SEC Contract Filing

Filing Date: 2024-11-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>2
<FILENAME>exhibit102.htm
<DESCRIPTION>EX-10.2
<TEXT>
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<title>Document</title></head><body><div id="i94890f923497445e94a9669a71aeaf33_41"></div><div style="min-height:72pt;width:100%"><div style="text-align:right"><font style="color:#000000;font-family:'Calibri',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Exhibit 10.2</font></div></div><div style="text-align:center"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:700;line-height:120%">FIRST AMENDMENT TO</font></div><div style="text-align:center"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:700;line-height:120%">ORRSTOWN EMPLOYER</font></div><div style="margin-bottom:12pt;text-align:center"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:700;line-height:120%">SALARY CONTINUATION AGREEMENT</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%">THIS FIRST AMENDMENT (the &#8220;Amendment&#8221;) is adopted September 30, 2024, by and between Orrstown Bank (the &#8220;Employer&#8221;) and Craig L. Kauffman (the &#8220;Executive&#8221;). </font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%">The Employer and the Executive are parties to a Salary Continuation Agreement adopted July 8, 2024 (the &#8220;Agreement&#8221;) which provides deferred compensation benefits to the Executive under certain circumstances. The parties now wish to amend the Agreement to increase the Executive&#8217;s Early Termination Benefit, as agreed upon by the parties in the Retirement Agreement, dated September 25, 2024, by and between Orrstown Financial Services, Inc., the Employer, and the Executive (the &#8220;Retirement Agreement&#8221;). In the event that the Retirement Agreement does not become effective or is revoked by the Executive, this Amendment shall become null and void.</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%">NOW, THEREFORE, the Employer and the Executive adopt the following amendment to the Agreement&#58;</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Section 2.2 of the Agreement shall be deleted and replaced with the following&#58;</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%">2.2&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-style:italic;font-weight:400;line-height:120%">Early Termination Benefit</font><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%">. If Early Termination occurs, the Employer shall pay the Executive an annual benefit in the amount of One Hundred Fifty Thousand Dollars ($150,000) in lieu of any other benefit hereunder. The annual benefit will be paid for fifteen (15) years in equal monthly installments commencing the month following Normal Retirement Age.</font></div><div style="margin-bottom:12pt;text-align:justify;text-indent:36pt"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%">IN WITNESS WHEREOF, the Executive and a duly authorized representative of the Employer have executed this Amendment as indicated below&#58;</font></div><div style="margin-bottom:12pt;text-align:justify"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%">EXECUTIVE&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;EMPLOYER</font></div><div style="margin-bottom:12pt;text-align:justify"><font><br></font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%">By&#58;</font><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline"> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;By&#58;</font><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%;text-decoration:underline">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%">Craig L. Kauffman&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Thomas R. Quinn, Jr.</font></div><div style="text-align:justify"><font style="color:#000000;font-family:'Cambria',sans-serif;font-size:12pt;font-weight:400;line-height:120%">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;President and Chief Executive Officer</font></div><div style="margin-bottom:12pt;text-align:justify"