Form 4: Old National Bancorp Executive Acquires Phantom Stock Under Deferred Compensation Plan
SEC Form 4 Filing
James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, acquired 43 shares of phantom stock under the company's Executive Deferred Compensation Plan.
Summary
- James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, acquired 43 shares of phantom stock on January 21, 2025.
- The phantom stock was acquired under the Old National Bancorp Executive Deferred Compensation Plan.
- These shares represent common stock on a 1-for-1 basis and will be paid in cash upon distribution according to the plan's terms.
- The price of the phantom stock was $23.5035 per share.
- Following this transaction, Mr. Sandgren directly owns 27,414 shares of phantom stock.
Sentiment
Score: 7
Explanation: The document reflects a routine transaction related to executive compensation, which is generally viewed neutrally to slightly positive as it aligns executive interests with company performance.
Positives
- The acquisition of phantom stock aligns executive compensation with company performance.
- The deferred compensation plan allows for tax-advantaged savings for the executive.
Industry Context
This transaction is a routine part of executive compensation practices in the financial services industry, where deferred compensation plans are common.
Comparison to Industry Standards
- Deferred compensation plans are a standard practice for executive compensation in the banking industry, similar to those offered by peers like Fifth Third Bancorp and Huntington Bancshares.
- The use of phantom stock is a common method to align executive interests with shareholder value, comparable to stock options or restricted stock units used by other financial institutions.
Stakeholder Impact
- The transaction has a minor positive impact on shareholders as it aligns executive compensation with company performance.
Key Dates
| Date | Description |
|---|---|
| 01/21/2025 | Date of the phantom stock acquisition. |
| 01/22/2025 | Date the Form 4 was signed. |
Keywords
phantom stock, executive compensation, deferred compensation, Old National Bancorp, ONB, insider transaction, Form 4
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