Company: OSBC
Filing Date: 2025-06-30
Form Type: 11-K
Source: 0000357173-25-000063
Chunk: 4

Company: OLD SECOND BANCORP INC
Filing Date: 2025-06-30
Form: 11-K
Chunk 4
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 of the participant’s eligible compensation contributed, allowing a total Company match of 4% if the participant elects a 5% or more contribution rate. Participants are eligible for matching contributions after one month of service, with the entry date being the first day of the month coincident with or next following the employee's one-month anniversary.Participants are 100% vested in the safe harbor matching contributions as of the contribution date. Total employer matching contributions to the plan in 2024 were $2,339,879.

Profit-sharing contributions are based on amounts determined by the Company’s Board of Directors before the end of each year and shall not exceed the maximum amount deductible for federal income tax purposes. Participants must complete one year of service to be eligible for profit-sharing contributions with the earliest entry date being the first of the month coincident with or next following their one year anniversary date. For year ended December 31, 2024, no profit-sharing contribution was made by the Company.

Forfeitures may be used to pay Plan expenses, or are used to reduce Company contributions. There were $1,308 forfeitures used in the Plan during the year ending December 31, 2024 to reduce the employer matching contributions.

Participants who have attained age 50 before the end of the Plan year are eligible to make additional catch-up contributions. Participants may also contribute amounts representing distributions from other qualified defined benefit or defined contribution plans.

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Payment of Benefits Upon termination of service, disability, retirement, or death, each participant or beneficiary may elect to receive accumulated benefits. The benefit may be paid as a lump-sum amount, a series of installment payments or partial distribution(s), as determined by the participant or beneficiary. Under certain circumstances, participants may receive a hardship distribution prior to termination upon approval of the plan administrator. Upon attaining the age of 65, participants are eligible to receive in-service distributions of all vested balances. Participant Accounts Each participant’s account is credited with the participant’s contributions and the Company’s contributions, and either credited or debited for allocations of (a) Plan earnings (or losses), and (b) certain administrative expenses. Allocations are based on participant earnings or account balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant’s account. Vesting Participants are always fully vested in their employee contributions, rollover contributions, Company matching contributions, and earnings thereon. Participants vest in the Company’s profit sharing contributions under a 6 year graded