Sousa Gregory 4

What Happened

• Gregory Sousa, EVP and Deputy Chief Lending Officer of Orange County Bancorp (OBT), reported a grant/award of a derivative equity interest on March 16, 2026. The Form 4 lists an acquisition-type transaction (code A) with a reported per-share price of $31.29, but the number of shares/units acquired and total value are marked N/A.
• This was an award of restricted/phantom equity rather than an open-market purchase or sale — typically part of compensation and subject to vesting and potential future settlement in shares.

Key Details

• Transaction date: 2026-03-16; Report filed: 2026-03-17 (timely).
• Price shown on form: $31.29 per share/unit; shares acquired: N/A (derivative award; total value not disclosed).
• Shares owned after transaction: not specified on the Form 4.
• Footnotes from the filing:
  • F1–F3: Include restricted stock units (RSUs) that vest at 1/3 per year beginning Mar 11, 2024 (F1), Mar 21, 2025 (F2), and Mar 20, 2026 (F3).
  • F5: Indicates phantom stock interests under a Performance-Based SERP that may be settled in company shares upon distribution, per the reporting person's election.
  • F4: Notes certain transactions not required to be reported under Section 16.
• Filing timeliness: The report was filed the day after the reported transaction date and does not appear to be late.

Context

• This transaction is a derivative compensation award (RSUs and/or phantom stock), not an outright buy or sale. Such awards typically vest over time and may convert to actual shares (or cash) in the future per the vesting and plan rules, so they do not necessarily reflect an immediate bullish or bearish signal.
• For retail investors, awards are useful to track insider compensation and potential future share issuance but are less informative about near-term insider sentiment than open-market purchases or sales.