secwatch.observer — SEC 8-K summary
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Issuer:     Orange County Bancorp, Inc. /DE/ (OBT)
CIK:        0001754226
Form:       8-K
Filed at:   2024-02-27T23:59:59+00:00
Accession:  0000943374-24-000089
Event type: other_material
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02
LLM model:  deepseek-v4-flash:cloud@v2

Orange County Bancorp grants CFO Lesler and Deputy CLO Sousa 2x CIC severance and SERP benefits
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- CFO Michael Lesler and Deputy CLO Gregory Sousa entered CIC Plan with 2x severance multiplier on Feb 21, 2024.
- Lesler also joined SERP with annual performance contribution of 10% of base salary subject to financial goals.
- CIC Plan provides lump sum cash: pro-rata bonus, severance multiple × base salary, plus 18 months COBRA cost.
- SERP vests at age 62 with 10 years service, within 12 months of change in control, or death.
- Severance benefits under CIC Plan may be reduced to avoid excise tax under Code Sections 280G/4999.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1754226/000094337424000089/0000943374-24-000089-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1754226/000094337424000089/form8k.htm
  HTML page:      https://secwatch.observer/filing/0000943374-24-000089

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