Company: FFWM
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001104659-25-036041
Chunk: 75

Company: First Foundation Inc.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 75
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, for 2023 and 2024, the Company did not meet its financial performance goals and, as a result, no annual incentive bonus was paid for either year. As a result of the Company’s performance in relation to the goals set by the Compensation Committee, Mr. Kavanaugh was awarded 100% of his target bonus in 2022. In addition to the goals set for the Company, the other NEOs must also meet individual subjective goals as part of the determination of their annual incentive bonus. Based on the Company meeting its goals in 2022, and the achievement of individual subjective goals, Messrs. Keller, Hakopian, and Naghibi were awarded 100% of their target bonuses in 2022. No annual bonuses were awarded to these individuals for 2023 or 2024 as the Company did not meet its performance goals for these years. The Compensation Committee provides long-term incentive compensation, in the form of RSUs as a component of the annual incentive bonus, to FFI’s executive officers through the grant of awards under the Company’s equity incentive plan. In accordance with the Company’s philosophy, the use of equity compensation is intended to provide incentives to the Company’s executive officers to work toward the long-term growth of the Company by providing them with an award that will increase in value only to the extent that the value of the Company’s common stock increases. Because the value of awards under the Company’s equity incentive plan bears a direct relationship to the Company’s stock price, the Compensation Committee believes that equity awards are an effective long-term incentive to create value for stockholders and appropriately align the interests of the Company’s executives with the interest of the Company’s stockholders. The payments of the annual incentive awards for 2022 were split between cash and RSUs, as determined by the Compensation Committee. For Mr. Kavanaugh, 30% of his annual incentive awards for 2022 was payable to him in the form of RSUs. For Mr. Hakopian, 10% of his annual incentive award for 2022 was payable to him in the form of RSUs. For Mr. Naghibi, 15% of his annual incentive award for 2022 was payable to him in the form of RSU’s. For Mr. Keller, 10% of his annual incentive awards for 2022 was payable to him in the form of RSUs. One-third of these RSUs vested immediately upon the issuance date and one-third will vest incrementally on each of the first and second annivers