Form 4: Orrstown Financial EVP Exercises Stock Options

Orrstown Financial Services Inc.'s EVP, Chief Administrative Officer, Amy Doll, exercised 5,596 stock options on November 14, 2025.

Summary

• Amy Doll, Executive Vice President and Chief Administrative Officer of Orrstown Financial Services Inc. (ORRF), reported changes in her beneficial ownership.
• On November 14, 2025, Doll exercised 5,596 stock options with an exercise price of $19.64 per share.
• The market price of the derivative security at the time of transaction was $34.33 per share.
• Following this transaction, Doll beneficially owns 25,040 shares of Orrstown Financial Services, Inc. Common Stock directly.
• She also holds 2,720 shares of Common, Restricted Stock with various vesting dates over the next three years.
• Additionally, Doll holds 2,719 Common, Restricted Stock Units, which vest three years after the award date based on pre-established company performance criteria.
• Doll retains unexercised stock options for 3,134 shares (exercise price $21.23, expiring 11/15/2026), 2,309 shares (exercise price $25.99, expiring 12/11/2028), and 1,998 shares (exercise price $29.92, expiring 12/12/2027).

Sentiment

Score: 6

Explanation: The filing reports a routine executive compensation event where value is realized. This is generally neutral to slightly positive, as it indicates the executive is benefiting from stock appreciation, which aligns with shareholder interests.

Positives

• An executive exercising stock options indicates the realization of value from their compensation plan, often reflecting confidence in the company's stock performance.
• The market price of the stock ($34.33) at the time of option exercise was significantly higher than the exercise price ($19.64), indicating a substantial gain for the executive and reflecting positive stock appreciation.

Future Outlook

This filing does not contain specific forward-looking statements or guidance regarding the company's future performance or strategic direction. It primarily reports an executive's stock transaction.

Industry Context

Executive stock option exercises are a routine part of compensation in the financial services industry, reflecting the realization of value by management from equity incentives. This transaction aligns with standard practices for executive compensation within publicly traded companies.

Comparison to Industry Standards

• The exercise of stock options by an executive is a common component of long-term incentive plans across the financial sector, designed to align management interests with shareholder value creation.
• The spread between the exercise price ($19.64) and the market price ($34.33) at the time of exercise is typical for successful equity compensation plans where the company's stock has appreciated over time, similar to what is observed in peer financial institutions.

Stakeholder Impact

• Shareholders: The executive's realization of value from stock options can be seen as a positive indicator of stock performance and alignment of management incentives with shareholder returns.
• Employees: This transaction is part of a standard executive compensation package, which may influence broader employee incentive structures.

Next Steps

• Vesting of 2,720 restricted stock shares over the next three years.
• Vesting of 2,719 restricted stock units three years after the award date, contingent on pre-established company performance criteria.
• Potential future exercise or expiration of remaining unexercised stock options with various expiration dates through December 2028.

Key Dates

Keywords

Orrstown Financial Services, ORRF, stock options, insider transaction, executive compensation, restricted stock, beneficial ownership, Form 4