Company: SUNE
Filing Date: 2025-04-30
Form Type: 10-K/A
Source: 0001213900-25-037633
Chunk: 12

Company: SUNation Energy, Inc.
Filing Date: 2025-04-30
Form: 10-K/A
Chunk 12
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,000. On December 9, 2024, the Company entered into a written employment agreement with Mr. James Brennan as Chief Operating Officer (“COO”, which is prior to his additional previously announced role as Chief Financial Officer) for a three-year term, which provides for the following compensation terms: the COO will receive a base annual salary of $275,000, and Mr. Brennan shall be eligible for the potential bonus in 2025 of up to forty percent of his Base Salary, the latter of which is discretionary based on goals established by the Company’s Board and may be changed from time to time. On December 10, 2024, the Company announced that the Board of Directors of the Company had determined to appoint its interim Chief Executive Officer, Scott Maskin, as the permanent Chief Executive Officer (“CEO”) of the Company, effective December 10, 2024. Mr. Maskin served as the Interim CEO since May 17, 2024. In connection with his appointment as the permanent CEO, the Company and Mr. Maskin entered into a written employment agreement (the “CEO Employment Agreement”) for a three-year term, which provides for an annual base salary of $295,000, and Mr. Maskin is eligible for the potential bonus in 2025 of up to fifty percent of his Base Salary, the latter of which is discretionary based on goals established by the Company’s Board and may be changed from time to time. Annual Cash Incentive Program In March 2024, the Compensation Committee approved performance metrics for the 2024 annual cash incentive program for the Company’s employees, including executive officers (the “2024 MIP”). Participants have the ability to earn between 50% of target for achieving threshold performance and 150% of target for achieving maximum performance for these metrics. 6 The following table presents the following for the 2024 MIP: (i) the performance measures for the plan; (ii) the relative weight assigned to each of the performance measures in determining overall performance against the plan; (iii) target achievement levels for each performance measure selected; and (iv) actual 2024 achievement as a percentage of the target goal.

| Performance Measure          |     | % Weight |    |   |     | Annual Target Goal |            |     | % of Target Performance Achieved |      |   |
|:-----------------------------|:----|:---------|---:|:--|:----|:-------------------|-----------:|:----