Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 213

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 213
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 December 31, 2024, there was $6.9 million of total unrecognized compensation cost related to unvested restricted stock units. The cost is expected to be recognized over a weighted-average period of 1.7 years.Stock Options and Appreciation RightsOld National has not granted stock options since 2009. However, Old National did acquire stock options and stock appreciation rights through its prior acquisitions. Old National recorded no incremental expense associated with the conversion of these options and stock appreciation rights.As of December 31, 2024, all options were fully vested, and all compensation costs had been expensed. At December 31, 2024, no stock appreciation rights were outstanding as the remaining awards were exercised during 2023.Information related to stock option and appreciation rights follows:Year Ended December 31,(dollars in thousands)202420232022Intrinsic value of options/appreciation rights exercised$— $70 $331 Tax benefit realized from options/appreciation rights exercises— 28 132 Non-employee Director Stock CompensationCompensation paid to Old National’s non-employee directors includes a stock component. Shares issued as part of director compensation are granted annually. Any shares awarded to directors are anticipated to be issued from the ICP. In 2024, 26 thousand shares were issued to directors, compared to 41 thousand shares in 2023, and 19 thousand shares in 2022.Employee Stock Ownership PlanThe Employee Stock Ownership and Savings Plan (the “401(k) Plan”) allows employees to make pre-tax and Roth 401(k) contributions. Subject to the conditions and limitations of the 401(k) Plan, new employees are automatically enrolled in the 401(k) Plan with an automatic deferral of 5% of eligible compensation, unless participation is changed or declined. All active participants receive a Company match of 100% of the first 5% contributed into the 401(k) Plan. In addition to matching contributions, Old National may make discretionary contributions to the 401(k) Plan in the form of Old National stock or cash. In 2024, Old National made a discretionary employer cash contribution of 4% of participants’ eligible 2023 compensation. There were no designated discretionary 

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contributions in 2023 or 2022. All contributions vest immediately, and plan participants may elect to redirect funds among any of the investment options provided under the 401(k) Plan. The number of Old National