Form 4: Orange County Bancorp Director Jon Schiller Acquires Phantom Stock, Boosts Holdings

Orange County Bancorp, Inc. Director Jon Schiller reported the acquisition of 729 shares of phantom stock and an updated beneficial ownership of common stock and phantom stock.

Summary

• Jon Schiller, a Director of Orange County Bancorp, Inc. (OBT), reported changes in his beneficial ownership of company securities.
• Acquired 729 shares of phantom stock on July 1, 2025, at a price of $26.49 per share.
• Following this transaction, Jon Schiller beneficially owns a total of 2,265 shares of phantom stock.
• The filing also indicates beneficial ownership of 12,446 shares of common stock, which includes restricted stock units.
• These restricted stock units are set to vest 100% on February 20, 2026, and will be settled in common shares upon the reporting person's separation from service.
• Each share of phantom stock is economically equivalent to one share of common stock and becomes payable upon Jon Schiller's separation from service as a director.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock by a director, which aligns their interests with shareholders and vests upon separation, is generally viewed as a positive signal of commitment and confidence in the company's long-term prospects. It's a routine compensation disclosure but still indicates an increase in insider stake.

Positives

• Director Jon Schiller increased his beneficial ownership of derivative securities by acquiring 729 shares of phantom stock, indicating continued alignment with shareholder interests.
• The phantom stock, economically equivalent to common stock, becomes payable upon separation from service, providing a long-term incentive for the director.
• Existing restricted stock units, included in the common stock beneficial ownership, are set to fully vest on February 20, 2026, further solidifying the director's stake in the company.

Future Outlook

NA

Industry Context

This filing is a routine disclosure of insider transactions for a financial institution. Such disclosures are common across all publicly traded companies and provide transparency into executive and director stock ownership changes.

Comparison to Industry Standards

• This Form 4 filing adheres to standard SEC reporting requirements for insider transactions, providing transparent disclosure of a director's equity holdings and recent acquisition of phantom stock.
• The structure and content are consistent with similar filings by directors of other regional banks and financial services companies, such as those from directors at Bank of America (BAC) or JPMorgan Chase (JPM), though the scale of transactions would differ.

Stakeholder Impact

• Shareholders: The acquisition of phantom stock by a director can be viewed positively as it aligns the director's interests with shareholders and signals confidence in the company's future.

Next Steps

• The restricted stock units are expected to vest on February 20, 2026.
• The phantom stock will become payable upon Jon Schiller's separation from service as a director.

Key Dates

Keywords

Orange County Bancorp, OBT, Jon Schiller, SEC Form 4, Insider Trading, Director Holdings, Phantom Stock, Restricted Stock Units, Beneficial Ownership, Corporate Governance