[8-K] Orrstown Financial Services Inc Reports Material Event

Rhea-AI Filing Summary

Vimeo, Inc. (VMEO) Form 4 filing dated 07/02/2025 reports that director Lydia Jett received an equity award of 44,444 restricted stock units (RSUs) of common stock on 07/01/2025.

The RSUs vest in two equal installments on the first and second anniversaries of the grant date (22,222 shares each on 07/01/2026 and 07/01/2027). Following the grant, Jett directly beneficially owns 44,444 shares; no shares were sold and no cash price is listed, confirming the award is a standard component of board compensation.

The filing lists no derivative securities and references no Rule 10b5-1 trading plan. From an investor standpoint, the disclosure signals continued alignment of board incentives with shareholder interests but is not expected to have a material impact on Vimeo’s share count, earnings, or valuation given the company’s large outstanding share base.

Insights

Corporate Governance Specialist

TL;DR: Routine director RSU grant; negligible financial or dilution impact.

The 44,444-share RSU grant to director Lydia Jett is standard board compensation. It vests over two years, promotes alignment, and introduces minimal dilution (<0.03 % of ~165 M shares outstanding). No cash outlay, sales, or derivative activity is involved. Consequently, the disclosure is neutral for valuation and liquidity, though it slightly strengthens governance incentives.

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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 30, 2025

ORRSTOWN FINANCIAL SERVICES, INC.

(Exact name of registrant as specified in its charter)

Pennsylvania

001-34292

23-2530374

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

4750 Lindle Road,

Harrisburg,

Pennsylvania

17111

(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:
☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)).

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

Nasdaq Stock Market

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).
☐			Emerging growth company
☐			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.

Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of

Certain Officers; Compensatory Arrangements of Certain Officers

On June 30, 2025, Orrstown Bank (the “Bank”), the wholly-owned bank subsidiary of Orrstown Financial Services, Inc. (the “Company”), entered into a Deferred Compensation Agreement with Neelesh Kalani, Executive Vice President, Chief Financial Officer (the “Executive”).

The Deferred Compensation Agreement is intended to provide the Executive with the potential for certain retirement benefits payable in monthly installments over a 15-year period beginning the month following the Executive’s separation from service upon or after he reaches normal retirement age (age 65), the month following his reaching normal retirement age in the cases of early termination and change in control, or the month following a separation from service in the case of disability.

The Deferred Compensation Agreement provides for the establishment of a deferral account into which the Bank will make contributions. Provided that the Company's Return on Average Tangible Equity, as defined in the Deferred Compensation Agreement, is at least 8.00% for such year, the Bank will make a contribution to the deferral account in the amount of $78,663 each December 31, until the earliest of separation from service, disability, normal retirement age, or the Executive’s death.

Prior to the earliest to occur of: (i) a separation from service, (ii) disability, (iii) death and (iv) normal retirement age, interest will accrue on amounts credited to the deferral account at the accumulation period crediting rate, compounded monthly. Following any of the aforementioned events, interest will accrue at the rate of four percent, except in the event of a change in control, in which case no interest will accrue until normal retirement age and, thereafter, interest will accrue at the rate of four percent.

In order to further link the amount of the benefit to overall corporate performance, the accumulation period crediting rate will mirror the Company’s Return on Average Tangible Equity (computed annually as described in the agreement); provided, that in no event will the rate be less than zero nor more than fifteen percent.

The total benefit payable in the event of normal retirement, early termination or disability is equal to the deferral account balance as of such date, with interest accruing as described above.

In the event of a separation from service in connection with a change in control and prior to normal retirement age, the Bank shall pay the Executive the deferral account balance calculated at separation from service, in lieu of any other benefit otherwise payable under the Deferred Compensation Agreement. This benefit shall be paid in 180 consecutive equal monthly installments commencing the month following normal retirement age, with interest credited on the unpaid balance at four percent, beginning at separation from service.

In the event the Executive dies prior to separation from service or disability while the Employer does not own a life insurance policy on the Executive’s life, the Employer shall pay the Executive’s beneficiary the deferral account balance in lieu of any other benefit under the Deferred Compensation Agreement. In the event the Executive dies prior to separation from service or disability while the Employer owns a life insurance policy on the Executive’s life, the Employer shall pay the Executive’s beneficiary the greater of (i) the deferral account balance or (ii) $2,260,885. In either case, this benefit shall be paid in 180 consecutive equal monthly installments commencing the month following the Executive’s death, with interest credited on the unpaid balance at four percent. In the event the Executive dies while receiving payments but prior to receiving all payments due and owing under the Deferred Compensation Agreement, the Employer shall pay the Executive’s beneficiary the same amounts at the same times as the Employer would have paid the Executive had the Executive survived.

If the Executive’s employment is terminated for Cause, then the Executive shall forfeit all benefits under the Deferred Compensation Agreement.

The foregoing summary of the Deferred Compensation Agreement is not complete and is qualified in its entirety by reference to the full text of such agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Item 9.01    Financial Statements and Exhibits

(d)    Exhibits

The following exhibit is furnished as part of this Current Report on Form 8-K:

			Exhibit No.			Description
			10.1			Deferred Compensation Agreement between Orrstown Bank and Neelesh Kalani
			104			Cover Page Interactive Data File (embedded within the inline XBRL document)

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.
Date: July 2, 2025						By:			/s/ Neelesh Kalani
									Neelesh Kalani, Executive Vice President, Chief Financial Officer (Duly Authorized Representative)

FAQ

What insider transaction did Vimeo (VMEO) report on Form 4 dated 07/02/2025?

Director Lydia Jett was granted 44,444 restricted stock units on 07/01/2025.

How many Vimeo shares will vest to Lydia Jett and on what schedule?

The 44,444 RSUs vest in two equal installments: 22,222 shares on 07/01/2026 and 22,222 shares on 07/01/2027.

Did the Form 4 disclose any stock sales or purchases by the director?

No. The filing shows only an equity grant; there were no open-market sales or cash purchases.

What is Lydia Jett’s total beneficial ownership after the grant?

She directly owns 44,444 shares of Vimeo common stock following the reported transaction.

Does the filing mention a Rule 10b5-1 trading plan?

The document contains the standard checkbox, but no Rule 10b5-1 plan is indicated as used for this grant.