Old Second Bancorp (OSBC) has shared an announcement.
Old Second Bancorp, Inc. has entered into a new employment agreement with Mr. Gary Collins, where he will remain Vice Chairman but transition to focusing on strategic objectives. His initial annual salary is $394,012.30, adjusting to $300,000 from July 1, 2024, with potential merit increases and a 50% target bonus. The agreement includes severance benefits, equity award vesting, and health insurance provisions under certain termination conditions. Mr. Collins has agreed to confidentiality and non-solicitation restrictions, and to forgo double severance benefits in the event of overlapping entitlements from different agreements.
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