[8-K] First Foundation Inc. Reports Material Event
First Foundation Inc. appointed Stuart Bernstein as Chief Banking Officer of its wholly owned subsidiary, First Foundation Bank, effective August 11, 2025. Mr. Bernstein, age 54, brings multi-bank experience across consumer and business banking, wealth management, investments and residential lending, including senior roles at Santander NA and MUFG Union Bank. He will receive an annual base salary of $450,000 and may receive a discretionary bonus of up to 100% of base salary, payable half in cash and half in restricted stock units or performance stock units. The Company will enter into its standard indemnification agreement and attached a press release as Exhibit 99.1. The filing states there are no family relationships or Item 404 disclosures required.
First Foundation Inc. ha nominato Stuart Bernstein Chief Banking Officer della sua controllata interamente detenuta, First Foundation Bank, con effetto dall'11 agosto 2025. Il sig. Bernstein, 54 anni, porta con sé esperienza maturata in più banche nei settori della clientela retail e corporate, della gestione patrimoniale, degli investimenti e del credito ipotecario residenziale, avendo ricoperto ruoli dirigenziali presso Santander NA e MUFG Union Bank. Riceverà uno stipendio base annuo di $450,000 e potrà ottenere un bonus discrezionale fino al 100% dello stipendio base, pagabile per metà in contanti e per metà in unità azionarie vincolate o unità azionarie legate alla performance. La Società stipulerà il suo consueto accordo di indennizzo e ha allegato un comunicato stampa come Exhibit 99.1. Il deposito dichiara che non esistono rapporti familiari né divulgazioni richieste dall'Item 404.
First Foundation Inc. nombró a Stuart Bernstein como Chief Banking Officer de su subsidiaria de propiedad total, First Foundation Bank, con vigencia a partir del 11 de agosto de 2025. El Sr. Bernstein, de 54 años, aporta experiencia en múltiples entidades bancarias en banca de consumo y empresarial, gestión de patrimonios, inversiones y préstamos residenciales, incluyendo cargos de alto nivel en Santander NA y MUFG Union Bank. Percibirá un salario base anual de $450,000 y podrá recibir un bono discrecional de hasta el 100% del salario base, pagadero la mitad en efectivo y la mitad en unidades restringidas de acciones o unidades de acciones por desempeño. La Compañía suscribirá su acuerdo estándar de indemnización y adjuntó un comunicado de prensa como Exhibit 99.1. La presentación indica que no existen relaciones familiares ni divulgaciones requeridas por el Item 404.
First Foundation Inc.는 전액 출자 자회사인 First Foundation Bank의 최고은행책임자(Chief Banking Officer)에 Stuart Bernstein를 2025년 8월 11일부로 선임했습니다. Bernstein 씨(54세)는 소비자 및 기업 은행업, 자산관리, 투자 및 주택담보대출 분야에서 다수 은행의 경험을 보유하고 있으며 Santander NA와 MUFG Union Bank에서의 고위직 경력을 포함합니다. 그는 연봉 기본급으로 $450,000을 받게 되며, 기본급의 최대 100%까지의 재량 보너스를 받을 수 있고 이는 절반은 현금으로, 나머지 절반은 제한부 주식 단위 또는 성과 기반 주식 단위로 지급됩니다. 회사는 표준 면책(보상) 계약을 체결하며 보도자료를 Exhibit 99.1로 첨부했습니다. 제출 서류에는 가족 관계나 Item 404에 따른 공시가 필요하지 않다고 기재되어 있습니다.
First Foundation Inc. a nommé Stuart Bernstein Chief Banking Officer de sa filiale détenue à 100 %, First Foundation Bank, à compter du 11 août 2025. M. Bernstein, 54 ans, apporte une expérience multi-banques en banque de détail et d'entreprise, en gestion de patrimoine, en investissements et en prêts hypothécaires résidentiels, ayant occupé des postes de direction chez Santander NA et MUFG Union Bank. Il percevra un salaire de base annuel de $450,000 et pourra recevoir un bonus discrétionnaire pouvant atteindre 100% du salaire de base, payable pour moitié en espèces et pour moitié en unités d'actions restreintes ou en unités d'actions liées à la performance. La Société conclura son accord type d'indemnisation et a joint un communiqué de presse en tant qu'Exhibit 99.1. Le dépôt indique qu'il n'existe pas de relations familiales ni d'informations à divulguer au titre de l'Item 404.
First Foundation Inc. hat Stuart Bernstein mit Wirkung zum 11. August 2025 zum Chief Banking Officer seiner vollständig im Eigentum stehenden Tochtergesellschaft First Foundation Bank ernannt. Herr Bernstein, 54 Jahre alt, bringt Erfahrungen aus mehreren Banken im Privat- und Firmenkundengeschäft, im Wealth Management, im Investmentbereich und im Wohnungsbaukreditwesen mit, darunter Führungspositionen bei Santander NA und MUFG Union Bank. Er erhält ein jährliches Grundgehalt von $450,000 und kann einen diskretionären Bonus von bis zu 100% des Grundgehalts erhalten, zahlbar zur Hälfte in bar und zur Hälfte in Restricted Stock Units oder Performance Stock Units. Das Unternehmen wird seine standardmäßige Freistellungsvereinbarung abschließen und hat eine Pressemitteilung als Exhibit 99.1 beigefügt. Die Einreichung gibt an, dass keine familiären Beziehungen bestehen und keine Offenlegungen gemäß Item 404 erforderlich sind.
- Experienced industry hire: Stuart Bernstein brings leadership roles at Santander NA, MUFG Union Bank, Bank of America/Countrywide, and Wells Fargo.
- Performance-aligned pay: Bonus may be paid half in cash and half in restricted stock units or performance stock units, tying compensation to longer-term outcomes.
- Standard indemnification: Company will enter into its standard indemnification agreement (Exhibit 10.1) protecting the officer.
- Potential increased compensation expense: Annual base salary of $450,000 plus discretionary bonus up to 100% of base salary could raise annual payroll costs.
- Bonus at bank discretion: The discretionary nature of the bonus creates uncertainty around future cash payouts and expense timing.
Insights
TL;DR: Routine senior banking hire with broad private banking and branch leadership experience; compensation includes a significant discretionary bonus.
Mr. Bernstein's background at Santander NA and MUFG Union Bank aligns with First Foundation Bank's private client and branch operations, suggesting a direct fit for the Chief Banking Officer role. The stated $450,000 base salary plus a discretionary bonus opportunity up to 100% creates potential for meaningful annual compensation expense depending on bank performance and board discretion. The bonus structure, split between cash and equity (RSUs/PSUs), indicates an intent to align pay with longer-term performance while conserving near-term cash. Overall, this appears to be a strategic operating hire rather than a material corporate shift.
TL;DR: Governance disclosure is standard: indemnification provided, no related-party issues, no Item 404 disclosures required.
The Form 8-K documents the employment terms and confirms the Company will execute its standard director and officer indemnification agreement (Exhibit 10.1). The filing expressly states there are no family relationships between Mr. Bernstein and any director or executive officer and that no Item 404 disclosures are required, which reduces related-party governance concerns. Compensation terms are disclosed transparently, including the discretionary nature of the bonus and the equity component, consistent with typical executive hiring practices.
First Foundation Inc. ha nominato Stuart Bernstein Chief Banking Officer della sua controllata interamente detenuta, First Foundation Bank, con effetto dall'11 agosto 2025. Il sig. Bernstein, 54 anni, porta con sé esperienza maturata in più banche nei settori della clientela retail e corporate, della gestione patrimoniale, degli investimenti e del credito ipotecario residenziale, avendo ricoperto ruoli dirigenziali presso Santander NA e MUFG Union Bank. Riceverà uno stipendio base annuo di $450,000 e potrà ottenere un bonus discrezionale fino al 100% dello stipendio base, pagabile per metà in contanti e per metà in unità azionarie vincolate o unità azionarie legate alla performance. La Società stipulerà il suo consueto accordo di indennizzo e ha allegato un comunicato stampa come Exhibit 99.1. Il deposito dichiara che non esistono rapporti familiari né divulgazioni richieste dall'Item 404.
First Foundation Inc. nombró a Stuart Bernstein como Chief Banking Officer de su subsidiaria de propiedad total, First Foundation Bank, con vigencia a partir del 11 de agosto de 2025. El Sr. Bernstein, de 54 años, aporta experiencia en múltiples entidades bancarias en banca de consumo y empresarial, gestión de patrimonios, inversiones y préstamos residenciales, incluyendo cargos de alto nivel en Santander NA y MUFG Union Bank. Percibirá un salario base anual de $450,000 y podrá recibir un bono discrecional de hasta el 100% del salario base, pagadero la mitad en efectivo y la mitad en unidades restringidas de acciones o unidades de acciones por desempeño. La Compañía suscribirá su acuerdo estándar de indemnización y adjuntó un comunicado de prensa como Exhibit 99.1. La presentación indica que no existen relaciones familiares ni divulgaciones requeridas por el Item 404.
First Foundation Inc.는 전액 출자 자회사인 First Foundation Bank의 최고은행책임자(Chief Banking Officer)에 Stuart Bernstein를 2025년 8월 11일부로 선임했습니다. Bernstein 씨(54세)는 소비자 및 기업 은행업, 자산관리, 투자 및 주택담보대출 분야에서 다수 은행의 경험을 보유하고 있으며 Santander NA와 MUFG Union Bank에서의 고위직 경력을 포함합니다. 그는 연봉 기본급으로 $450,000을 받게 되며, 기본급의 최대 100%까지의 재량 보너스를 받을 수 있고 이는 절반은 현금으로, 나머지 절반은 제한부 주식 단위 또는 성과 기반 주식 단위로 지급됩니다. 회사는 표준 면책(보상) 계약을 체결하며 보도자료를 Exhibit 99.1로 첨부했습니다. 제출 서류에는 가족 관계나 Item 404에 따른 공시가 필요하지 않다고 기재되어 있습니다.
First Foundation Inc. a nommé Stuart Bernstein Chief Banking Officer de sa filiale détenue à 100 %, First Foundation Bank, à compter du 11 août 2025. M. Bernstein, 54 ans, apporte une expérience multi-banques en banque de détail et d'entreprise, en gestion de patrimoine, en investissements et en prêts hypothécaires résidentiels, ayant occupé des postes de direction chez Santander NA et MUFG Union Bank. Il percevra un salaire de base annuel de $450,000 et pourra recevoir un bonus discrétionnaire pouvant atteindre 100% du salaire de base, payable pour moitié en espèces et pour moitié en unités d'actions restreintes ou en unités d'actions liées à la performance. La Société conclura son accord type d'indemnisation et a joint un communiqué de presse en tant qu'Exhibit 99.1. Le dépôt indique qu'il n'existe pas de relations familiales ni d'informations à divulguer au titre de l'Item 404.
First Foundation Inc. hat Stuart Bernstein mit Wirkung zum 11. August 2025 zum Chief Banking Officer seiner vollständig im Eigentum stehenden Tochtergesellschaft First Foundation Bank ernannt. Herr Bernstein, 54 Jahre alt, bringt Erfahrungen aus mehreren Banken im Privat- und Firmenkundengeschäft, im Wealth Management, im Investmentbereich und im Wohnungsbaukreditwesen mit, darunter Führungspositionen bei Santander NA und MUFG Union Bank. Er erhält ein jährliches Grundgehalt von $450,000 und kann einen diskretionären Bonus von bis zu 100% des Grundgehalts erhalten, zahlbar zur Hälfte in bar und zur Hälfte in Restricted Stock Units oder Performance Stock Units. Das Unternehmen wird seine standardmäßige Freistellungsvereinbarung abschließen und hat eine Pressemitteilung als Exhibit 99.1 beigefügt. Die Einreichung gibt an, dass keine familiären Beziehungen bestehen und keine Offenlegungen gemäß Item 404 erforderlich sind.
FAQ
Who was appointed at First Foundation (FFWM)?
What are Mr. Bernstein's compensation terms at FFWM?
Does the filing disclose any related-party or Item 404 issues for FFWM?
Is there an indemnification agreement for the new officer?
Where can I find the press release about the appointment for FFWM?
