OLD SECOND BANCORP INC (OSBC): Other Gary Collins to retire

Events in this filing

Item 5.02 as filed

Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
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On October 14, 2026, Gary Collins, Vice Chairman of Old Second Bancorp, Inc. (the “Company”) and Old Second National Bank (the “Bank”), notified the Company of his decision to retire from his employment with the Company and the Bank, effective October 31, 2026. Mr. Collins also notified the Company that he will resign from the boards of directors of the Company and the Bank, effective the date of his termination of employment. Mr. Collins’ decision to retire was not the result of any disagreement with the Company or the Bank on any matter relating to the Company’s or the Bank’s operations, policies or practices. The Company and the Bank thank Mr. Collins for his years of dedicated service and his many contributions.
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In connection with Mr. Collins’ departure, the Company and Mr. Collins entered into a Separation and General Release Agreement (the “Separation Agreement”). Subject to Mr. Collins’ execution and non-revocation of a release of claims in favor of the Company and the Bank, Mr. Collins will receive lump sum cash payments totaling approximately $211,150, full vesting of his outstanding unvested time-based restricted stock units and pro-rata vesting, based on target, of his outstanding performance-based restricted stock units, and limited benefit continuation. The restrictive covenants in Mr. Collins’ Executive Employment Agreement with the Company will continue to apply.
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The foregoing description of the Separation Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Separation Agreement, a copy of which the Company expects to file as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.
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