Paul Dobson
About Paul Dobson
Paul Dobson, 59, has served as EVgo’s Chief Financial Officer since October 2024. He previously was SVP & CFO of Ballard Power Systems (Mar 2021–Sep 2024), held senior roles at Hydro One (including Interim President & CEO and CFO), spent 15 years at Direct Energy (CFO and COO), and 10 years at CIBC in finance and strategy. Dobson holds an Honours Bachelor’s degree from the University of Waterloo, an MBA from Ivey Business School (Western University), and is a licensed CPA and CMA; he also serves on Methanex Corporation’s Board and Audit Committee . His annual bonus is tied to executive and company objectives set by the CEO and Board, and his long-term incentives include PSUs with stock-price hurdles and RSUs on terms consistent with other senior management, aligning compensation to shareholder value creation .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ballard Power Systems | SVP & Chief Financial Officer | Mar 2021–Sep 2024 | Led finance for clean energy provider; positioned for profitability and growth |
| Hydro One | Interim President & CEO; CFO | Jul 2018–May 2019 | Executive leadership in large transmission/distribution utility |
| Direct Energy (Centrica) | CFO; COO; senior leadership | ~2000s–2018 (15 years) | Finance, operations, IT and customer service leadership across US/Canada |
| CIBC | Finance, strategy, business development | ~1990s–2000s (10 years) | Corporate finance and strategy across Canadian and US markets |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Methanex Corporation | Director; Audit Committee member | Current | Public board; audit oversight experience |
Fixed Compensation
| Component | Terms | Notes |
|---|---|---|
| Base Salary | $400,000 per annum | Prorated in 2024 from Oct 1 start |
| Target Annual Bonus | 75% of base; max 112.5% | Prorated for 2024; thereafter based on objectives set by CEO/Board |
Performance Compensation
One-time PSUs (post-start grant)
| Metric | Weighting | Target | Payout Mechanics | Vesting |
|---|---|---|---|---|
| Stock price hurdle | Not disclosed | $6 VWAP (15 trading days) | Tranche vests upon meeting both time and $6 performance condition by 5th anniversary | Time condition in three equal annual installments from grant date; perf window ≤5 years |
| Stock price hurdle | Not disclosed | $8 VWAP (15 trading days) | Same as above | Same as above |
| Stock price hurdle | Not disclosed | $10 VWAP (15 trading days) | Same as above | Same as above |
Notes:
- Grant value: $350,000, divided into three equal tranches (~$116,666.67 per tranche), with shares determined using 15-day VWAP preceding the Effective Date .
- Both time and performance conditions must be met for vesting; employment must continue through satisfaction dates .
Additional RSUs and PSUs (pro-rated for 2024)
| Instrument | Target Value | Terms | Share Determination |
|---|---|---|---|
| RSUs | $950,000 × fraction (days from Start Date to Dec 31, 2024 / 365) | On terms consistent with RSUs granted to senior management | Shares based on 15-day VWAP preceding Start Date |
| PSUs (operational) | $950,000 × same fraction | On terms consistent with PSUs to senior management | Shares based on 15-day VWAP preceding Start Date |
Reference framework for management PSUs (from 2024 NEO awards):
- Operational PSUs tied to number of new charging stalls and Adjusted EBITDA over one year, with a 3-year relative TSR modifier versus the Clean Edge Green Energy Index; earn-out range 0–156% of target .
Company annual bonus framework (FY2024 NEOs)
| Metric | Weighting | Payout Outcomes |
|---|---|---|
| Daily throughput per stall | 20% (equally weighted) | Bonuses paid at 122–123% of target for NEOs based on KPI achievement; CFO’s 2024 bonus follows his agreement (prorated) but specific payout not disclosed |
| Net capex per stall operationalized | 20% | See above |
| FY 2024 Revenue | 20% | See above |
| FY 2024 Adjusted EBITDA | 20% | See above |
| Individual/strategic priorities | 20% | See above |
Equity Ownership & Alignment
| Item | Status/Terms |
|---|---|
| Beneficial ownership (shares) | Not disclosed for Paul Dobson in 2025 proxy beneficial ownership table (lists directors and NEOs) |
| Stock ownership guidelines | Section 16 officers must hold stock valued at 3× base salary; compliance by Apr 18, 2028 or 5th anniversary of role |
| Pledging/hedging | Prohibited (no short sales, margin purchases, pledging, or hedging/monetization transactions) |
| Outstanding awards (structure) | One-time PSUs: $350k; tranches at $6/$8/$10 hurdles + 3-year time-vesting; additional 2024 pro-rated RSUs and PSUs (each $950k × fraction) on management-consistent terms |
Vesting details (price-hurdle PSUs):
- Time condition: three equal annual installments starting at grant date; performance condition: VWAP-based price hurdle met any time on/before the 5th anniversary; continued employment required at both vesting and performance satisfaction dates .
Employment Terms
| Provision | Terms |
|---|---|
| Employment start | Oct 1, 2024 (Start Date) |
| At-will | Yes; Employment Agreement dated Sep 18, 2024 |
| Severance (no cause/good reason) | 12 months’ base salary + target annual bonus paid over 12 months; prorated target bonus for year of termination; 12 months employer COBRA; partial acceleration of service-based vesting to next vest date pro-rated by months; similar pro-rata acceleration for PSUs where performance already met |
| Change-in-control plan (double-trigger) | If terminated by Co. (other than for cause/death/disability) or by executive for good reason within 3 months before to 12 months after a change-in-control: cash = 1× base + target bonus; full acceleration of time-based equity; pro rata acceleration of performance-based equity at target; up to 12 months employer COBRA; 280G best-net cutback (no gross-up) |
| Non-compete | During employment and through final day of severance payments under Section 4(b)(i)(x)(1); geographic scope: North America; exceptions include passive ≤1% public stock and Methanex board service |
| Non-solicit | 12 months post-separation for employees; customer non-solicit during employment and 12 months after separation |
| Clawback policy | Subject to company clawback and other officer policies ; Company maintains SEC-compliant clawback policy |
| 409A/deferred comp | Agreement structured for 409A compliance; specified employee delay provisions where applicable |
Compensation Committee and Benchmarking
- Compensation Committee chaired by Peter Anderson; met seven times in 2024; may use independent consultants and delegate certain award approvals within parameters .
- Pay Governance engaged for peer benchmarking; 2024 peer group includes Altus Power, Ameresco, Blink, Bloom Energy, ChargePoint, Clean Energy Fuels, Clearway Energy, Energy Vault, Fluence Energy, FuelCell Energy, OPAL Fuels, Ormat, Shoals Technologies, Stem, Sunnova, SunPower, Sunrun, Canoo (removed/added peers per 2024 update) .
Investment Implications
- High pay-for-performance alignment: one-time PSUs (stock-price hurdles at $6/$8/$10) and pro-rated PSUs (on terms consistent with operational/TSR-linked awards) tightly couple Dobson’s upside to EVgo stock appreciation and operational/EBITDA execution, reducing misalignment risk .
- Retention protections are balanced: severance of 1× base+bonus with pro-rata vesting for service-based equity and double-trigger CIC benefits encourage stability without excessive guarantees; non-compete/non-solicit provisions lessen near-term voluntary departure risk post-separation .
- Ownership discipline: 3× salary stock ownership requirement and prohibitions on pledging/hedging support long-term alignment; beneficial ownership not disclosed for Dobson in the 2025 proxy indicates limited immediate selling pressure data; monitor future Form 4s for trading signals .
- Incentive metric roadmap: Company-wide bonus KPIs (throughput per stall, capex per stall, revenue, Adjusted EBITDA, strategic priorities) provide clear operational levers; Dobson’s bonus determination follows executive/company objectives set by CEO/Board, which should tie to these areas, implying focus on unit economics and profitability pathway .