Form 4: Orange County Bancorp Executive Gregory Sousa Reports Acquisition of Phantom Stock
SEC Form 4 Filing
Gregory Sousa, EVP and Deputy CLO of Orange County Bancorp, reports acquiring phantom stock and holding common stock both directly and indirectly through a 401(k).
Summary
- Gregory Sousa, an executive at Orange County Bancorp, filed a Form 4 detailing changes in beneficial ownership.
- The report indicates the acquisition of phantom stock related to the Performance-Based SERP on September 16, 2024.
- Sousa directly owns 4,918 shares of common stock, including restricted stock units vesting over time.
- He also indirectly owns 1,811 shares of common stock through a 401(k).
- The phantom stock interests may be settled in shares of company stock upon distribution.
Sentiment
Score: 7
Explanation: The document reflects standard executive compensation practices and insider transactions, suggesting a neutral to slightly positive sentiment as it indicates executive alignment with company performance.
Positives
- The reporting person's investment in phantom stock aligns their interests with the company's performance.
- The executive's holdings of common stock, both directly and through a 401(k), demonstrate a vested interest in the company's success.
Industry Context
Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This filing indicates executive compensation and investment in the company.
Comparison to Industry Standards
- Executive compensation packages often include a mix of salary, stock options, restricted stock units, and phantom stock.
- The vesting schedules for restricted stock units (1/3 per year) are fairly standard in the industry.
- Performance-Based SERPs are also common, designed to incentivize long-term performance and retention.
Stakeholder Impact
- Shareholders may view the executive's investment in phantom stock and common stock as a positive sign of confidence in the company's future.
- Employees may see the Performance-Based SERP as an attractive component of the company's compensation package.
Key Dates
| Date | Description |
|---|---|
| 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 restricted stock units at a rate of 1/3 per year. |
| 03/11/2024 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| 03/21/2025 | Commencement date for vesting of restricted stock units at a rate of 1/3 per year. |
| 09/16/2024 | Date of transaction involving phantom stock acquisition. |
| 09/18/2024 | Date of signature for the Form 4 filing. |
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