Form 4: Orange County Bancorp CEO Acquires Phantom Stock
SEC Form 4
Michael J. Gilfeather, President and CEO of Orange County Bancorp, reports acquisition of phantom stock and direct/indirect ownership of common stock.
Summary
- Michael J. Gilfeather, the President and CEO of Orange County Bancorp, filed a Form 4 detailing changes in his beneficial ownership.
- The report indicates that Gilfeather directly owns 35,272 shares of common stock.
- This includes shares of restricted stock vesting at a rate of 1/3 per year commencing on February 15, 2022, September 21, 2022, February 15, 2023 and March 11, 2024.
- It also includes restricted stock units which vest on December 31, 2026.
- He also indirectly owns 7,800 shares through an IRA.
- Gilfeather acquired phantom stock equivalent to 39 shares of common stock at $47.1 on March 15, 2024.
- These phantom stock units become payable upon his separation of service as an executive and reaching the age of 65.
- Following the reported transactions, Gilfeather beneficially owns 8,047 derivative securities.
Sentiment
Score: 5
Explanation: Neutral sentiment as it's a standard regulatory filing detailing insider transactions.
Positives
- The CEO's continued investment in the company, including the acquisition of phantom stock, could be seen as a positive signal.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Investors often monitor these filings to gauge management's confidence in the company's prospects.
Stakeholder Impact
- The filing provides transparency to shareholders regarding the CEO's holdings and transactions.
Key Dates
| Date | Description |
|---|---|
| 02/15/2022 | Commencement date for 1/3 per year vesting of restricted stock. |
| 09/21/2022 | Commencement date for 1/3 per year vesting of restricted stock units. |
| 02/15/2023 | Commencement date for 1/3 per year vesting of restricted stock units. |
| 03/11/2024 | Commencement date for 1/3 per year vesting of restricted stock units. |
| 03/15/2024 | Date of phantom stock acquisition. |
| 03/18/2024 | Date of Form 4 signature. |
| 12/31/2026 | Vesting date for restricted stock units. |
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