Company: ONBPP
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001558370-25-004483
Chunk: 47

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 47
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 flourish and be successful |

*Includes adjusted, non-GAAP financial measures that exclude certain items, such as merger-related charges associated with completed and pending acquisitions, CECL Day 1 non-PCD loans provision expense, distribution of excess pension plan assets expense, FDIC special assessment expense, separation expense, and net securities losses. The equivalent GAAP measures for the non-GAAP measures referenced above are: EPS: $1.68; Net Income: $523 million; ROATCE: 15.4%; ROAA: 1.03%; and Efficiency Ratio: 55.9%. 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. **Excludes PCD loans 2024 Pay For Performance Alignment The Company delivered strong 2024 operating performance, which positions us to continue to deliver strong financial results. These achievements are reflected in our short-term incentive compensation payouts for 2024 and the vesting of long-term performance share awards for the 2022-2024 performance period, demonstrating our ongoing commitment to pay for performance.

| ● | Our EPS performance for 2024 resulted in short-term incentives being earned at 115% of the target performance level under our Annual Incentive Compensation Plan (“AICP”). See “Annual Incentive Compensation Plan” beginning on page 54. |

| ● | The Company significantly outperformed the KRX Index for both the TSR (86th percentile of the KRX Index) and ROATCE (82nd percentile of the KRX Index) metrics for the three-year performance period ended December 31, 2024 and, as such, the performance share units granted for this performance period (2022-2024) were earned at approximately 185% of target. |

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| OLD NATIONAL BANCORP 2025 PROXY STATEMENT | 45 |

COMPENSATION DISCUSSION AND ANALYSIS

| based on the Company’s TSR and ROATCE relative to the performance of the companies in the KRX Index for this performance period (2024-2026). |

| ● | In March 2024, we also granted service-based restricted stock awards to our NEOs that represented a portion of their annual