Paul Dickson
SunrunAbout Paul Dickson
Paul Dickson, age 39 as of April 15, 2025, serves as Sunrun’s President (since April 2024) and Chief Revenue Officer (since January 2022). He joined Sunrun in October 2020 via the acquisition of Vivint Solar. He holds a B.A. in communications from Brigham Young University. Company performance during his tenure includes three consecutive quarters of Cash Generation, 12% year-over-year customer growth to over 1,000,000 customers, and increases in Gross and Net Earning Assets during 2024, reflecting execution on storage-first strategy amid industry volatility .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Sunrun Inc. | President; Chief Revenue Officer | President since Apr 2024; CRO since Jan 2022 | Leads revenue growth and margin-focused strategy through storage-first approach |
| Sunrun Inc. | Senior Vice President | Oct 2020–Jan 2022 | Post-acquisition leadership integration |
| Vivint Solar, Inc. | Chief Revenue Officer | Sep 2016–Oct 2020 | Scaled residential solar sales operations |
| Vivint Solar, Inc. | SVP, Operations | Nov 2013–Sep 2016 | Drove operational execution and deployment efficiency |
| Vivint Solar, Inc. | VP, Finance & Capital Markets | May 2011–Nov 2013 | Built finance and capital markets infrastructure |
| Vivint, Inc. | Director, Smart Grid & Energy Management | Dec 2010–May 2011 | Smart-grid and energy management initiatives |
| Meter Solutions Pros, LLC | Co-founder, President & CEO | May 2007–Dec 2010 | Founded and grew energy management business acquired by Vivint, Inc. |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Not disclosed | — | — | No public company directorships or external board roles disclosed in Sunrun filings |
Fixed Compensation
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Base Salary ($) | $435,000 | $480,000 | $570,492 (paid) / $600,000 set post-promotion |
| Target Bonus % of Salary | 75% ($326,250 target) | 85% ($408,000 target) | 100% ($600,000 target; +17.6% vs 2023) |
| Actual Bonus Paid ($) | $349,544 | $367,200 (90% of target) | $687,600 (114.6% of target) |
| Total Compensation ($) | $5,323,427 | $7,901,480 | $6,784,690 |
Notes:
- FY2024 AIP payout approved Feb 28, 2025 at 114.6% of target for all NEOs, reflecting performance across Adjusted NSV, Solar and Storage Capacity Installed, NPS, and Safety DART .
Performance Compensation
| Component | Metric | Weighting/Structure | Target/Thresholds | Performance Period | Vesting / Payout Design |
|---|---|---|---|---|---|
| Annual Incentive Plan (2024) | Adjusted Net Subscriber Value (NSV); Solar Capacity Installed; Storage Capacity Installed; New Customer NPS; Safety (DART) | Multi-metric; AIP payout range 0–150% | Company-level thresholds/targets set by Compensation Committee | FY2024 | Achieved 114.6% of target; no individual discretion applied |
| Annual Incentive Plan (2025) | Same metrics as 2024; Cash Generation threshold (“circuit breaker”) | NSV represents 60% of total target bonus; NSV payout gated by Cash Generation threshold | Minimum Cash Generation required for NSV payout | FY2025 | Design prevents payout in low/negative Cash Generation scenarios; strengthens alignment |
| PSU – Relative TSR (2024 grants) | Relative TSR vs peer group | Payout: 50% at 25th percentile; 100% at 50th; 200% at 75th+ | Threshold 25th; Target 50th; Max ≥75th percentile | Jan 1, 2024–Dec 31, 2026 | Shares vest after Committee certification; linear interpolation for intermediate results |
| PSU – Cash Generation (2024 grants) | Aggregate Cash Generation | Payout: 50% at $350mm; 100% at $500mm; 200% at $700mm | Threshold $350mm; Target $500mm; Max $700mm | Apr 1, 2024–Dec 31, 2025 | Vesting follows certification; proration on termination; linear interpolation; 2025+ PSUs move to 3-year periods |
| PSU – Stockholder Vision Alignment (Aug 2023 grants) | Dual conditions: Cash Generation per diluted share and Stock Price Attainment | Combined formula; max 300% of target | CG/share: Threshold $2.00; Target $3.50; Max $6.50. Stock Price: Threshold $45; Target $60; Max $100 | FY2024–FY2026 | 50% vests in 2027 and 50% in 2028 after certification, subject to continued service |
| PSU – Total Value Generated (TVG) (prior awards) | Total Value Generated | Annual performance tranches; multi-year vest | FY2023 TVG achieved ~100% vest of eligible tranche | 2022–2025 | Requires continued service through certification |
| PSU – NEA per Share (2023 grants) | Net Earning Assets per diluted share | Threshold $23.65; Target $25.37; Max ≥$28.82 | Achieved $22.65 in 2023 (0% attainment) | 2023 (1-year performance), service vest through 2026 | Entire tranche forfeited; program removed for 2024 grants |
Equity Ownership & Alignment
- Beneficial ownership: 414,717 shares (<1%); comprised of 153,941 shares held directly, 205,324 options exercisable within 60 days of March 1, 2025, and 55,452 RSUs vesting within 60 days .
- Ownership as % of shares outstanding: approximately 0.18% (414,717 / 226,213,579) .
- Stock ownership guidelines: Executives must hold 3x base salary in qualifying equity (unvested time-based RSUs/restricted stock); all executives, including Dickson, in compliance as of end of 2024 .
- Hedging/pledging: Prohibited for executives; insider trading policy forbids margin purchases, borrowing against accounts holding company securities, pledging, and any hedging transactions .
| Equity Position (as of Dec 31, 2024) | Quantity | Key Terms |
|---|---|---|
| Unvested RSUs | 163,741 | 4-year vest: 25% on 1st anniversary, then equal quarterly installments; 25% of 2024 RSUs vested on Apr 6, 2025 |
| Unearned PSUs (Relative TSR) | 206,310 | Eligible based on FY2024–FY2026 performance; number shown reflects table methodology; payout subject to achievement |
| Unearned PSUs (Cash Generation) | 206,310 | Eligible based on Apr 2024–Dec 2025 performance; number shown reflects table methodology; payout subject to achievement |
| Options (selected strikes) | 6,666 @ $6.28; 10,708 @ $9.46; others at higher strikes | As of Dec 31, 2024 close ($9.25), $6.28 strike in-the-money; $9.46 and higher mostly out-of-the-money |
Fixed vs Performance Compensation Mix (Selected Grants)
| Equity Grants (2024) | Shares | Grant Date Fair Value ($) |
|---|---|---|
| RSUs | 163,741 | $2,012,377 |
| PSUs – Relative TSR (target) | 103,155 | $2,117,772 |
| PSUs – Cash Generation (target) | 103,155 | $1,379,182 |
Employment Terms
| Term | Detail |
|---|---|
| Employment | At-will; Dec 3, 2021 agreement as CRO; promoted to President Apr 2024 with base salary $600,000 and 100% target bonus |
| Severance (non-CIC) | 6 months base salary and COBRA; pro-rata bonus based on prior two-year average or current-year target; 50% acceleration of unvested equity other than SVA PSUs; PSUs generally assumed at 50% target (pre-5/29/2024 grants); post-5/29/2024 PSUs prorated with actual performance at period end |
| Change-in-Control (CIC) | 12 months base salary and COBRA; 100% target bonus; 100% acceleration of unvested equity other than SVA PSUs with PSUs assumed at 100% target; 12-month post-termination option exercise period |
| Clawback | Robust clawback covering incentive comp, including time-based equity, upon financial restatement or material operational error attributable to misconduct; amended April 2025 |
| Perquisites | None significant; executives participate in standard employee benefits; 401(k) match policy disclosed |
Compensation Structure & Governance
- Mix shift: Company discontinued options in 2023, favoring RSUs and PSUs; PSUs ≥55% of NEO equity in 2024, with multi-year performance periods tied to Cash Generation and Relative TSR; overlapping metrics avoided across cash and equity .
- Peer benchmarking: Compensation references ~50th percentile of peer group; 2024 peer set adjusted toward clean energy/home solutions (e.g., FSLR, ENPH, NOVA, ADT, NXT) .
- Say-on-Pay: 2024 support was 43.1%; prompted enhanced disclosure, multi-year PSUs, Cash Generation gating in AIP, and commitment to forego special one-time awards through FY2026 PSU performance period .
- Equity plan changes: Amended and restated 2015 Plan removes evergreen, prohibits repricing without stockholder approval, and eliminates liberal share counting/recycling .
Investment Implications
- Strong pay-for-performance alignment: 2024 AIP tied to Adjusted NSV and operational/customer metrics paid at 114.6% of target, while 2023 NEA PSUs fully forfeited—demonstrating real downside when targets miss and upside when value creation occurs .
- Upcoming vesting/selling pressure: Significant unvested RSUs (163,741) and potential PSUs could create trading supply at vest dates (quarterly RSU vesting; PSU certifications in 2025–2026; SVA PSU time-based vest in 2027–2028), subject to performance achievement and blackout policies .
- Alignment and retention: Executive stock ownership guidelines (3x salary) and prohibitions on hedging/pledging support alignment; CIC protections (100% bonus and full acceleration for most awards) reduce retention risk in strategic transactions but increase change-of-control economics .
- Governance momentum: Low 2024 say-on-pay catalyzed material plan design improvements and enhanced clawback; continued emphasis on Cash Generation and Relative TSR PSUs should link realized pay to stockholder value .
No related party transactions involving Paul Dickson were reported since the beginning of the last fiscal year .