Old Second Bancorp Inc: vice chairman to retire, $211,150 payout

What happened

• The company reported that on Oct 14, 2026 Gary Collins, vice chairman of Old Second Bancorp, Inc. and Old Second National Bank, notified the company of his decision to retire from his employment, effective Oct 31, 2026, and that he will resign from the boards of directors of the company and the bank effective the date of his termination of employment.
• The company and Mr. Collins entered into a Separation and General Release 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, 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.
• The company expects to file the full Separation Agreement as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending Sep 30, 2026.

Key details

• Notification date: Oct 14, 2026; effective termination and board resignations: Oct 31, 2026.
• Cash payments totaling approximately $211,150.
• Equity treatment: full vesting of unvested time-based restricted stock units; pro-rata vesting, based on target, of performance-based restricted stock units.
• Payments and vesting are conditioned on Mr. Collins’ execution and non-revocation of a release of claims; limited benefit continuation; restrictive covenants continue to apply.

Why it may matter

• This 8-K reports Item 5.02 (departure of directors or certain officers), which covers officer departures, resignations and related separation agreements and benefits.
• The filing does not show why the insider retired or why the company acted.