Form 4: Director Salmon Boosts ONB Phantom Stock Holdings

Old National Bancorp Director Tom Salmon acquired 311 phantom stock units and 281 common shares through deferred compensation and dividend reinvestment plans.

Summary

• Director Tom Salmon acquired 311 shares of phantom stock in Old National Bancorp (ONB) on October 3, 2025.
• These phantom stock units were acquired pursuant to the ONB Directors' Deferred Compensation Plan, representing quarterly director fees paid in cash.
• Each phantom stock unit represents one share of Old National Bancorp common stock on a 1-for-1 basis and is payable in cash upon distribution.
• Additionally, between June 16, 2025, and September 15, 2025, Salmon acquired 281 shares of ONB common stock via the Plan's Dividend Reinvestment feature.
• Following these transactions, Salmon beneficially owns 45,006 shares of phantom stock.

Sentiment

Score: 7

Explanation: The director's increased beneficial ownership, through both deferred compensation and dividend reinvestment, indicates continued alignment with shareholder interests and confidence in the company's long-term prospects.

Positives

• Director Tom Salmon increased his beneficial ownership in Old National Bancorp through the acquisition of 311 phantom stock units and 281 common shares, indicating continued alignment with shareholder interests.
• The acquisition of phantom stock units is a result of director fees, highlighting the ongoing compensation structure for non-employee directors.
• Participation in the Dividend Reinvestment feature suggests a long-term investment perspective from the director.

Future Outlook

NA

Industry Context

NA

Related Party Transactions

• Acquisition of phantom stock units by Director Tom Salmon as part of the Old National Bancorp Directors' Deferred Compensation Plan, representing quarterly director fees, which is a standard related party transaction for director compensation.

Stakeholder Impact

• Shareholders: Increased insider ownership can be viewed as a positive signal of management's confidence in the company's future performance.
• Directors: The deferred compensation plan provides a structured method for non-employee directors to receive compensation and build equity in the company.

Key Dates

Recommendation

This Form 4 reports a routine acquisition of phantom stock as part of a director's deferred compensation plan and additional shares through dividend reinvestment. While it indicates continued insider ownership and alignment, it does not present new information that would fundamentally alter the investment thesis for Old National Bancorp, thus a 'hold' recommendation is appropriate.

Keywords

Old National Bancorp, ONB, Tom Salmon, Director, Insider Transaction, Form 4, Phantom Stock, Deferred Compensation, Dividend Reinvestment