Form 4: Old Second Bancorp Vice Chairman Reports Stock Transactions

Gary S. Collins, Vice Chairman of Old Second Bancorp, reports acquisition and disposal of company stock related to vesting of performance-based restricted stock units and tax withholding.

Summary

• Gary S. Collins, Vice Chairman of Old Second Bancorp Inc., filed a Form 4 detailing changes in beneficial ownership of the company's stock.
• On March 4, 2025, Collins acquired 15,180 shares of Old Second Bancorp common stock upon the vesting of performance-based restricted stock units.
• These units were granted under the company's 2019 Equity Incentive Plan, as Amended and Restated, and vested upon achievement of performance goals.
• The actual performance exceeded the target, resulting in an additional grant of 6,507 shares beyond the 8,673 shares initially reported on February 15, 2022.
• On the same day, Collins disposed of 4,447 shares to cover taxes related to the settlement of these restricted stock units at a price of $17.65 per share.
• Following these transactions, Collins directly owns 63,112 shares and indirectly owns 61,768.085 shares through an IRA and 6,370 shares through a 401-K.
• The filing was signed by Shirley Cantrell, Attorney-in-Fact, on March 6, 2025.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing reflects routine transactions related to executive compensation. The vesting of shares is a positive sign, but the subsequent sale for tax purposes is a neutral event.

Positives

• The vesting of performance-based restricted stock units suggests that the company achieved or exceeded its performance goals.

Negatives

• The disposal of shares to cover taxes reduces Collins' direct holdings in the company.

Risks

• Tax liabilities associated with equity compensation can lead to dilution of ownership if shares are sold to cover these obligations.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. These filings are closely watched by investors as they can provide insights into management's view of the company's prospects.

Stakeholder Impact

• The transactions have a minor dilutive effect on existing shareholders due to the shares issued for the restricted stock units.

Key Dates