Ruhl Joseph A 4

What Happened
Joseph A. Ruhl, President (Westchester County) of Orange County Bancorp, had 459 shares disposed on March 10, 2026 to satisfy tax withholding related to equity awards. The withholding price was $31.47 per share, for a total value of $14,445. This was a tax-withholding disposition (Form 4 code F), not an open-market sale.

Key Details

• Transaction date: 2026-03-10; filing date: 2026-03-12 (timely Form 4 filing).
• Shares disposed/withheld: 459 at $31.47 each; total value $14,445.
• Transaction code: F — payment of exercise price or tax liability via share withholding.
• Shares owned after transaction: not disclosed in the provided filing.
• Footnotes on awards:
  • F1: Includes RSUs vesting 1/3 per year beginning March 11, 2024.
  • F2: Includes RSUs vesting 1/3 per year beginning March 21, 2025.
  • F3: Includes RSUs vesting 1/3 per year beginning March 20, 2026.

Context
Share withholding to cover taxes is a routine administrative action when restricted stock units or option exercises generate tax liabilities. It reduces the insider’s outstanding share count but is not the same as a market sale intended to realize cash proceeds. For retail investors, such transactions typically reflect tax settlement on vested equity rather than a directional bet on the company’s stock.