Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 214

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 214
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 shares in the 401(k) Plan were 0.9 million at December 31, 2024 and 1.1 million at December 31, 2023. All shares owned through the 401(k) Plan are included in the calculation of weighted-average shares outstanding for purposes of calculating diluted and basic earnings per share. Contribution expense under the 401(k) Plan was $34.8 million in 2024, $20.3 million in 2023, and $17.9 million in 2022.

NOTE 17 – SHAREHOLDERS’ EQUITY

Stock Purchase and Dividend Reinvestment PlanOld National has a stock purchase and dividend reinvestment plan under which common shares issued may be either repurchased shares or authorized and previously unissued shares. A new plan became effective on August 13, 2024, with total authorized and unissued shares of common stock reserved for issuance of 3.0 million. At December 31, 2024, 3.0 million authorized and unissued shares of common stock were available for issuance under the plan.Employee Stock Purchase PlanOld National has an employee stock purchase plan under which eligible employees can purchase common shares at a discount to the market price. Currently, the discount under the plan is set at 5% of the fair value of the common shares on the purchase date (i.e., at a purchase price of 95%). No participant may purchase common shares with a fair value in excess of $25,000 in any calendar year. In 2024, 62,000 shares were issued related to this plan with proceeds of approximately $1.0 million. In 2023, 75,000 shares were issued related to this plan with proceeds of approximately $1.1 million.Share Repurchase ProgramIn the first quarter of 2024, the Board of Directors approved a stock repurchase program that authorized the Company to repurchase up to $200 million of the Company’s outstanding shares of Common Stock, as conditions warrant, through February 28, 2025. During 2024, no common shares were repurchased under the plan. On February 19, 2025, the Board of Directors approved a new stock repurchase program, under which the Company is authorized to repurchase up to $200 million of its outstanding common stock through February 28, 2026. This new stock repurchase program replaces the prior $200 million program