First Seacoast (FSEA) Director Michael Bolduc Sells Shares

What Happened
Director Michael J. Bolduc reported dispositions on 2026-10-01 that resulted from the company’s merger. The filing lists six dispositions totaling 40,389 share-equivalents: four direct common-stock dispositions (8,260; 5,307; 2,758; 4,471 = 20,796 shares) and two derivative dispositions (9,343 and 10,250 = 19,593 option-equivalents). The Form 4 shows price as N/A, but the Merger Agreement provides $17.25 cash per issued and outstanding common share; stock options were converted into the right to receive $17.25 less each option’s exercise price. The 20,796 common shares therefore yielded about $358,731; cash from the option conversions depends on the respective exercise prices and is not specified on the Form 4.

Key Details

• Transaction date: 2026-10-01; Form filed the same day (timely).
• Reported transactions: Dispositions to the issuer (merger cash-out); price shown as N/A on the Form 4.
• Share breakdown: 20,796 common shares + 19,593 derivative (option) equivalents = 40,389 total.
• Merger consideration (per footnote F1): $17.25 per common share.
• Options (per footnote F2): converted to cash equal to $17.25 minus the option exercise price (amounts not shown).
• Shares owned after the transactions: not specified in the provided excerpt.
• Filing timeliness: Same-day filing; not indicated as late.

Context
These were not open-market sales but cash conversions tied to a signed Merger Agreement that converts shares and options into cash consideration. Such merger-related conversions are routine and reflect deal terms, not an independent trading decision by the insider. The derivative entries represent option-equivalents cashed out under the merger rather than new option exercises followed by market sales.