Malkiman Aleksandr 4
4 · Blue Foundry Bancorp · Filed Apr 1, 2026
Research Summary
AI-generated summary of this filing
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.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1]2026-04-01−17,723→ 0 total - Disposition to Issuer
Common Stock
[F1]2026-04-01−6,278→ 0 total(indirect: By ESOP) - Disposition to Issuer
Stock Options
[F3][F2]2026-03-30−68,800→ 0 totalExercise: $11.69Exp: 2032-10-19→ Common Stock (68,800 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.