Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 339

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 339
---
        Vested

        (379,833
        )
         
        $
        23.04

        Forfeited

        (300,307
        )
         
        $
        13.35

        Nonvested as of December 31, 2024

        1,566,440

        $
        5.97

        Restricted stock unit vesting conditions:

        Service-based vesting

        700,786

        $
        11.47

        Performance conditions and service-based vesting

        150,000

        $
        5.63

        Market conditions and service-based vesting

        715,654

        $
        0.67

        Nonvested as of December 31, 2024

        1,566,440

        $
        5.97

        At December 31, 2024:

        Stock-based compensation cost not yet recognized (in thousands)

        $
        7,224

        Weighted-average remaining expense recognition period (in years)

        1.41

      ___________

         * -
         Shares and weighted-average grant date fair values have been revised to reflect the Reverse Stock Split, effective November 29, 2024.
        
       The weighted average grant date fair value of RSUs granted during the year ended December 31, 2023 was $15.40 per RSU (on a post-split basis). The total fair value of RSUs vested was approximately $8.8 million and $15.1 million during the years ended December 31, 2024 and 2023, respectively.Other employee benefit plansWe sponsor a 401(k) savings plan for our U.S. employees, whereby the employees can elect to make pre- or post-tax contributions, subject to certain limitations. We make matching contributions equal to 100% of the first 3% and 50% of the next 2% of an employee's contribution. Employee and company contributions are both immediately vested. Company matching contributions were approximately $0.5 million and $0.6 million for the years ending December 31, 2024 and 2023, respectively.Employees are also eligible to participate in various employee welfare benefit plans, including medical, dental, prescription and life insurance, in which the Company pays a portion of the cost. All such plans are unfunded.

Note 18. Related party transactionsTransactions with Ayna.AI LLCIn February 2022