EX-10.1


   

   

  Exhibit 10.1

   

  August 17, 2022

   

  Re: Amendment to Employment Agreement, dated as of March 31, 2022 (the “Employment Agreement”), between FTC Solar, Inc. (the “Company”) and Phelps Morris (“you”)

   

  Dear Phelps:

   

  As discussed between you and the Company, you are agreeing to forego your cash bonus that was otherwise earned by you in respect of Q2 of 2022 under the Company’s bonus policies.  In exchange, you will receive Restricted Stock Units (“RSUs”) that will entitle you to receive the Company’s Common Stock (the “Common Stock”) in accordance with the Company’s equity plan and based on the delivery terms described herein and therein. The grant date for such award will be August 17, 2022. Your RSUs shall become vested in full upon grant.  Shortly after vesting, the Company shall issue to you a number of shares of Company stock equal to the then-vested RSUs.

   

  The number of RSUs granted pursuant to the foregoing paragraph will be determined as follows: the applicable cash bonus earned in respect of Q2 of 2022 divided by the 30-day volume-weighted average price (VWAP) of the Company’s publicly traded stock as of the date of grant.

   

  In addition, you and the Company hereby agree that any cash bonus that you earn in respect of Q3  or Q4 of 2022 under the Company’s bonus policies may also be paid in the form of RSUs based on the same terms and conditions as set forth above.  Any decision to pay such cash bonuses in the form of RSUs shall be in the Company’s sole discretion, and the Company may elect not to pay such bonuses in such a manner (or pay only a portion of such bonuses in such a manner).

   

  Except as provided by this letter, your Employment Agreement shall remain in full force and effect and is hereby ratified and confirmed, and the execution, delivery and performance of this letter shall not constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy of any party under your Employment Agreement.

   

  This letter may be executed in counterparts, each of which shall be deemed an original, but all of which together shall constitute one agreement, and shall become effective when signed and delivered by each of the Company and you. A manual signature on this letter whose image shall have been transmitted electronically will constitute an original signature, and delivery of copies of this letter by electronic transmission will constitute delivery of this letter, for all purposes. 

   

   

  Please confirm your agreement to the above by signing and returning this letter to the Company.

   

  				
	 

	 
	info@ftcsolar.com
866-FTC-Solar
ftcsolar.com

	﻿© 2020 FTC Solar, Inc.
	 
	DOC: 01-T-001-B



   

  

   

   

   

   

   

  				
	 

	 
	info@ftcsolar.com
866-FTC-Solar
ftcsolar.com

	﻿© 2020 FTC Solar, Inc.
	 
	DOC: 01-T-001-B



   

  

   

   

   

   

   

  Sincerely,

   

   

  /s/ Sean Hunkler	

  Sean Hunkler

  Chief Executive Officer

  FTC Solar, Inc.

   

   

   

   

  Acknowledged and Accepted:

   

   

   

   

  By:  /s/ Phelps Morris	

  Name: Phelps Morris

   

  				
	 

	 
	info@ftcsolar.com
866-FTC-Solar
ftcsolar.com

	﻿© 2020 FTC Solar, Inc.
	 
	DOC: 01-T-001-B