In Brief: Old National of Ind. to Sweeten Option Plan

To recruit and retain talent, Old National Bancorp in Evansville, Ind., is trying to make its executive stock option program more attractive.

Currently, the $6.2 billion-asset bank holding company may grant only restricted shares to its top managers. Among other limits, executives must hold the restricted shares for two years.

Old National is proposing to expand its alternatives to include nonqualified stock options, which have no restrictions. Awarding nonqualified options also would save the company money, because they are not charged to earnings as restricted shares are, James A. Risinger, Old National's chairman and chief executive officer, wrote in the company's proxy statement.

The plan has been agreed to by Old National's board, but it must be approved at the April 15 annual meeting of shareholders.

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