HI Form 4: Gary Collar receives 295 restricted stock units

Rhea-AI Filing Summary

Hillenbrand director Gary L. Collar was granted a total of 295 Restricted Stock Units (RSUs) on 09/30/2025 across previously established deferred stock award schedules. Each RSU represents the contingent right to receive one share of Hillenbrand common stock and accrues dividend equivalents on record dates. Several of the RSU tranches vest immediately but delivery is restricted until a change in control, the director's death or disability, or one day after the director ceases to serve; other tranches vest on the earlier of the next annual meeting or one year from grant and are subject to the same delivery conditions. All reported RSUs are held in direct beneficial ownership form following the transactions.

Positive

• 295 RSUs granted aligns director compensation with shareholder value through equity rather than cash
• Several RSU tranches vest immediately, strengthening retention while delivery remains contingent on triggering events
• RSUs accrue dividend equivalent rights, preserving economic parity with common shareholders

Negative

• Delivery of immediately vested RSUs is restricted until change in control, death/disability, or end of directorship, delaying share issuance
• Form discloses multiple legacy award schedules which may increase future dilution if shares are ultimately delivered

Insights

Corporate Governance Expert

Director received 295 RSUs under deferred award schedules on 09/30/2025.

The Form 4 shows non‑cash equity awards to a sitting director rather than open‑market purchases or sales. These awards align director pay with shareholder value because they convert to common shares under specific triggering events such as a change in control or termination of board service.

The immediate vesting language for some tranches combined with delayed delivery means the director gains economic rights (including dividend equivalents) now but actual share issuance is contingent on defined events, preserving retention and alignment features without increasing outstanding shares today.

Compensation Analyst

The grants are routine deferred board compensation structured as RSUs with dividend equivalents.

The Form 4 lists multiple legacy deferred award schedules spanning grants from 2015 through 2025, with varying vesting provisions: some RSUs vest immediately but restrict delivery, while others vest on the earlier of the next annual meeting or one year from grant.

This structure indicates a mix of retention and routine annual board compensation; the total of 295 RSUs granted on 09/30/2025 is disclosed with $0 per‑unit exercise/price because these are restricted units, not option purchases.

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

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

1. Name and Address of Reporting Person^*

Gary Collar L

(Last) (First) (Middle)

ONE BATESVILLE BOULEVARD

(Street)

BATESVILLE IN 47006

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Hillenbrand, Inc. [ HI ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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

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

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

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
Common Stock								0	D

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
Restricted Stock Units (Deferred Stock Award 5/5/15)	(1)	09/30/2025		A(2)		14		(3)	(3)	Common Stock	14	$0	1,796	D
Restricted Stock Units (Deferred Stock Award 2/24/16)	(1)	09/30/2025		A(2)		38		(3)	(3)	Common Stock	38	$0	4,696	D
Restricted Stock Units (Deferred Stock Award 2/22/17)	(1)	09/30/2025		A(2)		27		(3)	(3)	Common Stock	27	$0	3,319	D
Restricted Stock Units (Deferred Stock Award 2/15/18)	(1)	09/30/2025		A(2)		24		(3)	(3)	Common Stock	24	$0	2,933	D
Restricted Stock Units (Deferred Stock Award 2/14/19)	(1)	09/30/2025		A(2)		24		(3)	(3)	Common Stock	24	$0	2,942	D
Restricted Stock Units (Deferred Stock Award 2/13/20)	(1)	09/30/2025		A(2)		36		(3)	(3)	Common Stock	36	$0	4,400	D
Restricted Stock Units (Deferred Stock Award 2/11/21)	(1)	09/30/2025		A(2)		25		(4)	(4)	Common Stock	25	$0	3,099	D
Restricted Stock Units (Deferred Stock Award 2/10/22)	(1)	09/30/2025		A(2)		23		(4)	(4)	Common Stock	23	$0	2,862	D
Restricted Stock Units (Deferred Stock Award 2/24/23)	(1)	09/30/2025		A(2)		24		(4)	(4)	Common Stock	24	$0	2,913	D
Restricted Stock Units (Deferred Stock Award 2/20/24)	(1)	09/30/2025		A(2)		26		(4)	(4)	Common Stock	26	$0	3,165	D
Restricted Stock Units (Deferred Stock Award 2/18/25)	(1)	09/30/2025		A(2)		34		(4)	(4)	Common Stock	34	$0	4,122	D

Explanation of Responses:

1. Each Restricted Stock Unit represents the contingent right to receive one share of the issuer's common stock.

2. Restricted Stock Units are entitled to dividend equivalent rights which accrue on dividend record dates.

3. These Restricted Stock Units vest immediately upon grant. However, delivery of these shares will not occur until the occurrence of one of the following: a change in control of the Company, the director's death or permanent and total disability, or one day after the date the director ceases to be a director of the Company.

4. These Restricted Stock Units vest on the earlier to occur of the issuer's next annual meeting of shareholders or one year from the date of grant; provided, that these Restricted Stock Units will immediately vest upon, and in any case delivery of the shares underlying these Restricted Stock Units will not occur until, the occurrence of one of the following: a change in control of the issuer, the director's death or permanent and total disability, or one day after the date the director ceases to be a director of the issuer.

Remarks:

	/s/ Allison A. Westfall, Attorney-in-Fact for Gary L. Collar	10/02/2025
	** 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.

FAQ

What did Gary L. Collar report in the Form 4 for Hillenbrand (HI)?

The Form 4 reports that director Gary L. Collar was granted a total of 295 Restricted Stock Units on 09/30/2025 under various deferred stock award schedules.

Do the RSUs reported by Gary L. Collar immediately convert to shares?

No. While some RSUs vest immediately, delivery of the underlying shares is restricted until a change in control, the director's death or permanent disability, or one day after the director ceases to be a director.

Are dividend rights included with the RSUs?

Yes. The RSUs are entitled to dividend equivalent rights which accrue on dividend record dates.

What is the economic cost per unit reported for these RSUs?

The Form 4 shows a reported per‑unit price of $0 because these are restricted stock units (not option purchases) representing contingent rights to shares.

Were these grants filed individually or jointly?

The filing indicates the Form 4 was filed by one reporting person, representing Gary L. Collar.