Benjamin Mackovak - Sep 3, 2024 Form 3 Insider Report for First Foundation Inc. (FFWM)

Role
Director
Signature
/s/ Paul Newton attorney in fact for Benjamin Mackovak
Stock symbol
FFWM
Transactions as of
Sep 3, 2024
Transactions value $
$0
Form type
3
Date filed
9/10/2024, 12:32 PM
Previous filing
Mar 13, 2024

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
holding FFWM Common Stock 2.9M Sep 3, 2024 Owned directly by Strategic Value Investors LP F1
holding FFWM Series B Preferred Stock 3.87K Sep 3, 2024 Owned directly by Strategic Value Investors LP F1, F2

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
holding FFWM Series C Warrant Sep 3, 2024 Series C Preferred Stock 2.17K Owned directly by Strategic Value Investors LP F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 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.
F2 Subject to approval by the stockholders of the Company, each share of Series B Noncumulative Convertible Preferred Stock, par value $0.001 per share (the "Series B Preferred Stock"), will convert to 1,000 shares of Common Stock. Prior to such stockholder approval, each share of Series B Preferred Stock will convert into 1,000 shares of Common Stock upon a transfer consistent with the rules and limitations of Regulation Y of the Bank Holding Company Act of 1956, as amended (a "Reg Y Transfer").
F3 From and after January 5, 2025, the warrant is exercisable to purchase 2,168 shares of non-voting Series C Preferred Stock, par value $0.001 per share, at a price of $5,125 per share, subject to adjustment, and expires on July 8, 2031. Subject to approval by the stockholders of the Company, each share of Series C Preferred Stock will convert into 1,000 shares of Common Stock upon a Reg Y Transfer.