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 59 shares of phantom stock under the company's Executive Deferred Compensation Plan on July 8, 2024.

Summary

• On July 8, 2024, James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, acquired 59 shares of phantom stock through 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 $16.8153 per share.
• Following the transaction, Sandgren directly owns 26,363 shares of Old National Bancorp common stock.

Sentiment

Score: 6

Explanation: The document is a routine regulatory filing related to executive compensation. It doesn't contain any particularly positive or negative information, hence a neutral sentiment score.

Positives

• The acquisition of phantom stock through the deferred compensation plan aligns Sandgren's interests with the long-term performance of Old National Bancorp.

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 align executive interests with shareholder value. This is a common practice in the banking industry.

Comparison to Industry Standards

• Deferred compensation plans are a standard component of executive compensation in the banking industry, often used by companies like JP Morgan Chase, Bank of America, and Wells Fargo.
• Phantom stock plans are used to provide executives with benefits similar to stock ownership without diluting existing shareholders' equity, a practice seen across various financial institutions.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders by aligning executive compensation with company performance.

Key Dates