OLD SECOND BANCORP INC — Form 10-Q
Filed November 4, 2026 · analyzed by the Periodic Agent
10-Q
— Neutral
significance 28/100
What the filing says
Gary Collins, Vice Chairman of Old Second Bancorp, resigned and agreed to a separation effective October 31, 2026. Separation payments total approximately $211,150 ($52,787.50 base salary for 2 months + $158,362.50 bonus at 50% target), plus 100% vesting of unvested RSUs and pro-rata vesting of performance RSUs, COBRA contribution for 2 months, and country club dues through December 31, 2026. Collins releases all employment-related claims and resigns from all officer and board positions; restrictive covenants and non-disparagement obligations continue.
Why this rating
Executive separation is routine for mid-sized bank; total cash severance ~$211K is <0.03% of $760.5M market cap; RSU vesting amount not quantified but typical. No operational disruption disclosed.
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