Form 4: First of Long Island Executive Converts Shares and Equity Awards Following ConnectOne Bancorp Merger

Richard P. Perro, Executive Vice President of First of Long Island Corp, reported the conversion of his common stock, restricted stock units, and performance-based restricted stock units into ConnectOne Bancorp, Inc. shares as a result of the recent merger.

Summary

• Richard P. Perro, Executive Vice President of First of Long Island Corp (FLIC), reported changes in his beneficial ownership of FLIC common stock on June 1, 2025, following the merger with ConnectOne Bancorp, Inc.
• Pursuant to the Agreement and Plan of Merger, dated as of 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. Perro disposed of 47,632 shares of FLIC common stock, resulting in zero beneficial ownership of FLIC shares after the transaction.
• His unvested Restricted Stock Units (RSUs) and Performance-Based Restricted Stock Units (PSUs) fully vested at the effective time of the merger.
• Specifically, 3,018 RSUs and 5,051 PSUs vested and were exchanged for the Per Share Stock Consideration of ConnectOne Bancorp, Inc. common stock.
• The 5,050 PSUs were originally granted on January 1, 2024, and vested at their target level due to the merger terms.

Sentiment

Score: 5

Explanation: The filing is a routine disclosure of an executive's stock transactions resulting from a pre-announced merger, indicating a neutral sentiment as it reflects expected corporate actions rather than new positive or negative developments.

Positives

• Unvested Restricted Stock Units (RSUs) and Performance-Based Restricted Stock Units (PSUs) held by Mr. Perro fully vested at the effective time of the merger, allowing for their conversion into ConnectOne Bancorp, Inc. common stock.
• Performance-based restricted stock units (PSUs) granted on January 1, 2024, vested at their target level as a direct result of the merger agreement.

Future Outlook

N/A. This Form 4 filing reports past transactions related to a completed merger and does not provide forward-looking statements or guidance.

Industry Context

N/A. This Form 4 filing details an executive's stock conversion due to a specific corporate merger and does not provide broader industry context or trends.

Stakeholder Impact

• Shareholders of First of Long Island Corp were impacted by the conversion of their shares into ConnectOne Bancorp, Inc. common stock as per the merger agreement.
• The reporting executive, Richard P. Perro, saw his equity holdings in First of Long Island Corp converted into shares of the acquiring entity, ConnectOne Bancorp, Inc., and his unvested equity awards vested as a result of the merger.

Key Dates

Keywords

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