Company: ONBPP
Filing Date: 2025-04-04
Form Type: DEF 14A
Source: 0001558370-25-004483
Chunk: 51

Company: OLD NATIONAL BANCORP /IN/
Filing Date: 2025-04-04
Form: DEF 14A
Chunk 51
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 and performance goals used in the incentive programs for our CEO and other executive officers. The Committee also annually reviews our executive compensation program compared to our peer group and market data, as well as the alignment of our executive pay with the Company’s performance. The Committee seeks to establish target total compensation opportunities at approximately the median of the Company’s peer group. The ability to earn pay at the target level depends on performance being achieved at target levels or greater. The Compensation Committee also seeks to allocate compensation opportunities across base salary, annual cash incentives and long-term equity in proportions that appropriately reflect peer group practices and the Company’s priorities. On an annual basis, the Compensation Committee reviews its relationship with WTW. In 2024, consistent with prior years, the Committee concluded that WTW was independent and free of any conflicts of interest with respect to the advice it provided to the Compensation Committee and, with respect to director compensation, the Nominating and Corporate Governance Committee. 2024 Peer Group Each year, the Compensation Committee selects a peer group of publicly traded financial services companies used in determining the structure and amount of executive compensation opportunities, as well as for comparing the Company’s performance relative to this peer group. The peer group includes a broad representation of bank holding companies with asset sizes that are comparable to the Company’s and that have similar business models. The Compensation Committee determines the peer group based on input from WTW and management of the Company. The composition of the peer group is reviewed annually and may be updated from year to year to take into account the Company’s size relative to the peer group as well as mergers, acquisitions and other changes that may impact the inclusion of different companies in the peer group. The Compensation Committee has discretion to remove companies from the peer group if the companies’ asset sizes, business models or other factors are deemed to be outside a range of relevance to the Company and

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| OLD NATIONAL BANCORP 2025 PROXY STATEMENT | 49 |

COMPENSATION DISCUSSION AND ANALYSIS

the other institutions in the group. The Committee may also add companies to the peer group when appropriate. The Committee made no changes to our peer group for 2024, which consisted of the following 16 companies, with asset sizes ranging from $35 billion to $88 billion and a median asset size of $56 billion (the Company’s asset size is currently approximately $54 billion):

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| ●  Associated Banc-Corp          | ●  F.N