secwatch.observer — SEC 8-K summary
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Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2022-12-19T23:59:59+00:00
Accession:  0000826154-22-000191
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Orrstown enters deferred compensation agreement with EVP Metz tied to ROATE performance
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- 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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000082615422000191/0000826154-22-000191-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000082615422000191/orrf-20221216.htm
  HTML page:      https://secwatch.observer/filing/0000826154-22-000191

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