Despite residential solar company Sunnova Energy’s financial turmoil, the company will pay bonuses totaling $2.12 million to its top four executives. The decision was approved through its Compensation and Human Capital Committee.
The executives who will receive a bonus include:
- President and CEO Paul Mathews, awarded $750,000
- Executive Vice President and Chief Financial Officer Eric Williams, awarded $450,000
- Executive Vice President and Chief Revenue Officer Michael Grasso, awarded $475,000
- Executive Vice President and General Counsel David Searle, awarded $450,000.
CEO Paul Mathews was named president and CEO earlier this week when the company’s founder, William Berger, stepped down from the position.
The awards are contingent upon continued employment in good standing with Sunnova through Dec. 31, 2025. Executives who resign or are terminated for causes prior to the end of the year will forfeit the bonus.
Sunnova announced last month it is laying off nearly 300 employees, which is about 15% of its workforce. On Wednesday, The Wall Street Journal reported that Sunnova is preparing to meet with creditors to find ways to cut its $8.5 billion in debt, either through filing for bankruptcy or through other ways, such as swapping some near-term bonds into equity.
The bonuses come less than two weeks after the company said its cash flow was not sufficient to meet obligations and fund operations. Following the company’s fourth quarter earnings, stock plunged over 70%. It opened at trading today at $0.31.
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I am needing to transfer my solar panels from IL to FL and was told that I could do so by Jordan Petty with Aveyo Solar, who sold us on Sunnova Solar panels. He assured us that the panels could be transferred for a price. Sunnova is now saying that the panels can be moved within the district. Fl is not near IL, so therefore, we would be out of district and in breech of contract. We have also been told that we can’t pay off the lease. Sunnova is already struggling and laying of employees, but giving their executive team bonuses! This is quite the scam and I strongly encourage everyone to fight this!