Maximilian Sultan
FTC SolarAbout Maximilian Sultan
Independent Class II director appointed April 28, 2025; age 35. Partner at Applied Value Group (strategy and operations consulting) since 2013, with experience in sourcing, supply chain, product design/innovation, and commercial excellence including renewable energy clients. Holds a BBA from Emory University’s Goizueta Business School. The Board affirmatively determined he is independent under Nasdaq rules; his current Board term runs to the 2026 annual meeting.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Applied Value Group | Partner | Aug 2013 – present | Led consulting engagements in sourcing, supply chain, product design, innovation, and commercial excellence; several renewable energy clients |
| Applied Value Technologies (private) | Director | Dec 2023 – Dec 2024 | Not disclosed |
| Division 5 LLC (private) | Director | Nov 2018 – May 2024 | Not disclosed |
External Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| ES Solar (private residential/commercial installer) | Director | Jun 2023 – present | Not disclosed |
Board Governance
- Committee assignments: none disclosed for Sultan as of April 30, 2025 (he is not listed on Audit, Compensation, or Nominating & Governance) .
- Independence: Board affirmatively determined Sultan is independent under Nasdaq rules .
- Board structure: Independent Chair (Shaker Sadasivam) also serves the lead director role per guidelines; lead independent director used only if chair is not independent .
- Attendance: 2024 attendance disclosed for incumbents; Sultan joined in 2025, so no attendance rate disclosed for 2024 (only Barahona missed one committee meeting) .
Fixed Compensation
Director pay program (applies to non‑employee directors, including Sultan):
| Component | Amount/Terms |
|---|---|
| Annual Board cash retainer | $50,000 |
| Committee chair retainers | Audit Chair $20,000; Compensation Chair $15,000; Nominating & Governance Chair $10,000 |
| Equity – annual RSU grant | 50% based on $155,000 value, plus 50% sized to peer median equity award as % of shares outstanding; vests after 1 year |
| Equity – initial RSU grant at appointment | 1.5× annual grant; vests in 3 equal annual installments |
| Non‑employee director award cap | Total annual value (cash + equity) ≤ $750,000; ≤ $1,000,000 upon initial appointment |
| Other benefits | Partial reimbursement for director health insurance at director’s election |
Note: The 2025 proxy does not disclose Sultan’s specific grant numbers or cash paid post‑appointment; only the program structure applies .
Performance Compensation
Directors are not paid based on operating performance metrics; annual RSUs vest time‑based (one year) and initial RSUs vest over three years. No director performance metrics or goal attainment is disclosed for Board pay.
| Performance Metric | Weight/Target | Payout Linkage |
|---|---|---|
| None disclosed for directors | — | Director RSUs are time‑based; no stated revenue/EBITDA/TSR goals |
Other Directorships & Interlocks
| Company | Public/Private | Role | Potential Interlock With FTC Solar |
|---|---|---|---|
| ES Solar | Private | Director | None disclosed |
| Applied Value Technologies | Private | Director (prior) | None disclosed |
| Division 5 LLC | Private | Director (prior) | None disclosed |
No public company directorships are disclosed for Sultan; no disclosed interlocks with FTC Solar customers, suppliers, lenders, or consultants.
Expertise & Qualifications
- Strategy and operations consulting (sourcing, supply chain, product design, innovation, commercial excellence); renewable energy client experience .
- Age 35; independent director; Board tenure began in 2025; Class II director term expires in 2026 .
- Education: BBA, Emory University (Goizueta Business School) .
Equity Ownership
| As-of Date | Shares Beneficially Owned | Percent of Outstanding |
|---|---|---|
| April 14, 2025 (record date for annual meeting) | — | <1% |
| July 9, 2025 (record date for special meeting) | — | <1% |
No vested/unvested director equity holdings are disclosed for Sultan as of December 31, 2024 (he joined in 2025); director outstanding RSU table for 2024 does not list him. No pledging is disclosed for Sultan.
Governance Assessment
- Independence and domain expertise: Sultan is independent and brings operations/strategy depth, including renewable energy consulting exposure, which can support cost structure and supply chain oversight as FTC Solar pursues profitability. This supports Board effectiveness.
- Committee engagement: No committee seat disclosed yet; without Audit/Comp/NCG roles his near‑term influence on financial controls, pay, and governance may be limited until assignments evolve. This is a neutral‑to‑negative signal for immediate governance impact.
- Ownership alignment: No reported beneficial ownership (<1%) as of two 2025 record dates suggests low “skin‑in‑the‑game” currently; monitor for future accumulation or participation in annual director RSUs to strengthen alignment. RED FLAG: Low ownership alignment at appointment.
- Hedging/margin policy: Insider trading policy states directors and employees are prohibited from hedging; however, in 2021 the Board approved waivers allowing directors to undertake margin loans and hedging transactions—shareholder‑unfriendly if used. RED FLAG: Existence of waivers that could permit hedging undermines alignment (no indication Sultan has used them).
- Pay structure: Director equity is time‑based without performance metrics; combined with low ownership, this reduces direct pay‑for‑performance linkage for directors (typical market practice, but worth noting). The plan caps director total value and uses peer‑median sizing, which mitigates pay inflation risk.
- Related‑party exposure: No transactions involving Sultan are disclosed; Board independence determination considered related‑party transactions and still affirmed his independence. Positive signal: no disclosed conflicts tied to Sultan.
Overall: Sultan adds relevant operational expertise and is independent, but currently lacks committee assignments and reported ownership—two factors to watch for stronger governance impact and alignment over time. The presence of historic hedging waivers for directors is a governance red flag at the Board‑policy level, warranting investor monitoring.