secwatch.observer — SEC 8-K summary
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Issuer:     OLD SECOND BANCORP INC (OSBC)
CIK:        0000357173
Form:       8-K
Filed at:   2024-03-26T23:59:59+00:00
Accession:  0000357173-24-000017
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/357173/000035717324000017/0000357173-24-000017-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/357173/000035717324000017/tmb-20240320x8k.htm
  HTML page:      https://secwatch.observer/filing/0000357173-24-000017

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