Orrstown COO Kauffman retires Sept 30; CEO Quinn's retirement extended to May 2026

ORRSTOWN FINANCIAL SERVICES INC

EVP/COO Craig L. Kauffman retires effective Sept 30, 2024; receives $819,170/yr salary substitution payments until Apr 22, 2028.
Kauffman's restricted stock (13,333 shares) fully vested; Salary Continuation Agreement annual benefit raised to $150,000.
Non-compete extended to Apr 22, 2028; COBRA medical/dental premiums paid for 6 months; legal fees up to $35,000.
CEO Thomas R. Quinn's retirement date extended one year to May 25, 2026 by board vote.
Kauffman to provide up to 20 hrs transitional assistance through Dec 31, 2024.

item 5.02 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Role change

Thomas R. Quinn, Jr.

President and Chief Executive Officer

ORRF · ORRSTOWN FINANCIAL SERVICES INC

Effective: 2024-09-25
Filed: September 25, 2024, 7:59 PM ET

On September 25, 2024, the Boards of Directors of the Company and the Bank voted to extend Mr. Quinn’s retirement date to May 25, 2026 and Mr. Quinn accepted this extension.

Departed

Craig L. Kauffman

Executive Vice President, Chief Operating Officer and Director

ORRF · ORRSTOWN FINANCIAL SERVICES INC

Effective: 2024-09-30
Filed: September 25, 2024, 7:59 PM ET

In connection with Mr. Kauffman’s retirement, on September 25, 2024, the Company and the Bank entered into a Retirement Agreement with Mr. Kauffman (the “Retirement Agreement”) pursuant to which Mr. Kauffman resigned from all officer, director and other positions that he holds with the Company and the Bank effective September 30, 2024 (the “Effective Date”).

Key facts

Extracted from this filing and checked against the source text.

Executive change SEC 8-K Item 5.02 confidence 0.95

Thomas R. Quinn, Jr. changed role as President and Chief Executive Officer at ORRSTOWN FINANCIAL SERVICES INC.

Action: extended retirement date
Role: President and Chief Executive Officer

Exact text from the filing

On September 25, 2024, the Boards of Directors of the Company and the Bank voted to extend Mr. Quinn’s retirement date to May 25, 2026 and Mr. Quinn accepted this extension.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 0.95

Craig L. Kauffman retired as Executive Vice President, Chief Operating Officer and Director at ORRSTOWN FINANCIAL SERVICES INC.

Action: retired
Role: Executive Vice President, Chief Operating Officer and Director

Exact text from the filing

In connection with Mr. Kauffman’s retirement, on September 25, 2024, the Company and the Bank entered into a Retirement Agreement with Mr. Kauffman (the “Retirement Agreement”) pursuant to which Mr. Kauffman resigned from all officer, director and other positions that he holds with the Company and the Bank effective September 30, 2024 (the “Effective Date”).

View on SEC.gov

ORRSTOWN FINANCIAL SERVICES INC filing history →

Source: SEC EDGAR

accession 0000826154-24-000211

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