Gilfeather Michael J 4

What Happened
Michael J. Gilfeather, President, CEO and a director of Orange County Bancorp (OBT), was granted a derivative equity award on March 16, 2026. The filing lists an acquisition-type transaction (Code A) with a per-share value of $31.29, but the number of shares/units awarded is reported as "N/A." This was an equity compensation grant (restricted stock units and/or phantom stock), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-03-16; Form filed: 2026-03-17 (filed next day — appears timely).
• Transaction type/code: Grant/Award (A), derivative securities (not a cash purchase or sale).
• Price/value shown: $31.29 per share/unit. Number of units awarded: reported as "N/A" (total value not stated).
• Shares owned after transaction: Not specified in the provided filing data.
• Footnotes:
  • F1–F4: Include restricted stock units (RSUs) that vest at 1/3 per year with various commencement dates (Mar 11, 2024; Mar 21, 2025; Mar 20, 2026) and one vesting on Dec 31, 2026.
  • F5: Includes phantom stock units that are economically equivalent to one share each and become payable upon the director’s separation of service.

Context
This is a compensation grant—commonly used to align executive incentives with shareholder value—and typically vests over time per the footnotes. Because the award is a derivative (RSUs/phantom stock), it does not signal an immediate buy or sell in the open market. The filing does not disclose the award quantity or aggregate dollar value.