Form 4: Old National Bancorp Director Acquires Phantom Stock Through Deferred Compensation Plan
SEC Form 4 Filing
Director Derrick J. Stewart acquired 4,565 shares of phantom stock in Old National Bancorp through the company's deferred compensation plan.
Summary
- Derrick J. Stewart, a director at Old National Bancorp, acquired 4,565 shares of phantom stock on November 14, 2024.
- The phantom stock was acquired through the Old National Bancorp Directors' Deferred Compensation Plan.
- This acquisition is a result of deferring the equity portion of his 2024 annual director compensation.
- Additionally, between September 16, 2023 and September 16, 2024, Mr. Stewart acquired 594 shares of Old National Bancorp common stock through the Dividend Reinvestment feature of the plan.
- Following these transactions, Mr. Stewart now beneficially owns 22,970 shares of phantom stock.
Sentiment
Score: 7
Explanation: The document reflects a routine transaction related to director compensation, which is generally viewed neutrally to slightly positive as it aligns director interests with the company's performance.
Positives
- The acquisition of phantom stock demonstrates the director's continued alignment with the company's long-term performance.
- The dividend reinvestment shows a commitment to increasing his stake in the company.
Industry Context
This filing is a routine disclosure of insider transactions, which is common for publicly traded companies. It reflects the compensation practices for non-employee directors.
Comparison to Industry Standards
- Deferred compensation plans and phantom stock awards are common practices for compensating directors in the financial services industry.
- Many regional banks use similar methods to align director interests with shareholder value.
- The dividend reinvestment plan is a standard feature offered by many companies to encourage long-term investment by directors.
Stakeholder Impact
- The transaction has a minor positive impact on shareholders as it aligns director interests with the company's performance.
Key Dates
| Date | Description |
|---|---|
| 09/16/2023 | Start date for the period in which the Reporting Person acquired 594 shares of Old National Bancorp common stock pursuant to the Dividend Reinvestment feature of the Plan. |
| 09/16/2024 | End date for the period in which the Reporting Person acquired 594 shares of Old National Bancorp common stock pursuant to the Dividend Reinvestment feature of the Plan. |
| 11/14/2024 | Date of the phantom stock acquisition by Derrick J. Stewart. |
| 11/18/2024 | Date of the filing of the SEC Form 4. |
Keywords
Old National Bancorp, phantom stock, director compensation, deferred compensation, dividend reinvestment, insider trading, ONB
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