SHAFER THOMAS C 4
4 · First Foundation Inc. · Filed Apr 1, 2026
Research Summary
AI-generated summary of this filing
First Foundation (FFWM) CEO Thomas C. Shafer Disposes 500,000 Shares
What Happened
Thomas C. Shafer, CEO of First Foundation Inc., reported a disposition of 500,000 shares of First Foundation common stock on 2026-04-01. The Form 4 shows a disposition amount of $0 because the shares were converted under the Merger Agreement with FirstSun Capital Bancorp rather than sold for cash. Under the merger, each First Foundation share converted into the right to receive 0.16083 shares of FirstSun common stock (cash paid in lieu of fractional shares).
Key Details
- Transaction date: 2026-04-01; transaction type: Disposition to issuer (D). Reported price per share: $0.00; total reported proceeds: $0.
- Shares disposed: 500,000 shares. Reported shares owned after the transaction: 0 shares of First Foundation common stock.
- Footnote summary:
- F1: Disposition occurred pursuant to the Agreement and Plan of Merger (Oct 27, 2025). Each FFWM share converted into 0.16083 FirstSun shares; fractional shares paid in cash.
- F2: The 500,000 include restricted stock units (RSUs) that were assumed by FirstSun and converted into RSUs for FirstSun stock using the same exchange ratio.
- Filing timeliness: Form filed 2026-04-01 for a transaction dated 2026-04-01 (no late filing indicated).
Context
This was not an open-market sale but a merger-related conversion of First Foundation shares into FirstSun shares (and conversion/assumption of RSUs). The $0 proceeds on the Form 4 reflect that the reporting person received stock (and cash only for fractional shares) under the merger terms rather than cash proceeds from a sale.
Insider Transaction Report
- Disposition to Issuer
Common Stock
[F1][F2]2026-04-01−500,000→ 0 total
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 500,000 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.