Orange County Bancorp (OBT) director reports new phantom stock award and equity holdings
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Schiller Jon reported acquisition or exercise transactions in this Form 4 filing.
Orange County Bancorp director Jon Schiller reported updated equity holdings and a new compensation award. He directly holds 12,473 shares of common stock, which include restricted stock units scheduled to vest 100% on February 19, 2027 and to be settled in common shares upon his separation from service.
Schiller also received a grant of phantom stock that is economically equivalent to common stock, covering 536 underlying shares at an indicated value of $37.46 per unit. Following this grant, he holds 5,996 phantom stock units, which become payable when his service as a director ends.
Positive
- None.
Negative
- None.
Insider Trade Summary
2 transactions reported
Mixed
2 txns
Insider
Schiller Jon
Role
null
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Grant/Award | Phantom Stock | 0 | $37.46 | -- |
| holding | Common Stock | -- | -- | -- |
Holdings After Transaction:
Phantom Stock — 5,996 shares (Direct, null);
Common Stock — 12,473 shares (Direct, null)
Footnotes (1)
- 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. 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
Common shares held: 12,473 shares
Phantom stock units: 5,996 units
Underlying common shares for grant: 536 shares
+3 more
6 metrics
Common shares held
12,473 shares
Direct common stock ownership following transactions
Phantom stock units
5,996 units
Total phantom stock holdings after grant
Underlying common shares for grant
536 shares
Underlying security shares tied to phantom stock award
Phantom stock reference price
$37.46 per unit
Transaction price per phantom stock unit
Conversion or exercise price
$0.00
Phantom stock economic equivalent structure
RSU vesting date
February 19, 2027
Restricted stock units vest 100% on this date
Key Terms
Phantom Stock, restricted stock units, economic equivalent, grant, award, or other acquisition
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 100% on February 19, 2027"
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"
grant, award, or other acquisition financial
"transaction_code_description: Grant, award, or other acquisition"
FAQ
What insider transaction did Orange County Bancorp (OBT) director Jon Schiller report?
Jon Schiller reported a compensation-related equity update, including a grant of phantom stock tied to 536 underlying common shares and updated direct ownership of 12,473 common shares, rather than an open-market stock purchase or sale.
What is the size of Jon Schiller’s phantom stock position in Orange County Bancorp (OBT)?
After the reported grant, Jon Schiller holds 5,996 phantom stock units. Each phantom stock unit is the economic equivalent of one share of common stock and becomes payable when his service as a director with Orange County Bancorp ends.
When do Jon Schiller’s restricted stock units in Orange County Bancorp (OBT) vest?
The restricted stock units included in Jon Schiller’s common stock holdings vest 100% on February 19, 2027. They will be settled in shares of Orange County Bancorp common stock when he separates from service as a reporting person with the company.
How does Orange County Bancorp (OBT) describe the phantom stock granted to Jon Schiller?
Each share of phantom stock is described as the economic equivalent of one share of common stock. The phantom stock becomes payable to Jon Schiller only upon his separation of service as a director of Orange County Bancorp, rather than being immediately settled.
Is Jon Schiller’s Form 4 for Orange County Bancorp (OBT) an open-market trade?
The Form 4 reflects a grant of phantom stock and updated holdings, not an open-market trade. The key action is a compensation-related award economically equivalent to common stock, with payment and settlement tied to Jon Schiller’s eventual separation from service.