Company: OSBC
Filing Date: 2025-02-25
Form Type: 425
Source: 0000357173-25-000021
Chunk: 3

Company: OLD SECOND BANCORP INC
Filing Date: 2025-02-25
Form: 425
Chunk 3
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 as a reorganization within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended. Each party’s obligation to complete the Merger is also subject to certain additional customary conditions, including, without limitation, (i) subject to certain exceptions, the accuracy of the representations and warranties of the other party, generally subject to a material adverse effect qualification, (ii) performance in all material respects by the other party of its obligations under the Merger Agreement, and (iii) the absence of a material adverse effect with respect to the other party during a specified period of time prior to the consummation of the Merger.

The Merger Agreement provides certain termination rights for both Old Second and Bancorp Financial and further provides that a termination fee of $8,500,000 will be payable by Bancorp Financial to Old Second upon termination of the Merger Agreement under certain circumstances. In connection with the Merger Agreement, certain stockholders of Bancorp Financial, including each director of Bancorp Financial, and certain other officers and stockholders of Bancorp Financial, entered into voting agreements with Old Second (each, a “ Voting Agreement ”) in which he or she has agreed, among other things, to vote the shares of Bancorp Financial common stock owned beneficially or of record by such stockholder in favor of the Merger Agreement and the Merger at the special meeting of Bancorp Financial stockholders at which these matters are to be considered. The foregoing description of the Merger Agreement and Voting Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Merger Agreement, which is filed as Exhibit 2.1 hereto, and the form of Voting Agreement, which is an exhibit to the Merger Agreement, each of which are incorporated herein by reference. The representations, warranties and covenants of each party set forth in the Merger Agreement have been made only for purposes of, and were and are solely for the benefit of the parties to, the Merger Agreement, may be subject to limitations agreed upon by the contracting parties, including being qualified by confidential disclosures made for the purposes of allocating contractual risk between Old Second and Bancorp Financial instead of establishing these matters as facts, and may be subject to standards of materiality applicable to the contracting parties that differ from those applicable to investors. Accordingly, the representations and warranties may not describe the actual state of affairs at the date they were made or at any other time, and investors should not rely on them