Company: FTCI
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-061051
Chunk: 61

Company: FTC Solar, Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 61
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 our Board of Directors to step down from his position, effective November 2, 2023, with continuation of employment as an advisor until December 4, 2023, to ensure a smooth transition.

On April 3, 2023, the Company and Mr. Hunkler entered into an amendment to Mr. Hunkler's employment agreement in which the Company cancelled, without consideration, (i) 50% of the Options ($30) (as defined in his September 13, 2021 Employment Agreement) granted to Mr. Hunkler pursuant to the September 13, 2021 Employment Agreement, representing

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the option held by Mr. Hunkler to purchase 526,875 shares (on a pre-split basis) of Company common stock subject to attainment of a $30-per-share performance hurdle (on a pre-split basis), and (ii) 50% of the Options ($60) (as defined in his September 13, 2021 Employment Agreement) granted to Mr. Hunkler pursuant to the September 13, 2021 Employment Agreement, representing the option held by Mr. Hunkler to purchase 526,875 shares (on a pre-split basis) of Company common stock subject to attainment of a $60-per-share performance hurdle (on a pre-split basis). In addition, pursuant to this amendment, the exercise price of the remaining Options ($30) and Options ($60) was revised to equal the greater of (i) the thirty- (30-) day volume-weighted average trading price of the Company's common stock with respect to the thirty-day period immediately preceding the amendment date of April 3, 2023, and (ii) the closing per-share trading price of the Company's common stock on the amendment date of April 3, 2023. This amendment further modified the options to replace the $30 target with a $10 target (on a pre-split basis) and the $60 target with a $21 target (on a pre-split basis). All other terms of the options granted pursuant to the September 13, 2021 Employment Agreement remained unchanged. In modifying the targets, the Board of Directors took into account the importance of retention and incentivizing strong performance through attainable stretch goals, and sought to align the probability of achieving the modified targets as of the date of the amendment with the probability of achieving the original targets on the original grant date (while choosing not to extend or modify the original timeframe