First Foundation Inc. Announces Board Changes and Compensation Updates

Ticker: FFWM · Form: 8-K · Filed: 2024-10-21T00:00:00.000Z

Sentiment: neutral

Topics: board-changes, executive-compensation, governance

TL;DR

Board shakeup at First Foundation: Coughlin out, Dechman in. Exec pay also on the table.

AI Summary

On October 18, 2024, First Foundation Inc. filed an 8-K report detailing the departure of Director Patrick J. Coughlin and the election of new Director David L. Dechman. The company also announced changes to its executive compensation arrangements.

Why It Matters

Changes in board composition and executive compensation can signal shifts in company strategy or governance, potentially impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Board changes and executive compensation adjustments can introduce uncertainty regarding future strategic direction and management stability.

Key Players & Entities

FAQ

Who is the new director elected to the board of First Foundation Inc.?

David L. Dechman was elected as a new director to the board of First Foundation Inc.

Which director has departed from First Foundation Inc.'s board?

Patrick J. Coughlin has departed from the board of First Foundation Inc.

What is the date of the earliest event reported in this 8-K filing?

The date of the earliest event reported is October 18, 2024.

What are the main items reported in this 8-K filing?

This 8-K filing reports the departure of a director, the election of a new director, and changes to compensatory arrangements of certain officers.

What is the principal executive office address for First Foundation Inc.?

The principal executive office address for First Foundation Inc. is 200 Crescent Court, Suite 1400, Dallas, Texas 75201.

From the Filing

0001193125-24-240419.txt : 20241021 0001193125-24-240419.hdr.sgml : 20241021 20241021161530 ACCESSION NUMBER: 0001193125-24-240419 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20241018 ITEM INFORMATION: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20241021 DATE AS OF CHANGE: 20241021 FILER: COMPANY DATA: COMPANY CONFORMED NAME: First Foundation Inc. CENTRAL INDEX KEY: 0001413837 STANDARD INDUSTRIAL CLASSIFICATION: STATE COMMERCIAL BANKS [6022] ORGANIZATION NAME: 02 Finance IRS NUMBER: 000000000 STATE OF INCORPORATION: CA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-36461 FILM NUMBER: 241383659 BUSINESS ADDRESS: STREET 1: 18101 VON KARMAN AVE STREET 2: SUITE 700 CITY: IRVINE STATE: CA ZIP: 92612 BUSINESS PHONE: 949-222-2030 MAIL ADDRESS: STREET 1: 18101 VON KARMAN AVE STREET 2: SUITE 700 CITY: IRVINE STATE: CA ZIP: 92612 FORMER COMPANY: FORMER CONFORMED NAME: KELLER FINANCIAL GROUP DATE OF NAME CHANGE: 20071001 8-K 1 d855171d8k.htm 8-K 8-K false 0001413837 0001413837 2024-10-18 2024-10-18     UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549     FORM 8-K     CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): October 18, 2024     FIRST FOUNDATION INC. (Exact name of registrant as specified in its charter)       Delaware   001-36461   20-8639702 (State or other jurisdiction of incorporation)   (Commission File Number)   (IRS Employer Identification Number)   200 Crescent Court , Suite 1400   Dallas , Texas   75201 (Address of Principal Executive Offices)   (Zip Code) (469)   638-9636 (Registrant’s Telephone Number, Including Area Code) N/A (Former name or former address, if changed since last report.)     Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:   ☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)   ☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)   ☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))   ☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act:   Title of each class   Trading Symbol(s)   Name of each exchange on which registered Common Stock   FFWM   New York Stock Exchange Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐       Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On October 18, 2024, the Board of Directors of First Foundation Inc. (the “Company”) approved and adopted, upon the recommendation of its Compensation Committee, the First Foundation Inc. Retention Bonus Plan (the “Bonus Plan”). Under the Bonus Plan, retention awards may be g

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