First Seacoast (FSEA) Director Jean Thomas Sells Shares in Merger

What Happened

• Jean Thomas J., a director of First Seacoast Bancorp, disposed of 5,146 common shares and had 19,593 derivative instruments (9,343 and 10,250) converted back to the issuer on 2026-10-01. The Form 4 reports these as "Disposition to the issuer" in connection with the Merger Agreement.
• The filing shows the common shares were converted into the right to receive $17.25 cash per share (total for the 5,146 shares ≈ $88,768.50). The derivative instruments (stock options) were converted into cash equal to $17.25 minus each option’s exercise price (per the Merger Agreement); the Form 4 does not list a per-option dollar payout or exercise prices.

Key Details

• Transaction date: 2026-10-01 (reported same day on Form 4 filed 2026-10-01).
• Dispositions: 5,146 shares of common stock; 9,343 and 10,250 derivative securities (total 19,593) converted to issuer.
• Price reported on Form 4: N/A; footnote confirms $17.25 cash per common share and options converted for $17.25 less exercise price.
• Shares owned after transaction: not specified in the filing.
• Footnotes: F1 describes the $17.25 cash conversion for outstanding common stock; F2 explains options were converted into cash equal to $17.25 minus exercise price.
• Filing timeliness: Form 4 filed the same day as the transaction; no late filing indicated.

Context

• These dispositions were part of a corporate merger (Agreement and Plan of Merger dated May 4, 2026) that cash‑paid out shareholders and converted/options rather than open‑market sales. That makes this a corporate‑driven conversion rather than an independent insider “sell” decision reflecting sentiment.
• For the options, this was a contractual conversion into cash value (not a typical exercise-and-sell). Retail investors should view this as a merger cash-out event rather than a routine insider sale.