Company: ONBPP
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000707179-25-000005
Chunk: 212

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-02-19
Form: 10-K
Item: Item 8
Chunk 212
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 participants.A summary of changes in our unvested shares follows:Years Ended December 31,20242023(shares in thousands)SharesWeightedAverageGrant-DateFair ValueSharesWeightedAverageGrant-DateFair ValueUnvested balance at beginning of period1,932 $16.51 1,869 $17.76 Granted during the year2,392 16.64 1,042 15.43 Vested during the year(955)17.36 (924)17.80 Forfeited during the year(80)16.38 (55)16.84 Unvested balance at end of period3,289 $16.47 1,932 $16.51 As of December 31, 2024, there was $31.1 million of total unrecognized compensation cost related to unvested restricted stock awards. The cost is expected to be recognized over a weighted-average period of 1.9 years. The total fair value of the shares vested was $16.6 million in 2024, $15.1 million in 2023, and $7.9 million in 2022.

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Performance Shares or UnitsPerformance shares or units require certain performance goals to be achieved and shares are earned and vest at the end of a 36 month period based on the achievement of certain targets. Compensation expense is recognized on a straight-line basis over the performance period of the award. For certain awards, the level of performance could increase or decrease the number of shares earned. Shares are subject to certain restrictions and risk of forfeiture by the participants.A summary of changes in our unvested shares follows:Years Ended December 31,20242023(shares in thousands)SharesWeightedAverageGrant-DateFair ValueSharesWeightedAverageGrant-DateFair ValueUnvested balance at beginning of period1,177 $17.50 2,081 $17.23 Granted during the year415 18.88 355 18.01 Vested during the year(472)17.01 (1,286)16.29 Forfeited during the year(32)18.50 (8)17.82 Dividend equivalents adjustment33 18.22 35 17.21 Unvested balance at end of period1,121 $18.21 1,177 $17.50 As of