BRIGGS MAX 4
4 · First Foundation Inc. · Filed Apr 1, 2026
Research Summary
AI-generated summary of this filing
First Foundation (FFWM) Director Max Briggs Disposes Shares
What Happened
Max Briggs, a director of First Foundation Inc. (FFWM), reported dispositions of a total of 91,076 shares of First Foundation common stock on 2026-04-01. The filing shows three dispositions to the issuer (code D): 39,004 shares, 46,072 shares, and 6,000 shares, each reported at $0.00 per share (no cash proceeds). Under the Merger Agreement with FirstSun Capital Bancorp, each First Foundation share converted into the right to receive 0.16083 shares of FirstSun common stock (with cash paid in lieu of any fractional shares). As a result of the merger and related forfeitures, Mr. Briggs no longer beneficially owns any First Foundation common stock.
Key Details
- Transaction date: 2026-04-01 (filed same day). Transaction code: D (Disposition to issuer).
- Reported entries: 39,004 @ $0.00; 46,072 @ $0.00; 6,000 @ $0.00 — total 91,076 shares disposed.
- Shares owned after transaction: 0 shares of First Foundation common stock (reporting person no longer beneficial owner).
- Notable footnotes: Merger Agreement dated Oct 27, 2025; exchange ratio = 0.16083 FirstSun shares per First Foundation share; cash paid in lieu of fractional shares. Includes 15,210 underlying restricted stock units that were converted/assumed by FirstSun and then forfeited upon Mr. Briggs’s separation of service.
- Filing timeliness: Form 4 filed the same day as the reported transactions; no late filing flag.
Context — what this means for investors:
This activity is merger-related corporate action, not an open-market sale for cash. Most disposed shares were converted into FirstSun shares per the merger terms (91,076 First Foundation shares would equate to roughly 14,648 FirstSun shares at the 0.16083 ratio), while the RSUs noted in the filing were assumed and subsequently forfeited on separation. Because these are disposition/ merger mechanics (code D) rather than voluntary sales, they should not be read as a straightforward insider sell signal.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1][F2]2026-04-01−39,004→ 0 total - Disposition to Issuer
Common Stock
[F1]2026-04-01−46,072→ 0 total(indirect: By Trust) - Disposition to Issuer
Common Stock
[F1]2026-04-01−6,000→ 0 total(indirect: By Spouse)
Footnotes (2)
- [F1]Disposed of pursuant to the Agreement and Plan of Merger, dated October 27, 2025 (the "Merger Agreement"), by and between the Issuer and FirstSun Capital Bancorp ("FirstSun"). Pursuant to the terms of the Merger Agreement, at the effective time of the merger, each share of Issuer common stock converted into the right to receive 0.16083 shares of FirstSun common stock (the "Exchange Ratio"), with cash paid in lieu of fractional shares. As a result of the merger, the reporting person no longer beneficially owns, directly or indirectly, any shares of Issuer common stock.
- [F2]Includes restricted stock units with respect to 15,210 shares of the Issuer's common stock. Pursuant to the Merger Agreement, at the effective time of the merger, the restricted stock units were assumed by FirstSun and converted into restricted stock units with respect to a number of shares of FirstSun common stock equal to the number of issuer shares underlying the restricted stock unit multiplied by the Exchange Ratio. Upon the reporting person's separation of service at the effective time of the merger, all restricted stock units were forfeited.