Blue Foundry (BLFY) EVP Aleksandr Malkiman Surrenders Shares in Merger

What Happened
Aleksandr Malkiman, EVP and Chief Technology Officer of Blue Foundry Bancorp (BLFY), disposed of a total of 92,801 BLFY shares in transactions reported on the Form 4. The disposals consist of 17,723 and 6,278 outstanding shares surrendered to the issuer and 68,800 derivative shares (options/other derivative securities) that were cancelled/converted. Prices for the stock dispositions are reported as N/A on the filing; derivative awards were cancelled and converted into cash under the merger formula described in the footnotes.

Key Details

• Transaction dates: March 30, 2026 (derivative disposition) and April 1, 2026 (two dispositions to issuer). Filing date: April 1, 2026. Filing appears timely.
• Reported share counts: 17,723; 6,278; and 68,800 (derivative) — total 92,801 shares surrendered. Per-share prices are listed as N/A in the Form 4.
• Footnote F1: Under the Merger Agreement with Fulton Financial Corporation, each BLFY common share was converted into the right to receive 0.650 Fulton shares (with cash in lieu for fractional shares).
• Footnote F3: Each outstanding BLFY option (vested or unvested) was cancelled and converted into the right to a cash payment equal to (per-share consideration price $13.6435 minus the option exercise price) × number of option shares, less applicable taxes/withholdings.
• Shares owned after transaction: The filing does not report continuing BLFY common shares (outstanding BLFY shares were converted/cancelled under the merger).
• Transaction code: D = disposition to the issuer; one disposition was identified as derivative (options canceled/converted). No 10b5-1 plan, gift, or tax-withholding mechanics beyond the footnote cash-withholding note were specified.

Context
These disposals are described as part of the merger with Fulton Financial Corporation rather than routine open-market sales: outstanding BLFY common shares were converted into Fulton shares (0.650 per BLFY share) and outstanding options were cancelled for cash per the merger terms. Because options were cancelled for a cash amount based on the per-share consideration price ($13.6435), the Form 4 does not show an executed open-market price per share for the dispositions. This type of filing documents the administrative conversion/cashout tied to the merger and is not necessarily a signal of individual trading intent.