Form 4: First of Long Island Corp Executive Converts Equity Holdings Following ConnectOne Bancorp Merger

Michael J. Spolarich, EVP and Chief Credit Officer of First of Long Island Corp, has reported the conversion of all his company stock and restricted stock units into ConnectOne Bancorp, Inc. shares as a result of the recently completed merger.

Summary

• Michael J. Spolarich, Executive Vice President and Chief Credit Officer of First of Long Island Corp (FLIC), reported changes in his beneficial ownership of FLIC common stock and derivative securities (Restricted Stock Units and Performance-Based Restricted Stock Units) on June 1, 2025.
• These transactions occurred pursuant to the Agreement and Plan of Merger, dated September 4, 2024, between FLIC and ConnectOne Bancorp, Inc.
• Each outstanding share of FLIC common stock was converted into the right to receive 0.5175 shares of ConnectOne Bancorp, Inc. common stock.
• Mr. Spolarich acquired 8,069 shares of common stock and 5,050 shares of common stock, which were conversions from derivative securities.
• He disposed of a total of 23,458 shares of FLIC common stock, resulting in 0 shares beneficially owned in FLIC after the transactions.
• All unvested Restricted Stock Units (3,018 and 5,051 units) fully vested at the effective time of the merger and were exchanged for the Per Share Stock Consideration of ConnectOne Bancorp, Inc. common stock.
• Performance-based restricted stock units (PSUs) granted on January 1, 2024, which had not been previously reported, vested at target level at the effective time of the merger and were also exchanged for the Per Share Stock Consideration.

Sentiment

Score: 7

Explanation: The filing details the expected conversion of executive equity holdings as a result of a pre-announced merger, including the full vesting of restricted stock units and performance-based units, which is a positive outcome for the executive.

Positives

• All unvested Restricted Stock Units (RSUs) held by Mr. Spolarich fully vested at the effective time of the merger, ensuring the realization of their value.
• Performance-based restricted stock units (PSUs) vested at their target level, indicating successful achievement of performance conditions or a favorable merger clause for the executive.

Negatives

• The disposition of all First of Long Island Corp common stock means the executive no longer holds direct equity in the acquired entity, though this is a standard outcome of a merger and not necessarily a negative financial event for the executive as they received shares in the acquiring company.

Industry Context

This Form 4 filing is a routine disclosure following a corporate merger, detailing how an executive's equity holdings in the acquired company are converted into shares of the acquiring company. Such filings are standard practice in the banking sector following consolidation events, reflecting the agreed-upon terms for equity conversion and executive compensation.

Stakeholder Impact

• Shareholders of First of Long Island Corp had their shares converted into ConnectOne Bancorp, Inc. common stock as per the merger agreement.
• The executive, Michael J. Spolarich, has transitioned his equity holdings from the acquired entity to the acquiring entity, aligning his interests with the new combined company.

Key Dates

Keywords

SEC Form 4, Insider Transaction, Stock Ownership, Merger, Executive Compensation, First of Long Island Corp, FLIC, ConnectOne Bancorp, Restricted Stock Units, Performance Stock Units, Equity Conversion