Company: FTCI
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0000950170-25-047224
Chunk: 245

Company: FTC Solar, Inc.
Filing Date: 2025-03-31
Form: 10-K
Item: Item 1B
Chunk 245
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 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, we engaged Ayna.AI LLC (as successor in interest to Fernweh Engaged Operator Company LLC) (“Ayna”) to support us with improvements to our processes and performance in various areas including design, sourcing, logistics, pricing, software and standard configuration. The consideration for this engagement was a combination of cash and stock options, including options that vested over time, as well as options with vesting tied to certain performance metrics. The foregoing engagement constituted a related party transaction as South Lake One LLC, an entity affiliated with Isidoro Quiroga Cortés, a member of our board of directors at that time and now a former member of our board of directors, and a holder of more than 5% of our outstanding capital stock, was an investor in Ayna. In addition, Discrimen LLC was an investor in Ayna, and Isidoro Quiroga Cortés was affiliated with that entity. Isidoro Quiroga Cortés was