Form 4: Old National Bancorp Executive Acquires Phantom Stock Through Deferred Compensation Plan

James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, acquired 53 shares of phantom stock through the company's Executive Deferred Compensation Plan on August 19, 2024.

Summary

• On August 19, 2024, James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, acquired 53 shares of phantom stock under the Old National Bancorp Executive Deferred Compensation Plan.
• The phantom stock represents shares of Old National Bancorp common stock on a 1-for-1 basis and will be payable in cash upon distribution according to the plan's terms.
• The price of the phantom stock was $18.8068 per share.
• Following the transaction, Sandgren directly owns 26,523 shares of Old National Bancorp common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive. It reflects a routine transaction related to executive compensation, which is generally viewed as a positive aspect of corporate governance and incentivization.

Positives

• The acquisition of phantom stock through the deferred compensation plan aligns the executive's interests with the long-term performance of the company.
• The deferred compensation plan allows executives to defer income and potentially reduce their current tax burden.

Future Outlook

The phantom stock will be payable in cash upon distribution to the Reporting Person in accordance with the terms of the Plan.

Industry Context

Executive compensation packages often include phantom stock or similar instruments to incentivize performance and retain key personnel. This filing is a routine disclosure of such a transaction.

Comparison to Industry Standards

• Deferred compensation plans are a common practice among publicly traded companies to attract and retain executives.
• Phantom stock is a popular tool used in executive compensation to align executive incentives with shareholder value.
• The amount of phantom stock granted is relatively small compared to the total shares outstanding, suggesting it is a standard component of the executive's compensation package.

Stakeholder Impact

• The transaction has a minimal direct impact on shareholders, employees, customers, suppliers, and creditors.
• It reinforces the alignment of executive interests with the company's performance.

Key Dates