Company: FFWM
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001104659-25-036041
Chunk: 36

Company: First Foundation Inc.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 36
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 Committee in September 2024. Mr. Parker was appointed in November 2024. The Board has determined that all of the current members of the Risk Committee are independent within the meaning of the NYSE rules applicable to such committees. The Risk Committee’s primary responsibilities include: • overseeing the design and implementation of the Company’s risk programs; • monitoring and reviewing the Company’s enterprise risk management framework and appetite for risks associated with credit, interest rates, liquidity, operations, technology, compliance, strategy and reputation; • monitoring and reviewing the adequacy of the Company’s risk functions; • reviewing the Company’s risk profile for alignment with the Company’s strategic objectives and risk appetite guidelines; • overseeing the Company’s credit review function; • reviewing the amount, nature, characteristics, concentration and quality of the Company’s credit-related and liquidity risks; • monitoring compliance matters, including the Bank Secrecy Act; and • monitoring management’s implementation of operations and technology risk, including physical security, cybersecurity, information security, business continuity and disaster recovery programs. The Risk Committee met four times during 2024. Director Compensation Only non-employee directors are entitled to receive compensation for service on the Board and committees of the Board. The Board, acting upon a recommendation from the Compensation Committee, annually determines the non-employee directors’ compensation for serving on the Board and its committees. In a year with no change in directors, the Chairman of the Board and the Chairman of the Audit Committee receive retainers at an annual rate of $160,000, $80,000 of which is paid in cash and $80,000 of which is paid in shares of the Company’s common stock pursuant to a written restricted stock unit agreement, and the other directors receive retainers at an annual rate of $140,000, $70,000 of which is paid in cash and $70,000 of which is paid in shares of the Company’s common stock pursuant to a written restricted stock unit agreement. However, in 2024, because three non-employee directors left the Board before the end of the year, those three directors received only partial payments of both cash and restricted stock units as set forth in the table below. The four remaining legacy directors received the full retainer payment in both cash and restricted stock units. The new directors who were appointed in 2024 received full cash retainers on a pro-rated basis at an annual rate of $140,000 as set out on the table below. Additionally, Henchy R. Enden was appointed to the Board by Fortress,