The Board of Bloom Energy Corporation approved on June 15, 2026 a grant of performance-based restricted stock units to Chief Executive Officer Dr. KR Sridhar under the Company's 2018 Equity Incentive Plan. The grant covers 271,076 shares of common stock at the target level, with the potential to earn up to 300 percent of the target number of PSUs based on achievement of rigorous performance criteria.

Vesting of the award is conditioned on two primary performance metrics measured during the period from July 1, 2026 through December 31, 2029. The first metric is objective total revenue targets, calculated based on the four consecutive fiscal quarters within that period during which the Company's aggregate total revenue is highest. The second metric involves adjustment of the vesting amount based on the Company's non-GAAP product gross margin in fiscal year 2029, thereby reinforcing focus on both growth and profitability simultaneously.

Vesting is also subject to Dr. Sridhar's continuous service as Chief Executive Officer through December 31, 2029, subject to limited exceptions. Beyond the vesting date, Dr. Sridhar is required to hold the net shares delivered from the vesting of the award until December 31, 2031, ensuring continued alignment of his interests with stockholders. The Board determined these performance criteria align with the Company's strategic priorities to secure product adoption, drive revenue scale, expand margins, and strengthen its competitive position in distributed energy solutions.

The award was approved following consultation with Meridian Compensation Partners, an independent compensation consultant, and was based on the Compensation Committee's recommendation. The Board cited Dr. Sridhar's exceptional leadership and technical vision, the critical importance of sustained leadership continuity during the next growth phase, and specific stockholder feedback emphasizing retention of Dr. Sridhar as Chief Executive Officer beyond 2027. The Board also noted that the Company's recent performance has exceeded expectations, with market capitalization growing from approximately five billion dollars on December 31, 2024 to approximately seventy-nine billion dollars as of the grant date.