Fermi appoints four senior officers as executive pay and equity awards draw focus

What has Fermi announced?

Fermi Inc. has appointed four senior officers as it formalises its executive leadership structure.

The appointments were approved by the Board on 20 July 2026 and became effective on 22 July 2026.

The new roles are:

Executive	Appointment
George Wentz	General Counsel
Anna Bofa	Chief Commercial Officer
Jacobo Ortiz	Chief Operating Officer
Rob Masson	Chief Financial Officer

Bofa and Ortiz will also remain Co-Chairs of the Interim Office of the CEO. That continuity may help avoid disruption at the top, although the announcement does not say whether or when Fermi expects to appoint a permanent Chief Executive Officer.

For investors, this is more than a routine list of appointments. The filing sets out five-year employment agreements, annual bonuses, long-term incentive awards, sizeable sign-on equity grants and severance protection.

The cash compensation packages

Masson, as Chief Financial Officer, will receive the highest base salary at $650,000 a year. Each of the other three officers will receive $500,000.

Executive	Annual base salary	Target annual bonus	Maximum annual bonus
George Wentz	$500,000	$500,000	$1 million
Anna Bofa	$500,000	$500,000	$1 million
Jacobo Ortiz	$500,000	$500,000	$1 million
Rob Masson	$650,000	$650,000	$1.3 million
Total	$2.15 million	$2.15 million	$4.3 million

Each officer's target bonus is equal to 100% of base salary. The maximum bonus is 200% of that target, subject to performance.

At target bonus levels, total annual base salary and bonuses across the four officers would be $4.3 million. At the maximum bonus level, the combined figure would reach $6.45 million, before benefits and equity compensation.

The announcement does not disclose the performance measures that will determine the actual bonuses. That leaves investors unable to judge how demanding the targets are or how closely the rewards will be linked to shareholder outcomes.

Long-term incentives add another major layer

The officers will participate in Fermi's 2025 Long-Term Incentive Plan, or LTIP. An LTIP is an equity-based remuneration scheme intended to reward executives over several years.

The stated annual grant-date values are:

Executive	LTIP grant-date value
George Wentz	$2.25 million
Anna Bofa	$3 million, prorated for 2026
Jacobo Ortiz	$3 million
Rob Masson	$3 million, prorated for 2026

These stated values total $11.25 million before the 2026 proration applying to Bofa and Masson.

The awards will consist of 30% restricted stock units and 70% performance stock units. Restricted stock units, or RSUs, generally become shares once specified vesting conditions are met. Performance stock units, or PSUs, are linked to performance conditions as well as the relevant plan terms.

The 70% weighting towards performance awards is potentially positive because most of the LTIP value is not simply time-based. However, the filing does not provide a concise explanation of the performance thresholds in the main announcement, making their difficulty hard to assess from the summary alone.

Sign-on awards and possible dilution

Fermi has also approved one-off sign-on equity awards for Wentz, Bofa and Masson:

Executive	Sign-on RSUs	Vesting arrangement
George Wentz	1.5 million	Vested on the grant date
Anna Bofa	2 million	1% at grant, 49% after one year, 25% after two years and the remainder after three years
Rob Masson	975,000	Cliff vesting after one year

Bofa's initial 1% vesting is subject to clawback if her employment ends before the first anniversary of the grant date. Cliff vesting means Masson's entire award is scheduled to vest at once, rather than gradually.

Together, the sign-on packages cover 4.475 million RSUs. Their monetary value is not disclosed in the announcement.

The potential dilution for existing shareholders is also not disclosed. That depends on factors including the number of shares already in issue, the eventual settlement of the awards and the applicable share price.

Wentz's 1.5 million RSUs vesting immediately is particularly notable. Unlike awards that require continued service or future performance, immediate vesting provides less obvious long-term retention value.

Bofa may also receive additional lease-related and incremental sales-related equity awards. These are subject to performance thresholds and vesting conditions, but the potential number or value of those additional awards is not disclosed in the announcement summary.

Severance protection is substantial

Each officer may qualify for severance equal to 18 months of base salary plus 1.5 times the target annual bonus. The packages may also include an unpaid bonus from the previous year and up to 18 months of subsidised health insurance continuation under COBRA.

On the disclosed salary and target bonus figures, the core severance calculation would be $1.5 million for each of Wentz, Bofa and Ortiz, and $1.95 million for Masson. These figures exclude any prior-year bonus, health benefits or accelerated equity vesting.

Bofa and Masson may also receive accelerated vesting of their sign-on equity awards in certain termination circumstances.

Severance arrangements can help companies recruit senior executives, but they also create a cost if an appointment does not work out. Investors will want the Board to demonstrate that accountability remains strong despite the level of protection offered.

What do the appointments say about leadership?

The addition of dedicated legal, commercial, operational and financial leadership gives Fermi a more clearly defined executive structure.

The announcement provides detailed background only for Wentz. It says the 68-year-old has more than four decades of experience across law, economics and energy infrastructure. He founded MAD Energy in January 2020 and is described as its Chief Executive Officer. He has also been a partner at Davillier Law Group since January 2008.

Wentz's employment agreement requires him to devote his business time to Fermi on a full-time basis and generally prevents other employment without prior Board consent. The filing does not explain how his existing roles at MAD Energy and Davillier Law Group will be handled.

No comparable career summaries for Bofa, Ortiz or Masson are included in the main appointment announcement.

What investors should watch next

The appointments could provide useful organisational stability, particularly because Bofa and Ortiz will continue leading the Interim Office of the CEO. Bringing finance, operations, commercial activity and legal oversight into named executive roles may also clarify accountability.

The main concern is cost. Fermi has committed to significant fixed salaries, bonus opportunities, annual LTIP awards, sign-on RSUs and severance protection. Whether those packages create value will depend on the executives delivering against suitably demanding operational and financial objectives.

Future disclosures should help investors assess:

• Progress towards appointing a permanent Chief Executive Officer.
• The performance targets attached to bonuses and PSUs.
• The potential dilution from executive equity awards.
• The handling of Wentz's disclosed external positions.
• The value and conditions of Bofa's additional commercial equity incentives.

For now, Fermi has strengthened and formalised its executive team. The next test is whether the expanded leadership structure and substantial remuneration commitments translate into measurable progress for shareholders.