Company: ONBPP
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001104659-25-007256
Chunk: 119

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-29
Form: S-4/A
Chunk 119
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 of Bremer whose employment terminates during the one-year period following the closing of the mergers with the severance benefits that are provided under and pursuant to the Old National’s severance plan; provided that such severance benefits will be determined (A) without taking into account any reduction after the closing of the mergers in compensation paid to such continuing employee and (B) taking into account each continuing employee’s service with Bremer and its subsidiaries (and any predecessor entities) prior to the closing of the mergers (based on the continuing employee’s original hire date as reflected in Bremer’s records), and, on or after the closing of the mergers, Old National and its subsidiaries.

The merger agreement also provides that, with respect to any employee benefit plans of Old National or its subsidiaries in which any continuing employees become eligible to participate on or after the effective time (the “new plans”), Old National will, (i) waive all pre-existing conditions, exclusions and waiting periods with respect to participation and coverage requirements applicable to such continuing employees and their eligible dependents under any new plans, except to the extent such waiting periods would apply under the analogous Bremer benefit plan, (ii) use commercially reasonable efforts to provide each such employee and their eligible dependents with credit for any eligible expenses incurred by such employee or dependent prior to the effective time under a Bremer benefit plan, to the same extent that such credit was given under the analogous Bremer benefit plan prior to the effective time, in satisfying any applicable deductible, co-payment or out-of-pocket requirements under any new plan, and (iii) recognize all service of such employees with Bremer and its subsidiaries for all purposes in any new plan to the same extent such service was taken into account under the analogous Bremer benefit plan prior to the effective time. The foregoing service recognition do not apply to the extent it would result in duplication of benefits for the same period of services.

Old National shall, or shall cause one of its subsidiaries to, assume and honor all Bremer benefit plans in accordance with their terms. Old National acknowledged in the merger agreement that a “change in control” (or similar phrase) within the meaning of the Bremer benefit plans will occur at the effective time of the mergers.

Bremer shall cause any 401(k) plan sponsored or maintained by Bremer or any of its subsidiaries to be terminated effective as of the day immediately prior to the effective time and contingent upon the occurrence of the closing of the mergers. The continuing employees will be eligible to participate, effective as