Blue Foundry (BLFY) EVP exits stake as merger with Fulton closes
Filing Impact
Filing Sentiment
Form Type
4
Rhea-AI Filing Summary
Blue Foundry Bancorp executive Aleksandr Malkiman disposed of his remaining company equity in connection with a completed merger with Fulton Financial Corporation. The Form 4 shows the return of 17,723 shares of common stock held directly and 6,278 shares held indirectly through an ESOP back to the issuer. In addition, 68,800 stock options with a strike price of $11.69 per share were cancelled.
Under the merger agreement, each share of Blue Foundry common stock was converted into the right to receive 0.650 shares of Fulton Financial Corporation common stock, with cash paid in lieu of fractional shares. Each outstanding Blue Foundry stock option was converted into a cash right equal to the spread between its exercise price and a per share consideration price of $13.6435, multiplied by the number of option shares, less applicable taxes and withholdings. Following these transactions, the filing shows no remaining Blue Foundry common stock or options held by Malkiman.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
Malkiman Aleksandr
Role
EVP and Chief Tech Officer
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Common Stock | 17,723 | $0.00 | -- |
| Disposition | Common Stock | 6,278 | $0.00 | -- |
| Disposition | Stock Options | 68,800 | $0.00 | -- |
Holdings After Transaction:
Common Stock — 0 shares (Direct);
Common Stock — 0 shares (Indirect, By ESOP);
Stock Options — 0 shares (Direct)
Footnotes (1)
- 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). Stock options vest ratably for seven years commencing on October 19, 2023. 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
Direct shares disposed: 17,723 shares
Indirect ESOP shares disposed: 6,278 shares
Stock options cancelled: 68,800 options
+4 more
7 metrics
Direct shares disposed
17,723 shares
Common Stock returned to issuer on 2026-04-01
Indirect ESOP shares disposed
6,278 shares
Common Stock held by ESOP, disposed on 2026-04-01
Stock options cancelled
68,800 options
Options on Common Stock cancelled on 2026-03-30
Option exercise price
$11.69/share
Strike price of cancelled stock options
Per share consideration
$13.6435/share
Merger cash calculation basis for options
Share exchange ratio
0.650 shares
Fulton Financial shares per Blue Foundry share
Options expiration date
2032-10-19
Original expiry of cancelled options
Key Terms
Agreement and Plan of Merger, per share consideration price, ESOP, stock options vest ratably, +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.
ESOP financial
"Common Stock, indirect ownership, nature of ownership: By ESOP"
An Employee Stock Ownership Plan (ESOP) is a program that gives employees ownership shares in their company, often as part of their benefits package. It acts like a company-sponsored savings plan, allowing workers to have a stake in the company's success, which can boost motivation and loyalty. For investors, ESOPs can influence company decisions and stock value, making them an important aspect of corporate ownership and governance.
stock options vest ratably financial
"Stock options vest ratably for seven years commencing on October 19, 2023."
disposition to issuer regulatory
"transaction_code_description: Disposition to issuer"
FAQ
What insider transaction did Blue Foundry Bancorp (BLFY) report for Aleksandr Malkiman?
Blue Foundry Bancorp reported that EVP and Chief Tech Officer Aleksandr Malkiman disposed of all his Blue Foundry equity. The filing shows all directly held shares, ESOP shares, and stock options were returned or cancelled as part of the merger process.
What happened to Aleksandr Malkiman’s Blue Foundry (BLFY) stock options?
All 68,800 of Malkiman’s Blue Foundry stock options were cancelled in the merger. Each option had a strike price of $11.69 and was converted into a cash right based on the spread to the per share consideration price of $13.6435.
How was the cash payment for Blue Foundry (BLFY) stock options calculated in the merger?
Each cancelled option generated cash based on the difference between its exercise price and $13.6435 per-share consideration. That spread was multiplied by the number of option shares, then reduced by applicable taxes and other withholdings.