Form 4: Orange County Bancorp CFO Michael Lesler Reports Changes in Beneficial Ownership, Including Phantom Stock Acquisition
Insider Ownership Report
Orange County Bancorp's EVP and Chief Financial Officer, Michael Lesler, has filed an SEC Form 4 detailing his beneficial ownership of company securities, including direct and indirect holdings, and the acquisition of phantom stock.
Summary
- Michael Lesler, EVP, Chief Financial Officer of Orange County Bancorp, Inc. (OBT), reported his beneficial ownership of company securities.
- He directly owns 12,845 shares of Common Stock, which includes restricted stock units (RSUs) with various vesting schedules.
- Indirectly, he owns 1,062 shares of Common Stock through a 401(k) and 2,000 shares through an IRA.
- On June 16, 2025, Mr. Lesler acquired 5 units of Phantom Stock at a price of $23.14 per unit, which represents deemed investments under a Performance-Based SERP.
- Following this transaction, Mr. Lesler beneficially owns 892 units of Phantom Stock directly.
Sentiment
Score: 6
Explanation: The document is a factual disclosure of insider holdings and a small acquisition of phantom stock, indicating continued executive alignment with company performance. No negative or significantly positive news is conveyed beyond routine compensation.
Positives
- Acquisition of 5 phantom stock units indicates continued participation in long-term incentive plans.
- Significant direct and indirect holdings align management's interests with shareholders.
Future Outlook
NA
Industry Context
NA
Stakeholder Impact
- Shareholders: The reported holdings and phantom stock acquisition indicate alignment of executive interests with shareholder value through equity ownership and performance-based incentives.
Next Steps
- Continued vesting of restricted stock units on their respective schedules (December 23, 2023; March 11, 2024; March 21, 2025; March 20, 2026).
- Potential settlement of phantom stock interests in company shares upon distribution to the reporting person based on prior election.
Key Dates
| Date | Description |
|---|---|
| 2023-12-23 | Commencement of vesting for a portion of restricted stock units (1/3 per year). |
| 2024-03-11 | Commencement of vesting for a portion of restricted stock units (1/3 per year). |
| 2025-03-21 | Commencement of vesting for a portion of restricted stock units (1/3 per year). |
| 2025-06-16 | Date of acquisition of 5 phantom stock units. |
| 2025-06-18 | Date the Form 4 was signed and filed. |
| 2026-03-20 | Commencement of vesting for a portion of restricted stock units (1/3 per year). |
Keywords
Orange County Bancorp, OBT, Michael Lesler, SEC Form 4, Beneficial Ownership, Insider Trading, Common Stock, Restricted Stock Units, Phantom Stock, Executive Compensation, Financial Officer
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