Focus Financial Partners Inc. (Form: 4, Received: 09/01/2023 21:31:28)

FORM 4 ☒ 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 that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person ^* Chang Leonard R.	2. Issuer Name and Ticker or Trading Symbol Focus Financial Partners Inc. [ FOCS ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director _____ 10% Owner __X__ Officer (give title below) _____ Other (specify below) Sr. Managing Dir/Head of M&A
(Last) (First) (Middle) 875 THIRD AVENUE, 28TH FLOOR	3. Date of Earliest Transaction (MM/DD/YYYY) 8/31/2023
(Street) NEW YORK, NY 10022	4. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person
(City) (State) (Zip)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	3. Trans. 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)
1.Title of Security (Instr. 3)	2. Trans. Date	2A. Deemed Execution Date, if any	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Class A Common Stock, $0.01 par value	8/31/2023		M⁽³⁾		947,643	A	⁽³⁾	947,643	D
Class A Common Stock, $0.01 par value	8/31/2023		D⁽¹⁾⁽²⁾		947,643	D	$53 ⁽¹⁾⁽²⁾	0	D

*Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)*
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	4. Trans. 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		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 of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
1. Title of Derivate Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Trans. Date	3A. Deemed Execution Date, if any	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)			11. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Units in Focus Financial Partners, LLC	⁽¹⁰⁾	8/31/2023		F ⁽¹⁰⁾			12,085	⁽¹⁰⁾	⁽¹⁰⁾	Class A Common Stock, $0.01 par value	12,085	$53	21,222	D
Incentive Units in Focus Financial Partners, LLC	$33 ⁽⁴⁾	8/31/2023		D ⁽⁵⁾			249,982	⁽⁵⁾	⁽⁵⁾	Common Units in Focus Financial Partners, LLC	⁽⁵⁾	$0	350,018	D
Incentive Units in Focus Financial Partners, LLC	$33 ⁽⁴⁾	8/31/2023		M ⁽³⁾			350,018	⁽⁵⁾	⁽⁵⁾	Common Units in Focus Financial Partners, LLC	132,082	$0	249,982	D
Incentive Units in Focus Financial Partners, LLC	$33 ⁽⁴⁾	8/31/2023		D ⁽⁵⁾			249,982	⁽⁵⁾	⁽⁵⁾	Common Units in Focus Financial Partners, LLC	⁽⁵⁾	$0	0	D
Incentive Units in Focus Financial Partners, LLC	$16 ⁽⁴⁾	8/31/2023		M ⁽³⁾			7,540	⁽⁶⁾	⁽⁶⁾	Common Units in Focus Financial Partners, LLC	5,264	$0	0	D
Incentive Units in Focus Financial Partners, LLC	$9 ⁽⁴⁾	8/31/2023		M ⁽³⁾			142,000	⁽⁶⁾	⁽⁶⁾	Common Units in Focus Financial Partners, LLC	117,886	$0	0	D
Incentive Units in Focus Financial Partners, LLC	$11 ⁽⁴⁾	8/31/2023		M ⁽³⁾			65,000	⁽⁶⁾	⁽⁶⁾	Common Units in Focus Financial Partners, LLC	51,509	$0	0	D
Incentive Units in Focus Financial Partners, LLC	$13 ⁽⁴⁾	8/31/2023		M ⁽³⁾			50,000	⁽⁶⁾	⁽⁶⁾	Common Units in Focus Financial Partners, LLC	37,736	$0	0	D
Incentive Units in Focus Financial Partners, LLC	$19 ⁽⁴⁾	8/31/2023		M ⁽³⁾			50,000	⁽⁶⁾	⁽⁶⁾	Common Units in Focus Financial Partners, LLC	32,075	$0	0	D
Incentive Units in Focus Financial Partners, LLC	$21 ⁽⁴⁾	8/31/2023		M ⁽³⁾			456,284	⁽⁶⁾	⁽⁶⁾	Common Units in Focus Financial Partners, LLC	275,492	$0	0	D
Incentive Units in Focus Financial Partners, LLC	$22 ⁽⁴⁾	8/31/2023		M ⁽³⁾			145,253	⁽⁶⁾	⁽⁶⁾	Common Units in Focus Financial Partners, LLC	84,959	$0	0	D
Incentive Units in Focus Financial Partners, LLC	$28.5 ⁽⁴⁾	8/31/2023		M ⁽³⁾			144,717	⁽⁶⁾	⁽⁶⁾	Common Units in Focus Financial Partners, LLC	66,897	$0	0	D
Incentive Units in Focus Financial Partners, LLC	$27.9 ⁽⁴⁾	8/31/2023		M ⁽³⁾			214,027	⁽⁷⁾	⁽⁷⁾	Common Units in Focus Financial Partners, LLC	101,360	$0	0	D
Incentive Units in Focus Financial Partners, LLC	$44.71 ⁽⁴⁾	8/31/2023		M ⁽³⁾			66,212	⁽⁸⁾	⁽⁸⁾	Common Units in Focus Financial Partners, LLC	10,357	$0	0	D
Incentive Units in Focus Financial Partners, LLC	$37.59 ⁽⁴⁾	8/31/2023		M ⁽³⁾			37,159	⁽⁹⁾	⁽⁹⁾	Common Units in Focus Financial Partners, LLC	10,804	$0	0	D
Common Units in Focus Financial Partners, LLC	⁽³⁾	8/31/2023		M ⁽³⁾		926,421		⁽³⁾	⁽³⁾	Class A Common Stock, $0.01 par value	926,421	$0	947,643	D
Common Units in Focus Financial Partners, LLC	⁽³⁾	8/31/2023		M ⁽³⁾			947,643	⁽³⁾	⁽³⁾	Class A Common Stock, $0.01 par value	947,643	$0	0	D
Incentive Units in Focus Financial Partners, LLC	$58.5 ⁽⁴⁾	8/31/2023		D ⁽¹¹⁾			73,353	⁽¹¹⁾	⁽¹¹⁾	Class A Common Stock, $0.01 par value	⁽¹¹⁾	$0 ⁽¹¹⁾	0	D

Explanation of Responses:
(1)	In connection with the transactions contemplated by the Agreement and Plan of Merger, dated as of February 27, 2023, by and among the Issuer, Ferdinand FFP Acquisition, LLC ("Parent"), Ferdinand FFP Merger Sub 1, Inc. ("Company Merger Sub"), Ferdinand FFP Merger Sub 2, LLC ("LLC Merger Sub"), and Focus Financial Partners, LLC ("Focus LLC"), (a) LLC Merger Sub was merged with and into Focus LLC (the "LLC Merger") and (b) immediately after the LLC Merger, Company Merger Sub was merged with and into the Issuer (the "Company Merger" and together with the LLC Merger, the "Mergers"), with the Issuer surviving the Company Merger as a wholly-owned subsidiary of Parent.
(2)	At the effective time of the Company Merger, each of the reporting person's shares of Class A common stock of the Issuer (the "Class A Shares") outstanding immediately prior to the effective time of the Company Merger, was converted into the right to receive cash in an amount equal to $53.00 per Class A Share, without interest and subject to any required withholding taxes (the "Merger Consideration"). As a result of the Mergers, the reporting person no longer beneficially owns, directly or indirectly, any Class A Shares.
(3)	Immediately prior to the effective time of the LLC Merger, all of the outstanding vested Common Units and Incentive Units of Focus LLC with a hurdle amount that is less than the Merger Consideration were exchanged for Class A Shares. The Incentive Units were first converted into a number of Common Units that took into account the Merger Consideration and such Incentive Units' aggregate hurdle amount, and the resulting Common Units were then exchanged for an equal number of Class A Shares (the conversions, collectively, the "Vested Units Exchanges"). As a result of the Vested Units Exchanges, the reporting person no longer beneficially owns, directly or indirectly, any Common Units or Incentive Units.
(4)	The hurdle amount is set at the time of grant and typically represents the estimated fair value of a common unit on the date of grant. The figure reflected in column 2 is the hurdle amount assigned to each incentive award.
(5)	These Incentive Units were scheduled to vest linearly on the sixth anniversary of the Issuer's initial public offering; however, in connection with the Mergers, the reporting person agreed that 350,018 of these Incentive Units would vest immediately prior to the effective time of the Mergers and 249,982 of these Incentive Units would be forfeited and cancelled for no consideration.
(6)	These Incentive Units are fully vested. Incentive Units do not expire.
(7)	53,507 of these Incentive Units were scheduled to vest on December 11, 2023; however, in connection with the Mergers, pursuant to the terms of the reporting person's employment agreement with the Issuer, the vesting of the Incentive Units was accelerated to immediately prior to the effective time of the Mergers. Incentive Units do not expire.
(8)	33,106 of these Incentive Units were scheduled to vest in two equal installments on each anniversary of December 7, 2022; however, in connection with the Mergers, pursuant to the terms of the reporting person's employment agreement with the Issuer, the vesting of the Incentive Units was accelerated to immediately prior to the effective time of the Mergers. Incentive Units do not expire.
(9)	These Incentive Units were scheduled to vest in four equal installments on each anniversary of December 12, 2022; however, in connection with the Mergers, pursuant to the terms of the reporting person's employment agreement with the Issuer, the vesting of the Incentive Units was accelerated to immediately prior to the effective time of the Mergers. Incentive Units do not expire.
(10)	(a) 3,369 of the reporting person's Common Units were scheduled to vest in two equal installments on each anniversary of December 7, 2023, (b) 11,651 of the Common Units were scheduled to vest in three equal installments on each anniversary of December 22, 2022 and (c) 14,126 of the Common Units were scheduled to vest in four equal installments on each anniversary of December 12, 2022; however, in connection with the Mergers, pursuant to the terms of the reporting person's employment agreement with the Issuer, the vesting of the Common Units was accelerated to immediately prior to the effective time of the Mergers. In connection with such vesting, 12,085 of the reporting person's Common Units were withheld by the Issuer to satisfy the tax obligations upon vesting.
(11)	Immediately prior to the effective time of the LLC Merger, each Incentive Unit, whether vested or unvested, with a hurdle amount that was equal to or greater than the Merger Consideration, was forfeited and cancelled for no consideration. As a result of the Mergers, the reporting person no longer beneficially owns, directly or indirectly, any Incentive Units.

Reporting Owners
Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Chang Leonard R. 875 THIRD AVENUE, 28TH FLOOR NEW YORK, NY 10022			Sr. Managing Dir/Head of M&A

Signatures
/s/ J. Russell McGranahan as Attorney-in-Fact		9/1/2023
^**Signature of Reporting Person		Date

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