock held by him or her.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Nominations for election to the board of directors
may be made by the board of directors or by any stockholder of any outstanding class of capital stock of the association entitled to vote
for election of directors. Nominations other than those made by or on behalf of the existing management shall be made in writing and be
delivered or mailed to the president of the association not less than 14 days nor more than 50 days prior to any meeting of shareholders
called for the election of directors; provided, however, that if less than 21 days notice of the meeting is given to shareholders, such
nominations shall be mailed or delivered to the president of the association not later than the close of business on the seventh day following
the day on which the notice of meeting was mailed. Such notification shall contain the following information to the extent known to the
notifying shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
name and address of each proposed nominee.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
principal occupation of each proposed nominee.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
total number of shares of capital stock of the association that will be voted for each proposed nominee.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
name and residence address of the notifying shareholder.</FONT></TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">5)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">The
number of shares of capital stock of the association owned by the notifying shareholder.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Nominations not made in accordance
herewith may, in his/her discretion, be disregarded by the chairperson of the meeting, and the vote tellers may disregard all votes cast
for each such nominee. No bylaw may unreasonably restrict the nomination of directors by shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">A director may resign at any time by
delivering written notice to the board of directors, its chairperson, or to the association, which resignation shall be effective when
the notice is delivered unless the notice specifies a later effective date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">A director may be removed by shareholders
at a meeting called to remove the director, when notice of the meeting stating that the purpose or one of the purposes is to remove the
director is provided, if there is a failure to fulfill one of the affirmative requirements for qualification, or for cause; provided,
however, that a director may not be removed if the number of votes sufficient to elect the director under cumulative voting is voted against
the director's removal.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">FIFTH.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The authorized amount of capital stock of this association
shall be ten thousand shares of common stock of the par value of one hundred dollars ($100) each; but said capital stock may be
increased or decreased from time to time, according to the provisions of the laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">No holder of shares of the capital stock of any
class of the association shall have any preemptive or preferential right of subscription to any shares of any class of stock of the association,
whether now or hereafter authorized, or to any obligations convertible into stock of the association, issued, or sold, nor any right of
subscription to any thereof other than such, if any, as the board of directors, in its discretion, may from time to time determine and
at such price as the board of directors may from time to time fix. Preemptive rights also must be approved by a vote of holders of two-thirds
of the bank&rsquo;s outstanding voting shares. Unless otherwise specified in these articles of association or required by law, (1) all
matters requiring shareholder action, including amendments to the articles of association, must be approved by shareholders owning a majority
voting interest in the outstanding voting stock, and (2) each shareholder shall be entitled to one vote per share.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Unless otherwise specified in these articles of
association or required by law, all shares of voting stock shall be voted together as a class, on any matters requiring shareholder approval.
If a proposed amendment would affect two or more classes or series in the same or a substantially similar way, all the classes or series
so affected must vote together as a single voting group on the proposed amendment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Shares of one class or series may be issued as
a dividend for shares of the same class or series on a pro rata basis and without consideration. Shares of one class or series may be
issued as share dividends for a different class or series of stock if approved by a majority of the votes entitled to be cast by the
class or series to be issued, unless there are no outstanding shares of the class or series to be issued. Unless otherwise provided by
the board of directors, the record date for determining shareholders entitled to a share dividend shall be the date authorized by the
board of directors for the share dividend.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-indent: 0.5in">Unless otherwise provided in the bylaws,
the record date for determining shareholders entitled to notice of and to vote at any meeting is the close of business on the day before
the first notice is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 70 days before
the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">If a shareholder is entitled to fractional shares
pursuant to a stock dividend, consolidation or merger, reverse stock split or otherwise, the association may: (a) issue fractional shares;
(b) in lieu of the issuance of fractional shares, issue script or warrants entitling the holder to receive a full share upon surrendering
enough script or warrants to equal a full share; (c) if there is an established and active market in the association's stock, make reasonable
arrangements to provide the shareholder with an opportunity to realize a fair price through sale of the fraction, or purchase of the additional
fraction required for a full share; (d) remit the cash equivalent of the fraction to the shareholder; or (e) sell full shares representing
all the fractions at public auction or to the highest bidder after having solicited and received sealed bids from at least three licensed
stock brokers; and distribute the proceeds pro rata to shareholders who otherwise would be entitled to the fractional shares. The holder
of a fractional share is entitled to exercise the rights for shareholder, including the right to vote, to receive dividends, and to participate
in the assets of the association upon liquidation, in proportion to the fractional interest. The holder of script or warrants is not entitled
to any of these rights unless the script or warrants explicitly provide for such rights. The script or warrants may be subject to such
additional conditions as: (1) that the script or warrants will become void if not exchanged for full shares before a specified date; and
(2) that the shares for which the script or warrants are exchangeable may be sold at the option of the association and the proceeds paid
to scriptholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-indent: 0.5in">The association, at any time and from
time to time, may authorize and issue debt obligations, whether or not subordinated, without the approval of the shareholders. Obligations
classified as debt, whether or not subordinated, which may be issued by the association without the approval of shareholders,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.25pt 0pt 0pt; text-indent: 0pt">do not carry
voting rights on any issue, including an increase or decrease in the aggregate number of the securities, or the exchange or reclassification
of all or part of securities into securities of another class or series.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SIXTH.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors shall appoint one of its members
president of this association, and one of its members chairperson of the board and shall have the power to appoint one or more vice
presidents, a secretary who shall keep minutes of the directors' and shareholders' meetings and be responsible for authenticating
the records of the association, and such other officers and employees as may be required to transact the business of this
association.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A duly appointed officer may appoint one or more
officers or assistant officers if authorized by the board of directors in accordance with the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The board of directors shall have the power to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Courier; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">1)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Define
                                            the duties of the officers, employees, and agents of the association.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">2)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Delegate
                                            the performance of its duties, but not the responsibility for its duties, to the officers,
                                            employees, and agents of the association.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">3)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Fix
                                            the compensation and enter into employment contracts with its officers and employees upon
                                            reasonable terms and conditions consistent with applicable law.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">4)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Dismiss
                                            officers and employees.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">5)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Require
                                            bonds from officers and employees and to fix the penalty thereof.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">6)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Ratify
                                            written policies authorized by the association's management or committees of the board.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">7)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Regulate
                                            the manner in which any increase or decrease of the capital of the association shall be made,
                                            provided that nothing herein shall restrict the power of shareholders to increase or decrease
                                            the capital of the association in accordance with law, and nothing shall raise or lower from
                                            two-thirds the percentage required for shareholder approval to increase or reduce the capital.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">8)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Manage
                                            and administer the business and affairs of the association.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">9)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Adopt
                                            initial bylaws, not inconsistent with law or the articles of association, for managing the
                                            business and regulating the affairs of the association.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">10)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Amend
                                            or repeal bylaws, except to the extent that the articles of association reserve this power
                                            in whole or in part to shareholders.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">11)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Make
                                            contracts.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Times New Roman, Times, Serif">12)</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Generally
                                            perform all acts that are legal for a board of directors to perform.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">SEVENTH.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors shall have the power to change
the location of the main office to any other place within the limits of Wilmington, Delaware, without the approval of the
shareholders, or with a vote of shareholders owning two-thirds of the stock of such association for a relocation outside such limits
and upon receipt of a certificate of approval from the Comptroller of the Currency, to any other location within or outside the
limits of Wilmington Delaware, but not more than 30 miles beyond such limits. The board of directors shall have the power to
establish or change the location of any branch or branches of the association to any other location permitted under applicable law,
without approval of shareholders, subject to approval by the Comptroller of the Currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">EIGHTH.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The corporate existence of this association shall
continue until termination according to the laws of the United States.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">NINTH.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors of this association, or any one or
more shareholders owning, in the aggregate, not less than 50 percent of the stock of this association, may call a special meeting of shareholders
at any time. Unless otherwise provided by the bylaws or the laws of the United States, a notice of the time, place, and purpose of every
annual and special meeting of the shareholders shall be given at least 10 days prior to the meeting by first-class mail, unless the OCC
determines that an emergency circumstance exists. If the association is a wholly-owned subsidiary, the sole shareholder may waive notice
of the shareholders&rsquo; meeting. Unless otherwise provided by the bylaws or these articles, any action requiring approval of shareholders
must be effected at a duly called annual or special meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">TENTH.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Article Tenth, the term
&ldquo;institution-affiliated party&rdquo; shall mean any institution-affiliated party of the association as such term is defined in
12 U.S.C. 1813(u).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Any institution-affiliated party (or his or her
heirs, executors or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection
with any threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative
or investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however,
that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant
to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct
of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C.
1818(b) with respect to the association, then the association shall require the repayment of all legal fees and expenses advanced pursuant
to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors or administrators)
for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide indemnification in
connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors
or administrators) only if such action or proceeding (or part thereof) was authorized by the board of directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Expenses incurred by an institution-affiliated
party (or by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may
be paid by the association in advance of the final disposition of such action or proceeding upon (a) a determination by the board of directors
acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or
his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination that the indemnified
individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the bank in the event he or
she does not prevail, (c) a determination that the payment of expenses and fees by the association will not adversely affect the safety
and soundness of the association, and (d) receipt of an undertaking by or on behalf of such institution-affiliated party (or by his or
her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant to which such person:
(i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the affairs of the
association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b) with respect
to the association. In all other instances, expenses incurred by an institution-affiliated party (or by his or her heirs, executors or
administrators) in connection with any action or proceeding as to which indemnification may be given under these articles of association
may be paid by the association in advance of the final disposition of such action or proceeding upon (a) receipt of an undertaking by
or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs, executors or administrators) to repay such
advancement in the event that such institution-affiliated party (or his or her heirs, executors or administrators) is ultimately found
not to be entitled to indemnification as authorized by these articles of association and (b) approval by the board of directors acting
by a quorum</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0pt">consisting of directors who are not parties to such action or proceeding or, if such a quorum is not obtainable, then approval
by stockholders. To the extent permitted by law, the board of directors or, if applicable, the stockholders, shall not be required to
find that the institution-affiliated party has met the applicable standard of conduct provided by law for indemnification in connection
with such action or proceeding.</P>

<P STYLE="font: 10pt Courier; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that a majority of the members of
the board of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining
members of the board may authorize independent legal counsel to review the indemnification request and provide the remaining members of
the board with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Article Tenth
have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the board of directors
may rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In the event that all of the members of the board
of directors are named as respondents in an administrative proceeding or civil action and request indemnification, the board shall authorize
independent legal counsel to review the indemnification request and provide the board with a written opinion of counsel as to whether
the conditions delineated in the first four paragraphs of this Article Tenth have been met. If legal counsel opines that said conditions
have been met, the board of directors may rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">To the extent permitted under applicable law, the
rights of indemnification and to the advancement of expenses provided in these articles of association (a) shall be available with respect
to events occurring prior to the adoption of these articles of association, (b) shall continue to exist after any restrictive amendment
of these articles of association with respect to events occurring prior to such amendment, (c) may be interpreted on the basis of applicable
law in effect at the time of the occurrence of the event or events giving rise to the action or proceeding, or on the basis of applicable
law in effect at the time such rights are claimed, and (d) are in the nature of contract rights which may be enforced in any court of
competent jurisdiction as if the association and the institution-affiliated party (or his or her heirs, executors or administrators) for
whom such rights are sought were parties to a separate written agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The rights of indemnification and to the advancement
of expenses provided in these articles of association shall not, to the extent permitted under applicable law, be deemed exclusive of
any other rights to which any such institution affiliated party (or his or her heirs, executors or administrators) may now or hereafter
be otherwise entitled whether contained in these articles of association, the bylaws, a resolution of stockholders, a resolution of the
board of directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized.
Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these articles
of association shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated party
(or of his or her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her favor,
against the association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.85pt 0pt 0; text-indent: 0.5in">If this Article Tenth or any part hereof
shall be held unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary
to make it enforceable, and the remainder of this Article Tenth shall remain fully enforceable.</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The association may, upon affirmative vote of a
majority of its board of directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification
is allowed in these articles of association; provided, however, that no such insurance shall include coverage to pay or reimburse any
institution-affiliated party for the cost of any judgment or civil money penalty assessed against such person in an administrative proceeding
or civil action commenced by any federal banking agency. Such insurance may, but need not, be for the benefit of all institution-affiliated
parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">ELEVENTH.  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These articles of association may be amended at any
regular or special meeting of the shareholders by the affirmative vote of the holders of a majority of the stock of this
association, unless the vote of the holders of a greater amount of stock is required by law, and in that case by the vote of the
holders of such greater amount. The association's board of directors may propose one or more amendments to the articles of
association for submission to the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT 4</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>BY-LAWS OF WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B></B>&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Courier; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED BYLAWS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(Effective as of March 7, 2024)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">AMENDED AND RESTATED BYLAWS OF</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">WILMINGTON TRUST, NATIONAL ASSOCIATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE I</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Meetings of Shareholders</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 1. Annual Meeting</B>. The annual meeting of
shareholders shall be held on such date and at such time as may be designated by the chair of the Board of Directors, the chief executive
officer, the president, the chief operating officer, the secretary, or the Board of Directors for the purpose of the election of directors
and for the transaction of such other business as may properly come before the meeting, except such date shall not be a legal holiday
in Delaware. Notice of the meeting shall be mailed by first class mail, postage prepaid, at least 10 days and no more than 60 days prior
to the date thereof, addressed to each shareholder at his or her address appearing on the books of the association. If, for any cause,
an election of directors is not made on that date, an election may be held on any subsequent day within 60 days of the date fixed, to
be designated by the Board of Directors, or, if the directors fail to fix the date, by shareholders representing two-thirds of the shares.
In these circumstances, at least 10 days&rsquo; notice must be given by first class mail to shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 2. Special Meetings</B>. The chair of the Board
of Directors, the president, the chief executive officer, the secretary, or the Board of Directors may call a special meeting of the shareholders.
A special meeting shall be called to act on any matter that may properly be considered at a meeting of shareholders upon the written request
of shareholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at the meeting. Every such
special meeting, unless otherwise provided by law, shall be called by mailing, postage prepaid, not less than 10 days nor more than 60
days prior to the date fixed for the meeting, to each shareholder at the address appearing on the books of the association a notice stating
the purpose of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Board of Directors may fix a record date for determining shareholders
entitled to notice and to vote at any meeting, in reasonable proximity to the date of giving notice to the shareholders of such meeting.
The record date for determining shareholders entitled to demand a special meeting is the date the first shareholder signs a demand for
the meeting describing the purpose or purposes for which it is to be held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.25pt 0pt 0"><B>Section 3. Adjournment</B>. If an annual or special shareholders'
meeting is adjourned to a different date, time, or place, notice need not be given of the new date, time or place, if the new date, time
or place is announced at the meeting before adjournment, unless any additional items of business are to be considered, or the association
becomes aware of an intervening event materially affecting any matter to be voted on more than 10 days prior to the date to which the
meeting is adjourned. If a new record date for the adjourned meeting is fixed, however, notice of the adjourned meeting must be given
to persons who are shareholders as of the new record date. If, however, the meeting to elect the directors is adjourned before the election
takes place, at least ten days&rsquo; notice of the new election must be given to the shareholders by first-class mail.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.25pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.25pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.25pt 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 4. Nominations of Directors</B>. Nominations
for election to the Board of Directors may be made by the Board of Directors or by any shareholder of any outstanding class of capital
stock of the association entitled to vote for the election of directors. Nominations, other than those made by or on behalf of the existing
management of the association, shall be made in writing and shall be delivered or mailed to the president of the association, not less
than 14 days nor more than 50 days prior to any meeting of shareholders called for the election of directors; <I>provided, however, </I>that
if less than 21 days' notice of the meeting is given to shareholders, such nomination shall be mailed or delivered to the president of
the association not later than the close of business on the seventh day following the day on which the notice of meeting was mailed. Such
notification shall contain the following information to the extent known to the notifying shareholder:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 35.95pt">(1)</TD><TD>The name and address of each proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 35.95pt">(2)</TD><TD>The principal occupation of each proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt">(3)</TD><TD STYLE="padding-right: 5.3pt">The total number of shares of capital stock of the association that will be voted for each proposed nominee;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 35.95pt">(4)</TD><TD>The name and residence of the notifying shareholder; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 42pt"></TD><TD STYLE="width: 36pt">(5)</TD><TD STYLE="padding-right: 18.55pt">The number of shares of capital stock of the association owned by the notifying shareholder</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0">Nominations not made in accordance herewith may, in his/her
discretion, be disregarded by the chair of the meeting, and upon his/her instructions, all votes cast for each such nominee may be disregarded.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.05pt 0pt 0"><B>Section 5. Proxies</B>. Shareholders may vote at any
meeting of the shareholders by proxies duly authorized in writing, but no officer or employee of this association shall act as proxy.
A director or an attorney of the association may act as proxy for shareholders voting if they are not also employed as an officer of the
association. Proxies shall be valid only for one meeting, to be specified therein, and any adjournments of such meeting. Proxies shall
be dated and filed with the records of the meeting. Proxies with facsimile signatures may be used and unexecuted proxies may be counted
upon receipt of a written confirmation from the shareholder. Proxies meeting the above requirements submitted at any time during a meeting
shall be accepted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 0"><B>Section 6. Quorum</B>. A majority of the outstanding capital
stock, represented in person or by proxy, shall constitute a quorum at any meeting of shareholders, unless otherwise provided by law,
but less than a quorum may adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice.
A majority of the votes cast shall decide every question or matter submitted to the shareholders at any meeting, unless otherwise provided
by law or by the articles of association. If a meeting for the election of directors is not held on the fixed date, at least 10 days&rsquo;
notice must be given by first-class mail to the shareholders.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.4pt 0pt 0">&nbsp;</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE II</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Directors</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 1. Board of Directors</B>. The Board of Directors shall
have the power to manage and administer the business and affairs of the association. Except as expressly limited by law, all corporate
powers of the association shall be vested in and may be exercised by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.25pt 0pt 0"><B>Section 2. Number</B>. The Board of Directors shall consist
of not less than five nor more than twenty-five members, unless the OCC has exempted the association from the 25-member limit. The exact
number within such minimum and maximum limits is to be fixed and determined from time to time by resolution of a majority of the full
Board of Directors or by resolution of a majority of the shareholders at any meeting thereof. The Board of Directors may not increase
the number of directors between meetings of shareholders to a number which: (a) exceeds by more than 2 the number of directors last elected
by shareholders where the number was 15 or less; or (b) exceeds by more than 4 the number of directors last elected by shareholders where
the number was 16 or more, but in no event shall the number of directors exceed 25, unless the OCC has exempted the association from the
25-member limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 3. Qualifications.</B> Each director must be a citizen of
the United States and must own in his or her own right either shares of the capital stock of the association or a company that controls
the association that has not less than an aggregate par value of $1,000, an aggregate shareholders&rsquo; equity of $1,000, or an aggregate
fair market value of $1,000. The value of the common or preferred stock held by a director is valued as of the date purchased or the date
on which the individual became a director, whichever is greater.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 0"><B>Section 4. Organization Meeting</B>.&#9;After each annual
meeting of shareholders at which directors shall have been elected, the Board of Directors shall meet as soon as practicable for the purpose
of organization and the transaction of other business. Such first regular meeting shall be held at any place as may be designated by the
chair, the president or the Board of Directors for such first regular meeting or, in default of such designation, where the immediately
preceding meeting of shareholders was held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.05pt 0pt 0; text-align: justify"><B>Section 5. Regular Meetings</B>.
Regular meetings of the Board of Directors shall be held on such dates and at such places as may be designated from time to time by the
chair. No notice of regular meetings shall be necessary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0"><B>Section 6. Special Meetings</B>. Special meetings of
the Board of Directors may be called at any time by the chair, the chief executive officer, the president or by a majority of the then-
acting directors by vote at a meeting or in writing, or by a majority of the members of the executive committee, if one is constituted,
by vote at a meeting or in writing. A special meeting of the Board of Directors shall be held on such date and at any place as may be
designated from time to time by the Board of Directors. In the absence of such designation, such meeting shall be held at such place as
may be designated in the call. Each member of the Board of Directors shall be given notice stating the date, time and place, by letter,
electronic</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0">delivery or in person, of each</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.95pt 0pt 0">special meeting not less than one day before the meeting.
Such notice need not specify the purpose for which the meeting is called, unless required by the Articles of Association or the bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.8pt 0pt 0"><B>Section 7. Quorum</B>. A majority of the entire Board
then in office shall constitute a quorum at any meeting, except when otherwise provided by law or these Bylaws, but a lesser number may
adjourn any meeting, from time to time, and the meeting may be held, as adjourned, without further notice. If the number of directors
present at the meeting is reduced below the number that would constitute a quorum, no business may be transacted, except selecting directors
to fill vacancies in conformance with Article II, Section 11. If a quorum is present, the board of directors may take action through the
vote of a majority of the directors who are in attendance. No director may vote by proxy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.45pt 0pt 0"><B>Section 8. Attendance by Electronic, Telephonic or Similar
Means.</B> Any one or more members of the Board of Directors or any committee thereof may participate in a regular or special meeting
of such board or committee by, or conduct the meeting through the use of, conference telephone or other communications equipment by which
all directors or committee members participating may simultaneously hear each other during the meeting. Participation in a meeting by
these means constitutes presence in person at a meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.95pt 0pt 0"><B>Section 9. Procedures</B>. The order of business and
all other matters of procedure at every meeting of the Board of Directors may be determined by the person presiding at the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 10. Removal of Directors</B>. Any director may
be removed for cause at any meeting of shareholders, notice of which shall have referred to the proposed action, by vote of the shareholders.
Any director may be removed without cause at any meeting of shareholders, notice of which shall have referred to the proposed action,
by the vote of the holders of a majority of the shares of the association entitled to vote. Any director may be removed for cause at any
meeting of the directors, notice of which shall have referred to the proposed action, by vote of a majority of the entire Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 0"><B>Section 11. Vacancies</B>. When any vacancy occurs among
the directors, a majority of the remaining members of the Board of Directors may appoint a director to fill such vacancy until the next
election at any regular meeting of the Board of Directors, or at a special meeting called for that purpose at which a quorum is present,
or if the directors remaining in office constitute fewer than a quorum of the Board of Directors, by the affirmative vote of a majority
of all the directors remaining in office, or by shareholders at a special meeting called for that purpose in conformance with Section
2 of Article I. A vacancy that will occur at a specific later date (by reason of a resignation effective at a later date) may be filled
before the vacancy occurs but the new director may not take office until the vacancy occurs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 0"><B>Section 12. Consent of Directors without a Meeting</B>.
Any action required or permitted to be taken at any meeting of the Board of Directors may be taken without a meeting if the action is
taken by all members of the Board. The action may be evidenced by one or more written consents signed by each director before or after
such action, describing the action taken, and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">included in the minutes or filed with the corporate records. A director&rsquo;s
consent to action taken without a meeting may be in electronic form and delivered by electronic means.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 0"><B>Section 13. Ratification</B>. The board of directors
may ratify and make binding on the association any action or inaction by the association or its officers to the extent that the Board
of Directors or the shareholders could have originally authorized the matter and as permitted by law. Moreover, any action or inaction
questioned in any shareholders&rsquo; derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular
execution, adverse interest of a director, officer or shareholder, non-disclosure, miscomputation, the application of improper principles
or practices of accounting or otherwise, may be ratified, before or after judgment, by the Board of Directors or by the shareholders,
and if so ratified, shall have the same force and effect as if the questioned action or inaction had been originally duly authorized,
and such ratification shall be binding upon the shareholders and shall constitute a bar to any claim or execution of any judgment in respect
of such questioned action or inaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE III</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Committees</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 1. Executive Committee</B>. The Board of Directors
may appoint an Executive Committee, which shall have and may exercise, during the intervals between meetings of the Board of Directors,
all the powers of the Board of Directors in the management of the business, properties and affairs of the association except as prohibited
by law, the Articles of Association or these Bylaws. All acts done and powers conferred by the Executive Committee shall be deemed to
be and may be certified as being, done or conferred under authority of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 2. Trust Audit Committee.</B> Unless delegated
pursuant to Section 5 of this Article III, there shall be a Trust Audit Committee composed of not less than 2 directors, appointed by
the Board of Directors, which shall, at least once during each calendar year make suitable audits of the association&rsquo;s fiduciary
activities or cause suitable audits to be made by auditors responsible only to the Board, and at such time shall ascertain whether fiduciary
powers have been administered according to law, Part 9 of the Regulations of the Comptroller of the Currency, and sound fiduciary principles.
Such committee: (1) must not include any officers of the association or an affiliate who participate significantly in the administration
of the association&rsquo;s fiduciary activities; and (2) must consist of a majority of members who are not also members of any committee
to which the Board of Directors has delegated power to manage and control the fiduciary activities of the bank.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 3. Examining Committee</B>. Unless delegated
pursuant to Section 5 of this Article III, there shall be an examining committee composed of not less than 2 directors, exclusive of any
active officers, appointed by the board of directors annually or more often. The duty of that committee shall be to examine at least once
during each calendar year and within 15 months of the last examination the affairs of the association or cause suitable examinations to
be made by auditors responsible only to the board of directors and to report the result of such examination in writing to the board of
directors at the next regular meeting thereafter. Such</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">report shall state whether the association is in a sound condition,
and whether adequate internal controls and procedures are being maintained and shall recommend to the board of directors such changes
in the manner of conducting the affairs of the association as shall be deemed advisable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 9.05pt 0pt 0"><B>Section 4. Other Committees</B>. The Board of Directors
may from time to time by resolution adopted by affirmative vote of a majority of the Board of Directors, appoint other committees of the
Board of Directors which shall have such powers and duties as the Board of Directors may properly determine. No such other committee of
the Board of Directors shall be composed of fewer than three (3) directors. The Board of Directors may also appoint one or more directors
as alternative members of a committee. All acts done and powers conferred by the Board of Directors on committees of the Board of Directors
shall be deemed to be and may be certified as being, done or conferred under that authority of the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 5. Delegation of Responsibility and Authority</B>.
The responsibility, authority and constitution of any committee under this Article III may, if authorized by law, be given over to a duly
constituted committee of the association&rsquo;s parent corporation by resolution adopted by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE IV</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Officers and Employees</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 0"><B>Section 1 Officers.</B> The Board of Directors
shall annually, at the Annual Reorganization Meeting of the Board of Directors following the annual meeting of shareholders, appoint
or elect a chair of the Board, a chief executive officer, a president, one (1) or more senior executive vice presidents, a corporate
secretary, a treasurer, a chief auditor, and such other officers as it may determine, each to hold office until the next Annual
Reorganization meeting. The officers below the level of senior executive vice president may be elected as follows: the head of the
Human Resources Department of M&amp;T Bank, or his or her designee, may appoint officers up to and including (without limitation as
to title or number) one (1) or more executive vice presidents, senior vice presidents, vice presidents, assistant vice presidents,
assistant secretaries, assistant treasurers, and assistant auditors, and any other officer positions as they deem necessary and
appropriate, except the chair of the board, chief executive officer, president, any &ldquo;Executive Officer&rdquo; of the
association for the purposes of Regulation O (codified at 12 C.F.R. &sect;215.2(e)(1)), and any &ldquo;Senior Executive
Officer&rdquo; within the meaning of 12 C.F.R. &sect;5.51(c)(4) may only be appointed by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 2. Chair of the Board</B>. The Board of Directors
shall appoint one of its members to be the chair of the Board to serve at its pleasure. Such person shall preside at all meetings of the
Board of Directors. The chair of the Board shall supervise the carrying out of the policies adopted or approved by the Board of Directors;
shall have general executive powers, as well as the specific powers conferred by these Bylaws; and shall also have and may exercise such
further powers and duties as from time to time may be conferred upon or assigned by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 3. President</B>. The Board of Directors shall appoint one
of its members to be the president of the association. The president shall be a member of the Board of Directors. In the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 0">absence of the chair, the president shall preside at any
meeting of the Board of Directors. The president shall have general executive powers and shall have and may exercise any and all other
powers and duties pertaining by law, regulation, or practice to the office of president, or imposed by these Bylaws. The president shall
also have and may exercise such further powers and duties as from time to time may be conferred or assigned by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.95pt 0pt 0"><B>Section 4. Vice President</B>. The Board of Directors
may appoint one or more vice presidents. Each vice president shall have such powers and duties as may be assigned by the Board of Directors.
One vice president shall be designated by the Board of Directors, in the absence of the president, to perform all the duties of the president.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 5. Secretary</B>. The Board of Directors shall
appoint a secretary or other designated officer who shall be secretary of the Board of Directors and of the association and who shall
keep accurate minutes of all meetings. The secretary shall attend to the giving of all notices required by these Bylaws; shall be custodian
of the corporate seal, records, documents and papers of the association; shall provide for the keeping of proper records of all transactions
of the association; shall have and may exercise any and all other powers and duties pertaining by law, regulation or practice, or imposed
by these bylaws; and shall also perform such other duties as may be assigned from time to time, by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0"><B>Section 6. Other Officers</B>. The Board of Directors
may appoint one or more assistant vice presidents, one or more trust officers, one or more officers, one or more assistant secretaries,
one or more assistant treasurers, one or more managers and assistant managers of branches and such other officers and attorneys in fact
as from time to time may appear to the Board of Directors to be required or desirable to transact the business of the association. Such
officers shall respectively exercise such powers and perform such duties as pertain to their several offices, or as may be conferred upon
or assigned to them by the Board of Directors, the chair of the Board, or the president. The Board of Directors may authorize an officer
to appoint one or more officers or assistant officers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 7. Resignation</B>. An officer may resign at any time by
delivering notice to the association. A resignation is effective when the notice is given unless the notice specifies a later effective
date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE V</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Stock and Stock Certificates</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0"><B>Section 1. Transfers</B>. Shares of stock shall be transferable
on the books of the association, and a transfer book shall be kept in which all transfers of stock shall be recorded. Every person becoming
a shareholder by such transfer shall in proportion to such shareholder's shares, succeed to all rights of the prior holder of such shares.
The Board of Directors may impose conditions upon the transfer of the stock reasonably calculated to simplify the work of the association
with respect to stock transfers, voting at shareholder meetings and related matters and to protect it against fraudulent transfers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.65pt 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 2. Stock Certificates</B>. Certificates of stock
shall bear the signature of the president (which may be engraved, printed or impressed) and shall be signed manually, by facsimile process,
or electronic means by the secretary, assistant secretary, treasurer, assistant treasurer, or any other officer appointed by the Board
of Directors for that purpose, to be known as an authorized officer, and the seal of the association shall be engraved thereon. Each certificate
shall recite on its face that the stock represented thereby is transferable only upon the books of the association properly endorsed and
otherwise comply with the requirements of 12</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">U.S.C. 52 and 12 C.F.R. &sect;7.2016(b).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.25pt 0pt 0"><B>Section 3. Lost, Stolen or Destroyed Certificates</B>.
In case any certificate representing shares shall be lost, stolen or destroyed, the Board of Directors, in its discretion, or any officer
or officers thereunder duly authorized by the Board of Directors, may authorize the issue of a substitute certificate or substitute shares
in uncertificated form in the place of the certificate so lost, stolen or destroyed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.9pt 0pt 0"><B>Section 4. Fixing of Record Date</B>. The Board of Directors
may set, in advance, a record date for the purpose of determining shareholders entitled to notice of or to vote at any meeting of shareholders
or determining shareholders entitled to receive payment of any dividend or the allotment of any other rights, in order to make a determination
of shareholders for any other proper purpose. Such date, in any case, shall be the close of business on the day before the first notice
is mailed or otherwise sent to the shareholders, provided that in no event may a record date be more than 10 days before the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VII</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Corporate Seal</U></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 1. Seal</B>. The seal of the association shall
be in such form as may be determined from time to time by the Board of Directors. The president, the treasurer, the secretary or any assistant
treasurer or assistant secretary, or other officer thereunto designated by the Board of Directors shall have authority to affix the corporate
seal to any document requiring such seal and to attest the same. The seal on any corporate obligation for the payment of money may be
facsimile.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE VIII</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Miscellaneous Provisions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 1. Fiscal Year</B>. The fiscal year of the association shall
be the calendar year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 2. Execution of Instruments</B>. All agreements,
indentures, mortgages, deeds, conveyances, transfers, certificates, declarations, receipts, discharges, releases, satisfactions, settlements,
petitions, schedules, accounts, affidavits, bonds, undertakings, proxies and other instruments or documents may be signed, executed, acknowledged,
verified, delivered or accepted on behalf of the association by any officer elected or appointed pursuant to Article IV of these Bylaws.
Any such instruments may also be executed, acknowledged, verified, delivered or accepted on behalf of the association in such other manner
and by such other officers as the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 21.95pt 0pt 0">Board of Directors may from time to time direct. The provisions
of this Section 2 are supplementary to any other provision of these Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0"><B>Section 3. Records</B>. The Articles of Association,
the Bylaws and the proceedings of all meetings of the shareholders, the Board of Directors, and standing committees of the Board of Directors
shall be recorded in appropriate minute books provided for that purpose. The minutes of each meeting shall be signed by the secretary,
treasurer or other officer appointed to act as secretary of the meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 23.25pt 0pt 0; text-align: justify"><B>Section 4. Corporate Governance
Procedures.</B> To the extent not inconsistent with federal banking statutes and regulations, or safe and sound banking practices, the
association may follow the Delaware General Corporation Law, Del. Code Ann. tit. 8 (1991, as amended 1994, and as amended thereafter)
with respect to matters of corporate governance procedures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12.25pt 0pt 0"><B>Section 5. Indemnification.</B> For purposes of this
Section 5 of Article VIII, the term &ldquo;institution-affiliated party&rdquo; shall mean any institution-affiliated party of the association
as such term is defined in 12 U.S.C. 1813(u).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5pt 0pt 0">Any institution-affiliated party (or his or her heirs, executors
or administrators) may be indemnified or reimbursed by the association for reasonable expenses actually incurred in connection with any
threatened, pending or completed actions or proceedings and appeals therein, whether civil, criminal, governmental, administrative or
investigative, in accordance with and to the fullest extent permitted by law, as such law now or hereafter exists; provided, however,
that when an administrative proceeding or action instituted by a federal banking agency results in a final order or settlement pursuant
to which such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct
of the affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C.
1818(b) with respect to the association, then the association shall require the repayment of all legal fees and expenses advanced pursuant
to the next succeeding paragraph and may not indemnify such institution-affiliated parties (or their heirs, executors or administrators)
for expenses, including expenses for legal fees, penalties or other payments incurred. The association shall provide indemnification in
connection with an action or proceeding (or part thereof) initiated by an institution-affiliated party (or by his or her heirs, executors
or administrators) only if such action or proceeding (or part thereof) was authorized by the Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0">Expenses incurred by an institution-affiliated party (or
by his or her heirs, executors or administrators) in connection with any action or proceeding under 12 U.S.C. 164 or 1818 may be paid
by the association in advance of the final disposition of such action or proceeding upon (a) a determination by the Board of Directors
acting by a quorum consisting of directors who are not parties to such action or proceeding that the institution-affiliated party (or
his or her heirs, executors or administrators) has a reasonable basis for prevailing on the merits, (b) a determination that the indemnified
individual (or his or her heirs, executors or administrators) will have the financial capacity to reimburse the association in the event
he or she does not prevail, (c) a determination that the payment of expenses and fees by the association will not adversely affect the
safety and soundness of the association, and (d) receipt of an undertaking by</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.55pt 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 6.35pt 0pt 0">or on behalf of such institution-affiliated party (or by
his or her heirs, executors or administrators) to repay such advancement in the event of a final order or settlement pursuant to which
such person: (i) is assessed a civil money penalty, (ii) is removed from office or prohibited from participating in the conduct of the
affairs of the association, or (iii) is required to cease and desist from or to take any affirmative action described in 12 U.S.C. 1818(b)
with respect to the association. In all other instances, expenses incurred by an institution-affiliated party (or by his or her heirs,
executors or administrators) in connection with any action or proceeding as to which indemnification may be given under the Articles of
Association may be paid by the association in advance of the final disposition of such action or proceeding upon (a) receipt of an undertaking
by or on behalf of such institution-affiliated party (or by or on behalf of his or her heirs, executors or administrators) to repay such
advancement in the event that such institution- affiliated party (or his or her heirs, executors or administrators) is ultimately found
not to be entitled to indemnification as authorized by these Bylaws and (b) approval by the Board of Directors acting by a quorum consisting
of directors who are not parties to such action or proceeding or, if such a quorum is not obtainable, then approval by shareholders. To
the extent permitted by law, the Board of Directors or, if applicable, the shareholders, shall not be required to find that the institution-affiliated
party has met the applicable standard of conduct provided by law for indemnification in connection with such action or proceeding.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.45pt 0pt 0">In the event that a majority of the members of the Board
of Directors are named as respondents in an administrative proceeding or civil action and request indemnification, the remaining members
of the Board may authorize independent legal counsel to review the indemnification request and provide the remaining members of the Board
with a written opinion of counsel as to whether the conditions delineated in the first four paragraphs of this Section 5 of Article VIII
have been met. If independent legal counsel opines that said conditions have been met, the remaining members of the Board of Directors
may rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 8.45pt 0pt 0">In the event that all of the members of the Board of Directors
are named as respondents in an administrative proceeding or civil action and request indemnification, the Board shall authorize independent
legal counsel to review the indemnification request and provide the Board with a written opinion of counsel as to whether the conditions
delineated in the first four paragraphs of this Section 5 of Article VIII have been met. If legal counsel opines that said conditions
have been met, the Board of Directors may rely on such opinion in authorizing the requested indemnification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0">To the extent permitted under applicable law, the rights
of indemnification and to the advancement of expenses provided in the Articles of Association (a) shall be available with respect to events
occurring prior to the adoption of these Bylaws, (b) shall continue to exist after any restrictive amendment of these Bylaws with respect
to events occurring prior to such amendment, (c) may be interpreted on the basis of applicable law in effect at the time of the occurrence
of the event or events giving rise to the action or proceeding, or on the basis of applicable law in effect at the time such rights are
claimed, and (d) are in the nature of contract rights which may be enforced in any court of competent jurisdiction as if the association
and the institution-affiliated party (or his or her heirs, executors or administrators) for whom such rights are sought were parties to
a separate written agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 10.1pt 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 5.45pt 0pt 0">The rights of indemnification and to the advancement of
expenses provided in these Bylaws shall not, to the extent permitted under applicable law, be deemed exclusive of any other rights to
which any such institution-affiliated party (or his or her heirs, executors or administrators) may now or hereafter be otherwise entitled
whether contained in the association&rsquo;s Articles of Association, these Bylaws, a resolution of shareholders, a resolution of the
Board of Directors, or an agreement providing such indemnification, the creation of such other rights being hereby expressly authorized.
Without limiting the generality of the foregoing, the rights of indemnification and to the advancement of expenses provided in these Bylaws
shall not be deemed exclusive of any rights, pursuant to statute or otherwise, of any such institution-affiliated party (or of his or
her heirs, executors or administrators) in any such action or proceeding to have assessed or allowed in his or her favor, against the
association or otherwise, his or her costs and expenses incurred therein or in connection therewith or any part thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If this Section 5 of Article VIII or any part hereof shall be held
unenforceable in any respect by a court of competent jurisdiction, it shall be deemed modified to the minimum extent necessary to make
it enforceable, and the remainder of this Section 5 of Article VIII shall remain fully enforceable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7.95pt 0pt 0">The association may, upon affirmative vote of a majority
of its Board of Directors, purchase insurance to indemnify its institution-affiliated parties to the extent that such indemnification
is allowed in these Bylaws; provided, however, that no such insurance shall include coverage for a final order assessing civil money penalties
against such persons by a bank regulatory agency. Such insurance may, but need not, be for the benefit of all institution- affiliated
parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">ARTICLE IX</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Inspection and Amendments</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3.45pt 0pt 0"><B>Section 1. Inspection</B>. A copy of the bylaws of the
association, with all amendments, shall at all times be kept in a convenient place at the main office of the association, and shall be
open for inspection to all shareholders during banking hours.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Section 2. Amendments</B>. The Board of Directors shall have the
power, at any regular or special meeting thereof, to amend, alter or repeal the bylaws of the association, or to make and adopt new bylaws.
These Bylaws may be amended, altered or repealed and new bylaws may be adopted by the shareholders of the association to the extent and
as permitted in the Articles of Association or applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT 6</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Section 321(b) Consent</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to Section 321(b) of the Trust Indenture Act of 1939, as amended,
Wilmington Trust, National Association hereby consents that reports of examinations by Federal, State, Territorial or District authorities
may be furnished by such authorities to the Securities and Exchange Commission upon requests therefor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>WILMINGTON TRUST,
    NATIONAL ASSOCIATION</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dated:
    October 23, 2025</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
    Michael H. Wass</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 60%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 4%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 6%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp; </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 30%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael H. Wass</FONT></TD></TR>
  <TR STYLE="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: </FONT></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vice President</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 246pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>EXHIBIT 7</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>R E P O R T &nbsp;&nbsp;O F &nbsp;&nbsp;C O N D I T I O N</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>WILMINGTON TRUST, NATIONAL ASSOCIATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">As of the close of business on June 30, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD>ASSETS</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Thousands of Dollars</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Cash and balances due from depository institutions:</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">612,124</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Securities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,105</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Federal funds sold and securities purchased under agreement to resell:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loans and leases held for sale:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Loans and leases net of unearned income, allowance:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,511</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Premises and fixed asset</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,384</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other real estate owned:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Investments in unconsolidated subsidiaries and associated companies:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Direct and indirect investments in real estate ventures:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Intangible assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,391</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">Total Assets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">734,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">LIABILITIES</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Thousands of Dollars</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%">Deposits</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">5,377</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Federal funds purchased and securities sold under agreements to repurchase</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Other borrowed money:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Other Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">95,434</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100,811</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">EQUITY CAPITAL</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Thousands of Dollars</TD><TD STYLE="font-weight: bold">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 88%; text-align: left">Common Stock</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 9%; text-align: right">1,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Surplus</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356,855</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Retained Earnings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275,845</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accumulated other comprehensive income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Equity Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">633,704</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left">Total Liabilities and Equity Capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">734,515</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
  </TABLE>


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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>6
<FILENAME>ea026187901ex99-1_horizon.htm
<DESCRIPTION>FORM OF LETTER OF TRANSMITTAL
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit 99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>horizon
bancorp, inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>LETTER OF TRANSMITTAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>To Tender for Exchange</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7.00%&nbsp;Fixed-to-Floating&nbsp;Rate
Subordinated Notes due&nbsp;2035 CUSIP # 440407 AC8 / ISIN # US440407 AC86 and CUSIP # 440407 AB0 / ISIN # US440407 AB04
(the &ldquo;Old Notes&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>for</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>7.00%&nbsp;Fixed-to-Floating&nbsp;Rate Subordinated
Notes due&nbsp;2035 that have been registered under the Securities Act of 1933 (the &ldquo;Securities Act&rdquo;) CUSIP # [___] / ISIN # [___] and CUSIP # [___] / ISIN # [___] (the &ldquo;New
Notes&rdquo;)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>HORIZON BANCORP, INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to the Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Dated [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>THE EXCHANGE OFFER DESCRIBED HEREIN (THE &ldquo;EXCHANGE
OFFER&rdquo;) WILL EXPIRE AT&nbsp;5:00 P.M., EASTERN STANDARD TIME, ON [ &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;],
2025, UNLESS EXTENDED (THE &ldquo;EXPIRATION DATE&rdquo;). TENDERS MAY&nbsp;BE WITHDRAWN PRIOR TO 5:00 P.M., EASTERN STANDARD TIME, ON
THE EXPIRATION DATE.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLEASE READ CAREFULLY THE ATTACHED INSTRUCTIONS.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>The Exchange Agent for the Exchange Offer is</I>:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Wilmington Trust, National Association</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Deliver to:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 100%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><I>By Hand, Overnight Delivery or Mail</I></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Registered or Certified Mail Recommended):</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Wilmington Trust, National Association</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Rodney Square North</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">1100 North Market Street</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Wilmington, Delaware 19890</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Attention: Workflow Management &ndash; 5<SUP>th</SUP>
    Floor</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>By Facsimile Transmission (Eligible Institutions
    Only):</I></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(302) 636-4139</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>&nbsp;</I></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Confirm by Telephone or for Information:</I></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><I>Information:</I></B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(302) 636-6470</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Delivery of this Letter of
Transmittal to an address other than as set forth above or transmission via facsimile will not constitute a valid delivery. Only hard
copies of this Letter of Transmittal or presentations via Automated Tender Offer Program (&ldquo;ATOP&rdquo;) through the Depository Trust
Company (&ldquo;DTC&rdquo;) will be accepted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For procedural questions regarding
this Letter of Transmittal or for any additional information, you may contact the Exchange Agent by email at DTC@wilmingtontrust.com.
All other requests for information relating to the Exchange Offer shall be directed to the Company, at Horizon Bancorp, Inc., 515 Franklin
Square, Michigan City, IN, 46360, Attention: Todd A. Etzler.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Exchange Offer is not
being mailed to, nor will tenders be accepted from or on behalf of, beneficial owners of outstanding Old Notes in any jurisdiction in
which the making or acceptance of the Exchange Offer would not be in compliance with the laws of such jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Preliminary Instructions</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby acknowledges
receipt of the prospectus dated [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ], 2025 (as it may be amended or supplemented
from time to time, the &ldquo;Prospectus&rdquo;) of Horizon Bancorp, Inc. (the &ldquo;Company&rdquo;) and this Letter of Transmittal (this
&ldquo;Letter of Transmittal&rdquo;), which together constitute the Exchange Offer whereby the Company is offering to exchange its 7.00%
Fixed-to-Floating Rate Subordinated Notes due 2035 (in global or definitive form) (the &ldquo;Old Notes&rdquo;) for a like principal amount
of its 7.00% Fixed-to-Floating Rate Subordinated Notes due 2035 that have been registered under the Securities Act of 1933, as amended
(the &ldquo;Securities Act&rdquo;) (in global or definitive form) (the &ldquo;New Notes&rdquo;). Capitalized terms used but not defined
herein have the meanings ascribed to them in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The terms of the New Notes
are identical in all material respects to the terms of the Old Notes, except that the New Notes are registered under the Securities Act
and are generally not subject to transfer restrictions, are not entitled to registration rights under the registration rights agreements
that the Company entered into with the initial purchasers of the Old Notes and do not have the right to additional interest under the
circumstances described in such registration rights agreements relating to the Company&rsquo;s fulfillment of its registration obligations.
Interest on each New Note will accrue from the last interest payment date on which interest was paid on the Old Note surrendered in exchange
thereof, or, if no interest has been paid on such Old Notes, from the date of its original issue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Letter of Transmittal
is to be completed by all beneficial owners of Old Notes wishing to participate in the Exchange Offer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company reserves the right,
at any time and from time to time, to extend the Exchange Offer, in which case the term &ldquo;Expiration Date&rdquo; means the latest
date and time to which the Exchange Offer is extended by the Company. In order to extend the Exchange Offer, the Company will notify the
Exchange Agent, each registered holder and each beneficial owner of Old Notes by oral (confirmed in writing) or written notice or will
issue a press release or other public announcement of such extension, each prior to&nbsp;9:00 a.m., Eastern Time, on the next business
day after the previously scheduled Expiration Date. The Exchange Offer is not conditioned upon the tender of any minimum aggregate principal
amount of Old Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Company has not provided
guaranteed delivery procedures in conjunction with this Exchange Offer or under any of the Prospectus or other materials provided herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">BENEFICIAL OWNERS OF OUTSTANDING
OLD NOTES SHOULD COMPLETE THE APPROPRIATE BOXES BELOW AND SIGN THIS LETTER OF TRANSMITTAL TO INDICATE THE ACTION SUCH BENEFICIAL OWNERS
ELECT TO TAKE WITH RESPECT TO THE EXCHANGE OFFER.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Ladies and Gentlemen:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Upon the terms and subject
to the conditions of the Exchange Offer, the undersigned hereby tenders to the Company the Old Notes described in Box I (Description of
Tendered Notes) (the &ldquo;Tendered Notes&rdquo;). The undersigned is the beneficial owner of all the Tendered Notes. Subject to, and
effective upon, the acceptance for exchange of the Tendered Notes, the undersigned hereby sells, assigns and transfers to, or upon the
order of, the Company all right, title and interest in and to the Tendered Notes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby irrevocably
constitutes and appoints the Exchange Agent as its true and lawful agent and attorney-in-fact (with full knowledge that the Exchange Agent
also acts as the agent of the Company) with respect to the Tendered Notes with the full power of substitution to (i)&nbsp;deliver certificates
for the Tendered Notes to the Company and deliver all accompanying evidences of transfer and authenticity to, or upon the order of, the
Company, (ii)&nbsp;present the Tendered Notes for transfer on the books of the Company and (iii)&nbsp;receive for the account of the Company
all benefits and otherwise exercise all rights of beneficial ownership of the Tendered Notes, all in accordance with the terms of the
Exchange Offer. The power of attorney granted in this paragraph shall be an irrevocable power coupled with an interest.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned hereby represents
and warrants that the undersigned has full power and authority to tender, exchange, assign and transfer the Tendered Notes and to acquire
the New Notes issuable upon such exchange and that when such Tendered Notes are accepted for exchange, the Company will acquire good and
unencumbered title thereto, free and clear of all security interests, liens, restrictions, charges, encumbrances, conditional sale agreements
or other obligations relating to their sale and transfer and not subject to any adverse claim when the same are accepted by the Company
and that the information set forth herein is correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the undersigned is not
a broker-dealer, the undersigned represents that it is not an &ldquo;affiliate,&rdquo; as defined in Rule&nbsp;405 under the Securities
Act, of the Company, is not participating, does not intend to participate and has no arrangement or understanding with any person to participate,
in a &ldquo;distribution&rdquo;, as defined in the Securities Act, of New Notes, is acquiring the New Notes in its ordinary course of
business, and is not acting on behalf of any person who could not truthfully make the foregoing representations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">If the undersigned is a broker-dealer
that will receive New Notes for its own account in exchange for Old Notes, it represents that the Old Notes to be exchanged for New Notes
were acquired by it as a result of market-making or other trading activities and that it has not entered into any arrangement or understanding
with the Company or any of its affiliates to distribute the New Notes and acknowledges that it will deliver a prospectus meeting the requirements
of the Securities Act in connection with any resale of such New Notes; however, by so acknowledging and by delivering such a prospectus,
the undersigned will not be deemed to admit that it is an &ldquo;underwriter&rdquo; within the meaning of the Securities Act (other than
in connection with a resale of an unsold allotment from the original sale of the Old Notes).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The Exchange Offer is subject
to certain conditions set forth in the Prospectus under the caption &ldquo;The Exchange Offer &ndash; Conditions.&rdquo; The undersigned
recognizes that as a result of these conditions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">(which may be waived, in whole or in part, by the Company), the Company may not be required
to exchange any of the Old Notes tendered hereby.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">For purposes of the Exchange
Offer, the Company shall be deemed to have accepted validly Tendered Notes when, as and if the Company has given written notice thereof
to the Exchange Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The undersigned will, upon
request, execute and deliver any additional documents to the Company deemed by the Company or the Exchange Agent to be necessary or desirable
to complete the exchange, assignment and transfer of the Tendered Notes. All authority conferred or agreed to be conferred in this Letter
of Transmittal and every obligation of the undersigned hereunder shall be binding upon the successors, assigns, heirs, executors, administrators,
trustees in bankruptcy and legal representatives of the undersigned, and shall not be affected by, and shall survive the death or incapacity
of, the undersigned. The undersigned understands that tenders of the Tendered Notes pursuant to the procedures described in the Prospectus
and the instructions herein will constitute a binding agreement between the undersigned and the Company in accordance with the terms and
subject to the conditions set forth herein and in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>PLEASE READ THIS ENTIRE LETTER OF TRANSMITTAL
CAREFULLY</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BEFORE COMPLETING ANY BOX BELOW.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0">List below the Old Notes to which this Letter of Transmittal relates.
If the space provided is inadequate, the Certificate number(s)&nbsp;and principal amount of the Old Note(s)&nbsp;should be listed on a
separate signed schedule attached hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BOX I</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>DESCRIPTION OF TENDERED NOTES</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Name(s)&nbsp;and Address(es) of Registered Holder(s)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Certificate<BR>
Number(s)*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Aggregate<BR>
Principal&nbsp;Amount<BR>
Represented&nbsp;by<BR>
Certificate(s)*</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Aggregate&nbsp;Principal<BR>
Amount&nbsp;Tendered**</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="6">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; padding-left: 12pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Total:</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">*</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Need
not be completed by book-entry holders.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">**</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tenders
of the Old Note(s)&nbsp;must be in a minimum principal amount of US$100,000 or an integral multiple of US$1,000 in excess thereof. Unless
otherwise indicated in this column, a beneficial owner will be deemed to have tendered the full aggregate principal amount represented
by such Old Notes. See Instruction 2.</FONT></TD>
</TR></TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>BOX II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>(See Instructions&nbsp;1 and&nbsp;3)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">, 2025</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">, 2025</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: black 1pt solid; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">, 2025</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Signatures&nbsp;by&nbsp;Tendering&nbsp;Beneficial&nbsp;Owners</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Date</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif">Telephone Number(s)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For any Tendered Notes, this Letter of Transmittal must be signed by
the beneficial owner(s)&nbsp;as the name(s)&nbsp;appear(s)&nbsp;on the certificate(s)&nbsp;/ book-entry(ies) for the Tendered Notes or
by any person(s)&nbsp;authorized to become beneficial owner(s)&nbsp;by endorsements and documents submitted herewith. If signature is
by a trustee, executor, administrator, guardian,&nbsp;attorney-in-fact,&nbsp;officer of a corporation or other person acting in a fiduciary
or representative capacity, please set forth full title and the other information indicated below and, unless waived by the Company, submit
herewith evidence satisfactory to the Company of authority to so act. See Instruction&nbsp;3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt; width: 93%"><FONT STYLE="font-family: Times New Roman, Times, Serif">Name(s)<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt; width: 7%">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Please Type or Print)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Capacity(ies)&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Address(es)<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif"><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Including Zip Code)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Telephone&nbsp;Number(s)<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Email Address ________________________________________________________________</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">DTC Participant Number for DWAC __________________</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-bottom: 8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Holder will need to instruct Custodian to enter a DWAC deposit on Settlement Date to receive new Bonds through DTCC.)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-bottom: 8pt">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1.5pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">______________________________________________________________________<BR>
SIGNATURE GUARANTEE</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">If required, Certain Signatures Must be Guaranteed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Name of Institution Guaranteeing Signatures)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address [including zip code] and Telephone Number
[including area code] of Institution)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">____________________________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Authorized Signature)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">_________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Printed Name)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">__________________________________________________________</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Title)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 7 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>horizon
bancorp, inc.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>Instructions
to Letter of Transmittal</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>FORMING
PART&nbsp;OF THE TERMS AND CONDITIONS</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>OF THE
EXCHANGE OFFER</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Instruction 1: Delivery
of this Letter of Transmittal and Tendered Notes.</U></B>&nbsp;A beneficial owner of Old Notes may tender the same by (i)&nbsp;properly
completing and signing this Letter of Transmittal and delivering the same, together with the certificate or certificates, if applicable,
representing the Old Notes being tendered and any required signature guarantees and any other documents required by this Letter of Transmittal,
to the Exchange Agent at its address set forth above on or prior to the Expiration Date, or (ii)&nbsp;complying with the procedure for
book-entry transfer described below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Beneficial owners of Old Notes
may tender Old Notes by book-entry transfer by crediting the Old Notes to the Exchange Agent&rsquo;s account at DTC in accordance with
DTC&rsquo;s Automated Tender Offer Program (&ldquo;ATOP&rdquo;) and by complying with applicable ATOP procedures with respect to the Exchange
Offer. To the extent any procedural terms herein conflict with the ATOP procedures, the ATOP procedures will govern. DTC participants
that are accepting the Exchange Offer should transmit their acceptance to DTC, which will edit and verify the acceptance and execute a
book-entry delivery to the Exchange Agent&rsquo;s account at DTC. DTC will then send a computer-generated message (an &ldquo;Agent&rsquo;s
Message&rdquo;) to the Exchange Agent for its acceptance in which the beneficial owner of the Old Notes acknowledges and agrees to be
bound by the terms of, and makes the representations and warranties contained in, this Letter of Transmittal or the DTC participant confirms
on behalf of itself and the beneficial owners of such Old Notes all provisions of this Letter of Transmittal (including any representations
and warranties) applicable to it and such beneficial owners as fully as if it had completed the information required herein and executed
and transmitted this Letter of Transmittal to the Exchange Agent. Delivery of the Agent&rsquo;s Message by DTC will satisfy the terms
of the Exchange Offer as to execution and delivery of a Letter of Transmittal by the participants identified in the Agent&rsquo;s Message.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">The method of delivery of
this Letter of Transmittal, the Old Notes and any other required documents is at the election and risk of the holder, and except as otherwise
provided below, the delivery will be deemed made only when actually received or confirmed by the Exchange Agent. If such delivery is by
mail, it is suggested that registered mail with return receipt requested, properly insured, be used. In all cases, sufficient time should
be allowed to permit timely delivery. No Old Notes or Letters of Transmittal should be sent to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Instruction 2: Partial
Tenders.</U>&nbsp;</B>Tendered Notes must be in a minimum principal amount of US$100,000 or an integral multiple of US$1,000 in excess
thereof. If less than the entire principal amount of the Old Notes evidenced by materials provided in accordance with the ATOP procedures,
the tendering beneficial owner(s)&nbsp;should indicate the aggregate principal amount of Old Notes to be tendered to DTC in accordance
with ATOP procedures. The entire principal amount of Old Notes delivered to the Exchange Agent will be deemed to have been tendered unless
otherwise indicated. If the entire principal amount of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">Old Notes held by the tendering beneficial owner is not tendered for exchange,
then untendered Old Notes will be issued in accordance with ATOP procedures for Old Notes issued in global form and will be issued in
global form for Old Notes issued in definitive form.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Instruction 3: Signatures
on this Letter of Transmittal; Bond Powers and Endorsements.</U></B>&nbsp;If this Letter of Transmittal or any certificates or bond powers
are signed by trustees, executors, administrators, guardians, attorneys in fact, officers of corporations or others acting in a fiduciary
or representative capacity, such persons should so indicate when signing, and, unless waived by the Company, evidence satisfactory to
the Company of their authority to so act must be submitted with this Letter of Transmittal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Instruction 4: Transfer
Taxes.</U></B>&nbsp;The Company will pay all transfer taxes, if any, applicable to the exchange of Tendered Notes under the Exchange Offer.
The tendering beneficial owner, however, will be required to pay any transfer taxes, whether imposed on the beneficial owner or any other
person, if:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 0.25in; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 0.25in; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tendered Notes are to be issued in the name of any person other than the registered or beneficial holder of the Tendered Notes so exchanged;</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">Tendered Notes are registered in the name of any person other than DTC (for Old Notes held in global form) or the undersigned (for Old Notes held in definitive form); or</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">&#9679;</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">A transfer tax is imposed for any reason other than the exchange of Tendered Notes under the Exchange Offer.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If satisfactory evidence of payment of transfer
taxes, if applicable per the above, is not submitted with this Letter of Transmittal, the amount of any transfer taxes will be billed
to the tendering beneficial owner.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Instructions 5: Important
Tax Information.</U></B>&nbsp;Under U.S. federal income tax law, a beneficial owner of New Notes may be subject to backup withholding
on reportable payments received in respect of the New Notes unless the beneficial owner provides the Exchange Agent with its correct taxpayer
identification number (&ldquo;TIN&rdquo;) and certain other information on Internal Revenue Service (&ldquo;IRS&rdquo;) Form&nbsp;W-9,
which is included herein, or otherwise establishes an exemption. If the Exchange Agent is not provided with the correct TIN or an adequate
basis for an exemption, a beneficial owner may be subject to a penalty imposed by the IRS, and backup withholding may apply to any reportable
payments made to such beneficial owner. Backup withholding is not an additional tax. Rather, the U.S. federal income tax liability of
a person subject to backup withholding will be reduced by the amount withheld. If withholding results in an overpayment of taxes, a refund
may be obtained, provided that the required information is timely provided to the IRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">To prevent backup withholding
on reportable payments in respect of the New Notes, each beneficial owner that is a U.S. person for U.S. federal income tax purposes must
provide such beneficial</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">owner&rsquo;s correct TIN by completing the enclosed IRS Form&nbsp;W-9, certifying that (i)&nbsp;the TIN provided
on the IRS Form&nbsp;W-9 is correct (or that the beneficial owner is awaiting a TIN), (ii)&nbsp;the beneficial owner is not subject to
backup withholding because (x)&nbsp;the beneficial owner is exempt from backup withholding, (y)&nbsp;the beneficial owner has not been
notified by the IRS that he or she is subject to backup withholding as a result of a failure to report all interest or dividends, or (z)&nbsp;the
IRS has notified the beneficial owner that he or she is no longer subject to backup withholding, (iii)&nbsp;the beneficial owner is a
U.S. person for U.S. federal income tax purposes (including a U.S. resident alien), and (iv)&nbsp;the FATCA code entered on the IRS Form&nbsp;W-9,
if any, to indicate that the beneficial owner is exempt from FATCA reporting, is correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">Certain beneficial owner (including,
among others, corporations and certain non-U.S. persons) are not subject to backup withholding. Exempt U.S. beneficial owner should indicate
their exempt status on IRS Form&nbsp;W-9 by entering the appropriate exempt payee code. Please see the instructions to the enclosed IRS
Form&nbsp;W-9 for more detailed information about how to complete the IRS Form&nbsp;W-9, including information regarding the exempt payee
codes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">A non-U.S. beneficial owner
may qualify as an exempt recipient by submitting to the Exchange Agent a properly completed IRS Form&nbsp;W-8BEN or other appropriate
IRS Form&nbsp;W-8, signed under penalties of perjury, attesting to that beneficial owner&rsquo;s exempt status. Non-U.S. beneficial owners
are urged to consult with their tax advisors to determine which IRS Form&nbsp;W-8 is appropriate. The applicable IRS Form&nbsp;W-8 can
be obtained from the Exchange Agent or the IRS website at&nbsp;www.irs.gov.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Instructions 6: Waiver
of Conditions.</U>&nbsp;</B>The Company reserves the absolute right to waive any or all conditions relating to the Exchange Offer set
forth in the Prospectus.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Instruction 7: No Conditional
Tenders.</U>&nbsp;</B>No alternative, conditional, irregular or contingent tenders will be accepted. All beneficial owners of Tendered
Notes, by execution of this Letter of Transmittal, shall waive any right to receive notice of the acceptance of their Tendered Notes for
exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Instruction
8: Mutilated,&nbsp;Lost,&nbsp;Stolen or Destroyed Old Notes.</U>&nbsp;</B>Any beneficial owner whose Old Notes have been mutilated, lost,
stolen or destroyed should contact the Exchange Agent at the address set forth on the front cover hereof for further instructions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Instruction 9: Validity
of Tenders.</U>&nbsp;</B>All questions as to the validity, form, eligibility (including time of receipt), acceptance and withdrawal of
Tendered Notes will be determined by the Company in its sole discretion, which determination will, subject to applicable law, be final
and binding. The Company reserves the absolute right to reject any and all Tendered Notes not properly tendered or any Tendered Notes,
the Company&rsquo;s acceptance of which would, in the opinion of counsel for the Company, be unlawful. The Company also reserves the right
in its sole discretion to waive any defects, irregularities or conditions of tender as to any Tendered Notes. The Company&rsquo;s interpretation
of the terms and conditions of the Exchange Offer (including the Instructions in this Letter of Transmittal) will, subject to applicable
law, be final and binding on all parties. Unless waived, any defects or irregularities in connection with Tendered Notes must be cured
within such time as the Company shall determine. Although the Company (or the Exchange Agent on behalf of the Company) intends to notify
registered holders and beneficial owners of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt">defects or irregularities with respect to tenders of Tendered Notes, neither the Company,
the Exchange Agent nor any other person shall incur any liability for failure to give such notification. Tenders of Tendered Notes will
not be deemed to have been made until such defects or irregularities have been cured by the applicable registered holder(s)&nbsp;or beneficial
owner(s)&nbsp;or waived by the Company. Any Tendered Notes received by the Exchange Agent that are not properly tendered and as to which
the defects or irregularities have not been cured or waived will be returned by the Exchange Agent to the tendering beneficial owners,
unless otherwise provided in this Letter of Transmittal, as promptly as practicable following the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Instruction 10: Acceptance
of Tendered Notes and Issuance of Notes; Return of Notes.</U></B>&nbsp;Subject to the terms and conditions of the Exchange Offer, the
Company will accept for exchange all validly tendered Old Notes as promptly as practicable after the Expiration Date and will issue New
Notes therefor as promptly as practicable thereafter. For purposes of the Exchange Offer, the Company shall be deemed to have accepted
validly tendered Old Notes when the Company has given written notice thereof to the Exchange Agent. If any Tendered Notes are not exchanged
pursuant to the Exchange Offer for any reason, such unexchanged Tendered Notes, if in definitive form, will be returned in accordance
with the Exchange Agent&rsquo;s procedures, or if in global form, will be returned in accordance with ATOP procedures. Unexchanged Tendered
Notes represented by book-entry(ies) will remain on the books of the Company in their initial form.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><B><U>Instruction 11: Requests
for Assistance or Additional Copies.</U></B>&nbsp;Questions relating to the procedures for tendering, as well as requests for additional
copies of the Prospectus and this Letter of Transmittal, may be directed to the Exchange Agent at the address and email set forth on the
front cover hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<p style="font: bold 11pt Times New Roman, Times, Serif; border-top: Gray 3pt double; padding-top: 6pt; text-align: center; margin-top: 0pt; margin-bottom: 4pt">Table 1: Newly Registered and Carry Forward Securities</p>

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  <td>&#160;</td>
  <td>&#160;</td>
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  <td>&#160;</td>
  <td>&#160;</td>
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<p style="font: bold 8pt Arial, Helvetica, Sans-Serif; color: rgb(50,101,255); margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: bold 8pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt">__________________________________________<br/>
Offering Note(s)</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
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<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Submission<br></strong></div></th>
<th class="th"><div>Oct. 20, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissionLineItems', window );"><strong>Submission [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Central Index Key</a></td>
<td class="text">0000706129<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Registrant Name</a></td>
<td class="text">HORIZON BANCORP, INC.<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FormTp', window );">Form Type</a></td>
<td class="text">S-4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_SubmissnTp', window );">Submission Type</a></td>
<td class="text">S-4<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeExhibitTp', window );">Fee Exhibit Type</a></td>
<td class="text">EX-FILING FEES<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTableNa', window );">Offering Table N/A</a></td>
<td class="text"> <span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OffsetTableNa', window );">Offset Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_CombinedProspectusTableNa', window );">Combined Prospectus Table N/A</a></td>
<td class="text">N/A<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_CombinedProspectusTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_CombinedProspectusTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeExhibitTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeExhibitTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:feeExhibitTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FormTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FormTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OffsetTableNa">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OffsetTableNa</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:naItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_SubmissnTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_SubmissnTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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							}</script>
</head>
<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Offerings - Offering: 1<br></strong></div></th>
<th class="th">
<div>Oct. 20, 2025 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingTable', window );"><strong>Offering:</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_PrevslyPdFlg', window );">Fee Previously Paid</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesOthrRuleFlg', window );">Other Rule</a></td>
<td class="text">true<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTp', window );">Security Type</a></td>
<td class="text">Debt<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingSctyTitl', window );">Security Class Title</a></td>
<td class="text">7.00% Fixed-to-Floating Rate Subordinated Notes due 2035<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_AmtSctiesRegd', window );">Amount Registered | shares</a></td>
<td class="nump">100,000,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_MaxAggtOfferingPric', window );">Maximum Aggregate Offering Price</a></td>
<td class="nump">$ 100,000,000.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeRate', window );">Fee Rate</a></td>
<td class="nump">0.01381%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeeAmt', window );">Amount of Registration Fee</a></td>
<td class="nump">$ 13,810.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_OfferingNote', window );">Offering Note</a></td>
<td class="text">Maximum Aggregate Offering Price estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(f) under the Securities Act of 1933, as amended. Represents the maximum aggregate offering price of all notes to be offered in the exchange offer to which the registration statement relates.&#8221;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_AmtSctiesRegd">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The amount of securities being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_AmtSctiesRegd</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegativeDecimal2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Total amount of registration fee (amount due after offsets).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeeRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The rate per dollar of fees that public companies and other issuers pay to register their securities with the Commission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeeRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesOthrRuleFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Checkbox indicating whether filer is using a rule other than 457(a), 457(o), or 457(f) to calculate the registration fee due.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesOthrRuleFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_MaxAggtOfferingPric">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The maximum aggregate offering price for the offering that is being registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_MaxAggtOfferingPric</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative100TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingNote">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingNote</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dtr-types:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTitl">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The title of the class of securities being registered (for each class being registered).</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTitl</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingSctyTp">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Type of securities: "Asset-backed Securities", "ADRs/ADSs", "Debt", "Debt Convertible into Equity", "Equity", "Face Amount Certificates", "Limited Partnership Interests", "Mortgage Backed Securities", "Non-Convertible Debt", "Unallocated (Universal) Shelf", "Exchange Traded Vehicle Securities", "Other"</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingSctyTp</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:securityTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingTable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingTable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_PrevslyPdFlg">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_PrevslyPdFlg</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_OfferingAxis=1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_OfferingAxis=1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>12
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
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<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fees Summary<br></strong></div></th>
<th class="th">
<div>Oct. 20, 2025 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_FeesSummaryLineItems', window );"><strong>Fees Summary [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOfferingAmt', window );">Total Offering</a></td>
<td class="nump">$ 100,000,000.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlPrevslyPdAmt', window );">Previously Paid Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlFeeAmt', window );">Total Fee Amount</a></td>
<td class="nump">13,810.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_TtlOffsetAmt', window );">Total Offset Amount</a></td>
<td class="nump">0.00<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_ffd_NetFeeAmt', window );">Net Fee</a></td>
<td class="nump">$ 13,810.00<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_FeesSummaryLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_FeesSummaryLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_NetFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_NetFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlFeeAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlFeeAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOfferingAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOfferingAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlOffsetAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlOffsetAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>ffd:nonNegative1TMonetary2ItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ffd_TtlPrevslyPdAmt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- References</a><div><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ffd_TtlPrevslyPdAmt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ffd_</td>
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    <ffd:OfferingSctyTp contextRef="c_offering_1" id="fee_010">Debt</ffd:OfferingSctyTp>
    <ffd:OfferingSctyTitl contextRef="c_offering_1" id="fee_011">7.00% Fixed-to-Floating Rate Subordinated Notes due 2035</ffd:OfferingSctyTitl>
    <ffd:FeesOthrRuleFlg contextRef="c_offering_1" id="fee_012">true</ffd:FeesOthrRuleFlg>
    <ffd:AmtSctiesRegd
      contextRef="c_offering_1"
      decimals="0"
      id="fee_013"
      unitRef="shares">100000000</ffd:AmtSctiesRegd>
    <ffd:MaxAggtOfferingPric
      contextRef="c_offering_1"
      decimals="INF"
      id="fee_014"
      unitRef="USD">100000000.00</ffd:MaxAggtOfferingPric>
    <ffd:FeeRate
      contextRef="c_offering_1"
      decimals="INF"
      id="fee_015"
      unitRef="pure">0.0001381</ffd:FeeRate>
    <ffd:FeeAmt
      contextRef="c_offering_1"
      decimals="INF"
      id="fee_016"
      unitRef="USD">13810.00</ffd:FeeAmt>
    <ffd:TtlOfferingAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_017"
      unitRef="USD">100000000.00</ffd:TtlOfferingAmt>
    <ffd:TtlFeeAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_018"
      unitRef="USD">13810.00</ffd:TtlFeeAmt>
    <ffd:TtlPrevslyPdAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_019"
      unitRef="USD">0.00</ffd:TtlPrevslyPdAmt>
    <ffd:TtlOffsetAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_020"
      unitRef="USD">0.00</ffd:TtlOffsetAmt>
    <ffd:NetFeeAmt
      contextRef="c_report"
      decimals="INF"
      id="fee_021"
      unitRef="USD">13810.00</ffd:NetFeeAmt>
    <ffd:OfferingNote contextRef="c_offering_1" id="fee_022">Maximum Aggregate Offering Price estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(f) under the Securities Act of 1933, as amended. Represents the maximum aggregate offering price of all notes to be offered in the exchange offer to which the registration statement relates.&#x201d;</ffd:OfferingNote>
</xbrl>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
