JOBES ELIZABETH VARKI 4

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.