---
schema_version: "secwatch.filing_event.v1"
accession: "0000357173-24-000017"
form_type: "8-K"
ticker: "OSBC"
cik: "0000357173"
company_name: "OLD SECOND BANCORP INC"
filed_at: "2024-03-26T23:59:59+00:00"
generated_at: "2026-06-04T08:10:35.099242+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000357173-24-000017
- form_type: 8-K
- ticker: OSBC
- cik: 0000357173
- company_name: OLD SECOND BANCORP INC
- filed_at: 2024-03-26T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/357173/000035717324000017/0000357173-24-000017-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/357173/000035717324000017/tmb-20240320x8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000357173-24-000017
- JSON: https://secwatch.observer/filing/0000357173-24-000017.json
- Plain text: https://secwatch.observer/filing/0000357173-24-000017.txt

## Key facts
- Executive change
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/357173/000035717324000017/0000357173-24-000017-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.