Document:

Document

Exhibit 10.2
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 28, 2021 ("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.  
1

(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 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 
2

terms and conditions of the Plan and this Agreement. This award is made contingent upon shareholder approval of the Plan and ratification of the award at the 2021 annual meeting of shareholders.   
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 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 
3

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.
    (g)    If  a Participant Terminates Service after the Performance Period due to death, the Participant’s Beneficiary shall be entitled to the greater of the following: (i) the 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, or (ii) the amount represented by the Participant’s Performance Units that remain outstanding as if Participant had not Terminated Service.  Such payment shall be made at the same time as payments that are made to Participants who did not incur a Termination of Service during the applicable Performance Period.
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 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.  Following the execution of this Award Agreement, the Parcipant may expressly designate a death beneficiary (“Beneficiary”) by completing and delivering a designation of beneficiary agreement (“Beneficiary Designation”) and delivering a 
4

copy of the Beneficiary Designation to the Company.   In the event the Participant does not  designate a beneficiary, then the applicable state law shall determine succession.
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 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]]
        

5

OLD NATIONAL BANCORP

By:    
    George Lance
    Rewards Director
    Old National Bancorp

6

APPENDIX A TO PERFORMANCE AWARD AGREEMENT
(Relative Performance Measures)

Grant Date:    January 28, 2021
Performance Shares Awarded: See Section 3 of the Agreement
Performance Period: January 1, 2021, through December 31, 2023
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, 2020 (“Calculation Period”) compared to the one-month average stock price for the period ending December 31, 2023 (“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	Company Ticker
	Associated Banc-Corp   	ASB
	BancorpSouth, Inc          	BXS
	Bank OZK            	OZK
	Cadence Bancorporation	CADE
	Commerce Bancshares, Inc.        	CBSH
	F.N.B. Corporation          	FNB
	First Financial Bancorp  	FFBC
	First Midwest Bancorp, Inc.         	FMBI
	Fulton Financial Corporation      	FULT
	Great Western Bancorp, Inc.      	GWB
	Hancock Whitney Corp 	HWC
	TCF Financial Corporation            	TCF
	Trustmark Corporation 	TRMK
	UMB Financial Corporation         	UMBF
	Umpqua Holdings Corporation	UMPQ
	Valley National Bancorp	VLY
	Webster Financial Corp	WBS
	Western Alliance Bancorporation             	WAL
	Wintrust Financial Corporation	WTFC

A Peer Group member shall be removed if it is acquired or fails during the Performance Period.
7

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%	

8

									
	55%	113.9%	
	56%	116.7%	
	57%	118.9%	
	58%	121.1%	
	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.

9Document

Exhibit 10.3
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 28, 2021 (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. This award is made contingent upon shareholder approval of the Plan and ratification of the award at the 2021 annual meeting of shareholders. 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, 2022	33.3%
	February 1, 2023	33.3%
	February 1, 2024	33.4%

1

 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 
2

(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. Following the execution of this Award Agreement, the Participant may expressly designate a death beneficiary (“Beneficiary”) by completing and delivering a designation of beneficiary agreement (“Beneficiary Designation”) and delivering a copy of the Beneficiary Designation to the Company.   In the event the Participant does not designate a beneficiary, then the applicable state law shall determine succession.
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 
3

shall issue such shares as soon as administratively feasible (and not more than 30 days) after such issuance would no longer violate such laws.  
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.    Restrictive Covenants  
In consideration of this award, Participant shall be subject to the Restrictive Covenants.  Participant acknowledges that, in the event that the Participant is subject to an employment contract, the Restrictive Covenants set forth in this Appendix A constitute a supplement to such employment contract.  If no such employment contract exists, then Participant acknowledges that the Restrictive Covenants set forth in this Appendix A shall constitute a supplement to any and all prior restrictive covenants included in any award agreement evidencing any prior awards by which the Participant is bound.
14.    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.
15.    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.
16.    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.
17.    Effect of Headings and Defined Terms
4

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.  
18.    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. 
19.    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
    Rewards Director
    Old National Bancorp

    

5

APPENDIX A TO RESTRICTED STOCK AWARD AGREEMENT
(Restrictive Covenants)
1.Non-Solicitation of Customers and Employees. The Participant agrees that during the Term and for one (1) year following termination of the Participant’s employment with the Company, the Participant shall not, directly or indirectly, individually or jointly, (i) solicit in any manner, seek to obtain or service, or accept the business of any Customer for any product or service of the type offered by the Company or competitive with the Company's Business, (ii) solicit in any manner, seek to obtain or service, or accept the business of any Prospective Customer for any product or service of the type offered by the Company or otherwise competitive with the Company's Business, (iii) request or advise any Customer, Prospective Customer, or supplier of the Company to terminate, reduce, limit, or change its business or relationship with the Company, or (iv) induce, request, or attempt to influence any employee of the Company with whom Participant maintained a working relationship to terminate Participant’s employment with the Company. 

2.Use and Disclosure of Confidential Information. 

(a)    The Participant acknowledges and agrees that (i) by virtue of Participant’s employment, Participant will be given access to, and will help analyze, formulate or otherwise use, Confidential Information, (ii) the Company has devoted (and will devote) substantial time, money, and effort to develop Confidential Information and maintain the proprietary and confidential nature thereof, and (iii) Confidential Information is proprietary and confidential and, if any Confidential Information were disclosed or became known by persons engaging in a business in any way competitive with the Company's Business, such disclosure would result in hardship, loss, irreparable injury, and damage to the Company, the measurement of which would be difficult, if not impossible, to determine. Accordingly, the Participant agrees that the preservation and protection of Confidential Information is an essential part of Participant’s duties of employment and that, as a result of Participant’s employment with the Employing Companies, Participant has a duty of fidelity, loyalty, and trust to the Employing Companies in safeguarding Confidential Information. The Participant further agrees that Participant will use Participant’s best efforts, exercise utmost diligence, and take all steps necessary to protect and safeguard Confidential Information, whether such information derives from the Participant, other employees of the Company, Customers, Prospective Customers, or vendors or suppliers of the Company, and that Participant will not, directly or indirectly, use, disclose, distribute, or disseminate to any other person or entity or otherwise employ Confidential Information, either for Participant own benefit or for the benefit of another, except as required in the ordinary course of Participant’s employment by the Employing Companies. The Participant shall follow all Employing Company policies and procedures to protect all Confidential Information and shall take any additional precautions necessary under the circumstances to preserve and protect against the prohibited use or disclosure of any Confidential Information.

(b)    The confidentiality obligations contained in this Agreement shall continue as long as Confidential Information remains confidential (except that the obligations shall continue, if Confidential Information loses its confidential nature through improper use or disclosure, including but not limited to any breach of this Agreement) and shall survive the termination of this Agreement and/or termination of the Participant's employment with the Employing Companies.

(c)    From time to time, the Company may, for its own benefit, choose to place certain Confidential Information in the public domain. The fact that Confidential Information may be made available to the public in a limited form and under limited circumstances does not change the confidential and proprietary nature of such information, and does not release the Participant from Participant’s obligations with respect to such Confidential Information.

6

(d)    Notwithstanding the foregoing, nothing in this Agreement prohibits, limits, or restricts, or shall be construed to prohibit, limit, or restrict, Participant from exercising any legally protected whistleblower rights (including pursuant to Section 21F of the Exchange Act and the rules and regulations thereunder), without notice to or consent from the Company. Moreover, the federal Defend Trade Secrets Act of 2016 immunizes Participant against criminal and civil liability under federal or state trade secret laws - under certain circumstances - if Participant discloses a trade secret for the purpose of reporting a suspected violation of law. Immunity is available if Participant discloses a trade secret in either of these two circumstances: (1) Participant discloses the trade secret (a) in confidence, (b) directly or indirectly to a government official (federal, state or local) or to a lawyer, and (c) solely for the purpose of reporting or investigating a suspected violation of law; or (2) In a legal proceeding, Participant discloses the trade secret in the complaint or other documents filed in the case, so long as the document is filed “under seal” (meaning that it is not accessible to the public).

3.Remedies. The Participant agrees that the Company will suffer irreparable damage and injury and will not have an adequate remedy at law if the Participant breaches any provision of the Restrictive Covenants. Accordingly, if the Participant breaches or threatens or attempts to breach the Restrictive Covenants, in addition to all other available remedies, the Company shall be entitled to seek injunctive relief, and no or minimal bond or other security shall be required in connection therewith. The Participant acknowledges and agrees that in the event of termination of this Agreement for any reason whatsoever, the Participant can obtain employment not competitive with the Company's Business (or, if competitive, outside of the geographic and customer-specific scope described herein) and that the issuance of an injunction to enforce the provisions of the Restrictive Covenants shall not prevent the Participant from earning a livelihood. The Restrictive Covenants are essential terms and conditions to the Company entering into this Agreement, and they shall be construed as independent of any other provision in this Agreement or of any other agreement between the Participant and the Company. The existence of any claim or cause of action that the Participant has against the Company, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of the Restrictive Covenants.

4.Periods of Noncompliance and Reasonableness of Periods. The Restrictive Covenants shall be deemed not to run during all periods of noncompliance, the intention of the parties being to have such restrictions and covenants apply for the full periods specified following the Participant’s termination of employment with the Company. The Company and the Participant acknowledge and agree that the restrictions and covenants are reasonable in view of the nature of the Company's Business and the Participant's advantageous knowledge of and familiarity with the Company's Business, operations, affairs, and Customers. Notwithstanding anything contained herein to the contrary, if the scope of any restriction or covenant is found by a court of competent jurisdiction to be too broad to permit enforcement of such restriction or covenant to its full extent, then such restriction or covenant shall be enforced to the maximum extent permitted by law. The parties hereby acknowledge and agree that a court of competent jurisdiction shall invoke and exercise the blue pencil doctrine to the fullest extent permitted by law to enforce this Agreement.

5.The Restrictive Covenants shall survive termination or expiration of this Agreement and any termination of the Participant’s employment with the Company.

6.Reimbursement of Certain Costs.  If, during the life of the Participant and for a five (5) year period following Participant’s death, a cause of action arises related to the Restrictive Covenants or to recover damages caused by the Participant's breach of the Restrictive Covenants, the substantially prevailing party in such action shall be entitled to reasonable costs and expenses (including, without limitation, reasonable attorneys' fees, expert witness fees, and disbursements) in connection with such action.
7

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00326-of-00352.parquet"}]]