HILLS BANCORPORATION (HBIA) director receives grant of 1,371 stock options at $87.50

Rhea-AI Filing Summary

HILLS BANCORPORATION director Roger K. Smith received a grant of stock options as equity compensation. He was awarded options on 1,371 shares of common stock at an exercise price of $87.50 per share. These options become exercisable on May 12, 2031 and expire on May 12, 2036.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Smith Roger K

Role null

Type	Security	Shares	Price	Value
Grant/Award	Stock Options	1,371	$87.50	$120K

Holdings After Transaction: Stock Options — 1,371 shares (Direct, null)

Footnotes (1)

Key Figures

Options granted: 1,371 options Exercise price: $87.50 per share Underlying shares: 1,371 shares +3 more

6 metrics

Options granted 1,371 options Stock options award to director Roger K. Smith

Exercise price $87.50 per share Exercise price for the granted stock options

Underlying shares 1,371 shares Common stock underlying the options

Total options after grant 1,371 options Total stock options held from this award following transaction

Exercise date May 12, 2031 Date options become exercisable

Expiration date May 12, 2036 Date options expire if not exercised

Key Terms

Stock Options, Form 4, exercise price, underlying security

4 terms

Stock Options financial

"security_title: "Stock Options""

Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.

Form 4 regulatory

"INSIDER FILING DATA (Form 4)"

Form 4 is a official document that company insiders, such as executives or major shareholders, file with regulators whenever they buy or sell company shares. It provides transparency about how those with inside knowledge are trading, helping investors see if insiders are confident in the company's prospects or may be selling for personal reasons. This information can influence investor decisions by revealing insiders' perspectives on the company's value.

exercise price financial

"conversion_or_exercise_price: "87.5000""

The exercise price is the fixed amount at which you can buy or sell an asset, like a stock, when using an options contract. It matters because it helps determine whether exercising the option will be profitable or not, depending on the current market price. Think of it as the set price you agree on today to buy or sell later.

underlying security financial

"underlying_security_title: "Common Stock""

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Smith Roger K

(Last) (First) (Middle)

131 E.AST MAIN STREET

PO BOX 160

(Street)

HILLS IOWA 52235

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
HILLS BANCORPORATION [ HBIA.PK ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
05/12/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock Options	$87.5	05/12/2026	05/12/2036	A		1,371		05/12/2031	05/12/2036	Common Stock	1,371	$87.5	1,371	D

Explanation of Responses:

Remarks:

James C. Wacker POA - Limited Power of Attorney for Section 16 Reporting Obligations

	/s/ Roger K. Smith by James C. Wacker	05/13/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did HILLS BANCORPORATION (HBIA) report for Roger K. Smith?

HILLS BANCORPORATION reported that director Roger K. Smith received a grant of stock options. The award covers 1,371 shares of common stock at an exercise price of $87.50 per share, providing future purchase rights rather than an immediate share sale or open-market purchase.

How many HILLS BANCORPORATION (HBIA) stock options were granted to Roger K. Smith?

Roger K. Smith was granted stock options on 1,371 underlying shares of HILLS BANCORPORATION common stock. Following this grant, his reported stock option holdings from this award total 1,371 options, reflecting a single compensation-related equity grant rather than multiple separate transactions.

What is the exercise price of Roger K. Smith’s HILLS BANCORPORATION (HBIA) stock options?

The stock options granted to Roger K. Smith carry an exercise price of $87.50 per share. This means he can later purchase HILLS BANCORPORATION common stock at $87.50, regardless of the future market price, once the options become exercisable on the stated exercise date.

When do Roger K. Smith’s HILLS BANCORPORATION (HBIA) stock options become exercisable and when do they expire?

The options become exercisable on May 12, 2031 and expire on May 12, 2036. Between those dates, Roger K. Smith can choose to exercise the options and acquire common shares at $87.50 per share, subject to any applicable company or regulatory conditions.

Does the reported HILLS BANCORPORATION (HBIA) Form 4 show any insider share sales or purchases?

The Form 4 shows only a grant of stock options to director Roger K. Smith, coded as an acquisition award. It does not report any open-market share purchases or sales; the transaction reflects compensation rather than immediate trading activity in HILLS BANCORPORATION stock.