Company: FFWM
Filing Date: 2025-02-13
Form Type: 8-K
Source: 0001104659-25-012975
Chunk: 1

Company: First Foundation Inc.
Filing Date: 2025-02-13
Form: 8-K
Item: Item 5.02
Chunk 1
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 prior to his death. If Mr. Shafer’s employment is terminated
for cause or due to the expiration of the term of the Shafer Employment Agreement, he will not be entitled to any severance compensation.

Also as previously reported, the Company appointed
Simone Lagomarsino as President on September 3, 2024, and the Bank appointed Ms. Lagomarsino as President on July 8, 2024. On February
11, 2025, the Company and the Bank entered into an Employment Agreement with Ms. Lagomarsino, with an initial term commencing on February
11, 2025 and ending on December 31, 2026 (the “ Lagomarsino Employment Agreement”). Pursuant to the Lagomarsino Employment
Agreement, Ms. Lagomarsino will receive an annual base salary of $800,000, subject to annual adjustment, but not reduction, at the discretion
of the Board of Directors or its Compensation Committee, and will be eligible to participate in the executive incentive compensation program.
Ms. Lagomarsino will also be eligible to participate in the other benefit programs of the Company and the Bank available to executive
employees generally.

If Ms. Lagomarsino’s employment is terminated
without cause or Ms. Lagomarsino terminates her employment for good reason (in each case, as defined in the Lagomarsino Employment Agreement),
then she will be entitled to a lump sum payment equal to the lesser of (i) 12 months of her annual base salary and (ii) the aggregate
base salary that would have been paid to her for the remainder of the term of the Lagomarsino Employment Agreement if such remaining term
is shorter than 12 months. In the event of termination of Ms. Lagomarsino’s employment due to her death, her beneficiaries will
be paid an amount equal to 100% of her base annual salary at the rate in effect immediately prior to her death. If Ms. Lagomarsino’s
employment is terminated for cause or due to the expiration of the term of the Lagomarsino Employment Agreement, she will not be entitled
to any severance compensation.

The foregoing descriptions of the Shafer Employment Agreement and the
Lagomarsino Employment Agreement are not intended to be complete and are qualified in their entirety by reference to such agreements,
copies of which are attached as Exhibit 10.1 and Exhibit 10.2, respectively, to this Current Report on