HAKOPIAN JOHN 4
4 · First Foundation Inc. · Filed Apr 1, 2026
Research Summary
AI-generated summary of this filing
First Foundation (FFWM) President John Hakopian Converts Shares in Merger
What Happened
John Hakopian, President of First Foundation (FFWM), reported dispositions on April 1, 2026 related to the merger of First Foundation into FirstSun Capital Bancorp. The filing shows dispositions of 82,554 and 620,842 shares of FFWM common stock (total 703,396 shares) at $0.00 per share and a related derivative entry of 5,287 units at $0.00. Under the Merger Agreement, each FFWM share converted into the right to receive 0.16083 shares of FirstSun common stock (with cash paid in lieu of fractional shares). The filing states Hakopian no longer beneficially owns any FFWM common stock.
Key Details
- Transaction date: April 1, 2026; reported price: $0.00 per share (conversion under merger).
- Shares disposed: 82,554 and 620,842 FFWM common shares (703,396 total). Derivative line: 5,287 units (RSU-related conversion).
- Shares owned after transaction: 0 FFWM common shares (reporting person no longer beneficially owns FFWM common stock).
- Notable footnotes: Merger Agreement dated Oct 27, 2025; Exchange Ratio = 0.16083 FirstSun shares per FFWM share; restricted stock units (including 4,700 RSUs noted) and performance RSUs were assumed and converted into FirstSun RSUs per the exchange ratio; cash paid for fractional shares.
- Filing timeliness: Reported with the Form 4 dated April 1, 2026 (no late filing indicated in the report).
Context
This was not an open-market sale but a corporate conversion due to a merger—FFWM shares were exchanged for FirstSun consideration under the merger terms. Restricted and performance-based RSUs were assumed and converted into FirstSun RSUs and remain subject to their original vesting/performance conditions as noted in the filing. The Form 4 reports the mechanics of the merger conversion rather than a market trade or cash proceeds.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1][F2]2026-04-01−82,554→ 0 total - Disposition to Issuer
Common Stock
[F1]2026-04-01−620,842→ 0 total(indirect: By Trust) - Disposition to Issuer
Restricted Stock Unit
[F3]2026-04-01+5,287→ 0 total→ Common Stock (5,287 underlying)
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 4,700 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]Performance-vested RSUs under Issuer's 2024 Equity Incentive Plan, in each case subject to continuous employment and subject to the achievement of certain performance criteria and strategic goals. 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.