<SEC-DOCUMENT>0001104659-20-075051.txt : 20200619
<SEC-HEADER>0001104659-20-075051.hdr.sgml : 20200619
<ACCEPTANCE-DATETIME>20200619113050
ACCESSION NUMBER:		0001104659-20-075051
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20200615
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20200619
DATE AS OF CHANGE:		20200619

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ACNB CORP
		CENTRAL INDEX KEY:			0000715579
		STANDARD INDUSTRIAL CLASSIFICATION:	STATE COMMERCIAL BANKS [6022]
		IRS NUMBER:				232233457
		STATE OF INCORPORATION:			PA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35015
		FILM NUMBER:		20974785

	BUSINESS ADDRESS:	
		STREET 1:		16 LINCOLN SQUARE
		STREET 2:		P O BOX 3129
		CITY:			GETTYSBURG
		STATE:			PA
		ZIP:			17325
		BUSINESS PHONE:		7173343161

	MAIL ADDRESS:	
		STREET 1:		P O BOX 3129
		STREET 2:		16 LINCOLN SQUARE
		CITY:			GETTYSBURG
		STATE:			PA
		ZIP:			17325
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tm2022978d1_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED STATES</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM&nbsp;8-K</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CURRENT REPORT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Pursuant to Section&nbsp;13 or 15(d)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>of the Securities Exchange Act of 1934</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 0pt auto; width: 25%"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Date of Report (Date of earliest event
reported): June&nbsp;15, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>ACNB Corporation</U></B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact name of Registrant as specified in
its charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 20%; text-align: center"><FONT STYLE="font-size: 12pt"><B>Pennsylvania</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; width: 20%; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 20%; text-align: center"><FONT STYLE="font-size: 12pt"><B>1-35015</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; width: 20%; font-size: 10pt; text-align: center">&nbsp;</TD>
<TD STYLE="font: 12pt Times New Roman, Times, Serif; border-bottom: Black 1.5pt solid; width: 20%; text-align: center"><FONT STYLE="font-size: 12pt"><B>23-2233457</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-size: 11pt">(State or other<BR>
jurisdiction of <BR>
incorporation)</FONT></TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-size: 11pt">(Commission <BR>
File Number)</FONT></TD>
<TD STYLE="text-align: center; font-size: 10pt">&nbsp;</TD>
<TD STYLE="text-align: center; font-size: 11pt"><FONT STYLE="font-size: 11pt">(IRS Employer<BR>
Identification No.)</FONT></TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 12pt Times New Roman, Times, Serif; width: 40%; text-align: center">16 Lincoln Square, Gettysburg, PA</TD><TD STYLE="padding-bottom: 1.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 12pt Times New Roman, Times, Serif; text-align: center; width: 20%">17325</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">(Address of principal
    executive offices)</FONT></TD><TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-size: 11pt">(Zip Code)</FONT></TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 40%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 20%"><FONT STYLE="font-size: 12pt">717.334.3161</FONT></TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; width: 40%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font: 11pt Times New Roman, Times, Serif; text-align: center">(Registrant&rsquo;s telephone number, including area code)</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Check the appropriate box below if the Form&nbsp;8-K filing
is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions (<I>see</I>
General Instruction A.2. below):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0.25in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Written communications pursuant to Rule&nbsp;425 under
the Securities Act (17 CFR 230.425)</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Soliciting material pursuant to Rule&nbsp;14a-12 under
the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Pre-commencement communications pursuant to Rule&nbsp;14d-2(b)&nbsp;under
the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="padding-bottom: 3pt; width: 0in"></TD><TD STYLE="padding-bottom: 3pt; width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD STYLE="padding-bottom: 3pt; text-align: justify">Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under
the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the Registrant is an emerging
growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule&nbsp;12b-2 of
the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Emerging growth company <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If an emerging growth company, indicate by check mark if the
Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards
provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange Act. <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&nbsp;12(b)&nbsp;of
the Act:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="font-size: 9pt; vertical-align: top">
    <TD STYLE="font-size: 9pt; border: Black 1pt solid; width: 38%; text-align: center"><FONT STYLE="font-size: 9pt"><B>Title Of Each Class</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 19%; text-align: center"><FONT STYLE="font-size: 9pt"><B>Trading
    Symbol(s)</B></FONT></TD>
    <TD STYLE="font-size: 9pt; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 43%; text-align: center"><FONT STYLE="font-size: 9pt"><B>Name
    Of Each Exchange On Which Registered</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center">Common Stock, $2.50 par value per share</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">ACNB</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center">The NASDAQ Stock Market, LLC</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>CURRENT
REPORT ON FORM&nbsp;8-K</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 12pt; vertical-align: top">
<TD STYLE="font-size: 12pt; width: 0"></TD><TD STYLE="font-size: 12pt; width: 1in"><FONT STYLE="font-size: 12pt"><B><U>ITEM 5.02</U></B></FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Departure
                                         of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;
                                         Compensatory Arrangements of Certain Officers</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 12pt">On
June&nbsp;15, 2020, the Boards of Directors of ACNB Corporation (the &ldquo;Corporation&rdquo;) and ACNB Bank (the &ldquo;Bank&rdquo;),
upon the recommendation of the Compensation Committee of the Boards of Directors of the Corporation and the Bank, granted the
Named Executive Officers of ACNB Corporation, all of whom are employed by ACNB Bank, awards of restricted stock (&ldquo;Variable
Equity Awards&rdquo;) pursuant to the ACNB Bank Variable Compensation Plan and the ACNB Corporation 2018 Omnibus Stock Incentive
Plan (the &ldquo;Plans&rdquo;). The form of ACNB Bank Variable Compensation Plan Restricted Stock Agreement for employees (the
 &ldquo;Employee Award Agreement&rdquo;) sets forth the material terms of a Variable Equity Award including the applicable time-based
vesting terms, the treatment of unvested shares of restricted stock upon termination of employment, and the forfeiture restrictions
in the event the recipient&rsquo;s employment with ACNB Bank is terminated.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 88%; border-collapse: collapse; margin-left: 1in">
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="border: Black 1pt solid; font-size: 10pt; text-align: center; width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
<TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center; width: 39%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Title</B></FONT></TD>
<TD STYLE="border-top: Black 1pt solid; font-size: 10pt; text-align: center; width: 31%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom"><FONT STYLE="font-size: 10pt"><B>Shares
of <BR>
Restricted Stock Awarded</B></FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">James
P. Helt</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">President&nbsp;&amp;
Chief Executive Officer</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,857.3405</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">David
W. Cathell</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Executive
Vice President/Treasurer&nbsp;&amp; Chief Financial Officer</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,106.5007</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 10pt">Lynda
L. Glass</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 10pt">Executive
Vice President/Secretary&nbsp;&amp; Chief Governance Officer</FONT></TD>
<TD STYLE="border-right: Black 1pt solid; font-size: 10pt; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-size: 10pt">1,177.6329</FONT></TD></TR>
</TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 12pt">Subject
to earlier forfeiture or accelerated vesting under circumstances described in the Employee Award Agreement, one-third (1/3) of
the recipient&rsquo;s Variable Equity Award shall be 100% vested as of the date of grant, with the next one-third (1/3) 100% vested
as of January&nbsp;1, 2021, and the final one-third (1/3) 100% vested as of January&nbsp;1, 2022.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 12pt">In
addition, on June&nbsp;15, 2020, the Boards of Directors of the Corporation and the Bank, upon the recommendation of the Compensation
Committee of the Boards of Directors of the Corporation and the Bank, granted Variable Equity Awards of 500 shares of restricted
stock to each of the eligible non-employee directors of the Corporation and the Bank pursuant to the Plans. The form of ACNB Bank
Variable Compensation Plan Restricted Stock Agreement for non-employee directors (the &ldquo;Director Award Agreement&rdquo;)
sets forth the material terms of a Variable Equity Award including the applicable time-based vesting terms, the treatment of unvested
shares of restricted stock upon termination of board service, and the forfeiture restrictions in the event of termination of board
service. Subject to earlier forfeiture or accelerated vesting under circumstances described in the Director Award Agreement, one-third
(1/3) of the recipient&rsquo;s Variable Equity Award shall be 100% vested as of the date of grant, with the next one-third (1/3)
100% vested as of January&nbsp;1, 2021, and the final one-third (1/3) 100% vested as of January&nbsp;1, 2022.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 12pt">The
Variable Equity Awards are subject to the terms of the Plans and the terms of each recipient&rsquo;s Employee Award Agreement
or Director Award Agreement, as applicable. The ACNB Bank Variable Compensation Plan, the ACNB Corporation 2018 Omnibus Stock
Incentive Plan, the form of Employee Award Agreement, and the form of Director Award Agreement are filed herewith as Exhibits
99.1, 99.2, 99.3 and 99.4, respectively, and incorporated herein by reference.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

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<TD STYLE="font-size: 12pt; width: 0"></TD><TD STYLE="font-size: 12pt; width: 1in"><FONT STYLE="font-size: 12pt"><B><U>ITEM 9.01</U></B></FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 12pt"><B><U>Financial
                                         Statements and Exhibits</U></B></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-size: 12pt">(d)&nbsp;Exhibits.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="font-size: 12pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 12pt; width: 1in"></TD><TD STYLE="font-size: 12pt; width: 1.2in; text-align: left"><FONT STYLE="font-size: 12pt"><U>Exhibit
                                         Number</U></FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 12pt"><U>Description</U></FONT></TD>
</TR>
<TR STYLE="font-size: 12pt; vertical-align: top; text-align: justify">
<TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: top">
<TD STYLE="font-size: 12pt"></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/715579/000104746918001446/a2234119zex-10_21.htm" STYLE="-sec-extract: exhibit">99.1</A></FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/715579/000104746918001446/a2234119zex-10_21.htm" STYLE="-sec-extract: exhibit">ACNB
                                         Bank Variable Compensation Plan effective January&nbsp;1, 2014, as amended. (Incorporated
                                         by reference to Exhibit&nbsp;10.21 of the Registrant&rsquo;s Annual Report on Form&nbsp;10-K
                                         for the year ended December&nbsp;31, 2017, filed with the Commission on March&nbsp;9,
                                         2018.)</A></FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: top">
<TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: top">
<TD STYLE="font-size: 12pt"></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/715579/000104746918002178/a2234961zdef14a.htm#kc13501_acnb_corporation_2018_omnibus_stock_incentive_plan" STYLE="-sec-extract: exhibit">99.2</A></FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/715579/000104746918002178/a2234961zdef14a.htm#kc13501_acnb_corporation_2018_omnibus_stock_incentive_plan" STYLE="-sec-extract: exhibit">ACNB
                                         Corporation 2018 Omnibus Stock Incentive Plan. (Incorporated by reference to Exhibit&nbsp;A
                                         of the Registrant&rsquo;s Proxy Statement on Schedule 14A, filed with the Commission
                                         on March&nbsp;27, 2018.)</A></FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: top">
<TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: top">
<TD STYLE="font-size: 12pt"></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 12pt"><A HREF="tm2022978d1_ex99-3.htm">99.3</A></FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 12pt"><A HREF="tm2022978d1_ex99-3.htm">Form&nbsp;of
                                         ACNB Bank Variable Compensation Plan Restricted Stock Agreement for Employees dated as
                                         of June&nbsp;15, 2020.</A></FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: top">
<TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: top">
<TD STYLE="font-size: 12pt"></TD><TD STYLE="font-size: 12pt; text-align: center"><FONT STYLE="font-size: 12pt"><A HREF="tm2022978d1_ex99-4.htm">99.4</A></FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 12pt"><A HREF="tm2022978d1_ex99-4.htm">Form&nbsp;of
                                         ACNB Bank Variable Compensation Plan Restricted Stock Agreement for Non-Employee Directors
                                         dated as of June&nbsp;15, 2020.</A></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>EXHIBIT&nbsp;INDEX</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt"><B><U>EXHIBIT&nbsp;NO.</U></B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 12pt; vertical-align: top">
<TD STYLE="font-size: 12pt; width: 0.5in"></TD><TD STYLE="font-size: 12pt; width: 1in"><FONT STYLE="font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/715579/000104746918001446/a2234119zex-10_21.htm" STYLE="-sec-extract: exhibit">99.1</A></FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/715579/000104746918001446/a2234119zex-10_21.htm" STYLE="-sec-extract: exhibit">ACNB
                                         Bank Variable Compensation Plan effective January&nbsp;1, 2014, as amended. (Incorporated
                                         by reference to Exhibit&nbsp;10.21 of the Registrant&rsquo;s Annual Report on Form&nbsp;10-K
                                         for the year ended December&nbsp;31, 2017, filed with the Commission on March&nbsp;9,
                                         2018.)</A></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 12pt; vertical-align: top">
<TD STYLE="font-size: 12pt; width: 0.5in"></TD><TD STYLE="font-size: 12pt; width: 1in"><FONT STYLE="font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/715579/000104746918002178/a2234961zdef14a.htm#kc13501_acnb_corporation_2018_omnibus_stock_incentive_plan" STYLE="-sec-extract: exhibit">99.2</A></FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 12pt"><A HREF="https://www.sec.gov/Archives/edgar/data/715579/000104746918002178/a2234961zdef14a.htm#kc13501_acnb_corporation_2018_omnibus_stock_incentive_plan" STYLE="-sec-extract: exhibit">ACNB
                                         Corporation 2018 Omnibus Stock Incentive Plan. (Incorporated by reference to Exhibit&nbsp;A
                                         of the Registrant&rsquo;s Proxy Statement on Schedule 14A, filed with the Commission
                                         on March&nbsp;27, 2018.)</A></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 12pt; vertical-align: top">
<TD STYLE="font-size: 12pt; width: 0.5in"></TD><TD STYLE="font-size: 12pt; width: 1in"><FONT STYLE="font-size: 12pt"><A HREF="tm2022978d1_ex99-3.htm">99.3</A></FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 12pt"><A HREF="tm2022978d1_ex99-3.htm">Form&nbsp;of
                                         ACNB Bank Variable Compensation Plan Restricted Stock Agreement for Employees dated as
                                         of June&nbsp;15, 2020.</A></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="font-size: 12pt; vertical-align: top">
<TD STYLE="font-size: 12pt; width: 0.5in"></TD><TD STYLE="font-size: 12pt; width: 1in"><FONT STYLE="font-size: 12pt"><A HREF="tm2022978d1_ex99-4.htm">99.4</A></FONT></TD><TD STYLE="font-size: 12pt; text-align: justify"><FONT STYLE="font-size: 12pt"><A HREF="tm2022978d1_ex99-4.htm">Form&nbsp;of
                                         ACNB Bank Variable Compensation Plan Restricted Stock Agreement for Non-Employee Directors
                                         dated as of June&nbsp;15, 2020.</A></FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 12pt"><B>SIGNATURES</B></FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 12pt">Pursuant
to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Current Report on Form&nbsp;8-K
to be signed on its behalf by the undersigned, thereunto duly authorized.</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 12pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 12pt; vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD><TD STYLE="font: bold 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font: bold 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 12pt">ACNB CORPORATION</FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">(Registrant)</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 10pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD><TD STYLE="font-size: 12pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="font-size: 12pt; text-align: left"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 50%"><FONT STYLE="font-size: 12pt">Dated: June&nbsp;19, 2020</FONT></TD><TD STYLE="font: 12pt Times New Roman, Times, Serif; width: 1%"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 12pt Times New Roman, Times, Serif; width: 49%; text-align: left"><FONT STYLE="font-size: 12pt">/s/
    Lynda L. Glass</FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 12pt">Lynda L. Glass</FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 12pt">Executive Vice President/</FONT></TD></TR>
<TR STYLE="font-size: 12pt; vertical-align: bottom">
    <TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD><TD STYLE="font: 12pt Times New Roman, Times, Serif"><FONT STYLE="font-size: 12pt">&nbsp;</FONT></TD>
    <TD STYLE="font: 12pt Times New Roman, Times, Serif; text-align: left"><FONT STYLE="font-size: 12pt">Secretary&nbsp;&amp;
    Chief Governance Officer</FONT></TD></TR>
</TABLE>


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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>2
<FILENAME>tm2022978d1_ex99-3.htm
<DESCRIPTION>EXHIBIT 99.3
<TEXT>
<HTML>
<HEAD>
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<P STYLE="text-align: right; margin: 0">Exhibit&nbsp;99.3</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ACNB BANK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VARIABLE COMPENSATION PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RESTRICTED STOCK AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">THIS
AGREEMENT, dated as of June&nbsp;15, 2020 (&ldquo;Grant Date&rdquo;), by and among </FONT>ACNB Bank (&ldquo;Bank&rdquo;),
ACNB Corporation (&ldquo;Corporation&rdquo;), and <U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </U><FONT STYLE="font-size: 10pt">&nbsp;(&ldquo;Participant&rdquo;),
is entered into as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Bank is a wholly-owned subsidiary
of the Corporation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Corporation established the
ACNB Corporation 2018 Omnibus Stock Incentive Plan effective March&nbsp;20, 2018 (&ldquo;2018 Omnibus Stock Incentive Plan&rdquo;),
which 2018 Omnibus Stock Incentive Plan is hereby incorporated herein by reference and made a part hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Bank has established the ACNB
Bank Variable Compensation Plan (&ldquo;Variable Compensation Plan&rdquo;), which Variable Compensation Plan is hereby incorporated
herein by reference and made a part hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Participant is an employee
of the Bank; and,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Compensation Committee of the
Boards of Directors of the Bank and the Corporation (&ldquo;Committee&rdquo;) determined that it is in the best interest of the
Bank and the Corporation to grant and award to the Participant a Variable Equity Award under the Variable Compensation Plan equal
to __________ shares of common stock of ACNB Corporation (&ldquo;Stock&rdquo;), pursuant to the 2018 Omnibus Stock Incentive Plan
and subject to the restrictions stated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, intending to be legally
bound, the parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Grant
of Stock/Variable Equity Award.</FONT></B><FONT STYLE="font-size: 10pt"> Subject to the terms and conditions of this Agreement,
the 2018 Omnibus Stock Incentive Plan, and the Variable Compensation Plan, the Corporation hereby grants to the Participant ______________
shares of Stock (&ldquo;Variable Equity Award&rdquo;). The Variable Equity Award under this Agreement shall be granted under the
2018 Omnibus Stock Incentive Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Vesting
Schedule.</FONT></B><FONT STYLE="font-size: 10pt"> The interest of the Participant in the Stock subject to the Variable Equity
Award shall vest as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">One-third (1/3) of the Participant&rsquo;s
Variable Equity Award shall be 100% vested as of the Grant Date, with the next one-third (1/3) 100% vested as of January&nbsp;1,
2021, and the final one-third (1/3) 100% vested as of January&nbsp;1, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Vesting will automatically accelerate upon
the occurrence of the events specified in, and in accordance with the provisions of, Section&nbsp;15 of the 2018 Omnibus Stock
Incentive Plan. Further, the Participant shall become fully vested in the Variable Equity Award upon (i)&nbsp;the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">Participant&rsquo;s
death or disability; or, (ii)&nbsp;the Participant&rsquo;s retirement from service at the Bank or the Corporation at or after age
62.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Restrictions.</FONT></B><FONT STYLE="font-size: 10pt">
The Stock or rights granted hereunder may not be sold, assigned, transferred, exchanged, pledged, hypothecated, encumbered or otherwise
disposed of except as permitted by the Plan or the Variable Equity Award and in no case until the later of (i)&nbsp;the date the
Stock becomes vested in accordance with Section&nbsp;2 or (ii)&nbsp;six (6)&nbsp;months from the Grant Date. The period of time
between the date hereof and the later of (i)&nbsp;the date which the Stock becomes vested or (ii)&nbsp;six (6)&nbsp;months from
the Grant Date is referred to herein as the &ldquo;Restriction Period&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Forfeiture.
</FONT></B><FONT STYLE="font-size: 10pt">The unvested Variable Equity Award subject to the provisions of this Agreement shall
be forfeited upon the occurrence of the events specified in, and in accordance with the provisions of, Section&nbsp;24 of the
2018 Omnibus Stock Incentive Plan. Further, if the Participant&rsquo;s employment with the Bank is terminated by the Bank or voluntarily
by the Participant, the Stock subject to the provisions of this Agreement which has not vested at the time of the Participant&rsquo;s
termination of employment shall be forfeited by the Participant and transferred back to the Corporation.<B><BR>
<BR></B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Uncertificated.</FONT></B><FONT STYLE="font-size: 10pt">
The Stock granted pursuant to the Plan shall be uncertificated and held in a book-entry account in the name of the Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Participant
Shareholder Rights. </FONT></B><FONT STYLE="font-size: 10pt">During the Restriction Period, the Participant shall have all the
rights of a shareholder with respect to the Stock except for the right to transfer the Stock, as set forth in Section&nbsp;3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Changes
in Stock. </FONT></B><FONT STYLE="font-size: 10pt">This Variable Equity Award, including the number of Shares subject to the Variable
Equity Award, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of, Section&nbsp;23
of the 2018 Omnibus Stock Incentive Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Clawback.
</FONT></B><FONT STYLE="font-size: 10pt">In the event that the Corporation or the Bank is required to prepare an accounting restatement
because of the material noncompliance of the Corporation or the Bank with any financial reporting requirement and, if within the
previous three (3)&nbsp;years from the date of the restatement, a Participant received a Variable Equity Award under this Agreement
based upon the erroneous data, the Participant shall return and refund to the Corporation or the Bank the excess of what would
have been paid to the Participant under the accounting restatement. In the event that the Corporation or the Bank is required to
prepare an accounting restatement because of a Participant&rsquo;s misconduct or fraudulent activity, then the Participant shall
return and refund to the Corporation or the Bank the entire Variable Equity Award received based upon the erroneous data.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>9.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Taxes.
</FONT></B><FONT STYLE="font-size: 10pt">The Participant shall be liable for any and all taxes, including withholding taxes, arising
out of this Variable Equity Award or the vesting of Stock hereunder. The Participant hereby authorizes the Bank to withhold the
appropriate taxes from the Participant&rsquo;s wages.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>10.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Miscellaneous.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Corporation shall not be required (i)&nbsp;to transfer on its books any shares of Stock which shall have been sold or transferred
in violation of any of the provisions set forth in this Agreement, or (ii)&nbsp;to treat as owner of such shares or to accord the
right to vote as such owner or to pay dividends to any transferee to whom such shares shall have been so transferred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
parties agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent
of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
notice required or permitted hereunder shall be given in writing and shall be deemed effective upon delivery to the Participant
at his or her address on file with the Bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Neither
the 2018 Omnibus Stock Incentive Plan, the Variable Compensation Plan, nor this Agreement shall be construed so as to grant the
Participant any right to employment or to remain in the employ of the Bank or the Corporation, as applicable.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 47%">ATTEST: </TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 48%">ACNB CORPORATION </TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>ATTEST: </TD>
    <TD>&nbsp;</TD>
<TD>ACNB BANK </TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>WITNESS: </TD>
    <TD>&nbsp;</TD>
<TD></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>Participant</TD></TR>
</TABLE>

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<TYPE>EX-99.4
<SEQUENCE>3
<FILENAME>tm2022978d1_ex99-4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<HTML>
<HEAD>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="text-align: right; margin: 0">Exhibit&nbsp;99.4</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ACNB BANK</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>VARIABLE COMPENSATION PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>RESTRICTED STOCK AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-size: 10pt">THIS AGREEMENT,
dated as of June&nbsp;15, 2020 (&ldquo;Grant Date&rdquo;), by and among ACNB Bank (&ldquo;Bank&rdquo;), ACNB Corporation (&ldquo;Corporation&rdquo;),
and</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><FONT STYLE="font-size: 10pt">(&ldquo;Participant&rdquo;),
is entered into as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Bank is a wholly-owned subsidiary
of the Corporation;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Corporation established the
ACNB Corporation 2018 Omnibus Stock Incentive Plan effective March&nbsp;20, 2018 (&ldquo;2018 Omnibus Stock Incentive Plan&rdquo;),
which 2018 Omnibus Stock Incentive Plan is hereby incorporated herein by reference and made a part hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Bank has established the ACNB
Bank Variable Compensation Plan (&ldquo;Variable Compensation Plan&rdquo;), which Variable Compensation Plan is hereby incorporated
herein by reference and made a part hereof;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Participant is a non-employee
director of the Corporation and the Bank; and,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">WHEREAS, the Compensation Committee of the
Boards of Directors of the Bank and the Corporation (&ldquo;Committee&rdquo;) determined that it is in the best interest of the
Bank and the Corporation to grant and award to the Participant a Variable Equity Award under the Variable Compensation Plan equal
to 500 shares of common stock of ACNB Corporation (&ldquo;Stock&rdquo;), pursuant to the 2018 Omnibus Stock Incentive Plan and
subject to the restrictions stated below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">NOW, THEREFORE, intending to be legally
bound, the parties hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>1.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Grant
of Stock/Variable Equity Award.</FONT></B><FONT STYLE="font-size: 10pt"> Subject to the terms and conditions of this Agreement,
the 2018 Omnibus Stock Incentive Plan, and the Variable Compensation Plan, the Corporation hereby grants to the Participant 500
shares of Stock (&ldquo;Variable Equity Award&rdquo;). The Variable Equity Award under this Agreement shall be granted under the
2018 Omnibus Stock Incentive Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>2.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Vesting
Schedule.</FONT></B><FONT STYLE="font-size: 10pt"> The interest of the Participant in the Stock subject to the Variable Equity
Award shall vest as follows:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">One-third (1/3) of the Participant&rsquo;s
Variable Equity Award shall be 100% vested as of the Grant Date, with the next one-third (1/3) 100% vested as of January&nbsp;1,
2021, and the final one-third (1/3) 100% vested as of January&nbsp;1, 2022.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Vesting will automatically accelerate upon
the occurrence of the events specified in, and in accordance with the provisions of, Section&nbsp;15 of the 2018 Omnibus Stock
Incentive Plan. Further, the Participant shall become fully vested in the Variable Equity Award upon (i)&nbsp;the Participant&rsquo;s
death or disability; (ii)&nbsp;the Participant&rsquo;s retirement from service on the Boards of Directors of the Corporation and
the Bank at or after age 72; or, (iii)&nbsp;the Participant&rsquo;s service on</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">the Boards of Directors of the Corporation and the
Bank is terminated by the Corporation and the Bank for any reason other than he or she has engaged in fraud, embezzlement, theft,
commission of a felony, or dishonesty and such action has damaged the Corporation or its affiliates, as the case may be, or that
the Participant has disclosed trade secrets of the Corporation or its affiliates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>3.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Restrictions.</FONT></B><FONT STYLE="font-size: 10pt">
The Stock or rights granted hereunder may not be sold, assigned, transferred, exchanged, pledged, hypothecated, encumbered or otherwise
disposed of except as permitted by the Plan or the Variable Equity Award and in no case until the later of (i)&nbsp;the date the
Stock becomes vested in accordance with Section&nbsp;2 or (ii)&nbsp;six (6)&nbsp;months from the Grant Date. The period of time
between the date hereof and the later of (i)&nbsp;the date which the Stock becomes vested or (ii)&nbsp;six (6)&nbsp;months from
the Grant Date is referred to herein as the &ldquo;Restriction Period&rdquo;.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>4.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Forfeiture.
</FONT></B><FONT STYLE="font-size: 10pt">The unvested Variable Equity Award subject to the provisions of this Agreement shall be
forfeited upon the occurrence of the events specified in, and in accordance with the provisions of, Section&nbsp;24 of the 2018
Omnibus Stock Incentive Plan. Further, if the Participant&rsquo;s service on the Boards of Directors of the Corporation and the
Bank is terminated (i)&nbsp;by the Corporation and the Bank, except as provided in Section&nbsp;2 above, or (ii)&nbsp;voluntarily
by the Participant and not at the request of the Corporation or the Bank, the Stock subject to the provisions of this Agreement
which has not vested at the time of the Participant&rsquo;s termination of service shall be forfeited by the Participant and transferred
back to the Corporation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>5.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Uncertificated.</FONT></B><FONT STYLE="font-size: 10pt">
The Stock granted pursuant to the Plan shall be uncertificated and held in a book-entry account in the name of the Participant.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>6.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Participant
Shareholder Rights. </FONT></B><FONT STYLE="font-size: 10pt">During the Restriction Period, the Participant shall have all the
rights of a shareholder with respect to the Stock except for the right to transfer the Stock, as set forth in Section&nbsp;3.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>7.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Changes
in Stock. </FONT></B><FONT STYLE="font-size: 10pt">This Variable Equity Award, including the number of Shares subject to the Variable
Equity Award, will be adjusted upon the occurrence of the events specified in, and in accordance with the provisions of, Section&nbsp;23
of the 2018 Omnibus Stock Incentive Plan.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>8.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Clawback.
</FONT></B><FONT STYLE="font-size: 10pt">In the event that the Corporation or the Bank is required to prepare an accounting restatement
because of the material noncompliance of the Corporation or the Bank with any financial reporting requirement and, if within the
previous three (3)&nbsp;years from the date of the restatement, a Participant received a Variable Equity Award under this Agreement
based upon the erroneous data, the Participant shall return and refund to the Corporation or the Bank the excess of what would
have been paid to the Participant under the accounting restatement. In the event that the Corporation or the Bank is required to
prepare an accounting restatement because of a Participant&rsquo;s misconduct or fraudulent activity, then the Participant shall
return and refund to the Corporation or the Bank the entire Variable Equity Award received based upon the erroneous data.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>9.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Taxes.
</FONT></B><FONT STYLE="font-size: 10pt">The Participant shall be liable for any and all taxes arising out of this Variable Equity
Award or the vesting of Stock hereunder.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt"><B>10.</B></FONT><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Miscellaneous.</FONT></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(a)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
Corporation shall not be required (i)&nbsp;to transfer on its books any shares of Stock which shall have been sold or transferred
in violation of any of the provisions set forth in this Agreement, or (ii)&nbsp;to treat as owner of such shares or to accord the
right to vote as such owner or to pay dividends to any transferee to whom such shares shall have been so transferred.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(b)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">The
parties agree to execute such further instruments and to take such action as may reasonably be necessary to carry out the intent
of this Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(c)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Any
notice required or permitted hereunder shall be given in writing and shall be deemed effective upon delivery to the Participant
at his or her address on file with the Corporation or the Bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt">(d)</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt">Neither
the 2018 Omnibus Stock Incentive Plan, the Variable Compensation Plan, nor this Agreement shall be construed so as to grant the
Participant any right to remain as a director of the Corporation or the Bank.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 48%">ATTEST: &nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
<TD STYLE="width: 47%">ACNB CORPORATION &nbsp; &nbsp; &nbsp; &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>ATTEST: &nbsp; &nbsp; &nbsp; &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>ACNB BANK &nbsp; &nbsp; &nbsp; &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp;</TD></TR>
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<TD>WITNESS: &nbsp; &nbsp; &nbsp; &nbsp;</TD>
    <TD>&nbsp;</TD>
<TD>&nbsp; &nbsp; &nbsp; &nbsp;</TD></TR>
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<TD>&nbsp;</TD>
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<TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
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    <TD>&nbsp;</TD>
<TD STYLE="border-bottom: Black 1pt solid">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD> Participant</TD></TR>
</TABLE>

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