Item 2.02 Results of Operations and Financial Condition.
On March 15, 2022, FTC Solar, Inc. (the "Company") issued a press release
regarding its financial results for the quarter and year ended December 31,
2021. A copy of the Company's press release is furnished herewith as Exhibit
99.1.
The information furnished in this Current Report under this Item 2.02 and the
exhibit furnished herewith shall not be deemed "filed" for purposes of Section
18 of the Securities Exchange Act of 1934, as amended, or incorporated by
reference in any filing under the Securities Act of 1933, as amended, except as
shall be expressly set forth by specific reference in such a filing.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On March 11, 2022, Ali Mortazavi and the Chief Executive Officer of the Company
agreed that Mr. Mortazavi would cease to be employed by the Company as Executive
Vice President, Global Sales and Marketing, after a transition period of
approximately 30 days in order to facilitate an effective transition.
As of March 15, 2022, the Company will be transitioning Patrick Cook, its
current Chief Financial Officer, to a new expanded role as Chief Commercial
Officer, effective March 31, 2022. The Chief Commercial Officer will oversee all
functions previously overseen by the Executive Vice President, Global Sales and
Marketing, which include sales and sales engineering, plus all legal and capital
markets functions.
The Company will be appointing Phelps Morris, its current Vice President,
Corporate Finance, to succeed Mr. Cook as Chief Financial Officer, effective
March 31, 2022. Mr. Morris brings more than 20 years of experience in global
finance operations, including treasury, capital markets, mergers and
acquisitions, risk management and investor relations. Prior to joining the
Company, Mr. Morris most recently served as Senior Vice President and Treasurer
of TrueBlue, responsible for strategy and execution of treasury and finance
related functions. He was previously with SunEdison (formerly MEMC Electronic
Materials) from 2009-2016, where he served in multiple roles, including leading
the treasury and investor relations functions. Earlier in his career he served
in various positions for The Dow Chemical Company as well as roles with Duff and
Phelps Credit Rating Co. and Skudder Kemper Investments. Mr. Morris is a CFA
charterholder and holds an MBA from the University of Michigan and a Bachelor's
in Economics from Middlebury College.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. Description
99.1 Press release dated March 15, 2022
104 Cover Page Interactive Data File (embedded within the Inline XBRL
document)
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