Company: ONBPP
Filing Date: 2025-01-14
Form Type: S-4
Source: 0001104659-25-003488
Chunk: 94

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-14
Form: S-4
Chunk 94
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 by Mr. Bleske during the last three completed fiscal years and (b) Mr. Bleske’s target annual bonus for the year of termination; (ii) a pro-rated portion of his annual bonus for the year of termination in an amount at least equal to the applicable pro-rated annual bonus as determined under clause

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(i) above; (iii) a pro-rated payment in respect of each of his outstanding LTIP awards for open performance periods, based upon the number of full months elapsed during each award’s three-year performance period and, as per the merger agreement, assuming target level performance is achieved; and (iv) up to 12 months of continued health and welfare insurance coverage, or, if continued participation in such plans is not permitted, provision of equivalent benefits on the same after-tax basis. The foregoing payments and benefits are conditional on Mr. Bleske executing and not revoking a release of claims agreement with Bremer Bank. The Bleske Agreement prohibits Mr. Bleske from soliciting Bremer’s business or employees for a period of six months following his termination of employment.

Based on Mr. Bleske’s compensation and outstanding LTIP awards as of January 10, 2025, and assuming a change in control and qualifying termination of employment on January 10, 2025, Mr. Bleske would receive approximately $2,686,253 in the aggregate under the Bleske Agreement.

Bremer previously awarded Mr. Bleske a cash retention bonus of $300,000 pursuant to a retention award agreement dated as of August 7, 2024. The retention bonus vested with respect to one half of the award on December 31, 2024, and will vest with respect to the remaining one half of the award on the earlier of June 30, 2025 and the consummation of the mergers, subject to Mr. Bleske’s continued employment on the applicable vesting date.

Pro-rated Annual Bonus

Pursuant to the merger agreement, prior to the consummation of the transactions contemplated by the merger agreement, Bremer may make pro-rated cash payments in respect of its fiscal year 2025 annual incentive programs based on the greater of target performance and actual performance measured as of the last practicable date prior to the change in control. Assuming Bremer elects to make such payments and a change in control occurs on January 10, 2025, based on target