Packwood Thomas 4

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cashed out based on $13.6435 per-share consideration, less taxes/withholdings); F2 (option vesting schedule noted but superseded by merger treatment).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.