Company: ONBPP
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001104659-25-007256
Chunk: 141

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-29
Form: S-4/A
Chunk 141
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 settlement of the forward sale agreements would result in dilution to Old National’s earnings per share.

The forward purchaser has the right to accelerate the forward sale agreements and require Old National to physically settle on a date specified by the forward purchaser if:

•

the forward purchaser (or its affiliate) (i) is unable to borrow a number of shares of Old National common stock equal to the number of shares of Old National common stock underlying the forward sale agreements because of the lack of sufficient shares being made available for share borrowing

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by lenders or (ii) would incur a stock loan rate greater than the rate specified in the forward sale agreements to continue to borrow such shares;

•

certain regulatory ownership thresholds applicable to the forward purchaser, its affiliates and other persons who may form a beneficial share ownership group or whose ownership positions would be aggregated with the forward purchaser are exceeded;

•

Old National declares any dividend or distribution on Old National common stock that constitutes an extraordinary dividend or is payable in (i) cash in excess of a specified amount (other than extraordinary dividends), (ii) securities of another company owned (directly or indirectly) by Old National as a result of a spin-off or similar transaction or (iii) any other type of securities (other than Old National common stock), rights, warrants or other assets for payment at less than the prevailing market price, as reasonably determined by the forward purchaser;

•

there is an announcement of any event or transaction that, if consummated, would result in certain extraordinary events (as such term is defined in the forward sale agreements and that includes certain mergers (other than the mergers or the bank merger) and tender offers and the delisting of Old National common stock); or

•

certain other events of default, termination events or other specified events occur, including, among other things, any material misrepresentation made by Old National in connection with entering into the forward sale agreements or the occurrence of a hedging disruption or a change in law (as such terms are defined in the forward sale agreements).

The forward purchaser’s decision to exercise its right to accelerate the settlement of the forward sale agreements will be made irrespective of Old National’s need for capital. In such cases, Old National could be required to issue and deliver shares of Old National common stock under the physical settlement provisions of the forward sale agreements irrespective of Old National’s capital needs, which would result in dilution to Old National’s earnings per share and return on equity. In addition, upon certain events