MACKOVAK BENJAMIN 4
4 · First Foundation Inc. · Filed Apr 1, 2026
Research Summary
AI-generated summary of this filing
First Foundation (FFWM) Director Benjamin Mackovak Disposes Shares
What Happened
Benjamin Mackovak, a director of First Foundation Inc. (FFWM), recorded dispositions on April 1, 2026 tied to the company’s merger with FirstSun Capital Bancorp. The Form 4 shows: disposition of 6,768,343 shares and disposition of restricted stock units covering 13,308 shares. The reported price and cash value are $0 because the shares/RSUs were converted under the merger terms rather than sold for cash.
Key Details
- Transaction date: 2026-04-01 (effective time of the merger). Transaction code: D (Disposition to issuer).
- Shares/amounts: 6,768,343 shares disposed; 13,308 restricted stock units disposed/converted.
- Reported price/value: $0 — conversion was pursuant to the Merger Agreement, not an open-market cash sale.
- Merger mechanics: each First Foundation share converted into the right to receive 0.16083 shares of FirstSun common stock; cash was paid in lieu of fractional shares. RSUs were assumed and converted into FirstSun RSUs on the same exchange ratio.
- Shares owned after transaction: The filing states the reporting person no longer beneficially owns any First Foundation common stock.
- Ownership note: 6,768,343 shares were owned directly by Strategic Value Investors LP. Mackovak is a managing member of the general partner and may be deemed to beneficially own those shares for Section 16 purposes but disclaims beneficial ownership except for any pecuniary interest.
- Filing timeliness: Reported on 2026-04-01, matching the transaction date (no late-filing flag indicated).
Context
This disposition is merger-driven rather than a conventional sale. That means the transaction is a corporate reorganization (conversion into FirstSun stock and cash for fractions) and should not be read as a typical insider sell decision. For investors tracking insider activity, merger-related dispositions often reflect deal terms, not personal trading sentiment.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1][F2]2026-04-01−13,308→ 0 total - Disposition to Issuer
Common Stock
[F1][F3]2026-04-01−6,768,343→ 0 total(indirect: Owned directly by Strategic Value Investors LP)
Footnotes (3)
- [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 13,308 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.
- [F3]Owned directly by Strategic Value Investors LP. The reporting person, solely by virtue of his position as a managing member of Strategic Value Bank Partners LLC, which serves as the general partner of Strategic Value Investors LP, may be deemed to beneficially own the shares owned directly by Strategic Value Investors LP for purposes of Section 16. The reporting person expressly disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.