Benjamin Mackovak - 02 Oct 2024 Form 4 Insider Report for First Foundation Inc. (FFWM)

Footnote 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.

Footnote 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.