Company: ONBPP
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001104659-25-007256
Chunk: 93

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-29
Form: S-4/A
Chunk 93
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. Crain for “good reason” (each term as defined in the Crain Agreement) within 24 months following the consummation of a change in control of Bremer, she will be entitled to the following payments and benefits: (i) a payment equal to three times the sum of her base salary and target annual bonus for the year of termination; (ii) a pro-rated payment in respect of each of her outstanding long-term incentive performance (“LTIP”) awards for open performance periods, based upon the number of full months elapsed during each award’s three-year performance period and, as per the merger agreement, assuming target level performance is achieved; and (iii) payment of 18 months of COBRA premiums if Ms. Crain is eligible for and elects COBRA coverage. The foregoing payments are conditional on Ms. Crain executing and not revoking a release of claims agreement with Bremer. The Crain Agreement prohibits Ms. Crain from competing with Bremer and soliciting Bremer’s business or employees for a period of two years following her termination of employment.

Based on Ms. Crain’s compensation and outstanding LTIP awards as of January 10, 2025, and assuming a change in control and qualifying termination of employment on January 10, 2025, Ms. Crain would receive approximately $6,783,489 in the aggregate under the Crain Agreement.

Severance and Retention Arrangements with Mitch Bleske

Bremer Bank is party to a preexisting change in control, non-solicitation and severance agreement with Mitch Bleske, Chief Operating Officer and Chief Financial Officer of Bremer, dated as of January 28, 2020 (the “Bleske Agreement”). Pursuant to the Bleske Agreement, if Mr. Bleske’s employment is terminated by Bremer without “cause” or by Mr. Bleske for “good reason” (each term as defined in the Bleske Agreement) within 12 months following a change in control of Bremer, he will be entitled to the following payments and benefits: (i) a payment equal to two times the sum of his base salary and the higher of (a) the highest annual incentive bonus earned by Mr. Bleske during the last three completed fiscal years and (b) Mr. Bleske’s target annual bonus for the year of termination; (ii) a pro-rated portion of his annual bonus for the year of

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