Company: FFWM
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001104659-25-036041
Chunk: 76

Company: First Foundation Inc.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 76
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aries of the issuance date, such that one hundred percent (100%) of the RSUs shall be fully vested on the second anniversary of the grant date, subject to continued employment. The Compensation Committee decided to only require 10% of Mr. Keller’s annual incentive award in 2022 to be in the form of RSUs, due to his substantial investment in the common stock of the Company. No RSUs were given with respect to 2023 and 2024 performance as no annual incentive awards were earned with respect to 2023 and 2024. In 2024, the Compensation Committee determined that it was in the best interests of the Company to provide an additional retention incentive for certain executives by granting cash and RSU retention awards. Subject to continued employment with the Company on the applicable vesting date, Mr. Kavanaugh would receive a cash retention bonus of $475,000 and 57,047 RSUs; Mr. Britton would receive a cash retention bonus of $156,000 and 31,410 RSUs; Mr. Hakopian would receive a cash retention bonus of $260,000 and 52,349 RSUs; and Mr. Naghibi would receive a cash retention bonus of $180,000 and 36,242 RSUs. Due to his resignation with the Company in November 2024, Mr. Kavanaugh forfeited his cash retention award and RSU award. Other Elements of Compensation and Perquisites To attract and retain talented executives who will focus on achieving FFI’s long-term goals, FFI provides to its NEOs the following benefits and perquisites: • Change of Control Agreements. The Company has entered into change of control agreements with certain of its NEOs who would likely be involved in decisions regarding, and the successful implementation of, a merger or acquisition and could be at risk for a job loss if a change of control occurs. The Compensation Committee believes that such agreements are important to provide an incentive for executives to remain employed with the Company through the uncertainty that a tender offer or merger can cause. Such continuity in leadership benefits both the Company’s stockholders and employees and, ultimately, a company that acquires or merges with the Company. These agreements are intended to allow the executives to focus on making and implementing decisions 46 TABLE OF CONTENTS that are in the best interests of the Company’s stockholders without being distracted or influenced in the exercise of their business judgment by personal concerns, such as searching for employment. Change of control agreements are typically offered to executives in the marketplace and therefore are