Form 4: ONB Legal Officer Boosts Stake with Performance Award

Old National Bancorp's Chief Legal Officer, Nicholas J. Chulos, increased his direct beneficial ownership of common stock through a performance share award, partially offset by shares surrendered for tax withholding.

Summary

• Nicholas J. Chulos, Chief Legal Officer & Corporate Secretary of Old National Bancorp (ONB), reported changes in his beneficial ownership of common stock.
• On March 15, 2026, he acquired 13,910 shares of common stock through an earned performance share award at a price of $0.
• Concurrently, he disposed of 4,958 shares of common stock at $21.51 per share to satisfy tax withholding obligations related to the vesting of the performance share award.
• Following these transactions, his direct beneficial ownership stands at 73,544 shares, which includes 1,440 shares issued for accrued dividends on the performance share award.
• He also holds indirect beneficial ownership of 13,934 shares in the ONB Employee Stock Ownership and Savings Plan 401(k), 20,439 shares by Trust for Spouse, and 20,438 shares by Trust.
• Between December 16, 2025, and March 16, 2026, an additional 93 shares of ONB common stock were acquired through the dividend reinvestment feature of the 401(k) plan.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as moderately positive, as the Chief Legal Officer increased his overall beneficial ownership through performance awards and dividend reinvestment, indicating confidence and alignment with shareholder interests, despite a portion being sold for tax purposes.

Positives

• Acquisition of 13,910 shares of common stock through an earned performance share award, indicating successful achievement of performance metrics.
• The increase in direct beneficial ownership to 73,544 shares, demonstrating continued alignment of management interests with shareholders.
• An additional 1,440 shares were issued for accrued dividends on the performance share award, further increasing the stake.
• Acquisition of 93 shares through dividend reinvestment in the 401(k) plan, reflecting ongoing investment.

Negatives

• Disposition of 4,958 shares at $21.51 per share to cover tax withholding obligations, which is a standard practice but reduces the immediate net increase in direct ownership.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that insider transactions, such as those reported on Form 4, provide transparency into executive stock ownership changes. While not direct indicators of future company performance, the acquisition of shares through performance awards and dividend reinvestment can signal management's confidence in the company's long-term prospects and alignment with shareholder interests.

Stakeholder Impact

• Shareholders: The increase in direct and indirect beneficial ownership by a key executive may be viewed positively, signaling management's commitment and belief in the company's future.
• Employees: The mention of the Employee Stock Ownership and Savings Plan 401(k) highlights a benefit available to employees.

Key Dates

Keywords

Old National Bancorp, ONB, Nicholas J. Chulos, insider transaction, Form 4, common stock, performance share award, stock ownership, executive compensation, tax withholding, beneficial ownership