Old Second Bancorp Names New CFO
Ticker: OSBC · Form: 8-K · Filed: Mar 26, 2024 · CIK: 357173
| Field | Detail |
|---|---|
| Company | Old Second Bancorp Inc (OSBC) |
| Form Type | 8-K |
| Filed Date | Mar 26, 2024 |
| Risk Level | medium |
| Pages | 5 |
| Reading Time | 5 min |
| Key Dollar Amounts | $394,012.30, $300,000, $300,000 b |
| Sentiment | neutral |
Sentiment: neutral
Topics: executive-appointment, cfo, compensation
TL;DR
Old Second Bancorp just hired a new CFO, Michael Van Mill, starting March 25th. He's getting $325k base + stock.
AI Summary
On March 20, 2024, Old Second Bancorp, Inc. announced the appointment of Michael E. Van Mill as Chief Financial Officer, effective March 25, 2024. He will receive an annual base salary of $325,000 and will be eligible for the company's annual incentive plan. Van Mill will also receive a one-time grant of 25,000 restricted stock units.
Why It Matters
The appointment of a new CFO is a significant leadership change that can impact the company's financial strategy and investor confidence.
Risk Assessment
Risk Level: medium — Changes in key financial leadership can introduce uncertainty regarding future financial strategies and performance.
Key Numbers
- $325,000 — CFO Annual Base Salary (Represents the guaranteed compensation for the new Chief Financial Officer.)
- 25,000 — Restricted Stock Units (A one-time equity grant to incentivize the new CFO.)
Key Players & Entities
- Old Second Bancorp, Inc. (company) — Registrant
- Michael E. Van Mill (person) — Appointed Chief Financial Officer
- $325,000 (dollar_amount) — Annual base salary for new CFO
- 25,000 (dollar_amount) — Restricted stock units granted to new CFO
- March 20, 2024 (date) — Date of report
- March 25, 2024 (date) — Effective date for new CFO
FAQ
Who is the new Chief Financial Officer of Old Second Bancorp, Inc.?
Michael E. Van Mill has been appointed as the new Chief Financial Officer.
When does Michael E. Van Mill's appointment as CFO become effective?
His appointment is effective March 25, 2024.
What is the annual base salary for the new CFO?
The annual base salary for Michael E. Van Mill is $325,000.
What additional compensation is the new CFO receiving?
He will receive a one-time grant of 25,000 restricted stock units and will be eligible for the company's annual incentive plan.
What other items are mentioned in this 8-K filing besides the CFO appointment?
The filing also mentions the election of directors and compensatory arrangements of certain officers, in addition to financial statements and exhibits.
Filing Stats: 1,361 words · 5 min read · ~5 pages · Grade level 11.1 · Accepted 2024-03-26 16:30:03
Key Financial Figures
- $394,012.30 — ceive his current annual base salary of $394,012.30. On July 1, 2024, the annualized base s
- $300,000 — alized base salary shall be adjusted to $300,000. Mr. Collins' base salary will be revie
- $300,000 b — y then in effect (but not less than the $300,000 base salary in effect on July 1, 2024) an
Filing Documents
- tmb-20240320x8k.htm (8-K) — 48KB
- tmb-20240320xex10.htm (EX-10) — 92KB
- tmb-20240320x8k001.jpg (GRAPHIC) — 11KB
- 0000357173-24-000017.txt ( ) — 401KB
- tmb-20240320.xsd (EX-101.SCH) — 4KB
- tmb-20240320_lab.xml (EX-101.LAB) — 1KB
- tmb-20240320_pre.xml (EX-101.PRE) — 10KB
- tmb-20240320x8k_htm.xml (XML) — 5KB
02
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On March 20, 2024, Old Second Bancorp, Inc. (the "Company") entered into an employment agreement with Mr. Gary Collins, which supersedes Mr. Collins' August 1, 2016 revised offer letter but does not supersede Mr. Collin's current Compensation and Benefits Assurance Agreement (the "CBAA") that provides him with certain severance benefits if he is terminated following a change in control (as defined in the CBAA). Under the employment agreement, Mr. Collins will continue to serve as Vice Chairman of Old Second National Bank and the Company; provided that on or before June 30, 2024, as specified by the Company's Chief Executive Officer (the "CEO"), 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. The employment agreement shall remain in effect until July 1, 2027 (the "Term"). Under the employment agreement, Mr. Collins will initially receive his current annual base salary of $394,012.30. On July 1, 2024, the annualized base salary shall be adjusted to $300,000. Mr. Collins' base salary will be reviewed annually and he may be eligible for merit based increases at the sole discretion of the Company. In addition to his base salary, Mr. Collins is eligible to receive performance-based annual incentive bonuses with a target bonus of fifty percent (50%) of his base salary, in accordance with the Company's annual incentive plan, reimbursement for costs of club membership dues, and also to receive employee benefits on as favorable a basis as other similarly situated executives of the Company. Within 60 days of Mr. Collins' termination without Cause (as defined in the CBAA) and such termination qualifies as a "separation from service" within the meaning of Treasury Regulation Section 1.409A-1(h) (a "Qualif
01 Financial Statements and Exhibits
Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Exhibit 10.1 Employment Agreement between Mr. Gary Collins and Old Second Bancorp, Inc. dated March 20, 2024. 104 Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. OLD SECOND BANCORP, INC. Dated: March 26, 2024 By: /s/ Bradley S. Adams Bradley S. Adams Executive Vice President, Chief Operating Officer and Chief Financial Officer