Company: ONBPP
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001104659-25-007256
Chunk: 135

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-29
Form: S-4/A
Chunk 135
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 that the mergers will be completed according to the terms of the merger agreement. One critical factual assumption is that at least 40 percent of the value of the merger consideration received in exchange for Bremer’s common

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stock in the first step merger will consist of Old National common stock, taking into account any cash consideration received (including any cash paid in lieu of fractional shares of Old National common stock) and cash payable to holders of dissenting shares.

These opinions will also be based on the assumption that the representations included in the representation letters of Bremer and Old National, are, as of the effective time of the mergers, true and complete without qualification and that the representation letters of Bremer and Old National are executed by appropriate and authorized officers of Bremer and Old National. Neither of the opinions described above will be binding on the IRS. Bremer and Old National have not sought and will not seek any ruling from the IRS regarding any matters relating to the mergers, and, as a result, there can be no assurance that the IRS will not assert, or that a court would not sustain, a position contrary to any of the conclusions set forth below. If any of the representations, warranties, covenants or assumptions upon which the opinions described above are based are inconsistent with the actual facts, or if any condition contained in the merger agreement and affecting these opinions is breached or is waived by any party, the U.S. federal income tax consequences of the mergers could be adversely affected. Accordingly, each holder of Bremer common stock should consult his, her or its tax advisor with respect to the particular tax consequences of the mergers to such holder.

#### Tax Consequences to U.S. Holders Generally
If the mergers, taken together, qualify as a “reorganization” within the meaning of Section 368(a) of the Code, the U.S. federal income tax consequences to U.S. holders of the mergers are as follows:

•

a U.S. holder will recognize gain in an amount equal to the lesser of (i) the cash received (other than cash paid in lieu of a fractional share of Old National common stock) received by the holder and (ii) the gain realized. The gain realized is the excess, if any, of (a) the sum of the amount of cash received by the U.S. holder in the mergers (other than cash paid in lieu of a fractional share of Old National common stock) and the fair