Form 4: Orange County Bancorp Executive Gregory Sousa Reports Changes in Beneficial Ownership

EVP and Deputy CLO of Orange County Bancorp, Gregory Sousa, reports changes in beneficial ownership of company stock, including acquisitions of restricted stock units and phantom stock.

Summary

• Gregory Sousa, EVP and Deputy CLO of Orange County Bancorp, filed a Form 4 detailing changes in his beneficial ownership of the company's stock.
• The reported transactions include the acquisition of restricted stock units vesting over three years, commencing on February 15, 2023, March 11, 2024, and March 21, 2025.
• Sousa also reported holdings of common stock through a 401(k) plan and deemed investments in phantom stock related to the Performance-Based SERP.
• The phantom stock interests may be settled in shares of company stock upon distribution, based on Sousa's prior election.
• The filing indicates both direct and indirect ownership of Orange County Bancorp securities by Sousa.

Sentiment

Score: 5

Explanation: The document is a routine regulatory filing detailing changes in beneficial ownership. It doesn't inherently convey positive or negative sentiment.

Industry Context

Form 4 filings are standard practice and provide transparency into the trading activities of company insiders, which can be a signal to investors.

Comparison to Industry Standards

• Executive compensation packages often include restricted stock units and phantom stock to align management's interests with those of shareholders.
• The vesting schedules for the restricted stock units (1/3 per year) are fairly standard in the industry.
• Performance-Based SERPs are also common, offering executives deferred compensation tied to company performance.

Stakeholder Impact

• The filing provides transparency to shareholders regarding executive compensation and ownership.
• It can influence investor perception of management's alignment with shareholder interests.

Key Dates