JOBES ELIZABETH VARKI 4

4 · Blue Foundry Bancorp · Filed Apr 1, 2026

AI-generated summary of this filing

Updated Apr 1, 2026

Blue Foundry (BLFY) Director Elizabeth Jobes Sells/Converts Shares in Merger

What Happened

Elizabeth Varki Jobes, a director of Blue Foundry Bancorp (BLFY), reported dispositions tied to the company’s merger with Fulton Financial. The Form 4 shows she disposed of 21,502 issued shares (conversion/disposition to the issuer) and 48,133 derivative units (options/cancelled derivatives), for a total of 69,635 BLFY-related share interests.
The filing lists transaction prices as N/A. Footnotes to the filing state a per-share consideration price of $13.6435 under the Merger Agreement; using that price as an estimate, the 21,502 common-share conversion implies roughly $293k and the 48,133 derivative/cash-out implies roughly $657k — about $950k total. The derivative entry reflects options/cancelled awards converted to cash per the merger (see Key Details).

Key Details

Transaction dates: March 30, 2026 (derivative disposition) and April 1, 2026 (share disposition); Form 4 filed April 1, 2026.
Prices reported on the Form 4: N/A. Footnote lists per-share consideration price of $13.6435 (used to estimate values above).
Shares/options reported disposed: 21,502 common shares; 48,133 derivative units (options).
Shares owned after transaction: not specified in the information provided in this summary.
Notable footnotes:
- F1: Under the Merger Agreement, each Blue Foundry share was converted into the right to receive 0.650 shares of Fulton Financial common stock (cash in lieu for fractional shares).
- F2: Options vest at 20% per year starting Jan 2, 2025 (background on option vesting).
- F3: All outstanding options (vested or unvested) were cancelled and converted into a cash payment equal to the spread vs. the per-share consideration price ($13.6435) — explains the derivative disposition.
Filing timeliness: Transactions occurred March 30 and April 1; Form 4 was filed April 1. No late filing indication in the provided data.

Context

The derivative disposition reflects the merger mechanics (options cancelled and cashed out under the Merger Agreement), not an open-market sale. The common-share disposition reflects surrender/conversion of BLFY shares into merger consideration (Fulton stock or cash in lieu for fractions).
These are merger-related dispositions rather than routine sell/buy signals; they do not necessarily indicate the insider’s view on future performance.

Form 4Exit

Period: 2026-03-30

Director

Transactions

Disposition to Issuer
Common Stock
[F1]
2026-04-01−21,502→ 0 total
Disposition to Issuer
Stock Options
[F3][F2]
2026-03-30−48,133→ 0 total
Exercise: $9.95Exp: 2034-01-02→ Common Stock (48,133 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 at a rate of 20% per year commencing on January 2, 2025.
[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.

Signature

/s/ Mary M. Russell, pursuant to Power of Attorney|2026-04-01

1 file