Form 4: Orange County Bancorp CEO Michael Gilfeather Disposes of Shares to Cover Tax Obligations

Michael Gilfeather, President and CEO of Orange County Bancorp, disposed of 594 shares of common stock on March 11, 2024, to cover tax obligations.

Summary

• On March 11, 2024, Michael J. Gilfeather, the President and CEO of Orange County Bancorp, Inc., disposed of 594 shares of common stock at a price of $45.20.
• This transaction was executed to cover tax obligations.
• Following the transaction, Gilfeather directly owns 35,272 shares of common stock and indirectly owns 7,800 shares through an IRA.
• The directly owned shares include restricted stock which vests at a rate of 1/3 per year commencing on February 15, 2022, September 21, 2022, February 15, 2023 and March 11, 2024.
• Gilfeather also holds 8,008 shares of phantom stock, which become payable upon separation of service and reaching the age of 65.

Sentiment

Score: 6

Explanation: The sentiment is neutral as it reflects a routine transaction for tax purposes. It doesn't indicate a significant change in the executive's confidence in the company.

Industry Context

Form 4 filings are standard practice and provide transparency into the transactions of company insiders, allowing investors to monitor potential alignment of interests between management and shareholders.

Stakeholder Impact

• The disposal of shares by the CEO could have a minor impact on shareholder sentiment, but is unlikely to be significant given the reason for the transaction.

Key Dates