FTC Solar Gives Employee Awards

AUSTIN, Texas, Aug. 16, 2024 (GLOBE NEWSWIRE) – FTC Solar, Inc. (Nasdaq: FTCI), a prominent provider of solar tracker systems and engineering services, has revealed that its President and CEO, Yann Brandt, will receive an employment inducement award in compliance with Nasdaq Listing Center requirements. This announcement follows the signing of an employment agreement on July 17, 2024, which marks the beginning of Brandt's tenure with the company on August 19, 2024. The inducement award includes 4,000,000 restricted stock units (RSUs) that will vest over three years, with an initial 25% vesting on the grant date. Additionally, Brandt will receive 2,500,000 performance-based restricted stock units (PSUs) that will vest over four years, contingent upon achieving specific share value targets outlined in the employment agreement. Both awards are subject to Brandt's continued employment through the respective vesting dates. The Board of Directors approved these awards to be granted on the Employment Commencement Date without requiring shareholder approval, categorizing them as "employment inducement awards" under Nasdaq Listing Rule 5635(c). This rule mandates public disclosure of such awards. The press release also includes forward-looking statements regarding FTC Solar's business and operations, cautioning that actual results may differ due to various risks and uncertainties. The company does not commit to updating these statements unless legally required.