Form 4: Orange County Bancorp Executive Gregory Sousa Reports Acquisition of Restricted Stock Units

Gregory Sousa, EVP and Deputy CLO of Orange County Bancorp, reports the acquisition of restricted stock units and adjustments to holdings in company stock and phantom stock.

Summary

• Gregory Sousa, an executive at Orange County Bancorp, filed a Form 4 detailing changes in beneficial ownership.
• On March 20, 2025, Sousa acquired 5,676 shares of common stock in the form of restricted stock units at a price of $0.
• These restricted stock units vest at a rate of 1/3 per year commencing on March 20, 2026.
• Following the transaction, Sousa directly owns 13,345 shares of common stock.
• Sousa also indirectly owns 4,937 shares through a 401(k).
• Additionally, Sousa holds 3,621 units of phantom stock related to the Performance-Based SERP.
• These phantom stock interests may be settled in shares of company stock upon distribution.

Sentiment

Score: 6

Explanation: Neutral sentiment as it's a routine disclosure of executive stock transactions. The acquisition of restricted stock units is generally a positive sign, but it's not a major event.

Positives

• The acquisition of restricted stock units suggests confidence in the company's future performance.

Future Outlook

The vesting schedule of the restricted stock units extends into the future, aligning executive compensation with long-term company performance.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. The acquisition of restricted stock units is a common form of executive compensation in the banking industry.

Comparison to Industry Standards

• Executive compensation packages often include a mix of salary, bonus, stock options, and restricted stock units.
• The vesting schedule of 1/3 per year is a typical arrangement for restricted stock units.
• Companies like JPMorgan Chase & Co and Bank of America also use similar compensation strategies to align executive interests with shareholder value.

Stakeholder Impact

• The transaction provides transparency to shareholders regarding executive compensation.
• The vesting schedule aligns executive interests with long-term shareholder value.

Key Dates

Keywords

Form 4, beneficial ownership, restricted stock units, Orange County Bancorp, Gregory Sousa, OBT, phantom stock, SERP, executive compensation