Company: FGBI
Filing Date: 2025-07-07
Form Type: 8-K
Source: 0001408534-25-000051
Chunk: 2

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-07-07
Form: 8-K
Item: Item 3.02
Chunk 2
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 this Current Report on Form 8-K, First Guaranty issued 52,422 shares of common stock to Smith & Tate Investment, L. L. C. as payment of interest on that certain First Guaranty Bancshares, Inc. Floating Rate Subordinated Note due March 28, 2034 (the “2034 Note”) As noted above, Smith & Tate Investment, L. L. C. is a company controlled by Edgar Ray Smith, III.

The terms of the Subordinated Note Amendment provide for, among other things, a modified interest payment period beginning on the June 30, 2025, interest payment date and ending on the March 30, 2026, interest payment date during which the payment will be made, at First Guaranty’s option, either (a) in cash, as provided in the 2034 Note or (b) in shares of common stock of First Guaranty. The number of shares of common stock issued by First Guaranty as the payment of interest on the Promissory Note was equal to (i) the cash payment due as of the interest payment date based on the then-applicable interest rate as provided in the Promissory Note, divided by (ii) the consolidated closing bid price per share of First Guaranty common stock on the trading day immediately preceding the interest payment date.

There were no underwriting discounts or commissions paid in connection with the issuance of shares of common stock pursuant to the Subordinated Note Amendment. The issuance of shares was made in reliance upon an exemption from the registration provisions of the Securities Act pursuant to Section 4(2) and/or Regulation D thereunder. Smith & Tate Investment, L. L. C. is an “accredited investor” as defined in Rule 501(a) of Regulation D.

  Item 9.01        Financial Statements and Exhibits                                                                                                                                                                     
  (d)              Exhibits                                                                                                                                                                                              
  Exhibit No.      Description                                                                                                                                                                                           
  10.1             Exchange Agreement, dated as of June 16, 2025, by and between First Guaranty Bancshares, Inc. and Edgar Ray Smith, III (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8...  
  10.2             First Amendment to the Promissory Note, dated as of June 4, 2025, by and between First Guaranty Bancshares, Inc. and Smith & Tate Investments, L. L. C