Company: FTCI
Filing Date: 2025-04-30
Form Type: DEF 14A
Source: 0000950170-25-061051
Chunk: 48

Company: FTC Solar, Inc.
Filing Date: 2025-04-30
Form: DEF 14A
Chunk 48
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,041,200, and (iii) for a grant in December 2023 with a fair value of $76,352 that will be earned and vested in specified percentages upon the achievement of 3 different price targets of our common stock over a period of 4 years from the date of grant.

Mr. Aminpour was a party to a grant of performance-based RSUs in June 2022, upon joining the Company following the acquisition of HX Tracker. The original grant provided for vesting of (i) one-half of the awards (18,700 RSUs) (post-split basis) upon achievement of specified megawatt delivery targets for certain of the Company's one-panel in-portrait trackers by September 2023, inclusive of a grace period (the "First Performance Period") and (ii) one-half of the awards (18,700 RSUs) (post-split basis) upon achievement of specified megawatt delivery targets for certain of the Company's one-panel in-portrait trackers by September 2024, inclusive of a grace period (the "Second Performance Period"). On January 10, 2024, our Board of Directors approved an amendment to the original performance periods to extend the First Performance Period from September 2023 to March 2025, inclusive of a grace period, and extend the Second Performance Period from September 2024 to March 31, 2026, inclusive of a grace period. The amendment also expanded the products covered by the megawatt delivery targets to include all one-panel in-portrait trackers sold by the Company under the Pioneer brand name. Determination of the payout for the First Performance Period is still being finalized for approval by the Board of Directors as of the date of this proxy statement.

Mr. Cook received awards of RSUs under the 2021 Plan during 2023 (i) in lieu of his cash bonus earned during the first quarter of 2023 valued at $76,510, (ii) for an annual grant in June 2023 valued at $602,800, and (iii) for a grant in December 2023 with a fair value of $57,264 that will be earned and vested in specified percentages upon the achievement of 3 different price targets of our common stock over a period of 4 years from the date of grant.

Awards received in lieu of quarterly cash bonuses earned in the first quarter of 2023 were fully vested upon receipt. The annual or initial RSU grants generally vest at a rate of 25