Company: ONBPP
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001104659-25-007256
Chunk: 140

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-29
Form: S-4/A
Chunk 140
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 subject to adjustment on a daily basis based on a floating interest rate factor equal to the specified rate less a spread and will be decreased on each of the dates specified in the forward sale agreements by amounts related to expected dividends on shares of Old National common stock during its term. The forward sale price will also be subject to decrease if the cost to the forward purchaser (or its affiliate) of borrowing a number of shares of Old National common stock underlying the forward sale agreements exceeds a specified amount. If the specified rate is less than the spread on any day, the interest rate factor will result in a daily reduction of the forward sale price.

Before any issuance of shares of Old National common stock upon physical or net share settlement of the forward sale agreements, Old National expects that the shares issuable upon settlement of the forward sale agreements will be reflected in Old National’s diluted earnings per share calculation using the treasury stock method. Under this method, the number of shares of Old National common stock used in calculating diluted earnings per share is deemed to be increased by the excess, if any, of the number of shares of Old National common stock that would be issued upon full physical settlement of the forward sale agreements over the number of shares of Old National common stock that could be purchased by Old National in the market (based on the average market price of Old National common stock during the applicable reporting period) using the proceeds receivable upon full physical settlement (based on the adjusted forward sale price at the end of the reporting period).

Consequently, before physical or net share settlement of the forward sale agreements and subject to the occurrence of certain events, Old National anticipates that there will be no dilutive effect on its earnings per share except during periods when the average market price of shares of Old National common stock is above the applicable adjusted forward sale price, which was initially $20.16 per share, subject to increase or decrease based on the specified rate less a spread, and subject to price adjustment and other provisions of the forward sale agreements, including a decrease based on amounts related to expected dividends on Old National common stock on dates specified in the forward sale agreements and if the cost to the forward purchaser (or its affiliate) of borrowing a number of shares of Old National common stock underlying the forward sale agreements exceeds a specified amount. However, if Old National decides to physically settle or net share settle the forward sale agreements, then delivery of shares of Old National common stock to the forward purchaser on any such physical or (to the extent Old National is obligated to deliver shares of its common stock) net share