Company: OSBC
Filing Date: 2025-04-18
Form Type: DEF 14A
Source: 0001558370-25-005000
Chunk: 46

Company: OLD SECOND BANCORP INC
Filing Date: 2025-04-18
Form: DEF 14A
Chunk 46
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 7.0 |

For 2024, the Compensation Committee increased the base salaries of all listed executives (except Gary Collins) to reflect both overall corporate performance in 2023—including net income growth—and each officer’s individual contributions. In Mr. Collins’ case, his base salary was revised to reflect changes in his role, as outlined under “Executive Compensation – Employment Agreement and Offer Letters.” Mr. Pilmer’s base salary increase also related to growth in commercial treasury management and diversification of commercial products. Mr. Gartelmann’s base salary increase in 2024 compared to 2023 was commensurate with growth in wealth management income and assets under management in 2023 compared to 2022. Mr. Collins’s base salary was adjusted to reflect his new role and to address underperformance in the Residential banking unit.

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Annual Cash Incentive Payments.As discussed above, under our Incentive Plan, the Compensation Committee, in consultation with our Chief Executive Officer, selects key performance objectives, which will be used to determine the actual incentive cash payment to be awarded to our executive officers upon the achievement of the selected performance objectives. In addition, under the Incentive Plan, the Compensation Committee also determines each executive officer’s target incentive opportunity, expressed as a percentage of base salary. For 2024, the Compensation Committee set the target potential incentive payment, expressed as a percentage of base salary, as follows:

| ​                  | ​ |             ​ | ​ |                ​ |
| ​                  |   | Percentage of |   | Target Incentive |
| ​                  | ​ |   Base Salary | ​ |          Payment |
| Name               | ​ |            -% | ​ |               -$ |
| James Eccher       |   |            80 | ​ |          688,040 |
| Bradley Adams      |   |            55 | ​ |          272,250 |
| Gary Collins       |   |            50 | ​ |          150,000 |
| Donald Pilmer      |   |            55 | ​ |          209,327 |
| Richard Gartelmann |   |            40 | ​ |          118,385 |

For 2024, the Compensation Committee selected four performance objectives, as identified in the following table (and described in more detail below), and assigned a weight for each performance objective, stated as a percentage of the total target incentive payment. The performance objectives chosen by the Compensation Committee and the assigned weight for each objective for