EXHIBIT 10.1
AMENDMENT NO. 1 TO HORIZON BANCORP STOCK OPTION
AND STOCK APPRECIATION RIGHTS AGREEMENT
This Amendment No. 1 is made and executed this 22nd day of August 2002,
by and between Horizon Bancorp, an Indiana corporation (the "Company")
and , an officer or employee of the Company or one of its subsidiaries
(the "Optionee");
WHEREAS, the Company adopted the 1997 Key Employees' Stock Option and
Stock Appreciation Rights Plan of Horizon Bancorp (the "Plan");
WHEREAS, the Optionee has received the following grants of stock options
and associated stock appreciation rights ("SARs") under the Plan and has entered
into a Stock Option and Stock Appreciation Rights Agreement for each grant
("Agreement");
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Date Number of Shares Option Price
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WHEREAS, the Company has issued a stock split of three for one of its
shares of common stock on November 16, 2001, resulting in the following current
outstanding stock options and associated SARs;
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Date Number of Shares Option Price
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WHEREAS, the Company and Optionee have agreed to a limitation on the
economic value of the vested and exercisable SAR's granted under each of the
Agreements referred to above and to eliminate the SAR's which are not vested or
exercisable under the Agreements;
NOW, THEREFORE, in consideration of the premises and mutual covenants
herein contained, the Company and the Optionee agree as follows:
1. LIMITATION ON ECONOMIC VALUE OF VESTED STOCK APPRECIATION RIGHTS. For
purposes of the Agreements referred to above, the economic value to be paid by
the Company of the SAR's (as referred to in Section 9 of each Agreement) which
are vested and exercisable by the Optionee on the date of this Amendment may not
exceed the following:
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Date of Agreement Limitation
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$22.00 Per share
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The Optionee understands that under the Plan exercise of the SARs shall
extinguish all rights under the associated stock options, regardless of the
limitation on payment of the economic value of the SARs.
2. ELIMINATION OF UNVESTED SAR'S. To the extent that SAR's have not
vested and are not exercisable under the Agreements on the date of this
Amendment, the Optionee shall only be allowed to exercise the stock options
associated with such shares of stock and shall not be permitted to exercise the
SAR's when they become vested.
3. NO OTHER CHANGES. In all other respects the Agreements shall continue
on an unchanged basis.
IN WITNESS WHEREOF, the Company, by its duly authorized officer, and the
Optionee have caused this Amendment No. 1 to be executed on the date and year
first written above.
HORIZON BANCORP
By:
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Craig M. Dwight, President & CEO
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Optionee
HORIZON BANCORP
INDIVIDUALS ELECTING TO CAP THEIR STOCK APPRECIATION RIGHTS
NAME SAR'SCAPPED
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Craig M. Dwight 46,260
Lawrence J. Mazur 15,420
Thomas H. Edwards 11,820
David G. Rose 10,800
Joseph H. Mellen 5,100
Rachel Saxon 3,600
James Neff 3,600
Mary I. Schultz 3,060
Ken Krapf 3,000
Carla Kanney 1,800
James H. Foglesong 1,800
Patrick Collins 1,200
Kathie A. DeRuiter 1,200
Steven Kring 1,200
JoAnn Krickhahn 1,200
Donna Scott 1,200
Daniel Buresh 600