secwatch.observer — SEC 8-K summary
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Issuer:     Orange County Bancorp, Inc. /DE/ (OBT)
CIK:        0001754226
Form:       8-K
Filed at:   2023-12-29T23:59:59+00:00
Accession:  0000943374-23-000517
Event type: leadership
Sentiment:  neutral
Materiality: 0.50
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Orange County Bancorp enters new employment agreements with CEO Gilfeather and EVP Ruhl
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- CEO Gilfeather: new base salary $670k; retention cash bonuses of $375k (2026) and $125k (2027).
- CEO target bonus: 40% of base (AIP) and 50% of base (LTIP); annual SERP contribution opportunity $260k.
- EVP Ruhl: base salary $335k; target bonus commensurate with similarly situated executives.
- CEO term through March 2027, auto-extends to 2028; EVP term through Dec 2025, auto-renews.
- Both agreements include change-of-control severance multiples (3x CEO, 2x EVP) and non-compete covenants.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1754226/000094337423000517/0000943374-23-000517-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1754226/000094337423000517/form8k_122223.htm
  HTML page:      https://secwatch.observer/filing/0000943374-23-000517

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer