Form 4: Old National Bancorp Executive James A. Sandgren Reports Acquisition of Phantom Stock and Common Stock
SEC Form 4 Filing
James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, reports the acquisition of phantom stock and common stock through the company's Executive Deferred Compensation Plan.
Summary
- James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, filed a Form 4 detailing changes in beneficial ownership.
- On June 24, 2024, Sandgren acquired 59 shares of phantom stock under the Old National Bancorp Executive Deferred Compensation Plan.
- These phantom stock shares represent Old National Bancorp common stock on a 1-for-1 basis and are payable in cash upon distribution.
- Sandgren also acquired 229 shares of Old National Bancorp common stock between March 16, 2024, and June 17, 2024, through the Dividend Reinvestment feature of the Plan.
- Following these transactions, Sandgren beneficially owns 26,304 derivative securities.
Sentiment
Score: 6
Explanation: The document is a routine regulatory filing, so the sentiment is neutral. It reflects standard executive compensation practices.
Positives
- The acquisition of phantom stock and common stock demonstrates Sandgren's continued investment in Old National Bancorp.
- The Dividend Reinvestment feature of the Plan allows for the accumulation of additional shares over time.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates changes in Sandgren's holdings of Old National Bancorp stock.
Comparison to Industry Standards
- Executive compensation plans, including deferred compensation and dividend reinvestment, are common practices in the banking industry.
- Comparing Sandgren's holdings and transactions to those of executives at peer banks like Fifth Third Bancorp or Huntington Bancshares would provide a broader context.
Stakeholder Impact
- The filing provides transparency to shareholders regarding executive compensation and ownership.
- Employees participating in the Executive Deferred Compensation Plan may be interested in the details of the plan's operation.
Key Dates
| Date | Description |
|---|---|
| March 16, 2024 | Start date for common stock acquisition through Dividend Reinvestment. |
| June 17, 2024 | End date for common stock acquisition through Dividend Reinvestment. |
| June 24, 2024 | Date of phantom stock acquisition. |
| June 25, 2024 | Date of Form 4 filing. |
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