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 51 shares of phantom stock under the company's Executive Deferred Compensation Plan on July 22, 2024.

Summary

• On July 22, 2024, James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, acquired 51 shares of phantom stock.
• The acquisition was made under the Old National Bancorp Executive Deferred Compensation Plan.
• The price of the phantom stock was $19.715 per share.
• Following the transaction, Sandgren directly owns 26,414 shares of Old National Bancorp common stock.
• The phantom stock represents shares of Old National Bancorp common stock on a 1-for-1 basis and is payable in cash upon distribution according to the plan's terms.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to executive compensation, which is generally viewed neutrally. The acquisition of phantom stock can be seen as a positive sign of alignment between management and shareholders.

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-advantaged way for the executive to accumulate wealth.

Industry Context

Executive compensation packages often include phantom stock or similar instruments to incentivize performance and retain key personnel. This is a common practice in the banking industry.

Comparison to Industry Standards

• Many financial institutions use deferred compensation plans and phantom stock as part of their executive compensation packages.
• Companies like JP Morgan Chase, Bank of America, and Wells Fargo also utilize similar strategies to align executive interests with shareholder value.
• The specific terms and amounts of these plans vary based on company size, performance, and individual executive roles.

Stakeholder Impact

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

Key Dates