Old Second Bancorp Vice Chairman Gary Collins to Retire October 31

Gary Collins, Vice Chairman of Old Second Bancorp, Inc. (OSBC) and Old Second National Bank, notified the company on October 14, 2026, that he will retire from his employment effective October 31, 2026. Collins also stated he will resign from the boards of directors of both the company and the bank upon the termination of his employment. The filing specifies that his decision to retire was not the result of any disagreement with the company or the bank regarding operations, policies, or practices.

In connection with the departure, Old Second Bancorp and Collins entered into a Separation and General Release Agreement. Subject to Collins executing and not revoking a release of claims in favor of the company and the bank, he is entitled to lump sum cash payments totaling approximately $211,150. The agreement also provides for the full vesting of his outstanding unvested time-based restricted stock units. Additionally, his outstanding performance-based restricted stock units will vest pro-rata based on target. The separation terms include limited benefit continuation, while the restrictive covenants in his existing Executive Employment Agreement will continue to apply.

The company signed the Form 8-K on October 19, 2026. Bradley S. Adams, Executive Vice President, Chief Operating Officer, and Chief Financial Officer, executed the document on behalf of Old Second Bancorp. The full text of the Separation Agreement is expected to be filed as an exhibit to the company's Quarterly Report on Form 10-Q for the quarter ending September 30, 2026.