Company: FFWM
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001104659-25-036041
Chunk: 92

Company: First Foundation Inc.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 92
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, 2023. Mr. Kavanaugh’s CC Agreement terminated upon his resignation in November 2024. The CC Agreements with each NEO are substantially the same, except with respect to the value of the potential severance payments, and can be terminated by the Company upon three years advance written notice to the NEO. A CC Agreement will also terminate (without payment of severance benefits) in the event the NEO’s employment is terminated by the Company for Cause (as defined in the NEO’s employment agreement) or due to his or her death or disability or retirement, or by the NEO without Good Reason. Each of the CC Agreements provides that if the Company undergoes a Change of Control (as defined below) while the NEO is still in the employ of the Company or one of its subsidiaries and, within the succeeding 12 months, the NEO terminates his or her employment due to the occurrence of a “Good Reason Event” (such as involuntary changes to any of the NEOs authority or responsibilities, compensation, eligibility for participation in bonus and employee benefit plans or relocation of work location) then the NEO will become eligible to receive the following severance compensation (in lieu of the aggregate amount of any severance benefits that could be provided under the NEO’s employment agreement): • two times the sum of (1) his or her annual base salary as then in effect as of immediately before the initial public announcement by the Company of an intended or anticipated Change of Control and (2) the maximum bonus compensation that the NEO could have earned under any bonus or incentive compensation plan in which he or she was then participating at the time of such termination of employment, if any (in each case, the “Cash Amount”); • acceleration of the vesting of any then unvested stock options, restricted stock units, restricted stock or other forms of equity-based compensation awards granted to the NEO; and • continued participation for the NEO and his or her family members in medical, dental, vision, disability, and life insurance plans and programs commencing on the date of termination and ending on December 31 st of the second calendar year following the calendar year of the termination. The foregoing severance benefits are conditioned upon the NEO executing documentation that releases us and our affiliates from all legal claims. Payment of the Cash Amount above shall be paid on the first payroll date after sixty days after the vesting date. The severance benefits will be reduced to avoid the imposition of excise taxes under Internal Revenue Code Sections 280G and 4999 if the NEO would be better off