Company: OSBC
Filing Date: 2025-05-06
Form Type: S-4/A
Source: 0001104659-25-045103
Chunk: 44

Company: OLD SECOND BANCORP INC
Filing Date: 2025-05-06
Form: S-4/A
Chunk 44
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 a potential competing acquirer that might have an interest in acquiring all or a significant part of Bancorp Financial from considering or proposing that acquisition even if it were prepared to pay consideration with a higher per share price than that proposed in the merger, or might result in a potential competing acquirer proposing to pay a lower per share price to acquire Bancorp Financial than it might otherwise have proposed to pay because of Bancorp Financial’s obligation, in connection with termination of the merger agreement under certain circumstances, to pay Old Second the $8,500,000 termination fee. In addition, the merger agreement requires that Bancorp Financial submit the merger proposal to a vote of its stockholders, even if the Bancorp Financial board of directors changes its recommendation in favor of the merger proposal in a manner adverse to Old Second. For more information, see “The Merger Agreement — Covenants and Agreements — Agreement Not to Solicit Other Offers,” “The Merger Agreement — Termination of the Merger Agreement” and “The Merger Agreement — Effect of Termination” beginning on pages 69, 73 and 74, respectively.

The opinion of Bancorp Financial’s financial advisor delivered to the Bancorp Financial board of directors prior to the signing of the merger agreement does not reflect changes in circumstances after the date of the opinion.

The opinion of Bancorp Financial’s financial advisor was delivered to the Bancorp Financial board of directors on February 18, 2025, prior to the signing of the merger agreement. This opinion was dated February 18, 2025 and was based on financial, market, and other conditions as they existed and could be evaluated as of that date. It does not reflect any changes in the business, financial condition, or prospects of Bancorp Financial or Old Second, nor any changes in market or economic conditions, that may occur

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after the date of the opinion. The opinion speaks only as of its date and will not be updated or reaffirmed at the time the merger is completed. See “The Merger — Opinion of Bancorp Financial’s Financial Advisor” beginning on page 42.

Bancorp Financial stockholders will become stockholders of Old Second, and their rights will be governed by Old Second’s organizational documents.

Upon completion of the merger, Bancorp Financial stockholders will become stockholders of Old Second. While their rights will continue to be governed by the DGCL, the terms of those rights will be determined by Old Second’s certificate of