Form 4: Orange County Bancorp CEO Michael Gilfeather Reports Stock Transactions
SEC Form 4 Filing
Michael Gilfeather, President and CEO of Orange County Bancorp, reports acquisition and disposal of common stock and phantom stock.
Summary
- Michael J Gilfeather, the President and CEO of Orange County Bancorp, filed a Form 4 detailing changes in beneficial ownership.
- The report includes transactions related to common stock and phantom stock.
- Gilfeather directly owns 43,295 shares of common stock and indirectly owns 7,925 shares through an IRA.
- He also acquired phantom stock, with each share equivalent to one share of common stock, payable upon separation of service.
- The phantom stock transaction occurred on December 16, 2024, with 34 shares acquired at $59.24.
- The filing also mentions restricted stock units vesting at various dates.
Sentiment
Score: 6
Explanation: The sentiment is neutral as the document is a standard regulatory filing detailing stock transactions. The CEO's holdings suggest confidence, but the filing itself doesn't convey strong positive or negative sentiment.
Positives
- The CEO's continued holding of a significant number of shares demonstrates confidence in the company.
- The acquisition of phantom stock aligns the CEO's interests with the long-term performance of the company.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the trading activities of company insiders.
Stakeholder Impact
- The filing provides transparency to shareholders regarding the CEO's stake in the company.
- Employees may view the CEO's stock ownership as a sign of commitment to the company's success.
Key Dates
| Date | Description |
|---|---|
| February 15, 2023 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| March 11, 2024 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| December 16, 2024 | Date of phantom stock transaction. |
| December 18, 2024 | Date of signature on the Form 4 filing. |
| March 21, 2025 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| December 31, 2026 | Date of vesting of restricted stock units. |
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