Form 4: Orange County Bancorp Director Kennedy Acquires Phantom Stock

Director Marianna R. Kennedy acquired phantom stock and holds restricted stock units in Orange County Bancorp, Inc.

Summary

• On April 1, 2024, Marianna R. Kennedy, a director of Orange County Bancorp, Inc., acquired phantom stock representing 393 shares of common stock.
• The price of the derivative security (phantom stock) was $47.74.
• Kennedy directly owns 2,456 derivative securities (phantom stock) following the reported transaction.
• Kennedy also holds 1,301 shares of common stock, including restricted stock units that vest at different dates and are settled upon separation from service.

Sentiment

Score: 5

Explanation: The document is a standard regulatory filing, indicating a neutral sentiment.

Industry Context

This filing is a routine disclosure of a director's stock ownership and transactions, which is common in publicly traded companies.

Comparison to Industry Standards

• Director stock ownership is a common practice in publicly traded companies like Orange County Bancorp.
• Comparable companies such as Community Bank System, Inc. (CBU) and New York Community Bancorp, Inc. (NYCB) also have similar director ownership structures and reporting requirements.
• The vesting schedules for restricted stock units are typical for executive compensation packages in the banking industry.

Stakeholder Impact

• The transaction provides transparency to shareholders regarding director ownership.
• The vesting of restricted stock units incentivizes the director to remain with the company.

Key Dates