Orange County Bancorp (OBT) CEO awarded new phantom stock units
Rhea-AI Filing Summary
Gilfeather Michael J reported acquisition or exercise transactions in this Form 4 filing.
Orange County Bancorp, Inc. President and CEO Michael J. Gilfeather reported updated equity holdings, including a new phantom stock award. He received a grant of phantom stock economically equivalent to 134 shares of common stock at a reference price of $35.35 per share, bringing his phantom stock balance to 26,596 units that become payable upon his separation of service as a director.
Following these updates, he holds 129,449 shares of common stock directly and 16,400 shares indirectly through an IRA. The direct position includes restricted stock units scheduled to vest in installments beginning on March 21, 2025, March 20, 2026, and March 19, 2027, as well as tranches vesting on December 31, 2026 and March 19, 2029.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
Gilfeather Michael J
Role
President and CEO
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock | 0 | $35.35 | $0.00 |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Phantom Stock — 26,596 shares (Direct);
Common Stock — 129,449 shares (Direct);
Common Stock — 16,400 shares (Indirect, By IRA)
Footnotes (6)
- F1. Includes restricted stock units which vest at a rate of 1/3 per year commencing on March 21, 2025.
- F2. Includes restricted stock units which vest at a rate of 1/3 per year commencing on March 20, 2026.
- F3. Includes restricted stock units which vest on December 31, 2026.
- F4. Restricted stock units which vest at a rate of 1/3 per year commencing on March 19, 2027.
- F5. Restricted stock units which vest on March 19, 2029.
- F6. Each share of phantom stock is the economic equivalent of one share of common stock and becomes payable upon the reporting person's separation of service as a director.
Key Figures
Phantom stock grant reference price: $35.35 per unit
Underlying common shares for new phantom award: 134 shares
Total phantom stock after grant: 26,596 units
+2 more
5 metrics
Phantom stock grant reference price
$35.35 per unit
New phantom stock award
Underlying common shares for new phantom award
134 shares
Economic equivalent of phantom stock grant
Total phantom stock after grant
26,596 units
Balance following reported transaction
Direct common stock holdings
129,449 shares
Held directly after transactions
Indirect common stock holdings (IRA)
16,400 shares
Held indirectly via IRA after transactions
Key Terms
phantom stock, restricted stock units, separation of service, IRA
4 terms
phantom stock financial
"Each share of phantom stock is the economic equivalent of one share of common stock"
A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.
restricted stock units financial
"Includes restricted stock units which vest at a rate of 1/3 per year"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
separation of service financial
"becomes payable upon the reporting person's separation of service as a director"
IRA financial
"direct_or_indirect: I, nature_of_ownership: By IRA"
An individual retirement account (IRA) is a savings account designed to help people put aside money for their retirement, often with tax advantages that encourage long-term savings. It matters to investors because it can grow over time, providing financial security later in life, and offers benefits that can reduce current taxes or allow investments to compound more effectively.
FAQ
What insider transaction did OBT CEO Michael Gilfeather report?
Michael J. Gilfeather reported a new phantom stock award tied to 134 underlying common shares at $35.35 per share. This compensation-related grant increases his phantom stock balance to 26,596 units, economically mirroring Orange County Bancorp common stock.
What is the nature of the phantom stock granted to OBT’s CEO?
Each phantom stock unit is economically equivalent to one Orange County Bancorp common share. The units become payable when the reporting person separates from service as a director, aligning compensation with long-term shareholder value without immediate share issuance.
What vesting schedule applies to Michael Gilfeather’s restricted stock units at OBT?
His holdings include restricted stock units that vest one-third per year starting March 21, 2025 and March 20, 2026, plus tranches vesting on December 31, 2026, March 19, 2027, and March 19, 2029. These schedules phase in ownership over several years.
Is the reported OBT Form 4 a stock sale by the CEO?
No. The Form 4 primarily reflects a grant of phantom stock and updated holdings, not open-market purchases or sales. The transaction code indicates a grant or award acquisition, and transaction summaries show no buy or sell share activity.
AI-generated analysis. How Rhea-AI works. Not financial advice.
