Orange County Bancorp (OBT) uses 127 phantom stock in director compensation
Rhea-AI Filing Summary
Orange County Bancorp, Inc. director Gregory F. Holcombe reported updated equity holdings, including a new grant of phantom stock. He received a compensation-related award coded as an acquisition, economically equivalent to 127 shares of common stock at $35.35 per share, raising his phantom stock balance to 24,974 units. The filing also shows he directly holds 68,824 shares of common stock, with additional indirect holdings through three trusts and a foundation.
Footnotes explain that certain holdings include restricted stock units that vest either immediately on the grant date or on February 19, 2027, and that both these units and the phantom stock are settled or become payable in common stock when he separates from service as a director.
Positive
- None.
Negative
- None.
Insider Trade Summary
6 transactions reported
Mixed
6 txns
Insider
HOLCOMBE GREGORY F
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock | 0 | $35.35 | $0.00 |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Phantom Stock — 24,974 shares (Direct);
Common Stock — 68,824 shares (Direct);
Common Stock — 14,920 shares (Indirect, By Foundation);
Common Stock — 12,054 shares (Indirect, By Trust 1);
Common Stock — 34,720 shares (Indirect, By Trust 2);
Common Stock — 34,720 shares (Indirect, By Trust 3)
Footnotes (3)
- F1. Includes restricted stock units which vest 100% as of the date of grant and are settled in shares of Issuer common stock upon separation from service of the reporting person.
- F2. Includes restricted stock units which vest 100% on February 19, 2027, and are settled in shares of Issuer common stock upon separation from service of the reporting person.
- F3. 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
New phantom award equivalent: 127 shares at $35.35
Phantom stock balance: 24,974 units
Direct common shares: 68,824 shares
+5 more
8 metrics
New phantom award equivalent
127 shares at $35.35
Phantom stock grant economically tied to common stock
Phantom stock balance
24,974 units
Total phantom stock units after the reported grant
Direct common shares
68,824 shares
Common stock held directly after the reported transactions
Trust 3 indirect shares
34,720 shares
Common stock held indirectly by Trust 3
Trust 2 indirect shares
34,720 shares
Common stock held indirectly by Trust 2
Trust 1 indirect shares
12,054 shares
Common stock held indirectly by Trust 1
Foundation indirect shares
14,920 shares
Common stock held indirectly by a foundation
RSU vesting date
February 19, 2027
Restricted stock units vest 100% on this date
Key Terms
Phantom Stock, restricted stock units, economic equivalent, separation from service, +1 more
5 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 100% as of the date of grant"
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.
economic equivalent financial
"Each share of phantom stock is the economic equivalent of one share of common stock"
separation from service financial
"settled in shares of Issuer common stock upon separation from service of the reporting person"
grant, award, or other acquisition financial
"transaction_code_description: Grant, award, or other acquisition"
FAQ
What did Gregory F. Holcombe report in this Form 4 for OBT?
Gregory F. Holcombe reported updated holdings in Orange County Bancorp stock and related awards. The filing shows a new phantom stock grant and discloses his direct and indirect ownership, including trusts, a foundation, and restricted stock units tied to future service.
How much phantom stock did the OBT director hold after the grant?
After the reported grant, the director held 24,974 phantom stock units. Each phantom stock unit is economically equivalent to one share of common stock and becomes payable in common stock upon his separation from service as a director.
What is the size of the new phantom stock award for OBT’s director?
The new phantom stock award is economically equivalent to 127 shares of common stock at $35.35 per share. It is recorded as a compensation-related acquisition and adds to the director’s existing phantom stock balance reported in this Form 4.
How do the restricted stock units for OBT’s director vest and settle?
Some restricted stock units vest 100% on the grant date, and others vest 100% on February 19, 2027. According to the footnotes, all such units are settled in shares of Orange County Bancorp common stock upon the director’s separation from service.
When does the phantom stock reported by the OBT director become payable?
The phantom stock becomes payable upon the director’s separation from service. Each phantom stock unit is the economic equivalent of one share of Orange County Bancorp common stock and is settled based on that equivalence when he leaves the board.
AI-generated analysis. How Rhea-AI works. Not financial advice.
