Kennedy Marianna R 4

What Happened

• Marianna R. Kennedy, a director of Orange County Bancorp, Inc. (OBT), was granted awards on July 1, 2026. The Form 4 reports a derivative acquisition (code A) tied to the company share price of $37.46, but the number of units/shares and total value are listed as N/A. These awards consist of restricted stock units (RSUs) and phantom stock rather than an open‑market purchase or sale.

Key Details

• Transaction date: 2026-07-01; reported filing date (Form 4): 2026-07-06 — this appears to be a late filing (Form 4 is normally due within 2 business days of the transaction).
• Price shown on form: $37.46 per share; quantity and aggregate value: not reported (N/A).
• Shares owned after the transaction: not specified in the excerpt.
• Footnotes:
  • F1: RSUs that vest 100% as of the grant date and are settled in shares upon the reporting person’s separation from service.
  • F2: RSUs that vest 100% on February 19, 2027, and are settled in shares upon separation from service.
  • F3: Phantom stock — each unit tracks one share’s economic value and becomes payable upon the director’s separation from service.
• Transaction type: Award/grant (compensation), not a purchase or sale (no immediate cash transaction reported).

Context

• Awards such as RSUs and phantom stock are typically compensation for service and do not necessarily indicate the insider is buying (bullish) or selling (bearish) the stock. In this case, some RSUs vest immediately but are payable only upon separation; others vest on a future date and phantom units pay out on separation.
• The late filing reduces timely transparency for investors; Form 4 timeliness is important for monitoring insider activity.