First Seacoast (FSEA) CEO James Brannen Converts 98,350 Shares in Merger

What Happened

• James R. Brannen, CEO of First Seacoast Bancorp (FSEA), reported dispositions on 2026-10-01 totaling 98,350 shares/units. Four common-stock dispositions totaled 50,449 shares, which under the Merger Agreement were converted into $17.25 in cash per share (≈ $870,245.25). Two derivative dispositions (24,401 and 23,500 units; total 47,901) reflect option/derivative conversions into cash consideration per the merger (see Key Details).

Key Details

• Transaction date: 2026-10-01 (reported on same date).
• Common-stock shares converted: 32,637; 9,179; 4,241; 4,392 (total 50,449) at $17.25 per share under the Merger Agreement → ≈ $870,245.25.
• Derivative/option conversions: 24,401 and 23,500 units (total 47,901). Per the filing, options were converted into the right to receive $17.25 less the option exercise price (actual cash per option varies by strike) (Footnote F3).
• Footnote F1: Merger Agreement dated May 4, 2026 — each outstanding common share converted into $17.25 cash.
• Footnote F2: Some reported transactions are indicated as not required to be reported under Section 16.
• Shares owned after transaction: not specified in the provided filing excerpt.
• Filing timeliness: filing date and report period are 2026-10-01; no late-filing flag was indicated.

Context

• These dispositions are merger-related conversions (cash-out under the Merger Agreement), not open-market sales; common shares received $17.25 per share, while option conversions were settled in cash net of option exercise prices. Such merger-driven dispositions are routine outcomes of an acquisition and do not necessarily reflect the insider’s ongoing view of the company.