Company: ONBPP
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001558370-25-004483
Chunk: 65

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 65
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rs. Ryan, Sander, Sandgren and Moran, Ms. Goldfeder and Ms. Vanzo is party to an employment agreement with the Company (collectively, the “Employment Agreements”) along with a confidentiality and restrictive covenants agreement (collectively, the “CRC Agreements”). Under their Employment Agreements, the executives are entitled to base salary, incentive compensation

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| OLD NATIONAL BANCORP 2025 PROXY STATEMENT | 61 |

COMPENSATION DISCUSSION AND ANALYSIS

opportunities (both cash and equity) and other employee benefits made available to similarly situated executives. The Employment Agreements require the Company to make severance payments upon certain terminations of employment, including upon a termination by the Company of the executive’s employment (other than for Cause) or a resignation of employment by the executive for Good Reason, either prior to or following a Change in Control of the Company (as such terms are defined in the applicable Employment Agreement). To receive his or her severance benefits, the executive must satisfy the terms of his or her Employment Agreement, including the timely execution by the executive of a release of claims against the Company and, in situations involving resignation for Good Reason, provision of timely notice to the Company of the executive’s asserted Good Reason basis for resignation. The Employment Agreements also provide for enhanced severance benefits upon the occurrence of a “second trigger” (Company termination of the executive’s employment without Cause or resignation by the executive for Good Reason) following a qualifying change in control of the Company. See “Potential Payments upon Termination of Employment or Change in Control”beginning on page 71 for a description of the Company’s obligations to the NEOs under various described employment termination scenarios, either before or after a change in control. See also the tables in that section that set forth the estimated values and details of the termination benefits payable to the NEOs under those circumstances. In addition, the Employment and CRC Agreements provide for, among other terms:

| ● | No Gross-up on Severance Benefits – The Company does not provide any tax gross-up on severance benefits, including in connection with any change in control. If any change in control-related severance amounts otherwise would constitute “excess parachute payments” subject to the excise tax imposed under Section 4999 of the Internal Revenue Code, the payment will be reduced to the safe harbor amount in a manner determined by the Company. |

| ● | No Gross-up on Benefit Contin