Form 4: Director Van Arsdell Boosts ONB Phantom Stock Holdings

Old National Bancorp Director Stephen C. Van Arsdell increased his beneficial ownership of phantom stock through deferred compensation and dividend reinvestment plans.

Summary

• Director Stephen C. Van Arsdell acquired 4,815 shares of phantom stock in Old National Bancorp (ONB) on November 13, 2025, at a price of $20.7684 per share.
• This acquisition was part of the Old National Bancorp Directors Deferred Compensation Plan, representing the deferral of the equity portion of his 2025 annual director compensation.
• Between September 17, 2024, and September 15, 2025, Van Arsdell acquired 405 shares of ONB common stock through dividend reinvestment in the First Midwest Bancorp, Inc. Deferred Compensation Plan.
• During the same period (September 17, 2024 to September 15, 2025), he also acquired 303 shares of ONB common stock via dividend reinvestment in the Old National Bancorp Directors Deferred Compensation Plan.
• Following these transactions, Van Arsdell beneficially owns 15,959 shares of phantom stock under the FMBI Plan and 16,751 shares of phantom stock under the ONB Directors Deferred Compensation Plan.
• The phantom stock represents Old National Bancorp common stock on a 1-for-1 basis and is payable in cash upon distribution.

Sentiment

Score: 7

Explanation: The filing indicates a director's increased beneficial ownership through deferred compensation and dividend reinvestment, which is generally a positive signal of insider confidence, though it's a routine compensation-related transaction rather than an open market purchase.

Positives

• Increased beneficial ownership by a director signals confidence in the company's long-term prospects.
• The acquisitions are part of deferred compensation and dividend reinvestment plans, indicating a structured approach to compensation and investment.

Future Outlook

The filing does not contain specific forward-looking statements or guidance beyond the nature of the deferred compensation plans.

Industry Context

This Form 4 filing reflects routine insider transaction activity related to director compensation and deferred plans, common across publicly traded companies, particularly in the financial sector. It does not provide broader industry trend insights.

Comparison to Industry Standards

• This filing details a director's compensation-related stock acquisitions, which is standard practice for executive and director compensation across various industries. It does not provide specific performance metrics for comparison to other companies or projects.

Related Party Transactions

• The transactions involve a director's compensation and deferred stock plans with the issuer, which are considered related party transactions in the context of executive compensation.

Stakeholder Impact

• Shareholders: Increased director ownership may be viewed positively as a sign of alignment with shareholder interests.
• Employees: No direct impact on employees is indicated.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated.

Key Dates

Recommendation

This Form 4 filing details a director's acquisition of phantom stock through deferred compensation and dividend reinvestment plans. While an increase in insider beneficial ownership is generally a positive signal of confidence, these are routine, compensation-related transactions rather than discretionary open market purchases. As such, they do not provide a strong basis for a 'buy' or 'sell' recommendation, but rather reinforce a 'hold' stance given the director's continued alignment with the company's performance through these structured plans.

Keywords

Old National Bancorp, ONB, Stephen C. Van Arsdell, Director, Phantom Stock, Deferred Compensation, Insider Trading, SEC Form 4, Beneficial Ownership, Dividend Reinvestment