Digesting the Details of the Executive Appointments

研报英文原文证据摘录

Digesting the Details of the Executive Appointments

Flash Note Energy | Power & Utilities

July 24, 2026

Fermi Inc. Nicholas Amicucci, CFA Sharon Wang 212-812-2931 212-653-8999

FRMI | $6.32 nicholas.amicucci@evercoreisi.com Sharon.Wang@evercoreisi.com

In Line | Target Price/Base Case: $11.00

Company Update

According to an 8-K filing yesterday evening, Fermi's Board appointed four officers effective July 22, 2026: George Wentz as

General Counsel, Anna Bofa as Chief Commercial Officer, Jacobo Ortiz as Chief Operating Officer, and Rob Masson as Chief

Financial Officer. Bofa and Ortiz will continue to serve as Co-Chairs of the Interim Office of the CEO alongside their new officer

roles. The move formalizes the interim leadership team roughly two weeks after the $350M convertible notes launch, while

the filing also disclosed performance-award timing that may focus investor attention on whether a qualifying lease is

signed before July 31, 2026. Following the filing, option volumes increased led by >100k 7/31 expiration call option

contracts based on Bloomberg data. While the appointments were not new, the company also provided the performance

award structure for each executive. The performance awards for the company’s Chief Commercial Officer, Ana Bofa, were

of particular interest. Based on the filing, Ms. Bofa’s incremental equity is significantly tied to the signing of a “Qualified Lease”,

which is categorized as a 10-20 year customer lease for 250MW or more, with the amount of the award contingent upon the

“Achievement Date.” The Deal 1 award doubles if the first qualifying lease is signed by 7/31/26, which may focus investor attention

on that near-term date. Notably, the award threshold appears lower than the 400 MW threshold referenced in the MUFG §5.22