Julia Corelli - 17 Jul 2023 Form 4 Insider Report for MALVERN BANCORP, INC.

Role: Director
Signature: /s/ Julia Corelli
Issuer symbol: N/A
Transactions as of: 17 Jul 2023
Net transactions value: $0
Form type: 4
Filing time: 17 Jul 2023, 17:18:25 UTC
Previous filing: 06 Jul 2023
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	MLVF	Common Stock	Disposed to Issuer		-14,164	-100%		0	17 Jul 2023	Direct	F1
transaction	MLVF	Common Stock	Disposed to Issuer		-7,142	-100%		0	17 Jul 2023	By IRA	F1

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

Type	Sym	Class	Transaction	Shares	Change %	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	MLVF	Stock Options	Disposed to Issuer	-1,000	-100%	17 Jul 2023	Common Stock	1,000	$20.90	Direct	F2
transaction	MLVF	Stock Options	Disposed to Issuer	-1,000	-100%	17 Jul 2023	Common Stock	1,000	$20.28	Direct	F2
transaction	MLVF	Stock Options	Disposed to Issuer	-1,000	-100%	17 Jul 2023	Common Stock	1,000	$18.69	Direct	F2
transaction	MLVF	Stock Options	Disposed to Issuer	-1,000	-100%	17 Jul 2023	Common Stock	1,000	$16.05	Direct	F2
transaction	MLVF	Stock Options	Disposed to Issuer	-1,000	-100%	17 Jul 2023	Common Stock	1,000	$17.86	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Julia Corelli 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.

Content

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.

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.