Company: ONBPP
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001558370-25-004483
Chunk: 56

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 56
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 2024, adjusted EPS of $1.83 resulted in a payout under our AICP for 2024 at 115% of target performance. *References to EPS in this section are to adjusted EPS, which is an adjusted, non-GAAP financial measure that excludes certain items related to 2024, such as merger-related charges associated with completed and pending acquisitions, CECL Day 1 non-PCD loan provision expense, distribution of excess pension plan assets expense, FDIC special assessment expense, separation expense and net securities losses. The equivalent GAAP measure for adjusted EPS is $1.68. Reference is made to the non-GAAP reconciliation included in the Company’s January 21, 2025 press release reporting its financial results for its 2024 fourth quarter and full year, which was included as Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on January 21, 2025.

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| OLD NATIONAL BANCORP 2025 PROXY STATEMENT | 55 |

COMPENSATION DISCUSSION AND ANALYSIS

Long-Term Equity Compensation (Performance Share Units and Restricted Stock) Our long-term executive compensation consists entirely of equity awards. We believe that stock ownership by our executive officers is an important tool for aligning their interests with those of our shareholders, thereby reinforcing a focus on the long-term financial and stock performance of the Company. The Compensation Committee selected the allocation of long-term equity compensation between performance share units and service-based restricted stock (and with respect to performance share units, the metrics, performance goals and weightings) based on the following strategic objectives:

| ● | Link pay with long-term corporate performance and stock price growth; |

| ● | Emphasize the Company’s long-term profitability and strategies; |

| ● | Encourage achievement of business goals that will enhance long-term shareholder value; |

| ● | Reward and retain executives, whose future services are considered essential to the ongoing success of the Company; |

| ● | Provide stock ownership opportunities for our executives, which further align their interests with those of our shareholders; and |

| ● | Promote excellence and teamwork across our executive team. |

Annual equity awards in 2024 for our CEO and other NEOs are summarized below:

| NAMED EXECUTIVE OFFICER LONG-TERM EQUITY COMPENSATION  |                                                                                                                                                                                                                                                                                                                                                                                                                               |
| ​                                                      | ​                                                                                                                                                                                                                                                                                                                                                                                                                             |
| ●CEO and Executive Chairman –60%