Howard Kent - Jul 17, 2023 Form 4 Insider Report for MALVERN BANCORP, INC. (MLVF)

Role
Director
Signature
/s/ Howard Kent
Stock symbol
MLVF
Transactions as of
Jul 17, 2023
Transactions value $
$0
Form type
4
Date filed
7/17/2023, 05:16 PM
Previous filing
Jul 6, 2023

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction MLVF Common Stock Disposed to Issuer -166K -100% 0 Jul 17, 2023 Direct F1
transaction MLVF Common Stock Disposed to Issuer -38.7K -100% 0 Jul 17, 2023 By Marcia Kent Special Trust F1

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction MLVF Stock Options Disposed to Issuer -1K -100% 0 Jul 17, 2023 Common Stock 1K $16.02 Direct F2
transaction MLVF Stock Options Disposed to Issuer -1.17K -100% 0 Jul 17, 2023 Common Stock 1.17K $26.20 Direct F2
transaction MLVF Stock Options Disposed to Issuer -1K -100% 0 Jul 17, 2023 Common Stock 1K $21.00 Direct F2
transaction MLVF Stock Options Disposed to Issuer -1K -100% 0 Jul 17, 2023 Common Stock 1K $20.90 Direct F2
transaction MLVF Stock Options Disposed to Issuer -1K -100% 0 Jul 17, 2023 Common Stock 1K $20.28 Direct F2
transaction MLVF Stock Options Disposed to Issuer -1K -100% 0 Jul 17, 2023 Common Stock 1K $18.69 Direct F2
transaction MLVF Stock Options Disposed to Issuer -1K -100% 0 Jul 17, 2023 Common Stock 1K $16.05 Direct F2
transaction MLVF Stock Options Disposed to Issuer -1K -100% 0 Jul 17, 2023 Common Stock 1K $17.86 Direct F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Howard Kent is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

Explanation of Responses:

Id Content
F1 The shares were disposed of pursuant to the Agreement and Plan of Merger dated as of December 13, 2022, as amended by the amendments thereto (the "Merger Agreement"), by and among Malvern Bancorp, Inc. (the "Company"), Malvern Bank, National Association, First Bank, and FB Merger Subsidiary LLC. Pursuant to the Merger Agreement each share of Company common stock was converted into .7733 shares of common stock of First Bank and $7.80 in cash.
F2 These stock options, which provided for vesting in five equal annual installments beginning on the date of grant, were fully vested and canceled pursuant to the Merger Agreement in exchange for a cash payment equal to the product of (a) the number of shares of Malvern Bancorp Common Stock underlying such stock option multiplied by (b) the excess, if any, of (i) the 0.7733 exchange ratio multiplied by the average closing price of First Bank common stock for the 20 trading days preceding the 10th day prior to the closing date of the merger, plus $7.80 in cash over (ii) the per share exercise price of such option.

Remarks:

This "Exit" Form 4 is being voluntarily filed to report that the Reporting Person is no longer subject to Section 16 reporting.