Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. OnApril 17, 2020 ,Bob Komin , Chief Financial Officer ofSunrun Inc. (the "Company") notified the Company of his intention to resign as Chief Financial Officer and Principal Financial Officer of the Company effective upon the appointment of his successor.Mr. Komin will continue to serve as a consultant to the Company untilDecember 31, 2020 , as set forth in the transition agreement between the Company andMr. Komin datedApril 22, 2020 (the "Separation Agreement").Mr. Komin's resignation is for personal reasons and not as a result of any disagreement with the Company regarding the operations, policies or practices of the Company. The Separation Agreement is filed as Exhibit 10.1 hereto, and the foregoing description of the Separation Agreement is a summary only and is qualified in its entirety by the full text of the Separation Agreement, which is incorporated herein by reference. OnApril 17, 2020 , the Company entered into an offer letter with Tom vonReichbauer pursuant to which Mr. vonReichbauer agreed to join the Company onMay 4, 2020 and assume the roles of Chief Financial Officer and Principal Financial Officer effective as ofMay 11, 2020 . Previously, Mr. vonReichbauer, 38, served as a Vice President atGoogle LLC (an internet services company) sinceSeptember 2018 . Prior to Google, Mr. vonReichbauer was employed atNest Labs, Inc. (a smart home products company) fromJanuary 2013 throughSeptember 2018 , serving in a variety of roles including as Chief Business Officer and Chief Financial Officer. Mr. vonReichbauer holds a B.S. in Economics and an M.B.A. from theWharton School of theUniversity of Pennsylvania . Pursuant to the terms of the offer letter with Mr. vonReichbauer (the "Offer Letter"), he will receive an annual salary of$440,000 and a one-time sign on bonus of$100,000 , each less applicable tax withholdings. Mr. vonReichbauer will also be eligible to participate in the Company's Amended and Restated Executive Incentive Compensation Plan, with a target bonus of 80% of his base salary. Mr. vonReichbauer will also receive an initial equity award valued at$4,500,000 in the form of 50% in stock options and 50% in restricted stock units ("RSUs"), subject to the approval of the Company's board of directors. The number of shares of common stock underlying the stock options granted will be determined based on the then-current Black Scholes value of the Company's common stock on Mr. vonReichbauer's start date, and the number of shares underlying the RSUs granted will be determined by dividing$2,250,000 by the average trailing 45 calendar-day closing price of the Company's common stock, ending on the day prior to Mr. vonReichbauer's start date. The shares subject to the stock options will vest over four years, with 25% vesting after one year and the remainder vesting in equal monthly installments thereafter, subject to Mr. vonReichbauer's continued employment with the Company. The shares subject to the RSUs will vest over four years, with 25% vesting after one year and the remainder vesting in equal quarterly installments thereafter, subject to Mr. vonReichbauer's continued employment with the Company. The Offer Letter is filed as Exhibit 10.2 hereto, and the foregoing description of the Offer Letter is a summary only and is qualified in its entirety by the full text of the Offer Letter, which is incorporated herein by reference. There are no family relationships between Mr. vonReichbauer and any director or executive officer of the Company, or any person nominated or chosen by the Company to become a director or executive officer of the Company. Mr. vonReichbauer has no direct or indirect material interest in any transaction required to be disclosed pursuant to Item 404(a) of Regulation S-K. In connection with his appointment, Mr. vonReichbauer will enter into the Company's standard indemnification agreement and participate in the Company's Key Employee Change in Control and Severance Plan and Amended and Restated Executive Incentive Compensation Plan, each of which has previously been filed with theSEC . A copy of the press release announcing these events is filed as Exhibit 99.1 to this Current Report on Form 8-K. -------------------------------------------------------------------------------- Item 9.01 Financial Statements and Exhibits. (d) Exhibits. Exhibit No. Description Separation and Consulting Agreement betweenBob Komin andSunrun Inc. , dated 10.1 as ofApril 22, 2020 .Offer Letter between Tom vonReichbauer andSunrun Inc. , dated as ofApril 17 , 10.2 2020. 99.1 Press Release, datedApril 23, 2020 .
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