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Get filing alertsFermi appoints four C-suite officers in sign-on equity, no permanent CEO named
Filed July 23, 2026 · Period ending July 20, 2026 · ~1 min read
Key Changes
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high
Board appointed General Counsel, Chief Commercial Officer, Chief Operating Officer, and Chief Financial Officer effective July 22; Bofa and Ortiz continue as Co-Chairs of Interim Office of the CEO, indicating no permanent CEO in place
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
high
Three officers received one-time sign-on equity totaling 4.475M restricted stock units: Wentz 1.5M (immediate vest), Bofa 2M (3-year vest), Masson 975K (1-year cliff), representing substantial upfront compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
medium
Officers receive 5-year contracts with base salaries of $500K (Wentz, Bofa, Ortiz) and $650K (CFO Masson), plus target bonuses of 100% of base (max 200%), and annual LTIP awards valued at $2.25M-$3M per officer
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR → -
medium
Severance packages include 18 months base salary, 1.5x target bonus, unpaid prior-year bonus, and 18 months subsidized COBRA; Bofa and Masson also receive accelerated vesting of sign-on equity upon termination
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation verify on EDGAR →
Summary
Fermi disclosed the appointment of four senior officers—General Counsel George Wentz, Chief Commercial Officer Anna Bofa, Chief Operating Officer Jacobo Ortiz, and Chief Financial Officer Rob Masson—effective July 22, 2026.
The appointments fill out the C-suite with five-year employment agreements, but the company remains without a permanent CEO: Bofa and Ortiz will continue serving as Co-Chairs of the Interim Office of the CEO alongside their new operational roles. The dual-hat arrangement suggests the CEO search is ongoing, leaving leadership structure in flux. The compensation packages are substantial.
Sign-on equity grants total 4.475 million restricted stock units across three officers, with Wentz's 1.5 million vesting immediately and Bofa's 2 million vesting over three years. Combined with base salaries ranging from $500,000 to $650,000, target bonuses equal to 100% of base, and annual long-term incentive awards valued at $2.25 million to $3 million per officer, the total compensation reflects a significant investment in attracting this leadership team. Retail holders should watch for progress on the permanent CEO appointment and how the new officers execute on strategy while operating under interim leadership.
Section-by-Section Diff
Event · Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation
Item 5.02 — Departure of Directors or Certain Officers; Election of Directors; Compensation filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
The Employment Agreements provide for an initial term of five years and an annualized base salary of $500,000 for Mr. Wentz, Ms. Bofa, and Mr. Ortiz and an annualized base salary of $650,000 for Mr. Masson. Each of the Officers is eligible to receive a target annual bonus equal to 100% of base salary with a maximum bonus equal to 200% of the target bonus
The new officers received five-year employment agreements with base salaries of $500,000 for Wentz, Bofa, and Ortiz, and $650,000 for CFO Masson. All four are eligible for target annual bonuses equal to 100% of base salary, with maximum bonuses of 200% of target, meaning potential total cash compensation ranges from $1 million to $1.95 million annually depending on the officer and performance.
Added in current filing · verify on EDGAR →
The Employment Agreements provide for each Officer’s participation in the Company’s 2025 Long-Term Incentive Plan (the “2025 LTIP”) and provides for awards having an aggregate grant date value of (a) $2,250,000 for Mr. Wentz, (b) $3,000,000 for Ms. Bofa, prorated to the date of hire for 2026, (c) $3,000,000 for Mr. Ortiz and (d) $3,000,000 for Mr. Masson, prorated to the date of hire for 2026. Such awards consist of 30% restricted stock units and 70% performance stock units
Each officer will receive annual long-term incentive awards under the 2025 LTIP with grant date values of $2.25 million for Wentz and $3 million each for Bofa, Ortiz, and Masson (prorated for 2026). The awards are structured as 30% time-based restricted stock units and 70% performance-based stock units, aligning a significant portion of compensation with company performance.
Added in current filing · verify on EDGAR →
The Employment Agreements with Mr. Wentz, Ms. Bofa, and Mr. Masson further provide for one-time sign-on equity awards pursuant to the 2025 LTIP, consisting of (a) 1,500,000 restricted stock units to Mr. Wentz, vesting on the grant date; (b) 2,000,000 restricted stock units to Ms. Bofa, vesting one percent on the grant date, which is subject to a claw back in the event of a termination prior to the first anniversary of the grant date, forty-nine percent on the first anniversary of the grant date, twenty-five percent on the second anniversary of the grant date and the remainder on the third anniversary of the grant date; and (c) 975,000 restricted stock units to Mr. Masson, cliff vesting on the first anniversary of the grant date.
Three officers received substantial one-time sign-on equity grants: Wentz received 1.5 million restricted stock units vesting immediately, Bofa received 2 million units vesting over three years (1% immediately, 49% at year one, 25% at year two, remainder at year three), and Masson received 975,000 units cliff vesting after one year. These sign-on awards represent significant upfront equity compensation to attract the new leadership team.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jul 24, 2026 · How we verify