Document:

Change in Control Agreement

 Exhibit 10.1(b) 
 CHANGE IN CONTROL AGREEMENT 
 THIS CHANGE IN CONTROL AGREEMENT is made to be effective
as of March 1, 2009, by and among ORRSTOWN FINANCIAL SERVICES, INC., a Pennsylvania business corporation (the “Corporation”), ORRSTOWN BANK, a Pennsylvania state charted bank having its principal place of business at 77
East King Street, Shippensburg, Pennsylvania 17257 (the “Bank”), and THOMAS RODNEY QUINN, JR. an individual residing at 4400 Deerwood Court, Bonita Springs, FL 34134 (the “Executive”). 
 W I T N E S S E T H: 
 WHEREAS,
Executive is now serving as an executive of the Bank, a wholly-owned subsidiary of the Corporation; and 
 WHEREAS, the Corporation
and the Bank consider the continued services of Executive to be in the best interests of the Corporation and the Bank; and 
 WHEREAS,
the Corporation, the Bank and Executive desire to enter into this Agreement whereby the Corporation agrees to make certain payments to Executive upon termination under specific conditions in order to induce Executive to continue in employment.

 NOW, THEREFORE, in consideration of the continued employment of Executive and other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, intending to be legally bound hereby, Executive and the Corporation and the Bank agree as follows: 
 ARTICLE I 
 TERMINATION PURSUANT TO A CHANGE IN CONTROL 
 1.1 Definition: Termination Pursuant to a Change in Control. Any of the following events occurring during the period commencing with the
date of a “Change in Control” (as defined in ARTICLE II hereof) and ending on the second anniversary of the date of the Change in Control, shall constitute a “Termination Pursuant to a Change in Control”: 
 (A) Executive’s employment is terminated by the Bank or an acquirer or successor of the Bank without “Cause” (as defined in
the Executive Employment Agreement of even date herewith by and among the Corporation, the Bank and the Executive (the “Employment Agreement”)); or 
 (B) Executive terminates Executive’s employment for Good Reason (as defined in the Employment Agreement). 
 1.2 Compensation Upon Termination Pursuant to a Change in Control. If Executive’s employment is terminated and such termination is a
Termination Pursuant to a Change in Control (as defined in Section 1.1), the Corporation (or any acquirer or successor thereto) shall provide (or cause to be provided) the following to Executive: 
 (A) The Bank shall pay Executive within twenty (20) days following the termination of Executive’s employment, a lump sum payment
in an amount equal to and no greater than two and 99/100 (2.99) times the sum of the Executive’s (i) annualized base salary, and (ii) cash bonus and other annual incentive cash compensation, in each case with respect to the
calendar year immediately preceding the calendar year in which the Termination Pursuant to a Change in Control occurs. 
 (B)
Executive shall be provided, for a period of three (3) years, commencing as of the termination of Executive’s employment, with life, disability, medical/health insurance and other health and welfare benefits in effect with respect to
Executive immediately prior to the Termination Pursuant to a Change in Control, or, if the Bank is not permitted by insurance carriers to provide such benefits because Executive is no longer an employee, a dollar amount equal to the cost to 

 
Executive to obtain such benefits; provided that Executive shall continue to be responsible for the cost of such insurance coverages following his
Termination Pursuant to a Change in Control to the same extent as other similarly situated active employees of the Bank as of the Termination Pursuant to a Change in Control or, if there are no similarly situated employees, then to the same extent,
on a percentage of total cost basis, that Executive was responsible for the cost of available insurance coverages prior to the Termination Pursuant to a Change in Control. With respect to health insurance coverage, Executive’s spouse and/or
eligible dependents, if covered under any employer sponsored accident and health insurance plan in effect for Executive as of Executive’s Termination Pursuant to a Change in Control, shall also be provided with health insurance coverage for the
three (3) year term set forth above and under the same cost sharing method as described above. 
 (C) If the total of all
payments and benefits to be made and provided under the terms of this Agreement, together with any other payments and benefits which the Executive has the right to receive from the Corporation and the Bank upon a Termination Pursuant to a Change in
Control, would result in the imposition of an excise tax under Section 4999 (or any successor provision thereto) of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder (the “Code”), Executive
shall be entitled to an additional “excise tax” adjustment payment in an amount such that, after the payment of all federal and state income and excise taxes, Executive will be in the same after-tax position as if no excise tax had been
imposed. Any payment or benefit which is required to be included under Sections 280G or 4999 (or any successor provisions thereto) of the Code for purposes of determining whether a deduction is to be disallowed or an excise tax is payable shall be
deemed a payment or benefit “made or provided to Executive” or a payment or benefit “which Executive has a right to receive” for purposes of this provision. The Corporation (or its successor) shall be responsible for the costs of
calculation of the deductibility of payments and benefits and the amount of the excise tax due, if any, by the Corporation’s independent certified accountant and tax counsel and shall notify Executive of the amount of excise tax due, if any,
prior to the time such excise tax is due. If at any time it is determined that the additional “excise tax” adjustment payment previously made to Executive was insufficient to cover the effect of the excise tax, the gross-up payment
pursuant to this provision shall be increased to make Executive whole, including an amount to cover the payment of any penalties resulting from any incorrect or late payment of the excise tax resulting from the prior calculation. All amounts
required to be paid pursuant to this paragraph (C) shall be paid at the time any withholding may be required (or, if earlier, the time Executive shall be required to pay such amounts) under applicable law, and any additional amounts to which
Executive may be entitled shall be paid or reimbursed no later than fifteen (15) days following confirmation of such amount by the Corporation’s independent certified accountant provided, however, that any payments to be made under this
paragraph (C) shall in all events be made no later than the end of Executive’s taxable year next following the taxable year in which the Executive remits such excise tax payments. The parties recognize that the actual implementation of the
provisions of this paragraph (C) are complex and agree to deal with each other in good faith to resolve any questions or disagreements arising hereunder. 
 1.3 Other Benefits. Except as otherwise provided in this Section 1.3, the payments provided by this ARTICLE I shall not affect Executive’s rights to receive any payments or benefits to which
Executive may be or become entitled under any other existing or future agreement or arrangement of the Corporation, the Bank or any successor thereto with the Executive, or under any existing or future benefit plan or arrangement of the Corporation,
the Bank or any successor in which Executive is or becomes a participant, or under which Executive has or obtains rights, including without limitation, any qualified or nonqualified deferred compensation or retirement plans or programs or any
outstanding stock options or similar agreements. Any such rights of Executive shall be determined in accordance with the terms and conditions of the applicable agreement, arrangement or plan and applicable law, provided, however, that
Executive shall not be entitled to any severance payments pursuant to the Employment Agreement or otherwise in addition to those provided hereunder. 
 1.4 Withholding for Taxes. All payments required to be made under this Agreement will be subject to withholding of such amounts relating to tax and/or other payroll deductions as may be required by law.

 ARTICLE II 
 DEFINITION OF CHANGE IN CONTROL 
 2.1 Change in Control. For purposes of this
Agreement, the term “Change in Control” shall mean the occurrence of any of the following: 
 (A) The consummation
of (i) a merger, consolidation, division or other fundamental transaction involving the Corporation or the Bank, (ii) a sale, exchange, transfer or other disposition of substantially all of the assets of the Corporation or the Bank to an
entity which is not a direct or indirect subsidiary of the Corporation, or (iii) a purchase by the Bank of substantially all of the assets of another entity; or 
 (B) Any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange
Act”)), other than the Corporation, a direct or indirect subsidiary of the Corporation, or any “person” who on the date hereof is the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or
indirectly, of securities of the Corporation representing twenty percent (20%) or more of the combined voting power of the Corporation’s outstanding securities on the date of this Agreement, becomes the beneficial owner of securities of
the Corporation representing twenty (20%) percent or more of the combined voting power of the Corporation’s then outstanding securities; or 
 (C) During any period of two (2) consecutive years during the term of Executive’s employment with the Corporation or the Bank, individuals who at the beginning of such period constitute the Board of
Directors of the Corporation cease for any reason to constitute at least a majority thereof, unless the election of each director who was not a director at the beginning of such period has been approved in advance by directors representing at least
two-thirds of the directors then in office who were directors at the beginning of the period; or 
 (D) Any other change in
control of the Corporation or the Bank determined by the Board of Directors of the Corporation to be similar in effect to any of the foregoing; 
 2.2 Notwithstanding anything else to the contrary set forth in this Agreement, if (i) an agreement is executed by the Corporation or the Bank providing for any of the transactions or events constituting a Change in Control pursuant to
this ARTICLE II or an announcement concerning a tender offer or exchange offer is made constituting a Change in Control pursuant to this Article II, and the agreement, tender offer or exchange offer subsequently expires or is terminated without the
transaction or event being consummated, and (ii) a “Termination Pursuant to a Change in Control” (as defined in ARTICLE I hereof) has not occurred prior to such expiration or termination, then for purposes of this Agreement
(including, without limitation, ARTICLE I hereof) it shall be as though such agreement was never executed or such tender offer or exchange offer was never announced and no Change in Control event shall be deemed to have occurred as a result.

 2.3 The expiration of the two-year period after any Change in Control event without the occurrence of a Termination Pursuant to a Change
in Control shall not have any effect on this Agreement, which shall remain in full force and effect until its termination by written agreement of the parties or the earlier termination of Executive’s employment under circumstances not
constituting a Termination Pursuant to a Change in Control. 
 ARTICLE III 
 EXPENSES 
 3.1 Legal Action. If Executive determines in
good faith that the Corporation or any successor has failed to comply with its obligations under this Agreement, or if the Corporation or any successor or any other person takes any action to declare this Agreement void or unenforceable, or
institutes any legal action or arbitration proceeding with respect to this Agreement, the Corporation hereby irrevocably authorizes Executive from time to time to retain counsel of Executive’s choice, at the expense of the Corporation or such
successor, to represent Executive in connection with any and all actions and proceedings, whether by or against the Corporation, any acquiror or successor, or any director, officer, stockholder or other person affiliated with any of the foregoing.

 3.2 Excise Tax Matters. It is the intention of the Corporation that Executive not be required to incur any expenses
associated with determination of the amount of any “excess parachute payment” under Section 280G of the Code or of the amount of any excise tax imposed on Executive pursuant to Section 4999 of the Code. Therefore, the Corporation
agrees to pay all expenses, including the expenses of the Corporation’s independent certified accountant 

 
and tax counsel, related to the determination of any excess parachute payment and excise tax, and to pay the legal costs and expenses of any tax audit of
Executive to the extent such expenses relate to the amount of the excise tax determined by the Corporation. 
 ARTICLE IV 

MISCELLANEOUS 
 4.1
Termination of Employment. This Agreement shall not in any way obligate either the Corporation or the Bank to continue the employment of Executive, nor shall this Agreement limit the right of the Corporation or the Bank to terminate
Executive’s employment for any reason. 
 4.2 Binding Effect; Assignment. This Agreement shall be binding upon and inure
to the benefit of the parties hereto, their respective heirs, executors, administrators, successors and, to the extent permitted hereunder, assigns. All of the obligations of the Corporation and the Bank hereunder shall be legally binding on any
successor to the Corporation and the Bank, including without limitation, any successor as a result of the consummation of a Change in Control. The right of Executive to receive payments hereunder may not be assigned, alienated, pledged or otherwise
encumbered by Executive and any attempt to do so shall be void and of no force or effect. 
 4.3 Entire Agreement; Amendment.
This Agreement represents the entire understanding between the parties hereto with respect to the subject matter hereof and may be amended only by an instrument in writing signed by the parties hereto. 
 4.4 Jurisdiction. The parties hereto consent to the exclusive jurisdiction of the courts of the Commonwealth of Pennsylvania in any and all
actions arising hereunder. 
 4.5 Governing Laws. This Agreement shall be governed and construed under the laws of the
Commonwealth of Pennsylvania, without regard to the conflict of laws principles thereof. 
 4.6 Unfunded Obligations. The
obligations to make payments hereunder shall be unfunded and Executive’s rights to receive any payments hereunder shall be the same as those of any other unsecured general creditor. 
 4.7 Individual Agreement. This Agreement constitutes an agreement solely among the Corporation, the Bank and the Executive named herein.
This Agreement is intended to constitute a non-qualified arrangement for the benefit of the Executive and shall be construed and interpreted in a manner consistent with such intention. 
 4.8 Headings. All headings preceding the text of the several paragraphs hereof are inserted solely for reference and shall not constitute a
part of this Agreement, nor affect its meaning, construction or effect. 
 4.9 Section 409A. 
 (a) General. It is intended that this Agreement shall comply with the provisions of Section 409A of the Code and the Department of the
Treasury (the “Department”) Regulations relating thereto, or an exemption to Section 409A of the Code. Any payments that qualify for the “short-term deferral” exception or another exception under Section 409A of the
Code shall be paid under the applicable exception. For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation under this Agreement shall be treated as a separate payment of
compensation for purposes of applying the Section 409A of the Code deferral election rules and the exclusion under Section 409A of the Code for certain short-term deferral amounts. All payments to be made upon a termination of employment
under this Agreement may only be made upon a “separation from service” under Section 409A of the Code. In no event may the Executive, directly or indirectly, designate the calendar year of any payment under this Agreement. Within the
time period permitted by the applicable Department Regulations (or such later time as may be permitted under Section 409A or any Internal Revenue Service or Department rules or other guidance issued thereunder), the Corporation and the Bank
may, in consultation with the Executive, modify the Agreement in order to cause the provisions of the Agreement to comply with the requirements of Section 409A of the Code, so as to avoid the imposition of taxes and penalties on the Executive
pursuant to Section 409A of the Code. 
 (b) In-Kind Benefits and Reimbursements. Notwithstanding anything to the contrary in
this Agreement, all reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code, including, where applicable, the requirement that 

 
(A) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement);
(B) the amount of expenses eligible for reimbursement or in-kind benefits provided during a calendar year may not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other calendar year; (C) the
reimbursement of an eligible expense will be made no later than the last day of the calendar year following the year in which the expense is incurred; and (D) the right to reimbursement or in-kind benefits is not subject to liquidation or
exchange for another benefit. 
 (c) Delay of Payments. Notwithstanding any other provision of this Agreement to the contrary, if the
Executive is considered a “specified employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Company as in effect on the date of termination), (A) any payment that
constitutes nonqualified deferred compensation within the meaning of Section 409A of the Code that is otherwise due to the Executive under this Agreement during the six-month period following his separation from service (as determined in
accordance with Section 409A of the Code) shall be accumulated and paid to Executive on the first business day of the seventh month following his separation from service (the “Delayed Payment Date”) and (B) in the event any
equity compensation awards held by the Executive that vest upon termination of the Executive’s employment constitute nonqualified deferred compensation within the meaning of Section 409A of the Code, the delivery of shares of common stock
(or cash) as applicable in settlement of such award shall be made on the earliest permissible payment date (including the Delayed Payment Date) or event under Section 409A on which the shares (or cash) would otherwise be delivered or paid. The
Executive shall be entitled to interest on any delayed cash payments from the date of termination to the Delayed Payment Date at a rate equal to the applicable federal short-term rate in effect under Code Section 1274(d) for the month in which
the Executive’s separation from service occurs. If the Executive dies during the postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid to the person designated by the Executive in
writing for this purpose, or in the absence of any such designation to (i) his spouse if she survives him, or (ii) to his estate if his spouse does not survive him, on the first to occur of the Delayed Payment Date or 30 days after the
date of the Executive’s death. 
 [signatures on following page] 

 IN WITNESS WHEREOF, the parties have executed this Change in Control Agreement as of the day and
year first above written. 
  

					
	ORRSTOWN FINANCIAL SERVICES, INC.
		
	By:	 	  

		 	Joel R. Zullinger, Chairman
	
	ORRSTOWN BANK
		
	By:	 	  

		 	Joel R. Zullinger, Chairman
	
	EXECUTIVE
		
	  
	 	(SEAL)
	Thomas Rodney Quinn, Jr.Executive employment agreement

 Exhibit 10.10 
 EXECUTIVE EMPLOYMENT AGREEMENT 
 THIS AGREEMENT is made to be effective as of March 1, 2009 (the
“Effective Date”), by and among ORRSTOWN BANK, a Pennsylvania banking institution (the “Bank”), ORRSTOWN FINANCIAL SERVICES, INC., a Pennsylvania business corporation (the “Corporation”), and THOMAS RODNEY QUINN, JR.,
an adult individual (the “Executive”). 
 RECITALS: 
 WHEREAS, the Bank is a subsidiary of the Corporation; and, 
 WHEREAS, the Corporation and the Bank each desire to employ the Executive and Executive desires to accept such employment, all upon the terms and conditions set forth in this Agreement. 
 AGREEMENTS: 
 NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and intending to be legally bound hereby, the parties agree as follows: 
 1. EMPLOYMENT AND EMPLOYMENT TERM. The Corporation and Bank hereby shall employ the Executive and the Executive hereby accepts employment with the Corporation and the Bank under and pursuant to this Agreement for a term beginning as
of the Effective Date and ending February 28, 2011 (the “Term”), unless sooner terminated as hereinafter provided. 
 2.
POSITION, DUTIES, AND PLACE OF EMPLOYMENT. The Executive shall serve as President-Elect of the Corporation and the Bank from the Effective Date until the completion of the annual meeting of shareholders of the Corporation to be held on or
about May 5, 2009, and, in such capacity, shall report to the Board of Directors of the Corporation and the Bank and have such other powers and duties as may from time to time be prescribed by the Board of Directors of the Corporation and the
Bank. Beginning with the completion of the annual meeting of shareholders of the Corporation to be held on or about May 5, 2009 through the balance of the Term of this Agreement, the Executive shall serve as the President and Chief Executive
Officer of the Corporation and the Bank, reporting only to the Boards of Directors of the Corporation and the Bank, and shall have supervision and control over, and responsibility for, the general management and operation of the Corporation and the
Bank, and shall have such other powers and duties as may from time to time be prescribed by the Boards of Directors of the Corporation and the Bank. The Executive’s primary office shall be located at 77 East King Street, Shippensburg,
Pennsylvania, or at such place as the Board of Directors shall determine. 
 3. ENGAGEMENT IN OTHER EMPLOYMENT. The Executive shall
devote all of his ability and attention to the business of the Corporation and the Bank during the Term of this Agreement. The Executive shall, during the Term of this Agreement, notify in writing and receive written approval from the Boards of
Directors of the Corporation and the Bank before the Executive may engage in any other business or commercial activities, duties or pursuits, including, but not limited to, directorships of other companies. Subject to prior written notice to the
Boards of Directors of the Corporation and the Bank, the Executive shall not be precluded from engaging in voluntary or philanthropic endeavors or from engaging in activities incident or necessary to personal investments, so long as they are, in the
reasonable opinion of such Boards of Directors, not in conflict with or detrimental to the Executive’s rendition of services on behalf of the Bank and Corporation. 
 4. COMPENSATION 
 (a) Base Salary During the Term of this Agreement, the Bank shall pay to the
Executive an annual base salary at a rate of $375,000.00 per year (the “Base Salary”). The Executive’s Base Salary shall be reviewed annually by the Compensation Committee of the Board of Directors of the Bank (or such other committee
as performs such functions) pursuant to its performance review policies then in effect for senior executives. The term “Base Salary” as used in this Agreement shall refer to the Base Salary as in effect from time to time. The Bank shall
pay the Base Salary to Executive in equal installments pursuant to the Bank’s standard payroll policies and Executive’s Base Salary shall be subject to such withholding or deductions as may be mutually agreed between the Bank and Executive
or required by law. The Base Salary shall be pro rated in any calendar year during which the Executive is employed hereunder for less than the entire such year in accordance with the number of days in such calendar year during which he is so
employed. 

 (b) Annual Incentive Payments. With respect to each fiscal year of the Corporation and the Bank
ending during the Term of this Agreement, the Executive shall be eligible to receive an annual incentive payment as determined by the Compensation Committee in accordance with the Corporation’s Executive Incentive Plan. 
 (c) Equity Awards. During the Term of this Agreement, the Executive shall be eligible to receive annual equity incentive awards under the terms
and conditions of the Corporation’s equity-based compensation plans to the extent the President and Chief Executive Officer of the Corporation and the Bank immediately preceding the Executive in that position was eligible to receive such awards
or, to the extent the preceding President and Chief Executive Officer was not so eligible, then to the extent the other senior executives of the Corporation are eligible to receive such awards. 
 (d) Senior Executive Benefits. During the Term of this Agreement, in addition to the employee benefits to be made available pursuant to
Section 5(b), the Executive also shall be eligible to participate in any retirement plan, deferred compensation plan, welfare benefit plan or other benefit program as and to the extent the President and Chief Executive Officer of the
Corporation and the Bank immediately preceding the Executive in that position was eligible to participate in any such program, plan or arrangement or, to the extent the preceding President and Chief Executive Officer was not so eligible, then to the
extent the other senior executives of the Corporation are eligible to participate. 
 5. FRINGE BENEFITS, EXPENSES AND PERQUISITES.

 (a) Relocation Allowance. In connection with Executive’s commencement of employment with the Corporation and the Bank, the Bank
will provide to Executive a relocation allowance of $55,000.00 which shall include: (i) reimbursement for moving expenses to the Carlisle, Shippensburg, Chambersburg, Pennsylvania area; (ii) reimbursement for temporary living expenses in
the Shippensburg area for up to six (6) months after the Effective Date; (iii) and reimbursement for up to six (6) months of commercial coach air fare and other reasonable travel related expenses for travel to and from
Executive’s primary personal residence in Bonita Springs, Florida subsequent to the Effective Date. Except as to permitted reimbursements pursuant to this Section 5(a), Executive shall be solely responsible for any and all moving,
temporary living, travel and other relocation expenses incurred by Executive in connection with relocating himself and his family from Bonita Springs, Florida to the Carlisle, Shippensburg, Chambersburg, Pennsylvania area. 
 (b) Employee Benefit Plans. During the Term of this Agreement, the Executive shall be eligible to participate in or receive benefits under all
Bank employee benefit plans including, but not limited to, any pension plan, profit-sharing plan, savings plan, life insurance plan, medical/health insurance plan, disability insurance plan and other health and welfare benefits as made available by
the Bank to its full time employees generally, subject to and on a basis consistent with the terms, conditions and overall administration of such plans and arrangements, and provided, further that such participation does not violate any state or
federal law, rule or regulation. 
 (c) Business Expenses. During the Term of this Agreement, the Executive shall be entitled to
receive prompt reimbursement for all reasonable expenses incurred by him (in accordance with the policies and procedures established by the Board of Directors of the Corporation and the Bank for its senior executive officers) in performing services
hereunder, provided that the Executive properly accounts therefore in accordance with Corporation and Bank policy. 
 (d) Vacation,
Holidays, Sick Days and Personal Days. The Executive shall be entitled to four weeks (twenty (20) business days) paid vacation in each calendar year determined by the Bank from time to time for its senior executive officers (pro rated in
any calendar year during which the Executive is employed hereunder for less than the entire such year). The Executive also shall be entitled to all paid holidays, sick days and personal days provided by the Bank to its regular full time employees
and senior executive officers. 
 (e) Automobile. The Executive shall be entitled to the use of a Bank provided automobile and the
Bank shall pay all expenses relating thereto, including fuel, oil, maintenance and insurance. The use of said automobile shall be limited to the Executive, his spouse, authorized Bank personnel, or a designated driver in the event of an emergency.

 (f) Membership Dues. During the term of this Agreement, the Bank shall reimburse to the Executive the initiation fee,
“family” membership dues and member assessments to either the Carlisle Country Club or the Chambersburg County Club, as selected by the Executive (the “Club”), incurred by the Executive to obtain and maintain membership in such
Club. Business expenses incurred by Executive at the Club shall be subject to reimbursement in accordance with the reimbursement policies adopted by the Bank for its senior executive officers. 

 6. BOARD OF DIRECTORS. At the annual reorganization meetings of the Boards of Directors of the
Corporation and the Bank to be held on or about May 5, 2009, the Corporation and the Bank each agree to elect the Executive to their respective Board of Directors and, thereafter, during the Term of this Agreement, the Corporation agrees to
cause the Executive to be elected as a director on the Board of Directors of the Bank and to nominate Executive for election as a director on the Board of Directors of the Corporation in connection with each election of directors of the Corporation
wherein his term of office otherwise would expire. The Executive agrees to serve with no additional compensation as a director on the Boards of Directors of the Corporation and of the Bank and, if elected or appointed thereto, in one or more offices
or as a director of any subsidiary of the Corporation or the Bank. In the event Executive’s employment under this Agreement would be terminated by the Employers for Cause (as hereinafter defined) or by Executive without Good Reason (as
hereinafter defined), Executive agrees to resign, effective as of the date of termination and in writing, from all of the director and officer positions then held by him under this Section 6. 
 7. NON-DISCLOSURE/TRADE SECRET. The Executive covenants and agrees that while employed by the Corporation and the Bank and at any time thereafter,
the Executive shall not, without the written consent of the Board of Directors of the Corporation or Bank or a person authorized thereby, knowingly disclose to any person, other than an employee of the Corporation or Bank or a person to whom
disclosure is reasonably necessary or appropriate in connection with the performance by the Executive of his duties as an executive of the Corporation or Bank, any confidential information obtained by the Executive while in the employ of the
Corporation or Bank with respect to any of the Corporation’s or Bank’s services, products, improvements, formulas, designs or styles, processes, customers, methods of business or any business practices, the disclosure of which could be or
will be materially damaging to the Corporation or Bank, provided, however, that confidential information shall not include any information known generally to the public (other than as a result of authorized disclosure by the Executive or any person
with the assistance, consent or direction of the Executive) or any information of a type not otherwise considered confidential by persons engaged in the same business or a business similar to that conducted by the Corporation or Bank or any
information that must be disclosed as required by law. 
 8. RESTRICTIVE COVENANT. The Executive covenants and agrees that while
employed by the Corporation and the Bank and for a period of one (1) year after the termination of Executive’s employment, either voluntarily or involuntarily, the Executive shall not directly or indirectly, within the marketing area of
the Corporation and the Bank (defined as the area within an eighty (80) mile radius of Shippensburg, Pennsylvania) enter into or engage generally in direct or indirect competition with the Corporation and the Bank or any subsidiary of the
Corporation or the Bank, either as an individual on his own or as a partner or joint venturer, or as a director, officer, shareholder, employee, agent, independent contractor, lessor or creditor of or for any person. The foregoing restriction shall
not be construed to prohibit the ownership by Executive of not more than five (5%) percent of any class of securities of any corporation which is in competition with the Corporation or the Bank, provided that such ownership represents a passive
investment and that neither Executive nor any group of persons including Executive in any way, either directly or indirectly, manages or exercises control of any such corporation, guarantees any of its financial obligations, otherwise takes any part
in its business, other than exercising his rights as a shareholder, or seek to do any of the foregoing. 
 9. NON-SOLICITATION.
Executive covenants and agrees that while employed by the Corporation and the Bank and for a period of one (1) year after the termination of Executive’s employment, either voluntarily or involuntarily, Executive shall not, either directly
or indirectly in any capacity whatsoever, (a) obtain, solicit, divert, appeal to, attempt to obtain, attempt to solicit, attempt to divert, or attempt to appeal to any customers, clients or referral sources of the Corporation, the Bank or any
of their respective subsidiaries to divert their business from the Corporation, the Bank or any of their respective subsidiaries; (b) solicit any person who is employed by the Corporation, the Bank or any of their respective subsidiaries to
leave the employ of the Corporation, the Bank or any of their respective subsidiaries. For purposes of this covenant, “customers, clients, and referral sources” shall include all persons who are or were customers, clients or referral
sources of the Corporation, the Bank or any of their respective subsidiaries at any time during the employment of Executive by the Corporation and the Bank. The non-solicitation covenant set forth in this Section 9 shall not be construed to
prohibit a general advertising or marketing program directed toward the marketing area of the Corporation and the Bank by any subsequent employer of Executive. 
 10. NOTIFICATION OF A NON-DISCLOSURE/TRADE SECRET, RESTRICTIVE COVENANT AND NO-SOLICITATION PROVISIONS. During his employment and for a period of one (1) year following termination of his employment with
the Corporation and the Bank, either voluntarily or involuntarily, Executive agrees to inform any prospective employer of the existence of the Non-Disclosure/Trade Secret, Restrictive Covenant and Non-Solicitation provisions of this Agreement.

 11. MUTUAL NONDISPARAGEMENT. The Executive, the Corporation and the Bank each agree that,
following the termination of the Executive’s employment, neither the Executive, nor the Corporation or the Bank, will make any public statements which materially disparage the other party. The Corporation and the Bank shall not be liable for
any breach of their obligations under this Section if they inform their respective directors and executive officers, as such term is defined in Rule 3b-7 promulgated under the Securities Exchange Act of 1934, as amended, of the content of its
covenant hereunder and take reasonable measures to ensure that such individuals honor such obligations. Notwithstanding the foregoing, nothing in this Section shall prohibit any person from making truthful statements when required by order of a
court or other governmental or regulatory body having jurisdiction. 
 12. EQUITABLE REMEDIES. The Executive agrees that any breach of
the restrictions set forth in Sections 7, 8, 9 and 11 will result in irreparable injury to the Corporation and the Bank for which they shall have no adequate remedy at law and the Corporation and the Bank, in addition to any other rights herein
stated or as provided by law, shall be entitled to injunctive relief in order to enforce the provisions thereof. In the event that Sections 7, 8 and 9 shall be determined by any court of competent jurisdiction to be unenforceable in part by reason
of being too great a period of time or covering too great a geographical area, such Section shall be in full force and effect as to that period of time or geographical area determined to be reasonable by the court. The Executive agrees that the
restrictions set forth in this Agreement do not unreasonably interfere with his ability to obtain employment in his chosen field. The Executive also agrees that the existence of any claim or cause of action of the Executive against the Corporation
or Bank, whether predicated on this Agreement or otherwise, shall not constitute a defense to the enforcement by the Corporation or Bank of Sections 7, 8, 9 and 11. 
 13. TERMINATION AND PAYMENTS UPON TERMINATION. 
 (a) Death of Executive. The Executive’s
employment hereunder shall terminate upon his death. Upon his death, the Bank shall pay, in accordance with Section 20, Executive’s then current Base Salary (minus applicable taxes and withholdings) prorated through the date of death,
together with the amount of any unreimbursed business expenses as of the date of termination and, except as otherwise provided in this Section 13, the Corporation and the Bank shall have no further obligation to the Executive under this
Agreement. 
 (b) Executive Disability. If the Executive becomes disabled because of sickness, physical or mental disability, or any
other reason, the Corporation and the Bank shall have the option to terminate this Agreement by giving thirty (30) days written notice of termination to the Executive, provided, however, that Executive shall continue to be eligible for benefits
under the Bank’s long term disability insurance plan. Executive shall be deemed to have become “disabled” at such time as he qualifies (after expiration of any applicable waiting period) to receive benefits for partial or total
disability under the Bank’s employee long term disability insurance plan. If Executive’s employment shall be terminated by reason of his disability, the Bank shall pay Executive his then current Base Salary (minus applicable taxes and
withholdings) prorated through the date of termination, together with the amount of any unreimbursed business expenses as of the date of termination and, except as otherwise provided in this Section 13, the Corporation and the Bank shall have
no further obligation to the Executive under this Agreement. 
 (c) For Cause Termination. The Corporation or Bank may terminate the
Executive’s employment hereunder for Cause. For purposes of this Agreement, the Corporation or Bank shall have “Cause” to terminate the Executive’s employment hereunder upon (1) the failure by the Executive to substantially
perform his duties hereunder, which failure creates actual, material harm to the Corporation or Bank, following written notice to Executive specifying the nature of his deficient performance and the failure by Executive to correct such deficiency
within thirty (30) days of said notice, or (2) the engaging by the Executive in serious misconduct injurious to the Corporation or Bank, or (3) the violation by the Executive of the provisions of paragraphs 3, 7, 8 or 9 hereof after
written notice from the Bank and a failure to cure such violation within thirty (30) days of said notice, or (4) the dishonesty or gross negligence of the Executive in the performance of his duties under this Agreement, or (5) the
breach of Executive’s fiduciary duty to the Corporation or the Bank involving personal profit, or (6) the violation of any law, rule or regulation governing banks or bank officers or any final and unappealable cease and desist order issued
by a bank regulatory authority, any of which actually and materially harms the business of the Corporation or Bank, or (7) moral turpitude or other serious misconduct on the part of Executive which brings material public discredit to the
Corporation or Bank. Any termination for Cause must be approved by: (i) the affirmative vote of a majority of the directors then in office of each of the Corporation and the Bank, prior to a change in control, or (ii) the affirmative vote
of not less than eighty (80%) percent of the directors then in office of each of the Corporation and the Bank, following a change in control. If the Executive’s employment shall be terminated for Cause, the Bank shall pay the Executive his
Base Salary (minus applicable taxes and withholdings) prorated through the date of termination, together with the amount of any unreimbursed business expenses as of the date of termination and, except as otherwise provided in this Section 13,
the Corporation and Bank shall have no further obligation to the Executive under this Agreement. 

 (d) Resignation by Executive. The Executive may terminate his employment hereunder upon ninety
(90) days written notice. Upon Executive’s resignation, the Bank shall pay Executive his Base Salary, (minus applicable taxes and withholdings) prorated through the date of resignation, together with the amount of any reimbursed business
expenses as of the date of resignation and, except as otherwise provided in this Section 13, the Corporation and the Bank shall have no further obligation to the Executive under this Agreement. 
 (e) Termination by Executive for Good Reason or by Corporation and Bank Without Cause. The Executive may terminate his employment hereunder for
Good Reason. The term “Good Reason” shall mean in each case without the Executive’s consent: (i) a diminution in the Executive’s Base Salary; (ii) a diminution in the Executive’s authority, duties, or
responsibilities; (iii) an imposition of a requirement that the Executive report to an officer or employee of the Corporation or the Bank instead of reporting directly to the Board of Directors; (iv) a material diminution in the budget
over which the Executive retains authority; (v) a material change in the geographic location of the Executive’s primary office; or (vi) any other action or inaction that constitutes a material breach by the Corporation or the Bank of
this Agreement, in all cases after notice from the Executive to the Corporation and Bank within ninety (90) days after the initial existence of any such condition that such condition constitutes Good Reason and the failure of the Corporation
and the Bank to cure such situation within thirty (30) days after said notice. If Executive shall terminate his employment for Good Reason, as defined herein, or if the Corporation and the Bank shall terminate Executive’s employment
hereunder without Cause, as defined herein, the Bank shall pay the Executive an amount equal to the greater of: (i) his Base Salary (minus applicable taxes and withholdings) through the date the Term of this Agreement otherwise would have
expired pursuant to paragraph 1 of this Agreement, or (ii) nine (9) months of his Base Salary (minus applicable taxes and withholdings), in either case together with the amount of any unreimbursed business expenses as of the date of
termination, in a lump sum within thirty (30) days after the date of termination. Executive will be entitled to the continuation of life insurance, health and dental plans and other employee benefit plans made available to and on a cost sharing
basis consistent with all employees of the Corporation and the Bank for such period. Except as otherwise provided in this Section 13, the Corporation and the Bank shall have no further obligation to the Executive under this Agreement.

 (f) Other Arrangements. (i) If the Executive would be entitled to payments pursuant to that certain Change in Control
Agreement of even date herewith by and among the Corporation, the Bank and the Executive (as amended from time to time), in connection with any terminations by Executive for Good Reason or by the Corporation and the Bank without Cause, then the
Executive agrees that his receipt of the payments to which he is entitled pursuant to the Change in Control Agreement shall be in lieu of and in full satisfaction of any and all payments to which he otherwise would be entitled pursuant to this
Agreement (other than the reimbursement of unreimbursed business expenses). (ii) Notwithstanding any provision of this Agreement to the contrary, the payments provided for in Section 13 shall not affect, diminish or impair the rights to
receive any payments or benefits to which the Executive may be entitled under any other existing or future agreement or arrangement of the Corporation, the Bank or any successor thereto with the Executive, or under any existing or future benefit
plan or arrangement of the Corporation, the Bank or any successor in which the Executive is or becomes a participant, or under which the Executive has or obtains rights including, without limitation, any incentive, bonus or equity compensation plan
or arrangement, qualified or nonqualified deferred compensation or retirement plans or programs or any outstanding stock options or similar arrangements. Any such rights of the Executive shall be determined in accordance with the terms and
conditions of the applicable agreement, arrangement or plan and applicable law. 
 14. SECTION 409A 
 (a) General. It is intended that this Agreement shall comply with the provisions of Section 409A of the Internal Revenue Code of 1986, as
amended (the “Code”) and the Department of the Treasury (the “Department”) Regulations relating thereto, or an exemption to Section 409A of the Code. Any payments that qualify for the “short-term deferral”
exception or another exception under Section 409A of the Code shall be paid under the applicable exception. For purposes of the limitations on nonqualified deferred compensation under Section 409A of the Code, each payment of compensation
under this Agreement shall be treated as a separate payment of compensation for purposes of applying the Section 409A of the Code deferral election rules and the exclusion under Section 409A of the Code for certain short-term deferral
amounts. All payments to be made upon a termination of employment under this Agreement may only be made upon a “separation from service” under Section 409A of the Code. In no event may the Executive, directly or indirectly, designate
the calendar year of any payment under this Agreement. Within the time period permitted by the applicable Department Regulations (or such later time as may be permitted under Section 409A or any Internal Revenue Service or Department rules or
other guidance issued thereunder), the Company may, in consultation with 

 
the Executive, modify the Agreement in order to cause the provisions of the Agreement to comply with the requirements of Section 409A of the Code, so as
to avoid the imposition of taxes and penalties on the Executive pursuant to Section 409A of the Code. 
 (b) In-Kind Benefits and
Reimbursements. Notwithstanding anything to the contrary in this Agreement, all reimbursements and in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A of the Code
including, where applicable, the requirement that (A) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a shorter period of time specified in this Agreement); (B) the amount of expenses eligible for
reimbursement, or in-kind benefits provided, during a calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (C) the reimbursement of an eligible expense will be
made no later than the last day of the calendar year following the year in which the expense is incurred; and (D) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit. 
 (c) Delay of Payments. Notwithstanding any other provision of this Agreement to the contrary, if the Executive is considered a “specified
employee” for purposes of Section 409A of the Code (as determined in accordance with the methodology established by the Corporation and the Bank as in effect on the date of termination), (A) any payment that constitutes nonqualified
deferred compensation within the meaning of Section 409A of the Code that is otherwise due to the Executive under this Agreement during the six-month period following his separation from service (as determined in accordance with
Section 409A of the Code) shall be accumulated and paid to Executive on the first business day of the seventh month following his separation from service (the “Delayed Payment Date”) and (B) in the event any equity compensation
awards held by the Executive that vest upon termination of the Executive’s employment constitute nonqualified deferred compensation within the meaning of Section409A of the Code, the delivery of shares of common stock (or cash) as applicable in
settlement of such award shall be made on the earliest permissible payment date (including the Delayed Payment Date) or event under Section 409A on which the shares (or cash) would otherwise be delivered or paid. The Executive shall be entitled
to interest on any delayed cash payments from the date of termination to the Delayed Payment Date at a rate equal to the applicable federal short-term rate in effect under Code Section 1274(d) for the month in which the Executive’s
separation from service occurs. If the Executive dies during the postponement period, the amounts and entitlements delayed on account of Section 409A of the Code shall be paid in accordance with Section 20 of this Agreement on the first to
occur of the Delayed Payment Date or 30 days after the date of the Executive’s death. 
 15. DAMAGES FOR BREACH OF CONTRACT. In
the event of a breach of this Agreement by the Corporation, Bank or the Executive resulting in damages to another party to this Agreement, the damaged party may recover from the party breaching the Agreement only those damages as are set forth
herein, plus reasonable attorney’s fees and costs incurred in enforcing this Agreement; provided, however, that notwithstanding any other provision of this Agreement, the payments provided for in Section 13 of this Agreement shall not
affect, diminish or impair the rights to receive any payments or benefits to which the Executive may be entitled under any other existing or future agreement or arrangement of the Corporation, the Bank or any successor thereto with the Executive, or
under any existing or future benefit plan or arrangement of the Corporation, the Bank or any successor in which the Executive is or becomes a participant, or under which the Executive has or obtains rights including, without limitation, any
incentive, bonus or equity compensation plan or arrangement, qualified or nonqualified deferred compensation or retirement plans or programs or any outstanding stock options or similar arrangements. Any such rights of the Executive shall be
determined in accordance with the terms and conditions of the applicable agreement, arrangement or plan and applicable law. 
 16.
NOTICE. For the purposes of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when hand-delivered or mailed by United States certificated mail,
return receipt requested, postage prepaid, addressed as follows: 
  

			
	If to the Executive:	  	Thomas Rodney Quinn, Jr.
		  	4400 Deerwood Court
		  	Bonita Springs, FL 34134
		
	If to the Bank:	  	Orrstown Bank
		  	Chairman, Board of Directors
		  	77 East King Street
		  	Shippensburg, PA 17257
		
	If to the Corporation:	  	Orrstown Financial Services, Inc.
		  	Chairman, Board of Directors
		  	77 East King Street
		  	Shippensburg, PA 17257

 or to such other address as any party may have furnished to the other in writing in accordance herewith, except that
notices of change of address shall be effective only upon receipt. 
 17. SUCCESSORS. This Agreement shall inure to the benefit of and
be binding upon the Executive, the Corporation, the Bank and any of their successors or assigns, provided however, that the executive may not commute, anticipate, encumber, dispose or assign any payment. The Corporation and the Bank are jointly and
severally liable for their respective obligations hereunder. 
 18. SEVERABILITY. If any provision of this Agreement is declared
unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected and shall remaining full force and effect. 
 19. AMENDMENT. This Agreement may be amended or modified only by mutual agreement of the parties in writing. 
 20.
PAYMENT OF MONEY DUE DECEASED EXECUTIVE. In the event of Executive’s death, any moneys that may be due him from the Corporation or the Bank under this Agreement as of the date of death shall be paid to the person designated by him in
writing for this purpose, or in the absence of any such designation to: (i) his spouse if she survives him, or (ii) his estate if his spouse does not survive him. 
 21. SURVIVAL. Upon the expiration or other termination of this Agreement, the respective rights and obligations of the parties hereto shall
survive the expiration or other termination to the extent necessary to carry out the intentions of the parties under this Agreement. 
 22.
COUNTERPARTS. This Agreement may be executed in one or more counterparts, each of which shall be an original and all of which shall constitute one and the same instrument. 
 23. LAW GOVERNING. This Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania. 

24. ENTIRE AGREEMENT. This Agreement supersedes any and all agreements, either oral or in writing, between the parties with respect to the
employment of the Executive by the Corporation and Bank, and this Agreement contains all the covenants and agreements between the parties with respect to such employment; provided, however, that this Agreement shall not affect Executive’s
rights to receive any payments or benefits to which Executive may be or become entitled under any other existing or future agreement or arrangement of the Bank or the Corporation, or under any existing or future benefit plan or arrangement of the
Bank or the Corporation in which the Executive is or becomes a participant, or under which Executive has or obtains rights, including any incentive, bonus or equity compensation plan or arrangement, qualified or nonqualified deferred compensation or
retirement plans or programs or any stock options or similar arrangements. Any such rights of Executive shall be determined in accordance with the terms and conditions of the applicable agreement, plan or arrangement and applicable law. 

25. INDEMNIFICATION. The Corporation and the Bank shall indemnify and defend the Executive to the fullest extent permitted by, respectively,
the By-laws of Orrstown Financial Services, Inc. dated November 3, 1987 and the By-laws of Orrstown Bank as in effect on the date of this Agreement, and the laws of the Commonwealth of Pennsylvania. 
 26. RENEWAL. Subject to the right of Executive to terminate his employment at any time pursuant to Section 13(d) of this Agreement, the
Corporation and the Bank may renew or extend the Term of this Agreement for one or more successive two (2) year terms (each a “Renewal Term”) by written notice to the Executive not later than one hundred twenty (120) days prior
to the expiration of the then current Term or Renewal Term. In the event the Corporation and the Bank do not renew or extend the then current Term or Renewal Term and the Executive’s employment with the Corporation and the Bank terminates upon
the expiration thereof, the Bank shall pay the Executive an amount equal to five (5) months of his Base Salary (minus applicable taxes and withholdings), together with the amount of any unreimbursed business expenses as of the date of
termination, in a lump sum within thirty (30) days after the date of termination. Executive will be entitled to the continuation of life insurance, health and dental plans and other employee benefit plans made available to and on a cost sharing
basis consistent with all employees of the Corporation and the Bank for a five (5) month period after the date of termination. The Corporation and the Bank shall have no further obligation to the Executive under this Agreement. 
 [signatures on following page] 

 IN WITNESS WHEREOF, the parties hereto, intending to be legally bound hereby, have caused this
Agreement to be duly executed in their respective names and in the case of the Corporation and the Bank, by its authorized representatives, the day and year above mentioned. 
  

			
	ORRSTOWN FINANCIAL SERVICES, INC.
		
	By:	 	  

		 	Joel R. Zullinger, Chairman
	
	ORRSTOWN BANK
		
	By:	 	  

		 	Joel R. Zullinger, Chairman
	
	  

	Thomas Rodney Quinn, Jr.

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