Form 4: Orange County Bancorp Director Scacco Sells Shares to Cover Tax Obligations
SEC Form 4
Director Gustave J Scacco sold 240 shares of Orange County Bancorp, Inc. to cover tax obligations related to restricted stock units.
Summary
- On September 23, 2024, Gustave J Scacco, a director of Orange County Bancorp, Inc., disposed of 240 shares of common stock.
- The transaction was executed to cover tax obligations.
- Following the transaction, Scacco directly owns 2,780 shares of Orange County Bancorp, Inc.
Sentiment
Score: 5
Explanation: The sentiment is neutral as the transaction is a routine sale of shares to cover tax obligations and doesn't necessarily reflect a change in the director's outlook on the company.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. Sales to cover tax obligations are common and don't necessarily indicate a negative outlook on the company.
Stakeholder Impact
- The sale of shares by a director could have a minor, temporary impact on shareholder sentiment.
Key Dates
| Date | Description |
|---|---|
| 09/21/2022 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| 09/23/2024 | Date of transaction: Director Gustave J Scacco disposed of 240 shares of common stock. |
| 09/25/2024 | Date of signature on the Form 4 filing. |
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