Open report — full analysis, no account required.
Sign up to generate reports and read filings that aren't on the open list.
Get notified when OBT files again. Create a free account and we'll email you the moment its next filing is analyzed.
Get filing alertsOrange County Bancorp extends CEO employment agreement through 2029
Filed March 25, 2026 · Period ending March 19, 2026 · ~1 min read
Key Changes
-
medium
CEO Michael Gilfeather's employment agreement extended through March 31, 2029, providing three years of executive leadership continuity with no changes to other compensation terms.
Item 5.02 verify on EDGAR → -
low
Bank adds $125,000 discretionary contribution to CEO's supplemental retirement plan for 2028, cliff vesting March 30, 2029 to align retention incentive with contract extension.
Item 5.02 verify on EDGAR →
Summary
Orange County Bancorp extended CEO Michael Gilfeather's employment agreement by three years through March 2029, signaling the board's confidence in current leadership and providing stability for shareholders. The extension maintains existing compensation terms without modification. Concurrently, the bank added a $125,000 supplemental retirement contribution that vests only if Gilfeather remains through March 2029, creating a retention incentive aligned with the contract period.
For a community bank with in assets, this represents routine executive retention planning rather than a material shift in strategy or compensation philosophy. Investors should monitor whether this leadership continuity translates to consistent financial performance and strategic execution over the extended term, particularly in the current interest rate environment affecting regional banks.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
CEO employment agreement extended to 2029; $125K SERP contribution added with 2029 cliff vesting.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
On March 19, 2026, the Board of Directors of the Bank adopted an amendment to the Amended and Restated Participation Agreement under the Orange Bank & Trust Company Performance-Based Supplemental Executive Retirement Plan by and between the Bank and Mr. Gilfeather (the “Gilfeather SERP Participation Agreement”). The amendment to the Gilfeather SERP Participation Agreement provides for a discretionary employer contribution in the amount of $125,000 to be made for the 2028 Plan Year which will cliff vest on March 30, 2029. No other provisions of the Gilfeather SERP Participation Agreement were modified by the amendment.
The Bank added a $125,000 discretionary contribution to CEO Gilfeather's supplemental retirement plan for the 2028 plan year. This amount cliff vests on March 30, 2029, meaning Gilfeather must remain employed until that date to receive it. This aligns his retention incentive with the employment agreement extension.
Thanks — your feedback helps us improve report quality.
Figures/quotes linked to EDGAR · Narrative written by AI · Jun 4, 2026 · How we verify