Company: FFWM
Filing Date: 2025-04-17
Form Type: DEF 14A
Source: 0001104659-25-036041
Chunk: 83

Company: First Foundation Inc.
Filing Date: 2025-04-17
Form: DEF 14A
Chunk 83
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 employment agreement with FFB on January 1, 2015 and this agreement was subsequently amended on January 26, 2016, February 7, 2018, March 11, 2020, and December 5, 2022. Set forth below are summaries of the material terms of those employment agreements. These summaries are not intended to be complete and are qualified in their entirety by reference to the employment agreements themselves, which are included as exhibits to our Annual Report on Form 10-K filed with the SEC on March 17, 2025. Material Terms of the Employment Agreements Salaries. The employment agreements currently provide for the payment of base annual salaries as follows: Mr. Shafer: $1,090,000; Ms. Lagomarsino: $800,000; Mr. Britton: $390,000; and Mr. Naghibi: $420,000. Mr. Hakopian’s employment agreement, prior to its expiration on December 31, 2023, provided for a base annual salary of $475,000. Participation in Incentive Compensation and Employee Benefit Plans. Mr. Shafer’s employment agreement provides that he will be entitled to an annual discretionary incentive opportunity (the “Annual Incentive Opportunity”) pursuant to the Company’s then-current annual bonus program. The Annual Incentive Opportunity is made up of two parts: (i) 50% of the Annual Incentive Opportunity shall be in the form of an annual cash bonus, and (ii) 50% of the Annual Incentive Opportunity shall be in the form of performance restricted stock units. The maximum Annual Incentive Opportunity that Mr. Shafer may be entitled to is 150% of his base annual salary. With respect to the 2025 fiscal year Annual Incentive Opportunity, Mr. Shafer is entitled to receive an annual cash bonus of not less than $500,000. Each of the other employment agreements provides that the NEO will be entitled to participate in any management bonus or incentive compensation plans adopted by our Board or our Compensation Committee and in any qualified or any other retirement plans, stock option or equity incentive plans, life, medical and disability insurance plans and other benefit plans which the Company and its subsidiaries may have in effect, from time to time, for all or most of its senior executives. Termination and Severance Provisions. Each employment agreement provides that the NEO’s employment may be terminated by the Company with or without cause or due to his or her death