Gary Collins enters employment agreement; role shifted to strategic focus by June 30, 2024

OLD SECOND BANCORP INC

Vice Chairman Gary Collins to transition out of direct management by June 30, 2024; will focus on strategic objectives.
Employment term through July 1, 2027; base salary adjusted to $300,000 from $394,012.30 as of July 1, 2024.
Annual target bonus of 50% of base salary under Company’s incentive plan; eligibility for benefits and club dues.
Severance terms: 1x base salary + pro-rata target bonus, equity acceleration, COBRA for 12 months on non-cause termination.
Non-solicitation and confidentiality restrictions for 12 months post-termination; CBAA severance reduced by agreement payments.

item 5.02 item 9.01

Executive movements

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Role change

Gary Collins

Vice Chairman

OSBC · OLD SECOND BANCORP INC

Effective: 2024-06-30
Filed: March 26, 2024, 7:59 PM ET

Mr. Collins will transition out of direct management of business lines and staff and will instead focus on strategic objectives, reporting directly to the CEO.

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Gary Collins changed role as Vice Chairman at OLD SECOND BANCORP INC.

Action: will transition out of direct management and focus on strategic objectives
Role: Vice Chairman

Exact text from the filing

Mr. Collins will transition out of direct management of business lines and staff and will instead focus on strategic objectives, reporting directly to the CEO.

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Source: SEC EDGAR

accession 0000357173-24-000017

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