Form 4: Orange County Bancorp CEO Michael Gilfeather Reports Stock Disposal Due to Tax Withholding
SEC Form 4 Filing
CEO Michael Gilfeather disposed of 1,133 shares of Orange County Bancorp stock on February 18, 2025, to cover tax obligations related to vesting restricted stock units.
Summary
- On February 18, 2025, Michael J Gilfeather, President and CEO of Orange County Bancorp, Inc., disposed of 1,133 shares of common stock at a price of $26.63.
- This transaction was due to the withholding of shares to cover tax obligations related to vesting restricted stock units.
- Following the transaction, Gilfeather directly owns 90,704 shares of common stock and indirectly owns 15,850 shares through an IRA.
- He also holds 16,755 shares of phantom stock, which are payable upon separation of service.
Sentiment
Score: 6
Explanation: The document is neutral, reporting a routine transaction related to tax obligations. It doesn't indicate positive or negative sentiment about the company's performance.
Industry Context
Form 4 filings are standard practice for reporting changes in beneficial ownership by company insiders, providing transparency to investors.
Comparison to Industry Standards
- Comparing Orange County Bancorp's insider transactions to similar regional banks would require analyzing their respective Form 4 filings.
- Analyzing insider trading activity relative to peers like Community Bank System or Northwest Bancshares could provide insights into market sentiment.
Stakeholder Impact
- The transaction is unlikely to have a significant impact on stakeholders as it is a routine disposal of shares for tax purposes.
Key Dates
| Date | Description |
|---|---|
| February 15, 2023 | Restricted stock units vest at a rate of 1/3 per year commencing on this date. |
| March 11, 2024 | Restricted stock units vest at a rate of 1/3 per year commencing on this date. |
| January 10, 2025 | Two-for-one forward stock split of the Issuer's common stock occurred on this date. |
| February 18, 2025 | Transaction date: CEO disposed of 1,133 shares for tax withholding. |
| March 21, 2025 | Restricted stock units vest at a rate of 1/3 per year commencing on this date. |
| December 31, 2026 | Restricted stock units vest on this date. |
| February 20, 2025 | Date of signature for the Form 4 filing. |
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