Company: FGBI
Filing Date: 2025-07-07
Form Type: 8-K
Source: 0001408534-25-000051
Chunk: 1

Company: First Guaranty Bancshares, Inc.
Filing Date: 2025-07-07
Form: 8-K
Item: Item 3.02
Chunk 1
---
 paid in connection with the Exchange. The issuance of shares pursuant to the Exchange 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. Mr. Smith is an “accredited investor” as defined in Rule 501(a) of Regulation D.

Promissory Note Amendment

Pursuant to the Promissory Note Amendment, which is attached as Exhibit 10.2 to this Current Report on Form 8-K, First Guaranty issued 36,060 shares of common stock to Smith & Tate Investment, L. L. C. as payment of interest on that certain Promissory Note, dated as of October 5, 2023, by and between First Guaranty and Smith & Tate, as successor to Burke & Herbert Bank & Trust Company, as successor to Summit Community Bank, Inc (the “ Promissory Note”). Smith & Tate Investment, L. L. C. is a company controlled by Edgar Ray Smith, III.

The terms of the Promissory 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 Promissory 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 Promissory 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.

Subordinated Note Amendment

Pursuant to the Subordinated Note Amendment, which is attached as Exhibit 10.3 to