Document:

onb-ex1021_331.htm

 

Exhibit 10.21

 

OLD NATIONAL BANCORP

AMENDED AND RESTATED 2008 INCENTIVE COMPENSATION 

PLAN RELATIVE PERFORMANCE UNITS AWARD AGREEMENT

This Award Agreement (“Agreement”) is entered into as of January 30, 2020 ("Grant Date"), by and between Old National Bancorp, an Indiana corporation (“Company”), and [[FIRSTNAME]] [[LASTNAME]] an officer or employee of the Company or one of its Affiliates (“Participant”).

Background

	
A.
	
The Company adopted the Old National Bancorp Amended and Restated 2008 Incentive Compensation Plan (“Plan”) to further the growth and financial success of the Company and its Affiliates by aligning the interests of participating officers and key employees ("participants") more closely with those of the Company's shareholders, providing participants with an additional incentive for excellent individual performance, and promoting teamwork among participants.

	
B.
	
The Company believes that the goals of the Plan can be achieved by granting Performance Units to eligible officers and other key employees.

	
C.
	
The Talent Development and Compensation Committee (“Committee”) of the Board has determined that a grant of Performance Units to the Participant, as provided in this Award Agreement, is in the best interests of the Company and its Affiliates and furthers the purposes of the Plan.

	
D.
	
The Participant wishes to accept the Company's grant of Performance Units, subject to the terms and conditions of this Award Agreement, the Plan and the Company’s Stock Ownership Guidelines.

Agreement

In consideration of the premises and the mutual covenants herein contained, the Company and the Participant agree as follows:

1.Defined Terms.  For purposes of this Agreement, if the first letter of a word (or each word in a term) is capitalized, the term shall have the meaning provided in this Agreement, or if such term is not defined by this Agreement, the meaning specified in the Plan.

(a)"Adjusted Share Distribution" means, with respect to a Performance Unit, a number of whole Shares equal to the sum of the Unadjusted Share Distribution and the Dividend Adjustment.

(b)"Appendix A" means Appendix A to this Agreement, which is hereby incorporated herein and made a part hereof.  Appendix A describes the performance factor and goals with respect to the Relative Performance Units.  

(c)"Dividend Adjustment" means, with respect to a Performance Unit, a number of whole units, determined as provided in Section 6, which is added to the Unadjusted Share Distribution to 

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reflect dividend payments during the Performance Period on the units included in the Unadjusted Share Distribution.

(d)"Maximum Performance" means the Performance Goal achievement required for the maximum permissible distribution with respect to a Relative Performance Unit, as set out in Appendix A.

(e)"Minimum Performance" means the minimum Performance Goal achievement required for any distribution to be made with respect to a Relative Performance Unit, as set out in Appendix A.

(f)"Performance Goal" means a financial target on which the distribution with respect to a Performance Unit is based, as set out in Appendix A.

(g)"Performance Period" means the Performance Period specified in Appendix A.

(h)"Performance Unit" means a contingent right awarded pursuant to this Agreement for distribution of a Share upon attainment of the Performance Goals as set forth in Appendix A.

(i)“Relative Performance Unit” means a contingent right awarded pursuant to this Agreement for distribution of a Share upon attainment of the Performance Goals as set forth in Appendix A.

(j)"Section" refers to a Section of this Agreement.

(k)"Target Performance" means the Performance Goal achievement required for the targeted distribution with respect to a Relative Performance Unit, as set out in Appendix A.  If Target Performance is achieved but not exceeded for all Performance Goals, the Unadjusted Share Distribution with respect to a Performance Unit is one share of the Company's voting common stock ("Share").

(l)"Unadjusted Share Distribution" means, with respect to a Performance Unit, the total number of Shares to be distributed to the Participant, before adding the Dividend Adjustment or subtracting required tax withholding.

 

2.Incorporation of Plan Terms.  All provisions of the Plan, including definitions (to the extent that a different definition is not provided in this Agreement), are incorporated herein and expressly made a part of this Agreement by reference.  The Participant hereby acknowledges that he or she has received a copy of the Plan.

3.Award of Performance Units.  The Committee has awarded the Participant [[SHARESGRANTED]] Relative Performance Units effective as of the Grant Date, subject to the terms and conditions of the Plan and this Agreement.

4.Contingent Distribution on Account of Performance Units.

(a)Except as provided in Section 5, no distribution shall be made with respect to any Relative Performance Unit, unless (i) the respective Minimum Performance is achieved or exceeded 

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in accordance with the Performance Goal set out in Appendix A, and (ii) the Participant (A) is continually employed by the Company and/or an Affiliate at all times from the award of the Performance Units until the date on which Shares are distributed pursuant to Subsection (c) below; provided, however, the Committee may, in its discretion, waive the continuous employment requirement in this clause (ii), or (B) Terminates Service during the Performance Period on account of his death, Disability, or Retirement.

(b)All distributions on account of a Performance Unit shall be made in the form of Shares.  The Unadjusted Share Distribution with respect to a Performance Unit, if any, is dependent on the Company's achievement of the Performance Goals, as specified in Appendix A.  By way of example, if Target Performance for the Performance Period is achieved but not exceeded with respect to the Performance Goal, the Unadjusted Share Distribution shall consist of one share of the Company's voting common stock ("Share").  The number of Shares distributed on account of a Performance Unit shall be increased by the Dividend Adjustment to determine the Adjusted Share Distribution and reduced by applicable tax withholding as provided in Section 9.  If, after reduction for tax withholding, the Participant is entitled to a fractional Share, the net number of Shares distributed to the Participant shall be rounded down to the next whole number of Shares.

(c)Except as expressly provided in Section 5, the Company shall distribute the Adjusted Share Distribution, reduced to reflect tax withholding, on the date the Company files its Form 10K with the US Securities and Exchange Commission in  the calendar year following the year in which the Performance Period ends.

(d)Notwithstanding any other provision of this Agreement, the Committee may, in its sole discretion, reduce the number of Shares that may be distributed as determined pursuant to the Adjusted Share Distribution calculation set forth above.  The preceding sentence shall not apply to a distribution made pursuant to Section 5.

(e)If a Participant Terminates Service during the Performance Period on account of Participant’s Disability or Retirement, Participant’s Performance Units shall remain outstanding as if Participant had not Terminated Service, and payments with respect to such Performance Units shall be made at the same time and subject to the same performance requirements as payments that are made to Participants who did not incur a Termination of Service during the applicable Performance Period. 

	
(f)
	
If a Participant Terminates Service due to death during the Performance Period, the performance requirements with respect to the Participant’s Performance Units shall lapse, and the Participant’s Beneficiary shall, on the date of such Termination of Service, be fully entitled to payment under such Performance Units as if targeted performance had been achieved and the Performance Period ended on the date of the Participant’s death, and such payments shall be made within sixty (60) days after the Participant’s death.

5.Change in Control.  If a Change in Control occurs during the Performance Period, Article XVI of the Plan shall govern the disposition of Performance Units awarded under this Agreement. 

6.Dividend Adjustment.  Except as otherwise provided for in this Agreement, a Dividend Adjustment shall be added to the Unadjusted Share Distribution.  The Dividend Adjustment shall be a number of Units equal to the number of Units that would have resulted, if each dividend 

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paid during the Performance Period on the Shares included in the Unadjusted Share Distribution had been immediately reinvested in Shares.

7.Performance Goals.  The applicable Performance Goals, the weight given to each Performance Goal, and the Minimum Performance, Target Performance, and Maximum Performance are set out in Appendix A.

8.Participant’s Representations.  The Participant agrees, upon request by the Company and before the distribution of Shares with respect to the Performance Units, to provide written investment representations as reasonably requested by the Company.  The Participant also agrees that, if he or she is subject to the Company’s Stock Ownership guidelines at the time the Shares are distributed, the Participant will continue to hold the Shares received in the Distribution, net of any shares withheld for taxes, until such time as the Participant has satisfied the Company’s Stock Ownership requirement.

9.Income and Employment Tax Withholding.  All required federal, state, city, and local income and employment taxes that arise on account of the Performance Units shall be satisfied through the withholding of Shares otherwise distributable pursuant to this Agreement.

10.Nontransferability.  The Participant's interest in the Performance Units or any distribution with respect to such units may not be (i) sold, transferred, assigned, margined, encumbered, bequeathed, gifted, alienated, hypothecated, pledged, or otherwise disposed of, whether by operation of law, whether voluntarily or involuntarily or otherwise, other than by will or by the laws of descent and distribution, or (ii) subject to execution, attachment, or similar process.  Any attempted or purported transfer in contravention of this Section shall be null and void ab initio and of no force or effect whatsoever.

11.Indemnity.  The Participant hereby agrees to indemnify and hold harmless the Company and its Affiliates (and their respective directors, officers and employees), and the Committee, from and against any and all losses, claims, damages, liabilities and expenses based upon or arising out of the incorrectness or alleged incorrectness of any representation made by Participant to the Company or any failure on the part of the Participant to perform any agreements contained herein.  The Participant hereby further agrees to release and hold harmless the Company and its Affiliates (and their respective directors, officers and employees) from and against any tax liability, including without limitation, interest and penalties, incurred by the Participant in connection with his or her participation in the Plan.

12.Changes in Shares.  In the event of any change in the Shares, as described in Section 4.04 of the Plan, the Committee, consistent with the principles set out in such Section, will make appropriate adjustment or substitution in the number of Performance Units, so that the contingent economic value of a Performance Units remains substantially the same.  The Committee’s determination in this respect will be final and binding upon all parties.

13.Effect of Headings.  The descriptive headings used in this Agreement are inserted for convenience and identification only and do not constitute a part of this Agreement for purposes of interpretation.

14.Controlling Laws.  Except to the extent superseded by the laws of the United States, the laws of the State of Indiana, without reference to the choice of law principles thereof, shall be 

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controlling in all matters relating to this Agreement.

15.Counterparts.  This Agreement may be executed in two (2) or more counterparts, each of which will be deemed an original, but all of which collectively will constitute one and the same instrument.

	
16.
	
Recoupment/Clawback.  Any grant of Performance Units under this Agreement or any other award granted or paid to the Participant under the Company’s Amended and Restated 2008 Incentive Compensation Plan, whether in the form of stock options, stock appreciation rights, restricted stock, performance units, performance units, stock or cash, is subject to recoupment or “clawback” by the Company in accordance with the Company’s Bonus Recoupment/Clawback Policy, as may be amended from time to time.  This Section, “Recoupment/Clawback,” shall survive termination of this Agreement.

IN WITNESS WHEREOF, the Company, by its officer thereunder duly authorized, and the Participant, have caused this Performance Unit Award Agreement to be executed as of the day and year first above written.

PARTICIPANT

Accepted by: [[SIGNATURE]]Date: [[SIGNATURE_DATE]]

 

 

OLD NATIONAL BANCORP

By: 

George Lance 

Training and Rewards Director

Old National Bancorp

 

 

 

 

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APPENDIX A TO 2020 PERFORMANCE AWARD AGREEMENT

(Relative Performance Measures)

Grant Date:January 30, 2020

Performance Shares Awarded: See Section 3 of the Agreement

Performance Period: January 1, 2020, through December 31, 2022

Relative Factors for Determining Amount Payable Pursuant to Performance Award

The number of Shares payable on account of a Performance Share (before any Dividend Adjustment or tax withholding) will be based on the results of the following relative performance factor ("Performance Factor") during the Performance Period, as measured against the comparator “Peer” group:

Total Shareholder Return (TSR).  Total Shareholder Return means the one month average stock price for the period ending December 31, 2019 (“Calculation Period”) compared to the one-month average stock price for the period ending December 31, 2022 (“Calculation Period”) for the Company and the Peer Group.  The one-month average stock price will be determined by averaging the closing stock price of each day during the one month ending on the applicable December 31, including adjustments for cash and stock dividends.

Peer Group.  The "Peer Group" is made up of the following:

			
	
Company Name
	
Ticker
	
State

	
ASSOCIATED BANC-CORP
	
ASB
	
WI

	
F.N.B. COPORATION
	
FNB
	
PA

	
CULLEN/FROST BANKERS, INC
	
CFR
	
TX

	
IBERIABANK CORPORATION
	
IBKC
	
LA

	
VALLEY NATIONAL BANCORP
	
VLY
	
NJ

	
WINTRUST FINANCIAL CORPORATION
	
WTFC
	
IL

	
HANCOCK WHITNEY CORPORATION
	
HWC
	
MS

	
COMMERCE BANCSHARES, INC
	
CBSH
	
MO

	
TCF FINANCIAL CORPORATION
	
TCF
	
MN

	
BANK OZK
	
OZK
	
AR

	
UMB FINANCIAL CORPORATION
	
UMBF
	
MO

	
WESTERN ALLIANCE BANCORPORATION
	
WAL
	
AZ

	
FULTON FINANCIAL CORPORATION
	
FULT
	
PA

	
BANCORPSOUTH BANK
	
BXS
	
MS

	
FIRST MIDWEST BANCORP, INC
	
FMBI
	
IL

	
TRUSTMARK CORPORATION
	
TRMK
	
MS

	
GREAT WESTERN BANCORP, INC
	
GWB
	
SD

	
FIRST FINANCIAL BANCORP
	
FFBC
	
OH

A Peer Group member shall be removed if it is acquired or fails during the Performance Period.

 

 

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Calculation of Performance

For the Performance Factor:  TSR will be calculated for each member of the Peer Group.  The Company’s TSR percentile rank in the Peer Group will be determined by interpolating the Company’s percentile ranking between the peers immediately above and below the Company, based on differences in TSR, to determine the percentage, if any, of the Shares earned under the Performance Share award.

The table below shows the percentage of Shares to be issued with respect to each Performance Share (before any Dividend Adjustment or tax withholding) at various performance levels:

			
	
Average

Percentile Rank vs. Peer Group
	
% of Shares Earned
	
Performance Level

	
< 25%
	
0%
	
 

	
25%
	
25%
	
Threshold

	
26%
	
26%
	
 

	
27%
	
27%
	
 

	
28%
	
28%
	
 

	
29%
	
29%
	
 

	
30%
	
30%
	
 

	
31%
	
32%
	
 

	
32%
	
34%
	
 

	
33%
	
36%
	
 

	
34%
	
38%
	
 

	
35%
	
40%
	
 

	
36%
	
43%
	
 

	
37%
	
46%
	
 

	
38%
	
49%
	
 

	
39%
	
52%
	
 

	
40%
	
55%
	
 

	
41%
	
59%
	
 

	
42%
	
63%
	
 

	
43%
	
67%
	
 

	
44%
	
71%
	
 

	
45%
	
75%
	
 

	
46%
	
80%
	
 

	
47%
	
85%
	
 

	
48%
	
90%
	
 

	
49%
	
95%
	
 

	
50%
	
100%
	
Target

	
51%
	
102.8%
	
 

	
52%
	
105.6%
	
 

	
53%
	
108.3%
	
 

	
54%
	
111.1%
	
 

	
55%
	
113.9%
	
 

	
56%
	
116.7%
	
 

	
57%
	
118.9%
	
 

	
58%
	
121.1%
	
 

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59%
	
123.3%
	
 

	
60%
	
125.6%
	
 

	
61%
	
127.8%
	
 

	
62%
	
130.0%
	
 

	
63%
	
131.7%
	
 

	
64%
	
133.3%
	
 

	
65%
	
135.0%
	
 

	
66%
	
136.7%
	
 

	
67%
	
138.3%
	
 

	
68%
	
140.0%
	
 

	
69%
	
141.1%
	
 

	
70%
	
142.2%
	
 

	
71%
	
143.3%
	
 

	
72%
	
144.4%
	
 

	
73%
	
145.6%
	
 

	
74%
	
146.7%
	
 

	
75%
	
147.2%
	
 

	
76%
	
147.8%
	
 

	
77%
	
148.3%
	
 

	
78%
	
148.9%
	
 

	
79%
	
149.4%
	
 

	
80% and above
	
150.0%
	
Maximum

 

Award Adjustment 

The Committee reserves the right to reduce performance shares (in whole or in part) should the Company’s TSR be negative for the performance period.

Timing of Award Determination and Distribution

Once performance results for the Company are known and approved by the auditors, the Committee will review and approve the final performance results for the Performance Factor.  The Committee reserves the right to use negative discretion to reduce the amount of any payment. The Shares will be distributed in accordance with the timing set forth in Section 4(c) of this Agreement.

 

8onb-ex1022_330.htm

Exhibit 10.22

 

OLD NATIONAL BANCORP

AMENDED AND RESTATED 2008 INCENTIVE COMPENSATION PLAN

RESTRICTED STOCK AWARD AGREEMENT

 

THIS AWARD AGREEMENT (the “Agreement”), made and executed as of January 30, 2020 (the “Grant Date”), between Old National Bancorp, an Indiana corporation (the “Company”), and [[FIRSTNAME]] [[LASTNAME]] an officer or employee of the Company or one of its Affiliates (the “Participant”).

WITNESSETH:

WHEREAS, the Company has adopted the Old National Bancorp Amended and Restated 2008 Incentive Compensation Plan (the “Plan”) to further the growth and financial success of the Company and its Affiliates by aligning the interests of Participants, through the ownership of Shares and through other incentives, with the interests of the Company’s shareholders, to provide Participants with an incentive for excellence in individual performance and to promote teamwork among Participants; and

WHEREAS, it is the view of the Company that this goal can be achieved by granting Restricted Stock to eligible officers and other key employees; and 

WHEREAS, the Participant has been designated by the Talent Development and Compensation Committee as an individual to whom Restricted Stock should be granted as determined from the duties performed, the initiative and industry of the Participant and his or her potential contribution to the future development, growth and prosperity of the Company;

NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, the Company and the Participant agree as follows:

1.Award of Restricted Stock

 

The Company hereby awards to the Participant [[SHARESGRANTED]] Shares of Restricted Stock (hereinafter, the “Restricted Stock”), subject to the terms and conditions of this Agreement, the Plan and the Company’s Stock Ownership Guidelines.  All provisions of the Plan, including defined terms, are incorporated herein and expressly made a part of this Agreement by reference.  The Participant hereby acknowledges that he or she has received a copy of the Plan.

2.Period of Restriction 

 

The Period of Restriction shall begin on the Grant Date and lapse, except as otherwise provided in Sections 3 and 4 of this Agreement, as follows:

		
	
Effective Date
	
Percent of Restricted Stock Awarded

	
February 1, 2021
	
33.3%

	
February 1, 2022
	
33.3%

	
February 1, 2023
	
33.4%

 

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3.Change in Control

 

If a Change in Control occurs during the Period of Restriction and the Participant is terminated without “cause” or the Participant terminates for “Good Reason” following the Change in Control, then the Period of Restriction set forth in Section 2 shall lapse.  However, if a Change in Control occurs during the Period of Restriction and the Participant continues as an employee of the Company or its successor following the Change in Control, then the Period of Restriction shall continue to lapse at the times specified in Section 2 of this Agreement.

4.Termination of Service

 

Notwithstanding any other provision of this Agreement, in the event of the Participant’s Termination of Service due to death, Disability or Retirement, the following shall apply: 

	
 
	
(a)
	
If the Participant’s Termination of Service is due to death, the Period of Restriction shall lapse, effective as of the date of death.

	
 
	
(b)
	
If the Participant’s Termination of Service is due to Disability or Retirement, he or she shall continue to be treated as a Participant and the Period of Restriction shall lapse at the time specified in Section 2 of this Agreement; provided, however, that if the Participant dies prior to the end of the Period of Restriction, then the provisions of subsection (a) of this Section 4 shall apply.

Unless otherwise determined by the Committee in its sole discretion, in the event of the Participant’s Termination of Service for any other reason, the Shares of Restricted Stock shall be forfeited effective as of the date of the Participant’s Termination of Service.

5.Dividends on Restricted Stock

 

During the Period of Restriction, the Participant shall be entitled to receive any cash dividends paid with respect to the Shares of Restricted Stock regardless of whether the Period of Restriction has not lapsed.  All stock dividends paid with respect to Shares of Restricted Stock shall be (a) added to the Restricted Stock, and (b) subject to all of the terms and conditions of this Agreement and the Plan. 

6.Voting Rights

 

During the Period of Restriction, the Participant may exercise all voting rights with respect to the Shares of Restricted Stock as if he or she is the owner thereof.

7.Participant’s Representations

 

The Participant represents to the Company that:

	
 
	
(a)
	
The terms and arrangements relating to the grant of Restricted Stock and the offer thereof have been arrived at or made through direct communication with the Company or person acting in its behalf and the Participant; 

	
 
	
(b)
	
The Participant has received a balance sheet and income statement of the Company and as an officer or key employee of the Company:

	
 
	
(i)
	
is thoroughly familiar with the Company’s business affairs and financial condition and 

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(ii)
	
has been provided with or has access to such information (and has such knowledge and experience in financial and business matters that the Participant is capable of utilizing such information) as is necessary to evaluate the risks, and make an informed investment decision with respect to, the grant of Restricted Stock; and 

	
 
	
(c)
	
The Restricted Stock is being acquired in good faith for investment purposes and not with a view to, or for sale in connection with, any distribution thereof.

8.Income and Employment Tax Withholding

 

All required federal, state, city and local income and employment taxes which arise on the lapse of the Period of Restriction shall be satisfied through the (a) withholding of Shares required to be issued under Section 10, or (b) tendering by the Participant to the Company of Shares which are owned by the Participant, as described in Section 15.02 of the Plan.  The Fair Market Value of the Shares to be tendered shall be equal to the dollar amount of the Company’s aggregate withholding tax obligations, calculated on the day the Period of Restriction ends.

9.Nontransferability

 

Until the end of the Period of Restriction, the Restricted Stock cannot be (i) sold, transferred, assigned, margined, encumbered, bequeathed, gifted, alienated, hypothecated, pledged or otherwise disposed of, whether by operation of law, whether voluntarily or involuntarily or otherwise, other than by will or by the laws of descent and distribution, or (ii) subject to execution, attachment, or similar process.  Any attempted or purported transfer of Restricted Stock in contravention of this Section 9 or the Plan shall be null and void ab initio and of no force or effect whatsoever.

10.Issuance of Shares

 

At or within a reasonable period of time (and not more than 30 days) following execution of this Agreement, the Company will issue, in book entry form, the Shares representing the Restricted Stock.  As soon as administratively practicable following the date on which the Period of Restriction lapses, the Company will issue to the Participant or his or her Beneficiary the number of Shares of Restricted Stock specified in Section 1.  In the event of the Participant’s death before the Shares are issued, such shares will be issued to the Participant’s Beneficiary or estate.  Notwithstanding the foregoing provisions of this Section 10, the Company will not be required to issue or deliver any  Shares prior to (i) completing any registration or other qualification of the Shares, which the Company deems necessary or advisable under any federal or state law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body; and (ii) obtaining any approval or other clearance from any federal or state governmental agency or body, which the Company determines to be necessary or advisable.  The Company has no obligation to obtain the fulfillment of the conditions specified in the preceding sentence.  As a further condition to the issuance of the Shares, the Company may require the making of any representation or warranty which the Company deems necessary or advisable under any applicable law or regulation.  Under no circumstances shall the Company delay the issuance of shares pursuant to this Section to a date that is later than 2-1/2 months after the end of the calendar year in which the Period of Restriction lapses, unless issuance of the shares would violate federal securities law or other applicable law, in which case the Company shall issue such shares as soon as administratively feasible (and not more than 30 days) after such issuance would no longer violate such laws.  

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11.Mitigation of Excise Tax

 

Except to the extent otherwise provided in a written agreement between the Company and the Participant, the Restricted Stock issued hereunder is subject to reduction by the Committee for the reasons specified in Section 13.01 of the Plan.

12.Participant’s Representations

If the Participant is subject to and has not satisfied the Company’s Stock Ownership guidelines at the time a Period of Restriction lapses, the Participant agrees to continue to hold the Shares received (net of taxes) following the lapse until such time as the Participant has satisfied the Company’s Stock Ownership requirement.

13.Indemnity

 

The Participant hereby agrees to indemnify and hold harmless the Company and its Affiliates (and their respective directors, officers and employees), and the Committee, from and against any and all losses, claims, damages, liabilities and expenses based upon or arising out of the incorrectness or alleged incorrectness of any representation made by Participant to the Company or any failure on the part of the Participant to perform any agreements contained herein. The Participant hereby further agrees to release and hold harmless the Company and its Affiliates (and their respective directors, officers and employees) from and against any tax liability, including without limitation, interest and penalties, incurred by the Participant in connection with his or her participation in the Plan.

14.Financial Information

 

The Company hereby undertakes to deliver to the Participant, at such time as they become available and so long as the Period of Restriction has not lapsed and the Restricted Stock has not been forfeited, a balance sheet and income statement of the Company with respect to any fiscal year of the Company ending on or after the date of this Agreement.

15.Changes in Shares

 

In the event of any change in the Shares, as described in Section 4.04 of the Plan, the Committee will make appropriate adjustment or substitution in the Shares of Restricted Stock, all as provided in the Plan.  The Committee’s determination in this respect will be final and binding upon all parties.

16.Effect of Headings and Defined Terms

 

The descriptive headings of the Sections and, where applicable, subsections, of this Agreement are inserted for convenience and identification only and do not constitute a part of this Agreement for purposes of interpretation.  Unless otherwise stated, terms used in this Agreement will have the same meaning as specified in the Employment Agreement or Severance and Change in Control Agreement entered into with the Participant.  

17.Controlling Laws

 

Except to the extent superseded by the laws of the United States, the laws of the State of Indiana, without reference to the choice of law principles thereof, shall be controlling in all matters relating to this Agreement. 

 

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18.Counterparts

 

This Agreement may be executed in two (2) or more counterparts, each of which will be deemed an original, but all of which collectively will constitute one and the same instrument.

IN WITNESS WHEREOF, the Company, by its officer thereunder duly authorized, and the Participant, have caused this Restricted Stock Award Agreement to be executed as of the day and year first above written. 

 

PARTICIPANT

 

 

Accepted by: [[SIGNATURE]]Date: [[SIGNATURE_DATE]]

 

 

 

OLD NATIONAL BANCORP

 

 

 

By:___________________________________

George Lance

SVP, Rewards and Training Director

Old National Bancorp

 

 

 

 

 

 

 

 

 

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