Company: ONBPP
Filing Date: 2025-01-14
Form Type: S-4
Source: 0001104659-25-003488
Chunk: 40

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-01-14
Form: S-4
Chunk 40
---
 fees, printing costs and other related costs. Some of these costs are payable by either Old National or Bremer regardless of whether or not the mergers are completed. If the mergers are not completed, Old National and Bremer would have to recognize these expenses without realizing the expected benefits of the mergers.

The merger agreement limits Bremer’s ability to pursue alternative acquisition proposals, requires Bremer to pay a termination fee of $55,000,000 under limited circumstances, including circumstances relating to other acquisition proposals.

The merger agreement prohibits Bremer from initiating, soliciting, knowingly encouraging or knowingly facilitating certain alternative third-party acquisition proposals. For further information, see “The Merger Agreement — Agreement Not to Solicit Other Offers . ” The merger agreement also provides that Bremer will be required to pay a termination fee to Old National in the amount of $55,000,000 in the event that the merger agreement is terminated under certain circumstances, including an adverse recommendation change by the Bremer board of directors. For further information, see “The Merger Agreement — Termination Fee.” These provisions might discourage a potential competing acquiror that might have an interest in acquiring all or a significant part of Bremer from considering or proposing such an acquisition.

<div align='center'>20</div>

TABLE OF CONTENTS

Bremer shareholders will have a reduced ownership and voting interest in the combined company after the mergers and will exercise less influence over management, as compared to their ownership and voting interests in Bremer.

Bremer shareholders currently have the right to vote in the election of the Bremer board of directors and on other matters affecting Bremer. Upon completion of the mergers, each Bremer shareholder who receives shares of Old National common stock will become an Old National shareholder and will have the right to vote in the election of directors and on other matters, but with a percentage ownership of Old National that is smaller than such shareholder’s current percentage ownership of Bremer. Based on the number of shares of Bremer common stock outstanding on November 25, 2024, the date of the merger agreement, and the shares of Old National common stock expected to be issued in the mergers, the Bremer shareholders as a group will receive shares in the mergers constituting approximately [ ]% of the outstanding shares of Old National common stock immediately after the mergers have been completed. Because of this, Bremer shareholders may have less influence on the management and policies of the combined company than they now have on the management and policies of Bremer.

The fairness