Company: FFWM
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001104659-25-036041
Chunk: 65

Company: First Foundation Inc.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 65
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 C. Shafer was appointed Chief Executive Officer of the Company and the Bank, effective as of November 21, 2024. Mr. Shafer receives an annual salary of $1,090,000, subject to annual review, and is eligible for an annual bonus of up to one hundred and fifty percent (150%) his annual base salary based on specific performance targets established by the Board. In addition, the Company granted to Mr. Shafer 500,000 restricted stock units as an inducement to his employment, half of which will vest on the second anniversary of the grant with the remaining portion vesting on the third anniversary, subject to his continued service to the Company. Mr. Shafer also participates in the other benefit programs available to executive employees generally. Other than with respect to Mr. Keller, whose salary changed in connection with a change in his responsibilities with the Company, no changes were made in the annual salaries of the NEOs.

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TABLE OF CONTENTS

Performance and Pay FFI has a strong pay-for-performance philosophy that links executive compensation to achievement of the operating and financial goals set by the Board. In 2024, FFI achieved the following results, compared with prior periods, as of or for the years ending December 31:

| (dollars in 000’s)                          | ​ | ​ | 2024 |   |           |   | ​ | ​ | 2023 |   |            |   | ​ | ​ | 2022 |   |            |   | ​ |
|:--------------------------------------------|:--|:--|:-----|:--|----------:|:--|:--|:--|:-----|:--|-----------:|:--|:--|:--|:-----|:--|-----------:|:--|:--|
| (Loss) Income before taxes                  | ​ | ​ | ​    | $ |  -137,380 | ​ | ​ | ​ | ​    | $ |   -200,064 | ​ | ​ | ​ | ​    | $ |    149,803 | ​ | ​ |
| Net (loss) income                           | ​ | ​ | ​    | $ |   -92,407 | ​ | ​ | ​ | ​    | $ |   -199,064 | ​ | ​ | ​ | ​    | $ |    110,512 | ​ | ​ |
| Net (loss) income per share                 | ​ | ​ | ​