Form 4: Orrstown Financial Services Officer Sean Mulcahy Reports Stock Award and Tax Withholding

Sean Mulcahy, Chief Accounting Officer of Orrstown Financial Services, reports the acquisition of restricted stock and a disposition for tax withholding.

Summary

• On July 1, 2024, Sean Mulcahy, the Chief Accounting Officer of Orrstown Financial Services Inc. (ORRF), reported transactions involving the company's common stock.
• Mulcahy acquired 3,000 shares of restricted stock at $0, which are time-vested and will vest over the next three years.
• He also disposed of 1,127 shares at $27.36 for tax withholding purposes.
• Following these transactions, Mulcahy beneficially owns 3,000 shares of restricted stock and 4,312 shares of common stock, including 300 shares owned jointly with his spouse.

Sentiment

Score: 5

Explanation: Neutral sentiment as the filing reflects routine transactions related to executive compensation and tax obligations.

Positives

• The acquisition of restricted stock aligns Mulcahy's interests with the long-term performance of the company.

Industry Context

Form 4 filings are a routine part of regulatory compliance for corporate insiders and provide transparency into their transactions in company stock.

Stakeholder Impact

• The transactions have a minimal direct impact on stakeholders, as they primarily reflect internal compensation adjustments.

Key Dates