Blue Foundry (BLFY) director stake canceled in Fulton merger
Rhea-AI Filing Summary
Blue Foundry Bancorp director Elizabeth Varki Jobes reported dispositions tied to the company’s merger with Fulton Financial Corporation. She disposed of 21,502 shares of common stock and 48,133 stock options in issuer transactions.
Under the Agreement and Plan of Merger dated November 24, 2025, each Blue Foundry common share was converted into the right to receive 0.650 shares of Fulton Financial Corporation common stock. Outstanding options with a $9.95 exercise price were cancelled for a cash payment based on the difference to the per share consideration price of $13.6435, multiplied by the option shares. Following these transactions, she reported zero Blue Foundry common shares and options.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 21,502 shares
Net Sell
2 txns
Insider
JOBES ELIZABETH VARKI
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Common Stock | 21,502 | $0.00 | $0.00 |
| Disposition | Stock Options | 48,133 | $0.00 | $0.00 |
Holdings After Transaction:
Stock Options — 0 shares (Direct);
Common Stock — 0 shares (Direct)
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.
Key Figures
Common shares disposed: 21,502 shares
Options disposed: 48,133 options
Option exercise price: $9.95 per share
+3 more
6 metrics
Common shares disposed
21,502 shares
Issuer disposition of common stock
Options disposed
48,133 options
Issuer disposition of stock options
Option exercise price
$9.95 per share
Exercise price of cancelled options
Per share consideration
$13.6435 per share
Cash consideration reference for option payout
Share conversion ratio
0.650 shares
Fulton Financial shares per BLFY common share
Options expiration date
January 2, 2034
Original expiration of cancelled options
Key Terms
Agreement and Plan of Merger, per share consideration price, Stock options, Disposition to issuer, +1 more
5 terms
Agreement and Plan of Merger regulatory
"Pursuant to the Agreement and Plan of Merger, dated as of November 24, 2025..."
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
Stock options financial
"Stock options vest at a rate of 20% per year commencing on January 2, 2025."
Stock options are agreements that give a person the right to buy or sell a company's stock at a specific price within a certain time frame. They are often used as a reward or incentive, similar to a coupon that can be used later if the stock price rises, allowing the holder to make a profit.
Disposition to issuer financial
"transaction_code_description": "Disposition to issuer""
cash payment financial
"was cancelled and converted into the right to receive a cash payment, less applicable taxes..."
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What insider transaction did Blue Foundry Bancorp (BLFY) director Elizabeth Varki Jobes report?
Elizabeth Varki Jobes reported disposing of Blue Foundry Bancorp securities in issuer transactions. She transferred 21,502 common shares and 48,133 stock options back to the issuer as part of the closing mechanics of the merger with Fulton Financial Corporation and now reports no BLFY holdings.
What happened to Elizabeth Varki Jobes’ Blue Foundry Bancorp stock options in the merger?
Her Blue Foundry Bancorp stock options, covering 48,133 underlying common shares at a $9.95 exercise price, were cancelled. In exchange, she became entitled to a cash payment equal to the spread between $13.6435 per share consideration and the option exercise price, multiplied by the option shares.
Does Elizabeth Varki Jobes still hold any Blue Foundry Bancorp (BLFY) securities after these transactions?
After the reported issuer dispositions, Elizabeth Varki Jobes shows zero Blue Foundry Bancorp common shares and zero related stock options. Her remaining economic exposure, if any, would be through the merger consideration, including Fulton Financial Corporation shares and cash tied to the option cancellation formula.
When do Blue Foundry Bancorp stock options held by Elizabeth Varki Jobes vest and expire?
The stock options referenced vest at 20% per year starting January 2, 2025, with an original expiration date of January 2, 2034. Despite this schedule, all such options were cancelled at the merger’s effective time in exchange for a cash payment calculated under the merger agreement.