SEC Contract Filing

Filing Date: 2015-06-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.7
<SEQUENCE>8
<FILENAME>exhibit107-coradixemployme.htm
<DESCRIPTION>EXHIBIT 10.7
<TEXT>
<!DOCTYPE html PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
	<head>
 <!-- Document created using Wdesk 1 -->
 <!-- Copyright 2015 Workiva -->
 <title>Exhibit10.7-Coradi-EmploymentAgreement</title>
	</head>
	<body style="font-family:Times New Roman;font-size:10pt;">
<a name="s539223863FE2B967AAF9B4F6A78B826C"></a><div></div><br><div style="line-height:120%;text-align:right;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Exhibit 10.7</font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">EMPLOYMENT AGREEMENT</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">This Employment Agreement (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) is effective as of May 28, 2015 (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Effective Date</font><font style="font-family:inherit;font-size:12pt;">&#8221;), by and among Orrstown Financial Services, Inc., a Pennsylvania corporation (&#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Orrstown</font><font style="font-family:inherit;font-size:12pt;">&#8221;), Orrstown Bank, a bank and trust company organized under the Pennsylvania Banking Code of 1965 and a wholly owned subsidiary of Orrstown (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Bank</font><font style="font-family:inherit;font-size:12pt;">&#8221;) (Orrstown and the Bank are hereinafter collectively referred to as the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Employer</font><font style="font-family:inherit;font-size:12pt;">&#8221;) and Robert G. Coradi, an adult individual (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Executive</font><font style="font-family:inherit;font-size:12pt;">&#8221;). </font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">BACKGROUND</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Executive is currently employed with the Employer. The Employer now desires to enter into a comprehensive Employment Agreement with the Executive (this &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;), addressing the terms and conditions of Executive&#8217;s employment, including but not limited to the consequences if the Executive&#8217;s employment is terminated for Good Reason or without Cause, each as defined herein. The Executive desires to continue in the employment of the Employer, on the terms and conditions contained in this Agreement. On the date hereof, the Employer and Executive are also entering into a Change in Control Agreement (the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weight:bold;">Change in Control Agreement</font><font style="font-family:inherit;font-size:12pt;">&#8221;) to provide certain rights and benefits to Executive in the event of a change of control of Orrstown.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-style:italic;font-weight:bold;">NOW, THEREFORE</font><font style="font-family:inherit;font-size:12pt;">, in consideration of the premises and the mutual covenants and agreements contained herein and intending to be legally bound hereby, the parties hereto agree as follows: </font></div><div style="line-height:120%;padding-bottom:12px;text-align:center;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;font-weight:bold;">ARTICLE I. Capacity and Duties. </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.1&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Continuation of Employment</font><font style="font-family:inherit;font-size:12pt;">. The Employer hereby continues the employment of the Executive, and Executive hereby agrees to continue Executive&#8217;s employment by the Employer, for the period and upon the terms and conditions hereinafter set forth. Executive acknowledges that the Employer has given Executive good and valuable consideration for the execution of this Agreement and the restrictive covenants contained herein, the sufficiency of which is acknowledged by Executive.</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">1.2&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:12pt;text-decoration:underline;">Capacity and Duties.</font><font style="font-family:inherit;font-size:12pt;">&#32;</font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;padding-left:48px;text-indent:48px;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">(a)&#160;&#160;&#160;&#160;Executive shall serve hereunder initially as Executive Vice President, and thereafter during the term of this Agreement in such other or additional positions as may be assigned by the Board of Directors of the Employer and/or the Bank (collectively, the &#8220;</font><font style="font-family:inherit;font-size:12pt;font-weig