Company: ONBPP
Filing Date: 2025-01-14
Form Type: S-4
Source: 0001104659-25-003488
Chunk: 141

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-14
Form: S-4
Chunk 141
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 National common stock that would be issued upon full physical settlement of the forward sale agreements over the number of shares of Old National common stock that could be purchased by Old National in the market (based on the average market price of Old National common stock during the applicable reporting period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period).

Consequently, before physical or net share settlement of the forward sale agreements and subject to the occurrence of certain events, Old National anticipates that there will be no dilutive effect on its earnings per share except during periods when the average market price of shares of Old National common stock is above the applicable adjusted forward sale price, which was initially $20.16 per share, subject to increase or decrease based on the specified rate less a spread, and subject to price adjustment and other provisions of the forward sale agreements, including a decrease based on amounts related to expected dividends on Old National common stock on dates specified in the forward sale agreements and if the cost to the forward purchaser (or its affiliate) of borrowing a number of shares of Old National common stock underlying the forward sale agreements exceeds a specified amount. However, if Old National decides to physically settle or net share settle the forward sale agreements, then delivery of shares of Old National common stock to the forward purchaser on any such physical or (to the extent Old National is obligated to deliver shares of its common stock) net share settlement of the forward sale agreements would result in dilution to Old National’s earnings per share.

The forward purchaser has the right to accelerate the forward sale agreements and require Old National to physically settle on a date specified by the forward purchaser if:

•

the forward purchaser (or its affiliate) (i) is unable to borrow a number of shares of Old National common stock equal to the number of shares of Old National common stock underlying the forward sale agreements because of the lack of sufficient shares being made available for share borrowing

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by lenders or (ii) would incur a stock loan rate greater than the rate specified in the forward sale agreements to continue to borrow such shares;

•

certain regulatory ownership thresholds applicable to the forward purchaser, its affiliates and other persons who may form a beneficial share ownership group or whose ownership positions would be aggregated with the forward purchaser are exceeded;

•

Old National declares any dividend or distribution on Old National common stock that constitutes an extraordinary dividend or is payable in (i) cash in excess of a specified amount (other than