Shaw Jonathan M. 4

What Happened Jonathan M. Shaw, a director of Blue Foundry Bancorp (BLFY), reported dispositions totaling 176,221 shares related to the company's merger with Fulton Financial Corporation. The filing shows disposals on 2026-04-01 of 45,808; 14,238; 9,100; and 116 shares (to the issuer), and a 2026-03-30 disposition of 106,959 derivative shares. Prices are listed as N/A in the filing. These were merger-related conversions/cancellations rather than open-market sales.

Key Details

• Transaction dates: 2026-03-30 (106,959 derivative shares) and 2026-04-01 (four dispositions totaling 69,262 shares).
• Reported total disposed: 176,221 shares (106,959 derivative + 69,262 common).
• Price / proceeds: Not reported (N/A) in the Form 4 for the equity disposals.
• Shares owned after the transactions: Not specified in the provided details.
• Relevant footnotes from the filing:
  • F1: Each outstanding Blue Foundry share was converted into the right to receive 0.650 shares of Fulton common stock (cash paid in lieu of fractional shares).
  • F3: All outstanding options were cancelled and converted into cash equal to (per-share consideration $13.6435 minus exercise price) × number of option shares, less applicable taxes/withholdings.
  • F2 (context): Options vesting schedule noted historically (20% per year from Aug 26, 2023).
• Filing timeliness: Form filed 2026-04-01 for a report period ending 2026-03-30; no late filing flag indicated in the provided data.

Context These dispositions are tied to the Merger Agreement with Fulton Financial, not typical insider open-market sales. Common shares were converted into Fulton stock at a 0.65 exchange ratio (with cash for fractional shares), and option/derivative holdings were generally cashed out per the merger terms (F3), with payouts net of taxes/withholdings. Such merger-related conversions are procedural and reflect deal consideration rather than an independent directional trade by the insider.