Form 4: Old National Bancorp Executive James A. Sandgren Reports Changes in Beneficial Ownership

James A. Sandgren, CEO of Commercial Banking at Old National Bancorp, reports acquisition and disposal of common stock and phantom stock.

Summary

• On March 1, 2024, James A. Sandgren acquired 37,569 shares of Old National Bancorp (ONB) common stock.
• On the same day, he disposed of 2,701 shares at $16.39 to cover tax obligations.
• On March 2, 2024, he disposed of another 2,555 shares at $16.39 for tax obligations.
• As of the report, Sandgren directly owns 314,825 shares of ONB common stock.
• He also indirectly owns 6,761 shares through the ONB Employee Stock Ownership and Savings Plan.
• Additionally, Sandgren acquired 59 shares of phantom stock under the Old National Bancorp Executive Deferred Compensation Plan on March 4, 2024, priced at $16.2356, bringing his total to 23,519 shares.
• These phantom stock shares are payable in cash upon distribution according to the plan's terms.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing primarily reports transactions related to stock awards and tax obligations, which are routine occurrences. The acquisition of shares could be seen as slightly positive, but overall, the filing doesn't strongly indicate a positive or negative outlook.

Positives

• The acquisition of 37,569 shares of common stock indicates a potential positive outlook by the reporting person.

Industry Context

This filing is a routine disclosure related to changes in beneficial ownership by a company executive, which is a common practice in publicly traded companies. It provides transparency to investors regarding the trading activities of company insiders.

Comparison to Industry Standards

• Form 4 filings are standard practice for executives at publicly traded companies like Old National Bancorp, similar to filings made by executives at comparable regional banks such as Fifth Third Bancorp or Huntington Bancshares.
• The reporting of stock acquisitions and disposals to cover tax obligations is a common occurrence among executives receiving stock-based compensation, aligning with industry norms for executive compensation practices.

Stakeholder Impact

• The transactions reported may have a minor impact on shareholders by slightly increasing the number of outstanding shares.
• Employees participating in the ONB Employee Stock Ownership and Savings Plan may be indirectly affected by the changes in stock ownership.

Key Dates