Company: FTCI
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-061051
Chunk: 40

Company: FTC Solar, Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 40
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 role of President and Chief Executive Officer, the Company and Mr. Brandt entered into an employment agreement dated July 17, 2024. His employment agreement provided for the following:

An annual base salary of $650,000 and an annual target incentive award of 100% of his base salary;

A sign-on cash payment of $825,000 payable following the Effective Date (the "Upfront Sign-On Bonus Payment"). As of December 31, 2024, $550,000 of this amount had been paid to Mr. Brandt. Additionally, Mr. Brandt is to receive a one-time cash payment of $275,000 on each of October 1, 2024, October 1, 2025, and October 1, 2026, so long as he is an active employee as of each such date (each, an “ Incremental Sign-On Bonus Payment ”). The one-time cash payment of $275,000 due on October 1, 2024 has not yet been paid by the Company. The Upfront Sign-On Bonus Payment is subject to certain repayment provisions in the event that Mr. Brandt’s employment is terminated by the Company for cause (as defined in the Employment Agreement) or Mr. Brandt resigns his employment other than for good reason (as defined in the Employment Agreement) prior to the first anniversary or the second anniversary of the Effective Date;

A grant of the following equity awards outside of our 2021 Plan:

400,000 (post-split basis) RSUs, of which 25% were vested on the grant date and the remainder in equal monthly installment over 36 months following the grant date (the "Time-Based RSUs");

250,000 (post-split basis) RSUs (the "Share-Target RSUs") that will vest over a four-year period, subject to attainment of the following common stock share value hurdles: (i) 30% of the Share Target RSUs are allocated to the achievement of a $50 (post-split basis) Price Hurdle (as defined in the Employment Agreement); (ii) 30% of the Share Target RSUs are allocated to the achievement of an $80 (post-split basis) Price Hurdle; and (iii) 40% of the Share Target RSUs are allocated to the achievement of a $100 (post-split basis) Price Hurdle. The Share Target RSUs will vest in accordance with the vesting calculation rules set forth in the Employment Agreement on the next