Form 4: Orange County Bancorp CEO Michael Gilfeather Reports Stock Disposal
SEC Form 4 Filing
Michael Gilfeather, President and CEO of Orange County Bancorp, reports the disposal of 960 shares of common stock to cover tax obligations related to vesting restricted stock units.
Summary
- On September 23, 2024, Michael Gilfeather, the President and CEO of Orange County Bancorp, disposed of 960 shares of common stock at a price of $58.50 per share.
- This transaction was to cover tax obligations related to vesting restricted stock units.
- Following the transaction, Gilfeather directly owns 42,895 shares of common stock and indirectly owns 7,800 shares through an IRA.
- He also holds 8,120 shares of phantom stock, which are payable upon separation of service as a director.
Sentiment
Score: 5
Explanation: Neutral sentiment as the filing simply reports a routine transaction related to tax obligations on vested stock.
Industry Context
Form 4 filings are standard practice and provide transparency into the transactions of company insiders, allowing investors to monitor executive compensation and potential alignment with shareholder interests.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a routine disposal of shares for tax purposes and does not indicate a change in the executive's long-term outlook on the company.
Key Dates
| Date | Description |
|---|---|
| 09/21/2022 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| 02/15/2023 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| 03/11/2024 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| 09/23/2024 | Date of the stock disposal transaction. |
| 09/25/2024 | Date of signature for the Form 4 filing. |
| 12/31/2026 | Vesting date for restricted stock units. |
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