Old Second Bancorp Vice Chairman Collins to retire
Gary Collins’s separation benefits depend on his execution and non-revocation of a release of claims in favor of the company and the bank.
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Rhea-AI Filing Summary
Old Second Bancorp, Inc. (OSBC) announced that Vice Chairman Gary Collins will retire from employment with the company and Old Second National Bank effective October 31, 2026. He will resign from both boards effective on his employment termination date. Collins said his decision was not the result of a disagreement about either organization’s operations, policies or practices. Under a separation agreement, and subject to his execution and non-revocation of a release of claims, Collins will receive lump-sum cash payments totaling approximately $211,150, full vesting of his outstanding unvested time-based restricted stock units, pro-rata vesting based on target of his outstanding performance-based restricted stock units, and limited benefit continuation. The restrictive covenants in his executive employment agreement will continue to apply.
Filing Explained
The 8-K says its description of the separation agreement is incomplete; Old Second expects to file the full agreement as an exhibit to its Form 10-Q for the quarter ended
8-K Event Classification
Key Figures
Key Terms
time-based restricted stock units financial
performance-based restricted stock units financial
pro-rata vesting financial
restrictive covenants regulatory
FAQ
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How much cash will Gary Collins receive under the OSBC separation agreement?
When does Gary Collins’s retirement from OSBC take effect?
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I
United States
Securities And Exchange Commission
Washington, D.C. 20549
FORM
Current Report
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
Common Stock | OSBC | The Nasdaq Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 under the Securities Act (17 CFR 230.405) or Rule 12b-2 under the Exchange Act (17 CFR 240.12b-2).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
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.
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.
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.
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: October 19, 2026 | By: | /s/ Bradley S. Adams |
Bradley S. Adams | ||
Executive Vice President, | ||
Chief Operating Officer, and | ||
Chief Financial Officer | ||