Director Sonenshine fully exits First Foundation (FFWM) stock in FirstSun merger
Rhea-AI Filing Summary
First Foundation Inc. director Jacob Sonenshine reported disposing of all his shares of the company’s common stock in connection with its merger with FirstSun Capital Bancorp. The filing shows an issuer disposition of 23,863 directly held shares and 94,882 indirectly held shares through a family trust.
Under the Merger Agreement, each First Foundation share converted into the right to receive 0.16083 shares of FirstSun common stock, with cash in lieu of fractional shares. Restricted stock units covering 15,210 First Foundation shares were converted into FirstSun restricted stock units and then forfeited upon his separation of service. After these transactions, Sonenshine no longer beneficially owns any First Foundation common stock.
Positive
- None.
Negative
- None.
Insider Trade Summary
Net Seller: 118,745 shares
Net Sell
2 txns
Insider
SONENSHINE JACOB
Role
Director
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| Disposition | Common Stock | 23,863 | $0.00 | $0.00 |
| Disposition | Common Stock | 94,882 | $0.00 | $0.00 |
Holdings After Transaction:
Common Stock — 0 shares (Direct);
Common Stock — 0 shares (Indirect, Family Trust)
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 15,210 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. Upon the reporting person's separation of service at the effective time of the merger, all restricted stock units were forfeited.
Key Figures
Direct shares disposed: 23,863 shares
Indirect shares disposed (Family Trust): 94,882 shares
Exchange ratio: 0.16083 shares
+3 more
6 metrics
Direct shares disposed
23,863 shares
Common stock, issuer disposition on April 1, 2026
Indirect shares disposed (Family Trust)
94,882 shares
Common stock, issuer disposition on April 1, 2026
Exchange ratio
0.16083 shares
FirstSun common stock received per First Foundation share
Restricted stock units
15,210 shares
First Foundation RSUs converted to FirstSun RSUs, then forfeited
Price per share in Form 4
$0.0000 per share
Code D issuer disposition, consideration paid in FirstSun stock
Shares held after transaction
0 shares
Total First Foundation common stock beneficially owned by Sonenshine
Key Terms
Agreement and Plan of Merger, Exchange Ratio, restricted stock units, beneficially owns, +1 more
5 terms
Agreement and Plan of Merger regulatory
"Disposed of pursuant to the Agreement and Plan of Merger, dated October 27, 2025"
An Agreement and Plan of Merger is a formal document where two companies agree to combine into one, outlining how the process will happen. It’s like a step-by-step plan for merging, and it matters because it shows both sides have agreed on the details before the official transition takes place.
Exchange Ratio financial
"converted into the right to receive 0.16083 shares of FirstSun common stock (the "Exchange Ratio")"
The exchange ratio is the number used to decide how many shares of one company you get for each share you own in another company during a merger or acquisition. It’s like a recipe that tells you how to swap shares fairly, ensuring both companies’ values are balanced. This ratio matters because it determines how ownership divides between the companies' shareholders.
restricted stock units financial
"Includes restricted stock units with respect to 15,210 shares of the Issuer's common stock"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
beneficially owns regulatory
"the reporting person no longer beneficially owns, directly or indirectly, any shares of Issuer common stock"
Beneficially owns means a person or entity enjoys the economic benefits and control of a security even if the legal title or registration is held in another name. Think of it like having the keys and profits from a car that is registered to a friend: you use it, benefit from it, and make decisions about it even though the official paperwork lists someone else. For investors, this matters because it reveals who truly controls shares, affects voting power, potential conflicts of interest, and regulatory disclosure obligations.
Family Trust financial
"transaction_shares: 94882.0000 ... nature_of_ownership: "Family Trust""
FAQ
What insider transaction did Jacob Sonenshine report for First Foundation (FFWM)?
Jacob Sonenshine reported an issuer disposition of all his First Foundation common stock. He disposed of 23,863 directly held shares and 94,882 indirectly held shares through a family trust, tied to the company’s merger with FirstSun Capital Bancorp under a Merger Agreement.
How is First Foundation (FFWM) stock being converted in the FirstSun merger?
Each First Foundation common share is being converted into the right to receive 0.16083 shares of FirstSun common stock. Cash is paid instead of issuing fractional FirstSun shares, so former First Foundation holders receive only whole FirstSun shares plus any applicable cash adjustment.
What happened to Jacob Sonenshine’s restricted stock units tied to First Foundation (FFWM)?
His holdings included restricted stock units for 15,210 First Foundation shares. At the merger’s effective time, these units were assumed by FirstSun and converted using the 0.16083 exchange ratio, then all such restricted stock units were forfeited upon his separation of service at that time.
AI-generated analysis. How Rhea-AI works. Not financial advice.
