Company: FFWM
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001104659-25-036041
Chunk: 73

Company: First Foundation Inc.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 73
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 Committee seeks to establish base salaries that are within the competitive range of salaries for persons holding similarly responsible positions at peer company banks and bank holding companies with an emphasis placed on those located in the Western United States. In addition, the Compensation Committee considers current and expected economic conditions in evaluating salary levels. Specific criteria considered in Mr. Kavanaugh’s 2024 performance were the Company’s performance with regard to income before taxes, loan growth, deposit growth, capital management, overall asset quality, and the Company’s compliance with rules and regulations. At the time of his resignation in November 2024, Mr. Kavanaugh received an annual salary of $950,000. This remained unchanged from 2023. The annual base salaries of Mr. Shafer and Ms. Lagomarsino for 2025 are $1,090,000 and $800,000, respectively. The annual base salaries of Mr. Britton, Mr. Hakopian, and Mr. Naghibi for 2025 are $390,000, $650,000, and $420,000, respectively. The base salaries for Mr. Britton, Mr. Hakopian and Mr. Naghibi remain unchanged from 2024. At the time of his resignation from his position as Executive Chairman of FFI, Mr. Keller received an annual salary of $600,000. This remained unchanged from 2023. In connection with a change in his responsibilities with the Company, Mr. Keller’s annual base salary became tied to certain projected assets under management at FFA. Following this change, Mr. Keller’s annual base salary was changed to $1,200,000. Based upon information captured through a variety of sources, the Company believes that it compensates its executives equitably when compared to competitive companies in that peer group. Annual Incentive Bonuses and Long-Term Incentive Awards It is the Compensation Committee’s objective to have a substantial portion of each executive’s compensation contingent upon the Company’s performance as well as upon the executive’s own level of performance and contribution towards the Company’s performance. The Company utilizes annual bonuses to align executive compensation with the Company’s business objectives and performance. Placing an emphasis on incentive compensation is consistent with the Company’s philosophy of rewarding executives for the Company’s performance. The annual incentive bonus award is primarily driven by the achievements of the Company. For 2024 and 2023, the primary goals set by the Compensation Committee were based on the Company’s budgeted income after taxes and the Company’s compliance with rules and regulations