Orange County Bancorp (OBT) Director Kevin J. Keane Receives Award

What Happened

• Kevin J. Keane, a director of Orange County Bancorp, received a grant/award (derivative units) reported on Form 4 for a transaction dated 2026-06-15. The filing lists the award with a per-share/unit value of $35.35 but shows "N/A" for number of shares because the award is in derivative form (restricted/phantom units), not immediate common stock.
• No immediate shares of common stock were reported as acquired. The award appears to be compensation-related (restricted stock units and/or phantom stock) rather than an open-market purchase or sale.

Key Details

• Transaction date: 2026-06-15; Form 4 filed: 2026-06-17.
• Reported price/reference: $35.35 per share/unit; share count listed as N/A (derivative award).
• Shares owned after transaction: Not specified in the provided filing details.
• Footnotes:
  • F1: Some units are RSUs that vest 100% as of the grant date but are settled in shares only upon separation from service.
  • F2: Some RSUs vest 100% on Feb 19, 2027 and are settled in shares upon separation.
  • F3: Phantom stock units are economic equivalents of common shares and pay out upon director separation.
• Timeliness: Filing was submitted within two business days of the transaction date, so appears timely.

Context

• This was an award/grant of derivative units (compensation), not a market purchase or sale — it does not necessarily indicate an immediate change in common-stock holdings or an active market bet.
• Derivative awards like RSUs or phantom stock often align pay with company performance or service and may be settled later (upon vesting or separation), so the economic exposure is deferred.