Form 4: Orrstown Financial Services Executive Reports Restricted Stock Disposition for Tax Withholding
Insider Trading Report
An Orrstown Financial Services Inc. executive, David Chajkowski, reported the disposition of 2,607 shares of restricted common stock valued at $34.55 per share to cover tax withholding obligations related to vesting.
Summary
- David Chajkowski, EVP and Chief Credit Officer of Orrstown Financial Services Inc. (ORRF), reported a transaction on July 28, 2025.
- The transaction involved the disposition of 2,607 shares of Orrstown Financial Services, Inc. Common, Restricted Stock.
- The shares were disposed of at a price of $34.55 per share.
- The transaction code 'F' indicates the disposition was made to satisfy tax withholding obligations upon the vesting of restricted stock.
- Following this transaction, David Chajkowski beneficially owns 1,990 shares of time-vested restricted stock, 1,989 restricted stock units (vesting based on performance criteria), and 10,568 shares of common stock.
Sentiment
Score: 5
Explanation: The filing reports a routine, non-discretionary transaction related to executive compensation and tax withholding, which is neutral in sentiment and does not indicate any significant positive or negative operational or financial developments for the company.
Future Outlook
The filing indicates future vesting dates for remaining restricted stock over the next three years and for restricted stock units based on pre-established company performance criteria, suggesting ongoing executive compensation plans.
Industry Context
This filing represents a routine, non-discretionary transaction common in the financial services industry, where executive compensation often includes restricted stock that vests over time, triggering tax obligations upon vesting.
Stakeholder Impact
- Shareholders: This is a routine transaction with minimal direct impact on share price or company operations, as it's a non-discretionary disposition for tax purposes.
Key Dates
| Date | Description |
|---|---|
| 07/28/2025 | Date of transaction for the disposition of restricted stock. |
| 07/30/2025 | Date the Form 4 was signed and filed by Casara I Kieffer as Power of Attorney. |
Keywords
Orrstown Financial Services, ORRF, SEC Form 4, Insider Transaction, Restricted Stock, Tax Withholding, Executive Compensation, Financial Services, Banking
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