Company: ONBPP
Filing Date: 2025-01-14
Form Type: S-4
Source: 0001104659-25-003488
Chunk: 143

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-14
Form: S-4
Chunk 143
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 or a portion of the shares of its common stock underlying the forward sale agreements, then Old National expects that the forward purchaser (or an affiliate thereof) will purchase a number of shares of Old National common stock necessary to satisfy its or its affiliate’s obligation to return the shares of Old National common stock borrowed from third parties in connection with sales of shares of Old National common stock related to the forward sale agreements and, if applicable in connection with net share settlement, to deliver shares of Old National common stock to Old National. If the market value of Old National common stock at the time of such purchase (as determined pursuant to the terms of the forward sale agreements) is above the forward sale price under the forward sale agreements at that time, then Old National would pay or deliver, as the case may be, to the forward purchaser under the forward sale agreements, an amount in cash, or a number of shares of Old National common stock with a market value (as determined pursuant to the terms of the forward sale agreements), equal to such difference. Any such difference could be significant. Conversely, if the market value of Old National’s common stock at the time of such purchase (as determined pursuant to the terms of the forward sale agreements) is below the forward sale price under the forward sale agreements at that time, the forward purchaser will pay or deliver, as the case may be, to Old National under the forward sale agreements, an amount in cash, or a number of shares of Old National common stock with a market value (as determined pursuant to the terms of the forward sale agreements), equal to such difference.

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In addition, the purchase of shares of Old National common stock in connection with the forward purchaser or its affiliate unwinding its hedge positions could cause the price of Old National common stock to increase over such time (or reduce or prevent a decrease over such time), thereby increasing the amount of cash Old National would owe to the forward purchaser (or decreasing the amount of cash that the forward purchaser would owe Old National) upon a cash settlement of the forward sale agreements or increasing the number of shares of Old National common stock Old National would deliver to the forward purchaser (or decreasing the number of shares of Old National common stock that the forward purchaser would deliver to Old National) upon net share settlement of the forward sale agreements. Old National will not be able to control the manner in which the forward purchaser (or its affiliate) unwinds its hedge positions.

Indiana Law and Certain Provisions of Old National’s