Short answer
FRANKLIN FINANCIAL SERVICES CORP /PA/ (FRAF) filed an 8-K current report with the SEC on August 18, 2026 reporting Item 5.02 (Departure/Election of Directors or Officers), Item EX-99.1 (Exhibit EX-99.1). Three-year employment term begins August 17, 2026, with automatic one-year renewals absent 180 days’ termination notice.
FRANKLIN FINANCIAL SERVICES CORP /PA/ 8-K event analysis
AI summary of each reported item and its exhibits
Item 5.02 · Departure/Election of Directors or Officers
- Three-year employment term begins August 17, 2026, with automatic one-year renewals absent 180 days’ termination notice
- Change-in-control severance capped at 2.99 times Agreed Compensation, payable within 30 days after separation
- Agreed Compensation includes highest annual base salary plus average cash bonuses from the prior three calendar years
- Two years of continued health, life, disability, and welfare benefits following qualifying post-change-in-control termination
- Limited tax gross-up and valuation of restrictive covenants may reduce potential Section 280G parachute-tax exposure
Item EX-99.1 · Exhibit EX-99.1
- Chad Carroll promoted to President and COO of F&M Trust, expanding leadership responsibilities
- Three-year employment term began August 17, 2026, with automatic one-year renewals unless 180-day notice is provided
- Good Reason termination protection includes salary continuation between 2.00x and 2.99x annual base salary
- Change-in-control severance capped at 2.99x Agreed Compensation, including average cash bonuses from three prior years
- Two years of continued health and welfare benefits, plus potential Section 4999 excise-tax gross-up; increases future contingent obligations
Generated from the filing text and exhibits; verify against the original. What 8-K item codes mean
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