secwatch.observer — SEC 8-K summary
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Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2024-07-11T23:59:59+00:00
Accession:  0000826154-24-000179
Event type: other
Sentiment:  neutral
Materiality: 0.35
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Orrstown enters salary continuation agreement with COO Kauffman ($357K/yr) and amends CEO Quinn's benefit
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- New agreement for EVP/COO Craig L. Kauffman provides annual retirement benefit of $357,260 payable in monthly installments over 15 years.
- Amendment for CEO Thomas R. Quinn, Jr. increases his annual benefit by 0.3274% per month for each full month past his normal retirement age (65, reached April 2024), up to 60 months.
- Benefits are triggered by retirement, disability, change in control, or death; forfeiture for cause or competition.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000082615424000179/0000826154-24-000179-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000082615424000179/orrf-20240708.htm
  HTML page:      https://secwatch.observer/filing/0000826154-24-000179

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