German American Bancorp

17/12/2024 | Press release | Distributed by Public on 17/12/2024 21:16

Management Change/Compensation Form 8 K

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(b) Director Resignation. On December 16, 2024, Thomas W. Seger, a director of German American Bancorp, Inc. (the "Company"), notified the Company of his decision to resign from the Board of Directors of the Company (the "Board") effective as of December 31, 2024. Mr. Seger's resignation is intended to allow the Board flexibility in making director appointments in the future (including in connection with the Company's anticipated merger with Heartland BancCorp) and is not because of any disagreement with the Company on any matter relating to the Company's operations, policies or practices. Mr. Seger, age 67, has served on the Board for over 14 years.
At the direction of the Board, the Company will accelerate the vesting of 1,204 shares of restricted stock held by Mr. Seger to his resignation date, which restricted stock would have vested on July 1, 2025 had certain meeting attendance requirements been met.
Cautionary Note Regarding Forward-Looking Statements
This Report contains forward-looking statements made pursuant to the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements can often, but not always, be identified by the use of words like "believe", "continue", "pattern", "estimate", "project", "intend", "anticipate", "expect", and similar expressions or future or conditional verbs such as "will", "would", "should", "could", "might", "can", "may", or similar expressions. These forward-looking statements include, but are not limited to, statements relating to the proposed merger (the "Merger") of Heartland BancCorp ("Heartland") with and into the Company.
Forward-looking statements are subject to significant risks, assumptions, and uncertainties that may cause results to differ materially from those set forth in forward-looking statements, including, among other things:
•with respect to the Merger: (i) failure to obtain necessary regulatory approvals when expected or at all (and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction), or the failure of either company to satisfy any of the other closing conditions to the transaction on a timely basis or at all; (ii) the occurrence of any event, change or other circumstances that could give rise to the right of one or both of the parties to terminate the merger agreement; and (iii) the possibility that the anticipated benefits of the transaction, including anticipated cost savings and strategic gains, are not realized when expected or at all, including as a result of the impact of, or problems arising from, the integration of the two companies, unexpected credit quality problems of the acquired loans or other assets, or unexpected attrition of the customer base of the acquired institution or branches, or as a result of the strength of the economy, competitive factors in the areas where the Company and Heartland do business, or as a result of other unexpected factors or events; and
•other risks and factors expressly identified in the Company's cautionary language included under the headings "Forward-Looking Statements and Associated Risk" and "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, and other documents subsequently filed by the Company with the SEC.
It is intended that these forward-looking statements speak only as of the date they are made. The Company does not undertake any obligation to update any forward-looking statement relating to the matters discussed in this Report.
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