Company: ONBPP
Filing Date: 2025-02-03
Form Type: 424B3
Source: 0001104659-25-008430
Chunk: 91

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-03
Form: 424B3
Chunk 91
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 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 (iv) up to 12 months of continued health and welfare insurance coverage or, if continued participation in such plans is not permitted, provision of equivalent benefits on the same after-tax basis. The foregoing payments and benefits are conditional on Mr. Bleske executing and not revoking a release of claims agreement with Bremer Bank. The Bleske Agreement prohibits Mr. Bleske from soliciting Bremer’s business or employees for a period of six months following his termination of employment.

Based on Mr. Bleske’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, Mr. Bleske would receive approximately $2,686,253 in the aggregate under the Bleske Agreement.

Bremer previously awarded Mr. Bleske a cash retention bonus of $300,000 pursuant to a retention award agreement dated as of August 7, 2024. The retention bonus vested with respect to one half of the award on December 31, 2024, and will vest with respect to the remaining one half of the award on the earlier of June 30, 2025 or the consummation of the mergers, subject to Mr. Bleske’s continued employment on the applicable vesting date.

Pro-rated Annual Bonus

Pursuant to the merger agreement, prior to the consummation of the mergers, Bremer may make pro-rated cash payments in respect of its fiscal year 2025 annual incentive programs based on the greater of target performance and actual performance measured as of the last practicable date prior to the consummation of the mergers. Assuming Bremer elects to make such payments and a change in control occurs on January 10, 2025, based on target performance, the pro-rated cash payment payable to Ms. Crain would be equal to approximately $24,238. Mr. Bleske will not be entitled to receive a pro-rated cash payment pursuant to the merger agreement to the extent such payment would be duplicative of the pro-rated annual bonus for the year of termination under the Bleske Agreement. In light of the foregoing, for purposes of this proxy statement/prospectus, his pro-rated bonus amount is assumed to be calculated under and