Company: FTCI
Filing Date: 2025-11-12
Form Type: 10-Q
Source: 0001193125-25-276228
Chunk: 11

Company: FTC Solar, Inc.
Filing Date: 2025-11-12
Form: 10-Q
Item: Item 5
Chunk 11
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 1, 2026 (the “Post-Closing Payments”). Additionally, pursuant to the Membership Interest Purchase Agreement, the Company will pay, on behalf of Alpha Steel, Alpha Steel’s balance of certain accrued but unpaid accounts payable. The Post-Closing Payments will be evidenced by promissory notes issued by the Company to each of the Selling Members (the “Promissory Notes”), and the Promissory Notes will be secured by all of Alpha Steel’s assets; provided, however, the security interests granted to each of the Selling Members under the Promissory Notes will be subordinate and junior to the security interests in favor of the lenders under the Credit Agreement pursuant to a subordination agreement to be entered into by each of the Selling Members (the “Subordination Agreement”). 

The Membership Interest Purchase Agreement includes customary representations and warranties, covenants, and indemnities, in each case under the circumstances and subject to certain limitations set forth in the Membership Interest Purchase Agreement. The indemnification obligations under the Membership Interest Purchase Agreement are subject to customary deductibles and caps. The Company’s primary source of recovery for indemnifiable damages is set off of such damages against the Post-Closing Payments.