Sasan Aminpour
FTC SolarAbout Sasan Aminpour
Chief Operating Officer of FTC Solar since March 1, 2023, overseeing procurement and supply chain, project execution, field operations, and engineering; previously SVP of Operations from July 2022 when he joined via FTC’s acquisition of HX Tracker, where he was one of the owners . Age 61; M.S. in Computer Integrated Engineering (Middlesex University, UK) and B.S. in Industrial Engineering (Bosphorus University, Turkey) . Prior roles include SVP Operations at SunEdison (2012–2016), SVP Operations at Cypress Semiconductor, and operations strategy consultant at McKinsey & Company . Company performance across his tenure shows revenue contraction in FY 2024 and continued negative EBITDA; quarterly bonus pool was not funded in any 2024 quarter under FTC’s “Critical Success Factors” framework .
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenue ($USD) | $123,066,000 | $127,002,000* | $47,355,000 |
| EBITDA ($USD) | $(98,615,000)* | $(45,645,000)* | $(51,268,000)* |
*Values retrieved from S&P Global.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| HX Tracker | Co-owner; joined FTC as SVP Operations | 2022–2023 | Brought tracker operations expertise in connection with HX Tracker acquisition |
| SunEdison (formerly MEMC) | SVP Operations (Global EPC) | 2012–2016 | Led global EPC function; large-scale execution in solar |
| Cypress Semiconductor | SVP Operations | Not disclosed | Senior operations leadership in semiconductors |
| McKinsey & Company | Operations strategy consultant | Not disclosed | Operations strategy advisory experience |
External Roles
None disclosed in reviewed filings for Mr. Aminpour .
Fixed Compensation
| Component | 2023 | 2024 |
|---|---|---|
| Base Salary ($) | $342,607 | $364,000 |
| Target Bonus (% of Salary) | 60% | 60% |
| Actual Bonus Paid | $54,148 RSUs in lieu of Q1 cash bonus | $0 (no quarterly bonuses funded in 2024) |
| All Other Compensation ($) | $13,200 (401k match) | $15,200 (life insurance $640; 401k match $14,560) |
| Total ($) | $1,527,507 | $379,200 |
Performance Compensation
Annual Incentive Plan
| Metric Framework | Weighting | Target | Actual | Payout Form | Vesting |
|---|---|---|---|---|---|
| “Critical Success Factors” across safety/environmental, quality, delivery, revenue, financials, people/HR, products/solutions (incl. R&D), long-term value | Not disclosed | 60% of base salary (COO target) | 2023 Q1: 100% of target achieved; Q2–Q4: 0% | Q1 2023 bonus paid in RSUs (grant value $54,148) | RSUs in lieu of cash were vested immediately on grant |
| 2024 | Not disclosed | 60% of base salary | 0% (no quarter funded) | None | N/A |
Equity Awards (RSUs)
| Type | Grant Date | Shares (#) | Grant Date Fair Value ($) | Vesting | Performance Conditions |
|---|---|---|---|---|---|
| RSUs in lieu of Q1 2023 cash bonus | 2023 (post-Q1) | 1,593 | $54,148 | Vested immediately | None (bonus replacement) |
| Annual RSU grant | June 2023 | 38,000 | $1,041,200 | 25% at 1st anniversary; 1/48 monthly thereafter until 4 years | Service-based |
| RSUs with market (price) conditions | December 2023 | 80,000 | $76,352 | Vest in specified percentages upon hitting 3 stock price targets over 4 years | Stock price hurdles (“Share-Target”) |
| RSUs with performance conditions (plan-level description) | Not specified | — | — | Earn/vest upon achieving delivery targets for Pioneer 1P trackers through Mar 31, 2026 | Operational (delivery) metrics |
Outstanding Equity at FY 2024 Year-End
| Award Type | Unvested/Unearned Amount | Market/Payout Value ($) | Notes |
|---|---|---|---|
| Time-based RSUs | 27,362 shares | $150,765 (at $5.51 closing price) | Standard 25%/monthly 1/48 vest schedule |
| Incentive RSUs (market/performance) | 117,400 shares | $646,874 (at $5.51) | Three stock price targets; Pioneer delivery targets; 4-year period |
Equity Ownership & Alignment
| As-of Date | Beneficial Shares | Percent of Shares Outstanding | Breakdown |
|---|---|---|---|
| April 14, 2025 | 93,088 | <1% | Not detailed in this table |
| July 9, 2025 | 95,464 | <1% | 79,794 direct; 8,894 to be issued from vested RSUs; 6,776 RSUs vesting within 60 days |
- Options: None outstanding for Mr. Aminpour as of Dec 31, 2024 .
- Ownership guidelines: No executive stock ownership guideline disclosures found in reviewed filings .
- Hedging and pledging: Insider trading policy prohibits hedging for directors and employees, including executive officers; in 2021 the Board approved certain waivers allowing directors to undertake margin loans and hedging transactions; no specific pledging disclosure for Mr. Aminpour was found .
Employment Terms
| Term | Detail |
|---|---|
| Employment Agreement | Effective June 14, 2022 (VP Global Operations); promoted to COO effective March 1, 2023 |
| Current Base Salary | $364,000 as of Jan 1, 2025 |
| Target Annual Bonus | 60% of base salary |
| Severance (without Cause / Good Reason) | 1.0× base salary paid over 12 months; prior-year earned but unpaid bonus; prorated current-year bonus based on actual performance; lump sum equal to cost of COBRA for 18 months |
| Change-in-Control (CIC) | Double-trigger: if termination without Cause or for Good Reason within 12 months post-CIC, full vesting of unvested equity (at target for performance awards) and reimbursement of legal fees; plan-level CIC accelerates vesting/exercisability and deems performance met at target under same double-trigger condition |
| Restrictive Covenants | 18-month non-competition and non-solicitation |
| Clawback | Dodd-Frank/Nasdaq-compliant clawback adopted July 27, 2023; applies to incentive-based comp received on/after Oct 2, 2023; recoverable upon required accounting restatement |
| Pension/Deferred Comp | No pension or non-qualified deferred compensation plans for NEOs |
Investment Implications
- Pay-for-performance alignment is mixed: 2024 bonuses were zero under the “Critical Success Factors” framework, while Mr. Aminpour accepted RSUs in lieu of Q1’23 cash bonus, signaling alignment amid operational underperformance; continued negative EBITDA and revenue decline in FY 2024 increases the hurdle for incentive payouts *.
- Near-term potential selling pressure: 6,776 RSUs scheduled to vest within 60 days of July 9, 2025, and 8,894 shares issuable from vested RSUs; however, beneficial ownership remains <1%, limiting absolute flow impact .
- Retention risk appears moderate: severance provides 1× salary plus prorated/earned bonus and 18 months COBRA; double-trigger CIC accelerates equity vesting at target, improving downside protection but not overly rich by market standards .
- Governance safeguards: hedging prohibition for executives and an operative clawback policy reduce misalignment risk; note Board-approved hedging waivers for directors in 2021 do not apply to executives, but highlight oversight nuance .
- Equity mix has shifted: heavy equity grants in 2023 (annual and market RSUs) with no new awards in 2024 suggest increased scrutiny and capital discipline; outstanding unearned performance/market-condition RSUs could provide upside leverage if stock and operational targets are met .
*Values retrieved from S&P Global.