Old Second Bancorp Inc 8-K, filed Oct 19, 2026
Old Second Bancorp Inc (OSBC)
About this 8-K
Old Second Bancorp Inc filed this 8-K on October 19, 2026, reporting on events of October 14, 2026.
Gary Collins will retire from Old Second Bancorp, Inc. effective October 31, 2026 and resign from company and bank boards. If he executes and does not revoke a release of claims, he will receive approximately $211,150 and other separation benefits. AI summary
Items reported
- Item 5.02: Director or officer change, or executive pay
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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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. | |
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Dated: October 19, 2026 | By: | /s/ Bradley S. Adams |
| | Bradley S. Adams |
| | Executive Vice President, |
| | Chief Operating Officer, and |
| | Chief Financial Officer |