Benjamin Mackovak - Oct 2, 2024 Form 4 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: Oct 2, 2024
Transactions value $: $0
Form type: 4
Date filed: 10/4/2024, 04:39 PM
Previous filing: Sep 10, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	FFWM	Common Stock	Conversion of derivative security		+3.87M	+133.52%		6.77M	Oct 2, 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
transaction	FFWM	Series B Preferred Stock	Conversion of derivative security		-3.87K	-100%		0	Oct 2, 2024	Common Stock	3.87M		Owned directly by Strategic Value Investors LP	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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. The Series B Preferred Stock have no expiration date. On October 2, 2024, following stockholder approval, each issued and outstanding share of Series B Preferred Stock converted into 1,000 shares of the Company's Common Stock, par value $0.001 per share, pursuant to the Company's Certificate of Designations of Series B Noncumulative Convertible Preferred Stock.
F2	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.

Content

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. The Series B Preferred Stock have no expiration date. On October 2, 2024, following stockholder approval, each issued and outstanding share of Series B Preferred Stock converted into 1,000 shares of the Company's Common Stock, par value $0.001 per share, pursuant to the Company's Certificate of Designations of Series B Noncumulative Convertible Preferred Stock.

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.