Company: ONBPP
Filing Date: 2025-01-29
Form Type: S-4/A
Source: 0001104659-25-007256
Chunk: 64

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-29
Form: S-4/A
Chunk 64
---
 The trustees of the Otto Bremer Trust filed counterclaims against certain Bremer executives and directors alleging breaches of fiduciary duty and seeking damages. In addition to the claims and counterclaims in Minnesota state court in the initial matter relating to the October 2019 share sales, captioned Bremer Financial et al. v. S. Brian Lipschultz et al. , Court File No. 62-CV-19-8203, related claims were brought in Minnesota state court in 2020 by certain shareholders of Bremer in the matter captioned Ronald E. Hansen et al. v. S. Brian Lipschultz et al. , Court File No. 62-CV-20-159, and in 2021 by Bremer in the matter captioned Bremer Financial Corporation v. S. Brian Lipschultz et al. , Court File No. 62-CV-21-825. In addition, in July 2023, the trustees of the Otto Bremer Trust filed a petition in Minnesota

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state court seeking, among other things, an order approving, confirming and ratifying the October 2019 share sales, to which Bremer and certain of its shareholders initially objected.

On July 23, 2024, Bremer, the Otto Bremer Trust and the other parties to the applicable disputes described above reached an agreement to end all litigation between them. Each of the matters described above was dismissed or withdrawn, as applicable, and Bremer and the Otto Bremer Trust announced that in connection with the resolution of the disputes, two of the trustees of the Otto Bremer Trust would join the Bremer board of directors and the parties would work together to redefine the relationship between the Otto Bremer Trust and Bremer. The agreement was memorialized in a settlement agreement entered into on August 2, 2024, which provided for the formation of a transaction working group (the “working group”) comprised of representatives of the Bremer board of directors and the trustees of the Otto Bremer Trust and their designees.

### Background of the Mergers
As described under the section “— Bremer Litigation with the Otto Bremer Trust”, following the August 2, 2024 settlement, a transaction working group was established and charged with the goal of developing and recommending to the Bremer board of directors and the trustees of the Otto Bremer Trust a plan for separating the Otto Bremer Trust and Bremer. In accordance with