Fund tied to FirstSun (FSUN) director awarded 1.15M shares

Rhea-AI Filing Summary

FIRSTSUN CAPITAL BANCORP director Benjamin Mackovak reported stock awards tied to the merger with First Foundation Inc. He received 2,140 shares of FirstSun common stock directly, issued in exchange for 13,308 unvested restricted stock units of First Foundation using the merger exchange ratio of 0.16083.

An additional 1,151,160 shares of FirstSun common stock were acquired indirectly and are owned by Strategic Value Investors LP, which received them in exchange for 6,768,343 First Foundation common shares and 389.28296 shares of Series C stock. Mackovak may be deemed to beneficially own these indirectly held shares through his role but expressly disclaims beneficial ownership except for his pecuniary interest.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider MACKOVAK BENJAMIN

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Stock, $0.0001 par value	2,140	$0.00	--
Grant/Award	Common Stock, $0.0001 par value	1,151,160	$0.00	--

Holdings After Transaction: Common Stock, $0.0001 par value — 2,140 shares (Direct); Common Stock, $0.0001 par value — 1,151,160 shares (Indirect, Owned directly by Strategic Value Investors LP)

Footnotes (1)

1. 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. 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. 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.

Key Figures

Direct shares acquired: 2,140 shares Indirect shares acquired: 1,151,160 shares Exchange ratio: 0.16083 +4 more

7 metrics

Direct shares acquired 2,140 shares FirstSun common stock grant/award acquisition on 2026-04-01

Indirect shares acquired 1,151,160 shares FirstSun common stock owned by Strategic Value Investors LP after merger conversion

Exchange ratio 0.16083 FirstSun shares per First Foundation common share in merger

First Foundation shares converted 6,768,343 shares Common stock exchanged into FirstSun shares owned by Strategic Value Investors LP

Series C stock converted 389.28296 shares First Foundation Series C stock converted into FirstSun common stock

First Foundation closing price $5.90 per share Last trading day before merger effective date

FirstSun closing price $36.46 per share Last trading day before merger effective date

Key Terms

restricted stock units, Series C non-voting common equity equivalent stock, exchange ratio, pecuniary interest, +1 more

5 terms

restricted stock units financial

"Received in exchange for 13,308 unvested restricted stock units ("RSUs") of First Foundation Inc."

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.

Series C non-voting common equity equivalent stock financial

"389.28296 shares of First Foundation Series C non-voting common equity equivalent stock (the "Series C stock")"

exchange ratio financial

"based on the exchange ratio in the merger of 0.16083 of a share of FirstSun common stock"

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.

pecuniary interest financial

"disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein"

Section 16 regulatory

"may be deemed to beneficially own the shares owned by Strategic Value Investors LP for purposes of Section 16"

Section 16 is a U.S. securities law rule that governs the trading and disclosure obligations of company insiders — typically officers, directors and large shareholders — to promote transparency and deter unfair profit-taking. It requires insiders to publicly report their stock trades and allows companies or the issuer to reclaim quick, short-term profits from certain insider trades, like a scoreboard and a refund policy that help investors see and limit possible insider advantage.

Form 4 Insider Transactions: What Each Field Means →

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

MACKOVAK BENJAMIN

(Last) (First) (Middle)

1400 16TH STREET

SUITE 250

(Street)

DENVER COLORADO 80202

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
FIRSTSUN CAPITAL BANCORP [ FSUN ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/01/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, $0.0001 par value	04/01/2026		A		2,140	A	(1)	2,140	D
Common Stock, $0.0001 par value	04/01/2026		A		1,151,160	A	(2)	1,151,160	I	Owned directly by Strategic Value Investors LP(3)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. 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.

2. 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.

3. 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.

Remarks:

	/s/ Kelly C. Rackley, by power of attorney	04/02/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

FAQ

What did Benjamin Mackovak report in this FirstSun (FSUN) Form 4 filing?

He reported acquisitions of FirstSun common stock linked to the First Foundation merger. 2,140 shares were received directly, and 1,151,160 shares were acquired indirectly through Strategic Value Investors LP via stock conversions.

How many FirstSun (FSUN) shares does Benjamin Mackovak now hold directly and indirectly?

After these transactions, he holds 2,140 shares directly and 1,151,160 shares indirectly through Strategic Value Investors LP. The indirect shares are attributed via his role with the fund’s general partner, subject to his pecuniary interest.

How is the FirstSun (FSUN) stock amount determined from First Foundation shares?

Each First Foundation share converted into 0.16083 of a FirstSun share under the merger exchange ratio. This ratio also applied when converting restricted stock units and the Series C non-voting common equity equivalent stock into FirstSun common stock.

What is the role of Strategic Value Investors LP in this FirstSun (FSUN) Form 4?

Strategic Value Investors LP owns 1,151,160 FirstSun shares reported as indirectly held by Mackovak. The filing notes he may be deemed a beneficial owner via related entities but disclaims beneficial ownership beyond his pecuniary interest.

Were these FirstSun (FSUN) shares bought on the market or received as awards?

They were grant/award-type acquisitions, not open‑market purchases. The shares arose from exchanging First Foundation equity and restricted stock units into FirstSun common stock as part of the completed merger, using the stated exchange ratio.