Company: OSBC
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001558370-25-005000
Chunk: 16

Company: OLD SECOND BANCORP INC
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 16
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 Messrs. Eccher and Collins, each of whom is an executive officer, and Ms. Temple Rocks, as noted below. During its review of director independence, the board reviewed certain transactions between Alarm Detection Systems, Inc. (ADS) and the Company. Mr. Bonifas is an Executive Vice President of ADS. We did not utilize any of ADS’ services in 2024; however, in 2023 and 2022, we paid ADS $1,737 and $156,450, respectively. Each of these amounts are less than 1% of ADS gross revenue for each applicable year. Mr. Bonifas was not involved in the transactions with ADS, and has only an indirect and de minimisinterest as a stockholder of ADS. Per NASDAQ and SEC rules, the board has determined that Mr. Bonifas qualifies as an independent director of the Company. In addition, during its review of director independence, the board reviewed certain transactions between Temple Rocks IMC and the Company. Ms. Temple Rocks is the Senior Partner of Temple Rocks IMC, a marketing firm. Per NASDAQ and SEC rules, the board determined that Ms. Temple Rocks would not qualify as an independent director because we paid Temple Rocks IMC for marketing services of approximately $0 in 2024 and 2023 and $144,297 in 2022. Our engagement of Temple Rocks IMC ended in December 2022. Board Resignation Policy Our board of directors has adopted a resignation policy that provides that no person will be elected to serve, or will continue to serve, as a director of the Company after attaining age 73, and each director candidate or nominee has agreed that upon attaining age 73 during his or her tenure as director, the director will be deemed, effective at such time, to have resigned his or her directorship. Our bylaws further provide that a nominee for director in an uncontested election will be elected by a majority of the shares having voting power present in person or represented by proxy at the meeting. Under our resignation policy, if a nominee receives more votes “against” his or her election than votes “for” his or her election, the director must promptly tender a written offer of resignation to the Chairman of the board of directors. Our Nominating and Corporate Governance Committee will promptly consider the director’s offer of resignation and recommend to the board of directors whether to accept or reject it. The board will act on the committee’s recommendation and will publicly disclose its decision within 120