Form 4: Orrstown Financial Services Executive Adam Bonanno Reports Changes in Beneficial Ownership

EVP Adam Bonanno reports changes in beneficial ownership of Orrstown Financial Services stock due to forfeiture of restricted stock units.

Summary

• On July 1, 2024, Adam D. Bonanno, EVP of Operations & Technology at Orrstown Financial Services Inc. (ORRF), reported changes in his beneficial ownership of company stock.
• He forfeited 3,625 shares of common restricted stock at a price of $27.36.
• Additionally, 6,224 shares of common restricted stock units were forfeited at a price of $0.
• Following these transactions, Bonanno directly owns 6,285 shares of Orrstown Financial Services, Inc. common stock.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing related to stock transactions. It doesn't inherently convey positive or negative sentiment, but rather provides factual information about changes in beneficial ownership.

Industry Context

Form 4 filings are standard disclosures required by the SEC when company insiders, like executives and directors, trade their company's stock. These filings provide transparency into insider transactions and can be monitored by investors for insights into management's perspective on the company's value.

Stakeholder Impact

• The forfeiture of shares by an executive could be perceived negatively by shareholders if it signals a lack of confidence in the company, but it is more likely a result of standard employment terms.

Key Dates