Company: FTCI
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-061051
Chunk: 60

Company: FTC Solar, Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 60
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 the expected service period over which the engagement was estimated to last, we had unamortized prepaid balances remaining at the termination date totaling approximately $3.2 million. These prepaid balances were fully amortized during the year ended December 31, 2023 as a charge to general and administrative expense. In addition, approximately $1.1 million of stock-based compensation expense previously recognized on the unvested stock options was reversed upon termination of the Service Agreement in connection with their forfeiture. An additional 100,00 options (on a post-split basis) to purchase shares of common stock at an exercise price of $38.60 per share (on a post-split basis) were fully vested and exercisable as of the termination date.

For the year ended December 31, 2023, we incurred $3.5 million of general and administrative expense associated with our engagement of FEOC. Cash payments during the year ended December 31, 2023 totaled $2.5 million.

Sean Hunkler Employment Agreement

We entered into an employment agreement on September 13, 2021 with Mr. Hunkler, who served as our President and Chief Executive Officer until November 2, 2023. The employment agreement provided that Mr. Hunkler would receive an annual base salary, subject to adjustment in our sole discretion, and also provided that Mr. Hunkler would be eligible to participate in our annual profit sharing incentive plan, with a target annual cash bonus equal to 100% of his base salary, which target may be increased, but not decreased during his employment. Effective as of September 2021, Mr. Hunkler’s base salary was set at $650,000. No adjustment to the base salary had been made prior to Mr. Hunkler's termination with the Company. Upon the effective date of the agreement, Mr. Hunkler was granted equity awards in the form of RSUs and performance-based options, which were subject to the 2021 Plan, and a cash sign-on bonus equal to $500,000 that was fully earned over the course of one year and payable in two equal installments ($250,000 of which was paid in 2021 and $250,000 of which was paid in 2022). The employment agreement provided that Mr. Hunkler’s employment with us was “at will” and can be terminated at any time by either party by providing written notice to the other party. As noted above, Mr. Hunkler reached agreement with