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

James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, acquired 62 shares of phantom stock under the company's Executive Deferred Compensation Plan on June 10, 2024.

Summary

• On June 10, 2024, James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, acquired 62 shares of phantom stock.
• The acquisition was made 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.
• The price of the phantom stock was $16.17 per share.
• Following the transaction, Sandgren directly owns 26,016 derivative securities.
• The phantom stock is payable in cash upon distribution to the Reporting Person in accordance with the terms of the Plan.

Sentiment

Score: 7

Explanation: The document is a routine regulatory filing related to executive compensation. It doesn't contain any particularly positive or negative news, but the acquisition of phantom stock suggests confidence in the company's future performance.

Positives

• The acquisition of phantom stock aligns the executive's interests with the long-term performance of the company.
• The deferred compensation plan provides a tax-efficient way for executives to accumulate wealth.

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 align executive incentives with shareholder value. This Form 4 filing provides transparency into the compensation structure of a key executive at Old National Bancorp.

Comparison to Industry Standards

• Deferred compensation plans are a common practice among publicly traded companies to attract and retain top talent.
• Phantom stock plans are often used in the financial services industry to provide executives with a stake in the company's performance without diluting existing shareholders.
• The specifics of Old National Bancorp's plan, such as vesting schedules and payout terms, would need to be compared to those of peer institutions to fully assess its competitiveness.

Stakeholder Impact

• The transaction has a minimal direct impact on shareholders, employees, customers, suppliers, and creditors.
• It provides transparency into executive compensation practices.

Key Dates