Orange County Bancorp, Inc 8-K, filed Sep 22, 2021
Orange County Bancorp, Inc. (OBT)
About this 8-K
Orange County Bancorp, Inc filed this 8-K on September 22, 2021.
Items reported
- Item 8.01: Other events
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
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| Item 8.01 | Other Events |
On September 22, 2021, Orange County Bancorp, Inc. (the “Company”) announced that the Compensation Committee of the Board of Directors of the Company granted approximately 48,000 restricted stock units from the Company’s 2019 Equity Incentive Plan to directors of the Company and officers of Orange Bank & Trust Company (“Bank”) and Hudson Valley Investment Advisors (“HVIA”) in connection with the successful completion of the Company’s initial public stock offering and listing on the NASDAQ Capital Market. The purpose of the grants is to further align the interests of the employees and directors with those of the Company’s stockholders through the ownership of additional shares of Company common stock. Non-employee directors received 16,500 restricted stock units while officers received 31,500 restricted stock units. The restricted stock units granted to officers will vest over three years in approximately 33% increments on the first, second and third anniversary of the date of grant. The restricted stock units granted to non-employee directors are 100% vested as of the date of grant and are settled in shares of Company common stock upon separation from service. In addition, the Company intends to make a discretionary contribution of up to $200,000 to the Company’s KSOP Trust to purchase shares of Company common stock in the open market for the benefit of all eligible non-highly compensated employees who remain employed by the Company, Bank or HVIA as of December 31, 2021.
| Item 9.01 | Financial Statements and Exhibits |
| (a) | Financial statements of businesses acquired. None. | ||||
| (b) | Pro forma financial information. None. | ||||
| (c) | Shell company transactions: None. | ||||
| (d) | Exhibits. | ||||
| 104 | Cover Page Interactive Data File (embedded in the cover page formatted in Inline XBRL) | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| ORANGE COUNTY BANCORP, INC. | ||
| DATE: September 22, 2021 | By: | /s/ Robert Peacock |
| Robert Peacock | ||
|
|
Senior Executive Vice President and Chief Financial Officer | |