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<title>Document</title></head><body><div id="i_0_1"></div><div style="height:36pt;width:100%;"><div><font><br></font></div></div><div style="text-align:center;-sec-extract:summary;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">UNITED STATES</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">SECURITIES AND EXCHANGE COMMISSION</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">Washington, D.C. 20549</font></div><div style="text-align:center;margin-top:9pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">FORM 8-K</font></div><div style="text-align:center;margin-top:9pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:120%;">CURRENT REPORT</font></div><div style="text-align:center;margin-top:9pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:120%;">Pursuant to Section 13 or 15(d) of</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:120%;">the Securities Exchange Act of 1934</font></div><div style="text-align:center;margin-top:9pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:120%;">Date of Report (Date of earliest event reported)&#58;</font></div><div style="text-align:center;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">June 25</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">, 2019</font></div><div><font><br></font></div><div style="margin-bottom:3pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.990000%;"><tr><td style="width:1.0%;"></td><td style="width:98.000000%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:12pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">ORRSTOWN FINANCIAL SERVICES, INC.</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(Exact name of registrant as specified in its charter)</font></td></tr></table></div><div style="margin-bottom:3pt;"><font><br></font></div><div style="margin-bottom:3pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.990000%;"><tr><td style="width:1.0%;"></td><td style="width:37.743590%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:23.641026%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:32.615385%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Pennsylvania</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">001-34292&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">23-2530374&#160;</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(State or other jurisdiction of incorporation)</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(SEC File Number)</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(IRS Employer Identification No.)</font></td></tr></table></div><div style="margin-bottom:3pt;"><font><br></font></div><div style="margin-bottom:3pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.839744%;"><tr><td style="width:1.0%;"></td><td style="width:79.861958%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:16.138042%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">77 East King Street, P.O. Box 250, Shippensburg, Pennsylvania</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">17257&#160;</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(Address of principal executive offices)</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(Zip Code)</font></td></tr></table></div><div style="margin-bottom:3pt;"><font><br></font></div><div style="margin-bottom:3pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.990000%;"><tr><td style="width:1.0%;"></td><td style="width:7.615385%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:56.653846%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:20.115385%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:7.615385%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Registrant&#8217;s telephone number, including area code&#58;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:top;border-bottom:1pt solid #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">717 532-6114&#160;</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr></table></div><div style="margin-bottom:3pt;"><font><br></font></div><div style="margin-bottom:3pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.990000%;"><tr><td style="width:1.0%;"></td><td style="width:98.000000%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Not Applicable</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:middle;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(Former name or former address, if changed since last report)</font></td></tr></table></div><div style="margin-bottom:3pt;"><font><br></font></div><div style="margin-bottom:3pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.839744%;"><tr><td style="width:1.0%;"></td><td style="width:6.667737%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:89.332263%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="6" style="padding-top:2px;padding-bottom:2px;height:27pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below)&#58;</font></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Wingdings;color:#000000;background-color:rgb(255,255,255, 0.0);">o</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></td></tr><tr><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Wingdings;color:#000000;background-color:rgb(255,255,255, 0.0);">o</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></td></tr><tr><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Wingdings;color:#000000;background-color:rgb(255,255,255, 0.0);">o</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</font></td></tr><tr><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Wingdings;color:#000000;background-color:rgb(255,255,255, 0.0);">o</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).</font></td></tr><tr><td colspan="6" style="height:10pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="6" style="padding-top:2px;padding-bottom:2px;height:37pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (&#167;230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (&#167;240.12b-2 of this chapter).</font></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Wingdings;color:#000000;background-color:rgb(255,255,255, 0.0);">o</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Emerging growth company</font></td></tr><tr><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Wingdings;color:#000000;background-color:rgb(255,255,255, 0.0);">o</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.</font></td></tr></table></div><div style="margin-top:12pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:120%;">Securities registered pursuant to Section 12(b) of the Act&#58;</font></div><div style="text-align:justify;margin-top:9pt;margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.990000%;"><tr><td style="width:1.0%;"></td><td style="width:26.685897%;"></td><td style="width:1.0%;"></td><td style="width:0.1%;"></td><td style="width:0.441026%;"></td><td style="width:0.1%;"></td><td style="width:1.0%;"></td><td style="width:16.589744%;"></td><td style="width:1.0%;"></td><td style="width:0.1%;"></td><td style="width:0.441026%;"></td><td style="width:0.1%;"></td><td style="width:1.0%;"></td><td style="width:49.442308%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Title of each class</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Trading symbol(s)</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Name of each exchange on which registered</font></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Common Stock, no par value</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">ORRF</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;border-top:1pt solid #000;padding-left:1pt;padding-right:1pt;"><font style="font-size:10pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">The Nasdaq Capital Market</font></td></tr></table></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"></div><div style="position:relative;width:100%;height:36pt;width:100%;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="height:36pt;width:100%;"><div><font><br></font></div></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:115%;">Item 5.02</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:115%;">&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:115%;">Departure of Directors or Certain Officers&#59; Election of Directors&#59; Appointment of Certain Officers&#59; Compensatory Arrangements of Certain Officers</font></div><div style="text-align:justify;"><font><br></font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">On June 25, 2019, Orrstown Financial Services, Inc. (&#8220;Orrstown&#8221;), the holding company for Orrstown Bank, announced the appointment of Thomas R. Brugger as Executive Vice President</font><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;"> and</font><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;"> Chief Financial Officer</font><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;"> of Orrstown, effective July 15, 2019.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.</font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">Mr. Brugger, age 52, most recently served as Executive Vice President and Chief Financial Officer of Sun Bancorp, Inc. (&#8220;Sun&#8221;), a Nasdaq-listed bank holding company based in Mount Laurel, New Jersey, from 2012 through its merger acquisition by OceanFirst Financial Corp. on January 31, 2018.  Before joining Sun, Mr. Brugger was Executive Vice President and Chief Financial Officer of Customers Bancorp, Inc., a bank holding company based in Wyomissing, PA, for three years, from September 2009 to October 2012.  Prior to that, Mr. Brugger was Executive Vice President, Corporate Treasurer for Sovereign Bancorp, Inc. and Sovereign Bank for fifteen years.  He is a graduate of Penn State University, with a BS in Accounting.</font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">In connection with his appointment, Orrstown and Orrstown Bank entered into an Employment Agreement and Change in Control Agreement with Mr. Brugger.</font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">The Employment Agreement provides Mr. Brugger with an initial base salary of $325,000, to be reviewed annually, and eligibility to participate in the annual short term and long-term incentive plans of Orrstown. Pursuant to the Employment Agreement, Mr. Brugger is also entitled to participate in Orrstown&#8217;s broad-based retirement plans, welfare benefit plans and other benefit programs. The Employment Agreement further provides that, upon his completion of ninety (90) days of employment, Mr. Brugger shall receive a lump sum cash payment of twenty-five thousand dollars ($25,000), five thousand (5,000) shares of restricted stock to be issued pursuant to Orrstown&#8217;s 2011 Stock Incentive Plan (such shares to be subject to three-year cliff vesting), and the reimbursement of relocation costs actually incurred (up to $25,000).</font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">The term of the Employment Agreement is for three (3) years, and automatically renews for an additional one (1) year term on each July 15</font><sup style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:7.15pt;font-weight:400;line-height:115%;vertical-align:top;">th</sup><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;"> unless notice of non-renewal is delivered by either party.  The Employment Agreement shall continue until the expiration date resulting from a notice of non-renewal or the earliest of&#58; (a) Mr. Brugger&#8217;s voluntary termination of, or retirement from, employment other than for &#8220;Good Reason&#8221; (as defined in Section 4.2 of the Employment Agreement)&#59; (b) Mr. Brugger&#8217;s voluntary termination of employment for Good Reason&#59; (c) the termination of Mr. Brugger&#8217;s employment by Orrstown for &#8220;Cause&#8221; (as defined in Section 4.3 of the Employment Agreement)&#59; (d) the termination of Mr. Brugger&#8217;s employment by Orrstown for any reason other than Cause&#59; (e) the termination of Mr. Brugger&#8217;s employment with Orrstown due to &#8220;Disability&#8221; (as defined in Section 4.4 of the Employment Agreement)&#59; (f) the termination of Mr. Brugger&#8217;s employment due to his retirement upon attaining age sixty-five (65)&#59; or (f) his death.</font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">In the event Mr. Brugger voluntarily terminates employment other than for Good Reason prior to attaining age sixty-five (65), the Employment Agreement does not provide for any payments other than those amounts accrued as of such date under generally accepted accounting principles.  In the event Mr. Brugger voluntarily terminates employment after attaining age sixty-five (65), Orrstown shall continue his base salary for an additional six (6) months and make a lump sum cash payment equal to 150% of Orrstown&#8217;s actual premium cost of providing group term life insurance coverage to Mr. Brugger for the three (3) year period following his termination date, plus any accrued and unpaid benefits and vested benefits.</font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">In the event Mr. Brugger voluntarily terminates employment for Good Reason or Orrstown terminates his employment without Cause absent a &#8220;Change in Control&#8221; (as defined in Section 2.1 of the Change in Control Agreement), Orrstown shall continue his base salary for an additional six (6) months or the remaining duration of the Employment Agreement (whichever is greater), plus pay him an amount equal to the average annual cash bonus earned by him during the prior three (3) calendar years.  Mr. Brugger would also continue to be eligible to participate in any group health plan maintained by Orrstown for six (6) months following the termination date, plus receive a lump sum cash payment equal to 150% of Orrstown&#8217;s actual premium cost of providing group term life insurance coverage to Mr. Brugger for the three (3) year period following his termination date. Mr. Brugger would also be entitled to be </font></div><div style="position:relative;width:100%;height:36pt;width:100%;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="height:36pt;width:100%;"><div><font><br></font></div></div><div style="margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">compensated in respect of his inability to continue to participate in Orrstown&#8217;s employee group disability plan for a period of six (6) months.</font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">In the event Orrstown terminates Mr. Brugger&#8217;s employment for Cause or Disability, Mr. Brugger is entitled to receive only those amounts accrued or vested as of such date under generally accepted accounting principles (including under the terms of any employee benefit plan or incentive plan).  In the event of a termination due to Mr. Brugger&#8217;s death, Orrstown shall pay his designated beneficiaries an amount equal to six (6) months&#8217; base salary, plus a lump sum payment equal to the premium cost of COBRA continuation coverage for his spouse and dependent children.</font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">The Change in Control Agreement provides that if Mr. Brugger&#8217;s employment is terminated by Orrstown without Cause during the period beginning ninety (90) days before a Change in Control and ending twenty-four (24) months after such Change in Control, or Mr. Brugger resigns for any reason within six (6) months following a Change in Control, Orrstown or its successor would pay Mr. Brugger an amount equal to two point nine nine (2.99) times the sum of his base salary in effect immediately before the Change in Control and the highest annual cash bonus or other incentive compensation awarded to him over the past three years, plus accelerated vesting of all time-based equity awards, and vesting and earning of performance-based equity awards, as set forth in the applicable award agreements. Mr. Brugger would also be eligible to receive an amount equal to that portion of Orrstown&#8217;s contribution to his 401(k), profit sharing, deferred compensation or other similar individual account plan which is not vested as of the date of termination, plus other benefits such as participating in Orrstown&#8217;s health and welfare employee benefit plans for twenty-four (24) months following termination of employment for a Change in Control. There are no single trigger benefits payable under the Change in Control Agreement solely by reason of the occurrence of a Change in Control.</font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">Payments under the Change in Control Agreement are in lieu of any severance amounts payable under the Employment Agreement.</font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">The Employment Agreement and the Change in Control Agreement do not provide for an excise tax gross-up for taxes applicable to a severance payment as a result of Mr. Brugger&#8217;s termination of employment. Instead, in the event he becomes eligible to receive a severance payment under the Change in Control Agreement that would result in the imposition of an excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), such payment would be reduced, if necessary, to the extent required to avoid such excise tax imposition and, if any portion of the amount payable is determined to be non-deductible pursuant to the regulations promulgated under Section 280G of the Code, such payment would be further reduced to only the amount determined to be deductible under Section 280G.</font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font style="background-color:#ffffff;color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;">The foregoing summary of the Employment Agreement and Change in Control Agreement is not complete and is qualified in its entirety by reference to the full text of such agreements, which are attached hereto as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.</font></div><div style="text-indent:36pt;margin-bottom:6pt;"><font><br></font></div><div style="text-align:justify;margin-bottom:6pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;text-decoration: underline;">Item 9.01</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;text-decoration: underline;">&#160;</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;text-decoration: underline;">Financial Statements and Exhibits</font></div><div style="text-align:justify;"><font><br></font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">(d)</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;"> </font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">Exhibits</font><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:700;line-height:120%;">.</font></div><div><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:93.429487%;"><tr><td style="width:0.1%;"></td><td style="width:0.486106%;"></td><td style="width:0.1%;"></td><td style="width:1.0%;"></td><td style="width:6.919383%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:87.708405%;"></td><td style="width:1.0%;"></td><td style="width:0.1%;"></td><td style="width:0.486106%;"></td><td style="width:0.1%;"></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">No.</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);text-decoration: underline;">Description</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:3pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">10.1&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:#ffffff;text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#0000FF;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;text-decoration: underline;"><a href="employmentcontract-bru.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000FF;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:115%;text-decoration: underline;-sec-extract:exhibit;">Employment Agreement between Orrstown Financial Services, Inc., Orrstown Bank and Thomas R. Brugger.</a></font></div></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">10.2&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#0000FF;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:100%;text-decoration: underline;"><a href="cicform-brugger062519.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000FF;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:100%;text-decoration: underline;-sec-extract:exhibit;">Change in Control Agreement between Orrstown Financial Services, Inc., Orrstown Bank and Thomas R. Brugger.</a></font></div></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">99.1&#160;</font></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:top;padding-left:1pt;padding-right:1pt;"><div><font style="background-color:rgb(255,255,255, 0.0);color:#0000FF;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:100%;text-decoration: underline;"><a href="pressreleasecfo-06x25x.htm" style="background-color:rgb(255,255,255, 0.0);color:#0000FF;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:100%;text-decoration: underline;-sec-extract:exhibit;">Press release dated June 25, 2019.</a></font></div></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td></tr><tr><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td></tr></table></div><div style="text-align:center;"><font><br></font></div><div style="position:relative;width:100%;height:36pt;width:100%;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div><hr style="page-break-after:always"><div style="height:36pt;width:100%;"><div><font><br></font></div></div><div style="margin-bottom:6pt;"><table style="margin-left:auto;margin-right:auto;border-collapse:collapse;text-align:left;text-indent:0pt;display:inline-table;width:99.839744%;"><tr><td style="width:1.0%;"></td><td style="width:33.955056%;"></td><td style="width:1.0%;"></td><td style="width:0.1%;"></td><td style="width:0.602568%;"></td><td style="width:0.1%;"></td><td style="width:1.0%;"></td><td style="width:3.778491%;"></td><td style="width:1.0%;"></td><td style="width:1.0%;"></td><td style="width:55.463884%;"></td><td style="width:1.0%;"></td></tr><tr><td colspan="12" style="padding-top:2px;padding-bottom:2px;height:15pt;background-color:rgb(255,255,255, 0.0);text-align:center;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">SIGNATURES</font></td><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="12" style="height:13pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="12" style="padding-top:2px;padding-bottom:2px;height:27pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><div style="text-indent:36pt;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:100%;">Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.</font></div></td><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="12" style="height:13pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:700;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">ORRSTOWN FINANCIAL SERVICES, INC.</font></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="6" style="padding-top:2px;padding-bottom:2px;height:15pt;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">(Registrant)</font></td><td colspan="3" style="display:none;"></td></tr><tr><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">Date&#58; June 25, 2019</font></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:100%;">By&#58;</font></div></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"><font style="font-size:11pt;font-weight:400;font-family:Times New Roman;color:#000000;background-color:rgb(255,255,255, 0.0);">&#47;s&#47; Thomas R. Quinn, Jr.</font></td></tr><tr><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:bottom;padding-left:1pt;padding-right:1pt;"></td><td colspan="3" style="padding-top:2px;padding-bottom:2px;background-color:rgb(255,255,255, 0.0);text-align:left;vertical-align:middle;border-top:1pt solid #000000;padding-left:1pt;padding-right:1pt;"><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:100%;">Thomas R. Quinn, Jr.</font></div><div><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:100%;">President and Chief Executive Officer</font></div><div style="text-align:justify;"><font style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:Times New Roman;font-size:11pt;font-weight:400;line-height:100%;">(Duly Authorized Representative)</font></div></td></tr></table></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div><font><br></font></div><div style="position:relative;width:100%;height:36pt;width:100%;"><div style="position:absolute;bottom:0;width:100%;"><div><font><br></font></div></div></div></body></html>
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Document
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
June 25
, 2019
ORRSTOWN FINANCIAL SERVICES, INC.
(Exact name of registrant as specified in its charter)
Pennsylvania
001-34292
23-2530374
(State or other jurisdiction of incorporation)
(SEC File Number)
(IRS Employer Identification No.)
77 East King Street, P.O. Box 250, Shippensburg, Pennsylvania
17257
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
717 532-6114
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
o
Emerging growth company
o
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading symbol(s)
Name of each exchange on which registered
Common Stock, no par value
ORRF
The Nasdaq Capital Market
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On June 25, 2019, Orrstown Financial Services, Inc. ("Orrstown"), the holding company for Orrstown Bank, announced the appointment of Thomas R. Brugger as Executive Vice President
and
Chief Financial Officer
of Orrstown, effective July 15, 2019.  A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
Mr. Brugger, age 52, most recently served as Executive Vice President and Chief Financial Officer of Sun Bancorp, Inc. ("Sun"), a Nasdaq-listed bank holding company based in Mount Laurel, New Jersey, from 2012 through its merger acquisition by OceanFirst Financial Corp. on January 31, 2018.  Before joining Sun, Mr. Brugger was Executive Vice President and Chief Financial Officer of Customers Bancorp, Inc., a bank holding company based in Wyomissing, PA, for three years, from September 2009 to October 2012.  Prior to that, Mr. Brugger was Executive Vice President, Corporate Treasurer for Sovereign Bancorp, Inc. and Sovereign Bank for fifteen years.  He is a graduate of Penn State University, with a BS in Accounting.
In connection with his appointment, Orrstown and Orrstown Bank entered into an Employment Agreement and Change in Control Agreement with Mr. Brugger.
The Employment Agreement provides Mr. Brugger with an initial base salary of $325,000, to be reviewed annually, and eligibility to participate in the annual short term and long-term incentive plans of Orrstown. Pursuant to the Employment Agreement, Mr. Brugger is also entitled to participate in Orrstown's broad-based retirement plans, welfare benefit plans and other benefit programs. The Employment Agreement further provides that, upon his completion of ninety (90) days of employment, Mr. Brugger shall receive a lump sum cash payment of twenty-five thousand dollars ($25,000), five thousand (5,000) shares of restricted stock to be issued pursuant to Orrstown's 2011 Stock Incentive Plan (such shares to be subject to three-year cliff vesting), and the reimbursement of relocation costs actually incurred (up to $25,000).
The term of the Employment Agreement is for three (3) years, and automatically renews for an additional one (1) year term on each July 15
th
unless notice of non-renewal is delivered by either party.  The Employment Agreement shall continue until the expiration date resulting from a notice of non-renewal or the earliest of: (a) Mr. Brugger's voluntary termination of, or retirement from, employment other than for "Good Reason" (as defined in Section 4.2 of the Employment Agreement); (b) Mr. Brugger's voluntary termination of employment for Good Reason; (c) the termination of Mr. Brugger's employment by Orrstown for "Cause" (as defined in Section 4.3 of the Employment Agreement); (d) the termination of Mr. Brugger's employment by Orrstown for any reason other than Cause; (e) the termination of Mr. Brugger's employment with Orrstown due to "Disability" (as defined in Section 4.4 of the Employment Agreement); (f) the termination of Mr. Brugger's employment due to his retirement upon attaining age sixty-five (65); or (f) his death.
In the event Mr. Brugger voluntarily terminates employment other than for Good Reason prior to attaining age sixty-five (65), the Employment Agreement does not provide for any payments other than those amounts accrued as of such date under generally accepted accounting principles.  In the event Mr. Brugger voluntarily terminates employment after attaining age sixty-five (65), Orrstown shall continue his base salary for an additional six (6) months and make a lump sum cash payment equal to 150% of Orrstown's actual premium cost of providing group term life insurance coverage to Mr. Brugger for the three (3) year period following his termination date, plus any accrued and unpaid benefits and vested benefits.
In the event Mr. Brugger voluntarily terminates employment for Good Reason or Orrstown terminates his employment without Cause absent a "Change in Control" (as defined in Section 2.1 of the Change in Control Agreement), Orrstown shall continue his base salary for an additional six (6) months or the remaining duration of the Employment Agreement (whichever is greater), plus pay him an amount equal to the average annual cash bonus earned by him during the prior three (3) calendar years.  Mr. Brugger would also continue to be eligible to participate in any group health plan maintained by Orrstown for six (6) months following the termination date, plus receive a lump sum cash payment equal to 150% of Orrstown's actual premium cost of providing group term life insurance coverage to Mr. Brugger for the three (3) year period following his termination date. Mr. Brugger would also be entitled to be
compensated in respect of his inability to continue to participate in Orrstown's employee group disability plan for a period of six (6) months.
In the event Orrstown terminates Mr. Brugger's employment for Cause or Disability, Mr. Brugger is entitled to receive only those amounts accrued or vested as of such date under generally accepted accounting principles (including under the terms of any employee benefit plan or incentive plan).  In the event of a termination due to Mr. Brugger's death, Orrstown shall pay his designated beneficiaries an amount equal to six (6) months' base salary, plus a lump sum payment equal to the premium cost of COBRA continuation coverage for his spouse and dependent children.
The Change in Control Agreement provides that if Mr. Brugger's employment is terminated by Orrstown without Cause during the period beginning ninety (90) days before a Change in Control and ending twenty-four (24) months after such Change in Control, or Mr. Brugger resigns for any reason within six (6) months following a Change in Control, Orrstown or its successor would pay Mr. Brugger an amount equal to two point nine nine (2.99) times the sum of his base salary in effect immediately before the Change in Control and the highest annual cash bonus or other incentive compensation awarded to him over the past three years, plus accelerated vesting of all time-based equity awards, and vesting and earning of performance-based equity awards, as set forth in the applicable award agreements. Mr. Brugger would also be eligible to receive an amount equal to that portion of Orrstown's contribution to his 401(k), profit sharing, deferred compensation or other similar individual account plan which is not vested as of the date of termination, plus other benefits such as participating in Orrstown's health and welfare employee benefit plans for twenty-four (24) months following termination of employment for a Change in Control. There are no single trigger benefits payable under the Change in Control Agreement solely by reason of the occurrence of a Change in Control.
Payments under the Change in Control Agreement are in lieu of any severance amounts payable under the Employment Agreement.
The Employment Agreement and the Change in Control Agreement do not provide for an excise tax gross-up for taxes applicable to a severance payment as a result of Mr. Brugger's termination of employment. Instead, in the event he becomes eligible to receive a severance payment under the Change in Control Agreement that would result in the imposition of an excise tax under Section 4999 of the Internal Revenue Code of 1986, as amended (the "Code"), such payment would be reduced, if necessary, to the extent required to avoid such excise tax imposition and, if any portion of the amount payable is determined to be non-deductible pursuant to the regulations promulgated under Section 280G of the Code, such payment would be further reduced to only the amount determined to be deductible under Section 280G.
The foregoing summary of the Employment Agreement and Change in Control Agreement is not complete and is qualified in its entirety by reference to the full text of such agreements, which are attached hereto as Exhibits 10.1 and 10.2, respectively, and are incorporated herein by reference.
Item 9.01
Financial Statements and Exhibits
(d)
Exhibits
.
No.
Description
10.1
Employment Agreement between Orrstown Financial Services, Inc., Orrstown Bank and Thomas R. Brugger.
10.2
Change in Control Agreement between Orrstown Financial Services, Inc., Orrstown Bank and Thomas R. Brugger.
99.1
Press release dated June 25, 2019.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned hereunto duly authorized.
ORRSTOWN FINANCIAL SERVICES, INC.
(Registrant)
Date: June 25, 2019
By:
/s/ Thomas R. Quinn, Jr.
Thomas R. Quinn, Jr.
President and Chief Executive Officer
(Duly Authorized Representative)