---
schema_version: "secwatch.filing_event.v1"
accession: "0000826154-24-000211"
form_type: "8-K"
ticker: "ORRF"
cik: "0000826154"
company_name: "ORRSTOWN FINANCIAL SERVICES INC"
filed_at: "2024-09-25T23:59:59+00:00"
generated_at: "2026-05-31T01:57:53.178449+00:00"
event_type: "leadership"
sentiment: "neutral"
materiality_score: 0.45
calibrated_materiality_score: 0.45
confidence: "high"
source: SEC EDGAR
---

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

## Summary
- 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.

## SEC filing metadata
- accession: 0000826154-24-000211
- form_type: 8-K
- ticker: ORRF
- cik: 0000826154
- company_name: ORRSTOWN FINANCIAL SERVICES INC
- filed_at: 2024-09-25T23:59:59+00:00
- event_type: leadership
- sentiment: neutral
- materiality_score: 0.45
- calibrated_materiality_score: 0.45
- confidence: high
- sec_items: 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/826154/000082615424000211/0000826154-24-000211-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/826154/000082615424000211/orrf-20240925.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000826154-24-000211
- JSON: https://secwatch.observer/filing/0000826154-24-000211.json
- Plain text: https://secwatch.observer/filing/0000826154-24-000211.txt

## Key facts
- Executive change
  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
  source text: 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.
  evidence_url: https://www.sec.gov/Archives/edgar/data/826154/000082615424000211/0000826154-24-000211-index.htm
- Executive change
  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
  source text: 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/826154/000082615424000211/0000826154-24-000211-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.