secwatch.observer — SEC 8-K summary
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Issuer:     ORRSTOWN FINANCIAL SERVICES INC (ORRF)
CIK:        0000826154
Form:       8-K
Filed at:   2024-09-25T23:59:59+00:00
Accession:  0000826154-24-000211
Event type: leadership
Sentiment:  neutral
Materiality: 0.45
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/826154/000082615424000211/0000826154-24-000211-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/826154/000082615424000211/orrf-20240925.htm
  HTML page:      https://secwatch.observer/filing/0000826154-24-000211

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