Christian Mulvihill
Greenidge Generation HoldingsAbout Christian Mulvihill
Christian Mulvihill is Chief Financial Officer of Greenidge Generation Holdings (GREE), appointed October 11, 2023 after serving as Vice President of Engineering & Corporate Development from August 2021 to October 2023; he holds a BSc in Mechanical Engineering from Queen’s University (Canada) and brings ~10 years of experience across finance, corporate development, operations, engineering, and project management . Under his tenure as CFO, revenue declined 15% year over year to $59.5M in 2024 from $70.4M in 2023, while EBITDA improved by $3.48M to $0.7M (1.2% margin) and Adjusted EBITDA improved to $5.49M (9.2% margin), reflecting cost discipline and mix shifts following the sale of the South Carolina facility . His base salary increased from $250,000 in 2024 to $275,000 effective January 30, 2025, and to $302,500 effective November 14, 2025, with target bonus eligibility up to 25% of salary in cash and 25% in equity, aligning a meaningful portion of pay with company performance and share-based incentives .
Past Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Greenidge Generation Holdings | VP, Engineering & Corporate Development | Aug 2021–Oct 2023 | Led strategic financial and operational initiatives ahead of appointment as CFO . |
| Greenidge Generation Holdings | Chief Financial Officer | Oct 2023–present | Oversaw cost reductions and mix shift; 2024 EBITDA improved vs 2023 despite lower revenue . |
External Roles
| Organization | Role | Years | Strategic impact |
|---|---|---|---|
| Atlas Holdings | Private Equity Associate | Aug 2020–Aug 2021 | Focused on power, energy, and bitcoin mining investments . |
| Granite Shore Power | Various roles | Two years (dates not specified) | Led strategic financial and operational initiatives at a power generation platform . |
| TC Energy | Engineering & Project Management | Began 2013 (end date not specified) | Progressive responsibility in engineering/project management at a large energy infrastructure company . |
Fixed Compensation
| Metric | 2023 | 2024 |
|---|---|---|
| Salary ($) | 213,462 | 250,000 |
| Cash bonus ($) | 35,000 | 45,000 |
| Stock awards ($) | — | 264,946 |
| Option awards ($) | — | — |
| All other compensation ($) | 19,924 | 21,591 |
| Total compensation ($) | 268,386 | 581,537 |
- Base salary changes and timing:
- $250,000 as of Dec 31, 2024 .
- Increased to $275,000 effective Jan 30, 2025 .
- Increased to $302,500 effective Nov 14, 2025 .
- Target bonus opportunity: up to 25% of base salary in cash and up to 25% in equity, subject to terms and performance conditions set by the Board .
Performance Compensation
Annual Bonus Targets vs Actuals
| Component | Target | 2023 Actual | 2024 Actual |
|---|---|---|---|
| Cash bonus | Up to 25% of base salary | 35,000 | 45,000 |
| Equity bonus | Up to 25% of base salary | Not disclosed | RSUs awarded for FY2024 bonus: 55,515, all vested Feb 2025 |
Performance metrics, weights, and payout formulae for annual incentives were not disclosed; awards are “subject to such terms and performance conditions as determined by the Board” .
Equity Awards and Vesting
| Grant date | Instrument | Shares/Value | Vesting terms | Notes |
|---|---|---|---|---|
| Oct 11, 2023 | Sign-on bonus (stock) | $125,000 value | Not specified (grant as sign-on stock) | Per Offer Letter on CFO appointment . |
| Feb 13, 2024 | Class A common stock | 32,051 shares | Vested immediately | One-time sign-on in connection with CFO appointment . |
| Nov 12, 2024 | RSUs | 20,000 units | Vest in 12 equal monthly installments beginning one month after grant | Time-based retention grant . |
| Feb 2025 | RSUs (FY24 bonus) | 55,515 units | Vested in Feb 2025 | Equity-settled portion of 2024 bonus . |
| Legacy options | Stock options | 2,000 | Vested in equal installments on first, second, third anniversaries of Jul 27, 2021; exercise price $718; expires Jul 31, 2031 | Fully vested by Jul 27, 2024 . |
Equity Ownership & Alignment
- Anti-hedging and anti-pledging: Company policy prohibits hedging transactions and pledging or holding Company stock in margin accounts, reducing misalignment and leverage risk .
- Section 16 compliance: Two late Form 4s by Mr. Mulvihill were noted for 2024 (each reporting one transaction) .
Beneficial Ownership (Record Dates in Proxies)
| Record date | Class A shares beneficially owned | Class B shares | Ownership % | Voting power % |
|---|---|---|---|---|
| 2024 Proxy (record date stated therein) | 23,248 | — | * (<1%) | * (<1%) |
| 2025 Proxy (record date stated therein) | 67,313 | — | * (<1%) | * (<1%) |
Outstanding Equity Awards at Fiscal Year-End 2024 (as of 12/31/2024)
| Instrument | Exercisable | Unexercisable | Strike | Expiration | Unvested RSUs | Market value of unvested RSUs ($) |
|---|---|---|---|---|---|---|
| Options | 2,000 | — | 718.00 | 07/31/2031 | 34,038 | 52,759 |
Employment Terms
| Term | Detail |
|---|---|
| Employment status | At-will . |
| Start date (CFO) | October 11, 2023 . |
| Base salary | $250,000 (2024); increased to $275,000 effective Jan 30, 2025; increased to $302,500 effective Nov 14, 2025 . |
| Annual bonus | Target up to 25% of base salary in cash and up to 25% in equity (subject to Board-determined terms/performance) . |
| Severance | If terminated without cause or upon a Change in Control (as defined) and not subsequently employed in a position acceptable to him with an Atlas Holdings affiliate, six months of base salary (subject to release) . |
| Change-in-control | Single-trigger cash severance as above; no equity acceleration disclosed for Mr. Mulvihill . |
| Clawback/hedging/pledging | Anti-hedging and anti-pledging policy applies company-wide . |
| Benefits | Eligible for company benefit programs per policy; 401(k) matching noted in SCT footnotes . |
Performance & Track Record (Company-level during tenure)
| Metric ($ thousands) | 2023 | 2024 |
|---|---|---|
| Total revenue | 70,388 | 59,533 |
| EBITDA from continuing operations | (2,778) | 699 |
| Adjusted EBITDA from continuing operations | 153 | 5,490 |
| Operating loss | (16,892) | (11,449) |
- Mix shift and cost actions: Revenue decline driven by lower hosting following the sale of the South Carolina facility; power and capacity revenue increased 59% to $10.6M; cost of revenue ex‑D&A down 19% to $41.1M, aiding improvement in EBITDA/Adjusted EBITDA performance .
Compensation Structure Analysis
- Equity-heavy and time-based: 2024 grants to Mr. Mulvihill were primarily time-based (immediate vest stock and monthly-vesting RSUs) with no disclosed performance-vesting conditions, which can reduce performance sensitivity relative to PSUs .
- Bonus design: Targets allow up to 50% of salary split between cash and equity, but metric weights/rigor are not disclosed; actual cash bonuses of $35k (2023) and $45k (2024) indicate payouts below a 25% cash target ceiling in both years .
- Pay trajectory: Base salary moved from $250k to $275k (Jan 2025) and to $302.5k (Nov 2025), indicating upward adjustments alongside broader leadership salary moves .
Risk Indicators & Red Flags
- Section 16 reporting timeliness: Two late Form 4 filings by Mr. Mulvihill for 2024 noted in the proxy .
- Potential selling pressure: Monthly vesting RSUs (20,000 beginning Dec 2024/Jan 2025 cadence) and fully-vested 2024 bonus RSUs (55,515 vested Feb 2025) could create periodic liquidity events; hedging/pledging is prohibited, which mitigates leverage risk .
Compensation Peer Group, Say-on-Pay, and Shareholder Feedback
- As an Emerging Growth Company, GREE does not provide a traditional CD&A, pay-versus-performance, or hold advisory say-on-pay votes during the covered periods .
Investment Implications
- Alignment and retention: Equity mix and frequent vesting increase alignment but also create near-term liquidity windows; anti-hedging/pledging reduces misalignment risk .
- Pay-for-performance transparency: Absence of disclosed performance metrics/weights for bonuses and predominance of time-based RSUs reduce visibility into incentive rigor; consider engaging management/Comp Committee on future PSU usage and disclosure .
- Execution and operating leverage: Despite a 15% revenue decline, EBITDA and Adjusted EBITDA improved materially in 2024 under the current leadership team, suggesting progress on cost discipline and revenue mix (power/capacity) during Mulvihill’s early CFO tenure .
- Insider trading signals: Two late Form 4s is a minor governance blemish; monitor ongoing Form 4 cadence around RSU vest dates for selling pressure indications .