Company: FTCI
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-061051
Chunk: 46

Company: FTC Solar, Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 46
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 each Named Executive Officer could earn a target bonus amount equal to an annual amount of: (i) 100% of base salary for Mr. Brandt (2024), (ii) 70% for Mr. Cook, and (iii) 60% for Mr. Aminpour and Ms. Behnen, respectively.

During 2024 and 2023, the performance metrics established under our incentive plan were our “Critical Success Factors,” a set of metrics related to safety/environmental, quality, delivery, revenue, financials, people/HR, products/solutions (including R&D) and long-term value, which are approved by our Board of Directors and which we track throughout each respective year. During the 2024 Fiscal Year, the Board of Directors determined that the overall level of achievement of the Critical Success Factors, including taking into account overall financial results, was not sufficient in any quarter to qualify for a bonus payment to employees, apart from the upfront and incremental sign-on bonuses earned by Mr. Brandt upon joining the Company in August 2024, as specified in his Employment Agreement, and as described further in the section entitled "Employment Agreements with Named Executive Officers" above. During the 2023 Fiscal Year, the Board of Directors determined that the overall level of achievement of the Critical Success Factors was sufficient to qualify for 100% of target bonus during the first quarter of 2023, but was not sufficient, including taking into account overall financial results, to earn a bonus during the second, third or fourth quarters of 2023. Bonuses earned by individual employees are based on the percentage of target achievement of our Critical Success Factors in relation to the amount of bonus they are eligible to receive for their position, adjusted either up or down by individual performance ratings. All earned bonuses in the first quarter of 2023 were paid in the form of RSUs in lieu of cash, with the number of RSUs granted being determined based on the cash bonus earned divided by the 30-day volume-weighted average stock price as of the respective grant date, which occurred in the quarter following the attainment of the bonus.

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2024 and 2023Equity Grants

In General. We generally grant equity-based compensation in the form of restricted stock unit awards to key employees and certain others. Such awards may include time-based or performance-based vesting conditions or may be earned based on achievement of market conditions, such as the price of our common stock. We have on certain