MACKOVAK BENJAMIN 4
4 · FIRSTSUN CAPITAL BANCORP · Filed Apr 2, 2026
Research Summary
AI-generated summary of this filing
FirstSun (FSUN) Director Benjamin Mackovak Receives 1.15M Shares
What Happened
- Benjamin Mackovak, a director of FirstSun Capital Bancorp (FSUN), was credited with two merger-related awards on 2026-04-01: 2,140 shares and 1,151,160 shares of FirstSun common stock (total 1,153,300 shares). These were not open-market purchases but shares received in connection with the merger and RSU conversions. Using FirstSun’s last close of $36.46, the shares are roughly valued at ~$42.05 million (approximate).
Key Details
- Transaction date: 2026-04-01; Form filed: 2026-04-02 (filed the day after the transaction, within normal Section 16 reporting windows).
- Transaction type: A (grant/award/acquisition via merger conversion), prices reported as N/A (shares issued in exchange/conversion).
- Shares received: 2,140 (from converted RSUs) + 1,151,160 (from converted First Foundation shares/Series C equivalents) = 1,153,300 total.
- Conversion ratio: each First Foundation share converted into 0.16083 shares of FirstSun common stock; cash was paid in lieu of fractional shares per the merger terms.
- Footnotes: F1 = RSUs of First Foundation replaced with FirstSun RSUs (13,308 RSUs → 2,140 FSUN shares). F2 = conversion of 6,768,343 First Foundation common shares and Series C equivalents into FSUN shares using the 0.16083 ratio; F3 = some shares are owned by Strategic Value Investors LP, which Mackovak may be deemed to beneficially own solely by his managing-member role (he disclaims ownership except to the extent of pecuniary interest).
- Shares owned after transaction: not specified in the provided filing extract.
Context
- These transactions reflect merger consideration and RSU replacement, not insider buying or selling in the open market. Such conversion awards are corporate-transaction driven and do not necessarily signal a personal trading decision by the insider.
Insider Transaction Report
Form 4
MACKOVAK BENJAMIN
Director
Transactions
- Award
Common Stock, $0.0001 par value
[F1]2026-04-01+2,140→ 2,140 total - Award
Common Stock, $0.0001 par value
[F2][F3]2026-04-01+1,151,160→ 1,151,160 total(indirect: Owned directly by Strategic Value Investors LP)
Footnotes (3)
- [F1]Received in exchange for 13,308 unvested restricted stock units ("RSUs") of First Foundation Inc. ("First Foundation") that were assumed by FirstSun Capital Bancorp ("FirstSun") and replaced with RSUs of FirstSun, in connection with the merger of First Foundation with and into FirstSun. Each unvested RSU of First Foundation was converted into an RSU of FirstSun with respect to FirstSun common stock, based on the exchange ratio in the merger of 0.16083 of a share of FirstSun common stock for each share of First Foundation common stock.
- [F2]Received in exchange for (a) 6,768,343 shares of First Foundation common stock and (b) 389.28296 shares of First Foundation Series C non-voting common equity equivalent stock (the "Series C stock"), each in connection with the merger. Each share of Series C stock converted into the right to receive a number of shares of FirstSun common stock equal to the number of shares of First Foundation common stock that such share was convertible into immediately prior to the effective time of the merger, multiplied by the exchange ratio of 0.16083. Each share of First Foundation common stock converted into the right to receive 0.16083 of a share of FirstSun common stock, with cash paid in lieu of fractional shares. On the last trading day before the effective date of the merger, the closing price of First Foundation common stock was $5.90 per share, and the closing price of FirstSun common stock was $36.46 per share.
- [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 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.
Signature
/s/ Kelly C. Rackley, by power of attorney|2026-04-02