Form 4: Orange County Bancorp Director Acquires Phantom Stock and Restricted Stock Units

Director Marianna R. Kennedy reports acquisition of phantom stock and restricted stock units in Orange County Bancorp, Inc.

Summary

• On March 15, 2024, Marianna R. Kennedy, a director of Orange County Bancorp, Inc. (OBT), acquired phantom stock and restricted stock units.
• The phantom stock is the economic equivalent of one share of common stock and becomes payable upon separation of service as a director.
• The restricted stock units vest 100% as of the date of grant and are settled in shares of Issuer common stock upon separation from service.
• Some restricted stock units vest 100% on August 8, 2024, and are settled in shares of Issuer common stock upon separation from service.
• Kennedy directly owns 2,063 shares of common stock.
• Kennedy also owns 10 shares of phantom stock.

Sentiment

Score: 5

Explanation: The document is a neutral regulatory filing detailing stock transactions by a company director. It doesn't inherently convey positive or negative sentiment.

Future Outlook

The phantom stock becomes payable upon the reporting person's separation of service as a director, and restricted stock units are settled in shares of Issuer common stock upon separation from service.

Industry Context

This filing is a routine disclosure of a director's stock ownership and transactions, which is common in publicly traded companies. It provides transparency to investors regarding the alignment of interests between management and shareholders.

Stakeholder Impact

• The transaction provides transparency to shareholders regarding director's holdings.

Key Dates