First Seacoast (FSEA) Director Erica A. Johnson Sells Shares in Merger

What Happened

• Erica A. Johnson, a director of First Seacoast Bancorp, Inc. (FSEA), reported dispositions on 2026-10-01 related to the company’s merger. She disposed of 12,597 issued common shares (10,097 + 2,500) which converted into cash consideration of $17.25 per share, totaling $217,298.25.
• In addition, 9,343 and 10,250 derivative securities (options) were converted into cash consideration under the merger. Per the filing, each option was converted into the right to receive $17.25 less the option’s exercise price; the filing does not list the net cash amounts for those option conversions.
• These were dispositions to the issuer as part of the Agreement and Plan of Merger (dated May 4, 2026) and are merger-related cash settlements rather than open-market sales.

Key Details

• Transaction date: 2026-10-01 (reported with Form 4 filed the same day).
• Price: Common shares converted at $17.25 per share (per Merger Agreement). Options converted into cash equal to $17.25 less each option’s exercise price (net amounts not shown).
• Shares disposed: 12,597 common shares; derivatives/options: 9,343 and 10,250 (total 19,593).
• Cash received (common shares shown): $217,298.25. Cash from options not specified in the filing.
• Shares owned after transaction: Not specified in the Form 4 summary provided.
• Footnotes: F1 confirms each common share converted into $17.25 cash per the Merger Agreement. F2 confirms options were converted into cash equal to $17.25 minus the exercise price.
• Filing timeliness: Filed same day (no late filing indicated).

Context

• These dispositions are merger/corporate-transaction related (cash-out under a signed Merger Agreement) rather than routine open-market sales. For the converted options, the payment depends on each option’s exercise price, so net proceeds for those items are not directly stated in the filing.
• Such merger cash-outs are typically procedural outcomes of an acquisition and should be interpreted as transaction-related dispositions rather than an independent signal of the director’s view on company prospects.