Company: FFWM
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001104659-25-036041
Chunk: 21

Company: First Foundation Inc.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 21
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2) affiliates of Canyon Partners, LLC (“Canyon”), (3) an affiliate of Strategic Value Bank Partners, LLC (“SVBP”) and (4) certain other investors. We refer to the investors in the 2024 Capital Raise as the “Investors” and the investment agreements entered into with each of the Investors as the “Investment Agreements”. Upon the closing of the 2024 Capital Raise (the “Closing”), we entered into a registration rights agreement with each Investor pursuant to which we provided customary registration rights to the Investors with respect to the securities they acquired pursuant to their Investment Agreements. Fortress invested approximately $115 million in the 2024 Capital Raise, acquiring (1) 3,324,750 shares of common stock at the price of $4.10 per share; (2) 23,981 shares of our Series A Noncumulative Convertible Preferred Stock (“Series A Preferred Stock”) at the price of $4,100 per share, each share of which is conditionally convertible into 1,000 shares of common stock; (3) 714 shares of our Series B Noncumulative Convertible Preferred Stock (“Series B Preferred Stock”) at the price of $4,100 per share, each share of which was convertible into 1,000 shares of common of common stock; and (4) warrants representing the right, until July 8, 2031, to purchase for $5,125 per share, up to 11,207 shares of our Series C Non-Voting Common Equivalent Preferred Stock (“Warrants”). At the Closing, Fortress became entitled to nominate two representatives to be elected to the Board and the board of directors of the Bank (“Bank Board”), so long as Fortress and its affiliates beneficially own at least the lesser of (i) 9.9% of the outstanding shares of common stock (on an as-converted basis) or (ii) 50% of the shares of common stock (on an as-converted basis) that Fortress beneficially owned immediately following the Closing. Canyon invested approximately $46 million, acquiring (1) 3,206,392 shares of common stock at the price of $4.10 per share; (2) 3,050 shares of our Series A Preferred Stock at the price of $4,100 per share; (3) 4,946 shares of our Series B Preferred Stock at the price of $4,100 per share; and (4) 4,480 Warrants. At the