Form 4: Orange County Bancorp EVP Michael Coulter Reports Stock Disposal
SEC Form 4
Michael Coulter, EVP and CLO of Orange County Bancorp, Inc., reported the disposal of 217 shares of common stock on March 11, 2024, to cover tax obligations related to vesting restricted stock units.
Summary
- On March 11, 2024, Michael J. Coulter, EVP and CLO of Orange County Bancorp, Inc., disposed of 217 shares of common stock.
- The transaction was executed at a price of $45.2 per share.
- Following the transaction, Coulter directly owns 3,560 shares of common stock.
- Coulter also indirectly owns shares through a 401(k) plan.
- The reported transaction was related to the satisfaction of tax obligations.
- The filing also mentions restricted stock and restricted stock units vesting over time.
Sentiment
Score: 5
Explanation: The document is a routine regulatory filing detailing a stock disposal for tax purposes. It doesn't contain information that would significantly impact investor sentiment positively or negatively.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates a standard transaction related to tax obligations arising from the vesting of equity compensation.
Stakeholder Impact
- The transaction has a minimal impact on shareholders as it is a small disposal of shares by an executive for tax purposes.
Key Dates
| Date | Description |
|---|---|
| 02/15/2022 | Commencement date for vesting of restricted stock at a rate of 1/3 per year. |
| 09/21/2022 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| 02/15/2023 | Commencement date for vesting of additional restricted stock units at a rate of 1/3 per year. |
| 03/11/2024 | Date of the reported stock disposal transaction. |
| 03/13/2024 | Date of the Form 4 filing. |
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