other material
confidence high
sentiment neutral
materiality 0.40
Orrstown enters deferred compensation agreement with EVP Metz tied to ROATE performance
ORRSTOWN FINANCIAL SERVICES INC
- Agreement with Adam L. Metz, Executive VP and Chief Revenue Officer, effective December 2022.
- $20,000 contribution for 2022 if ROATE >= 8%; $83,280 annually thereafter under same condition.
- Benefits paid in 180 equal monthly installments starting at age 65 or upon disability/change in control.
- Death benefit of $2,260,909 if life insurance in place, else Deferral Account balance.
- All benefits forfeited if employment terminated for Cause.