Packwood Thomas 4
4 · Blue Foundry Bancorp · Filed Apr 1, 2026
Research Summary
AI-generated summary of this filing
Blue Foundry (BLFY) SVP Thomas Packwood Sells Shares
What Happened
Thomas Packwood, SVP and Chief Audit Officer of Blue Foundry Bancorp (BLFY), reported dispositions totaling 82,841 shares related to the company’s merger with Fulton Financial. The filing shows four dispositions: 11,600, 11,241 and 5,000 ordinary shares (all reported 2026-04-01) and a 55,000-share derivative disposition (reported 2026-03-30). The reported per-share prices for the dispositions are listed as N/A in the Form 4 because the transactions were merger-related conversions/cash-outs rather than open-market trades.
Key Details
- Transaction dates: 2026-03-30 (55,000 derivative); 2026-04-01 (11,600; 11,241; 5,000 common).
- Reported prices: N/A for the dispositions. For merger-related calculations, the per-share consideration used for option cash-outs is $13.6435 (see footnote F3). Common shares were converted into Fulton Financial stock at a rate of 0.650 Fulton shares per Blue Foundry share (cash paid for fractional shares) per footnote F1.
- Shares disposed total: 82,841 (including 55,000 derivative shares).
- Shares owned after the transactions: not specified in the filing.
- Footnotes of note: F1 (each issued share converted into 0.650 Fulton shares, cash in lieu for fractions); F3 (outstanding options cancelled and cashed out based on $13.6435 per-share consideration, less taxes/withholdings); F2 (option vesting schedule noted but superseded by merger treatment).
- Filing timeliness: Form filed 2026-04-01 for transactions through 2026-03-30 — appears to be a timely merger-related Form 4 filing.
Context
These dispositions were merger-related (conversion of Blue Foundry shares/options under the Merger Agreement with Fulton), not open-market sales. The 55,000 "derivative" disposition reflects option/derivative cancellation and cash-out under the merger (per F3). Merger conversions and option cash-outs are routine corporate-transaction treatments and do not necessarily indicate an insider’s aftermarket trading sentiment.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1]2026-04-01−11,600→ 0 total - Disposition to Issuer
Common Stock
[F1]2026-04-01−11,241→ 0 total(indirect: By ESOP) - Disposition to Issuer
Common Stock
[F1]2026-04-01−5,000→ 0 total(indirect: By 401(k)) - Disposition to Issuer
Stock Options
[F3][F2]2026-03-30−55,000→ 0 totalExercise: $11.69Exp: 2032-10-19→ Common Stock (55,000 underlying)
Footnotes (3)
- [F1]Pursuant to the Agreement and Plan of Merger, dated as of November 24, 2025 (the "Merger Agreement"), by and between the Issuer and Fulton Financial Corporation, each issued and outstanding share of Issuer common stock was converted into the right to receive 0.650 shares of Fulton Financial Corporation common stock (subject to the payment of cash in lieu of fractional shares).
- [F2]Stock options vest ratably for seven years commencing on October 19, 2023.
- [F3]In accordance with the Merger Agreement, each option to acquire common stock of the Issuer that is outstanding immediately prior to the effective time of the merger (whether vested or unvested), was cancelled and converted into the right to receive a cash payment, less applicable taxes and other withholdings, equal to the difference between the exercise price of the option and the per share consideration price ($13.6435), multiplied by the number of shares subject to such option.