Sunrun Inc. Files Proxy Statement Supplement

TL;DR

Sunrun filed more proxy docs, shareholders get updated info for the meeting.

AI Summary

Sunrun Inc. filed a Definitive Additional Materials proxy statement on June 7, 2024. This filing supplements previous proxy materials and concerns the company's annual meeting. No fee was required for this filing.

Why It Matters

This filing provides updated information to shareholders regarding the company's upcoming annual meeting, ensuring they have the most current details for voting.

Risk Assessment

Risk Level: low — This is a routine filing of additional proxy materials and does not introduce new risks.

Key Players & Entities

• Sunrun Inc. (company) — Registrant
• 0001469367-24-000106.txt (document) — Filing document name
• June 7, 2024 (date) — Filing date

FAQ

Key Financial Figures

• $45 — iting as well, with a stock price above $45 and over $400 million of Cash Generatio
• $400 million — , with a stock price above $45 and over $400 million of Cash Generation. We appreciate tha
• $2 — period, and we are generating at least $2 per diluted share of cash. ii For th

Filing Documents

• sunrunproxy2024-supplement.htm (DEFA14A) — 26KB
• sunrunlogo2.jpg (GRAPHIC) — 18KB
• 0001469367-24-000106.txt ( ) — 52KB

From the Filing

Document UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ________________________________________________ SCHEDULE 14A PROXY STATEMENT PURSUANT TO SECTION 14(a) OF THE SECURITIES EXCHANGE ACT OF 1934 ________________________________________________ Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material under 240.14a12 SUNRUN INC. (Name of Registrant as Specified In Its Charter) Payment of Filing Fee (Check the appropriate box) No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a6(i)(1) and 011. Dear Fellow Sunrun Stockholders On behalf of the Compensation Committee of the Board of Directors of Sunrun Inc. ("Sunrun"), we encourage you to review this supplement, as well as the detailed information provided in the Compensation Discussion and Analysis section of Sunrun's 2024 Proxy Statement, before you cast your vote on the proposals to be presented at Sunrun's 2024 Annual Meeting of Stockholders. We have prepared this supplement to provide more detail and context surrounding the extensive stakeholder outreach we undertook in 2023 and 2024 following Sunrun's "Say-on-Pay" vote at the 2023 Annual Meeting of Stockholders, as well as to communicate several additional commitments and enhancements the Compensation Committee plans to implement going forward based on further stockholder and proxy advisor feedback. We put tremendous value on your opinions as stockholders of the Company, and that feedback underpins the decisions we make as a Committee. This was especially true in 2023, as we conducted an even deeper level of stockholder engagement and took actions directly in response to your feedback. As described in the 2024 Proxy Statement, in 2023 our Investor Relations team and members of our executive and management teams engaged in discussions with 68% of our top 50 stockholders, representing 45% of our total shares outstanding. Importantly, throughout our process we have facilitated the engagement of our board of directors with stockholders. In addition, our Investor Relations team offered meetings to all of our top 40 stockholders ahead of the 2023 Annual Stockholder Meeting. In our 2024 Proxy Statement, we disclosed multiple enhancements to our 2024 executive compensation program made in direct response to stockholder feedback, including but not limited to that performance-based equity awards ("PSUs") would account for at least 55% of the total equity compensation awarded to our Named Executive Officer ("NEOs") that such PSUs would incorporate multi-year performance criteria, including metrics aimed at incentivizing enhanced stockholder value, stock price appreciation, and Cash Generation in the long term that our compensation framework would avoid overlapping metrics in our performance-based equity awards, and our cash bonus plan and that, in light of an extraordinarily challenging macroeconomic environment and suboptimal stock performance, our CEO requested that her 2024 base salary remain unchanged, foregoing any customary increases. In addition, in response to feedback we have received from stockholders and the major proxy advisory firms since the filing of our 2024 Proxy Statement, the Compensation Committee has made the following additional commitments and enhancements We are committed to making equity grants only within our ongoing annual equity incentive program. We will not make any special or one-time awards to Sunrun's NEOs outside of our ongoing annual equity incentive program, except in the case of new hires or promotions, for the duration of the performance period of the Stockholder Vision Alignment PSUs, which continues through the end of fiscal year 2026. i Future performance-based equity awards will have robust performance goals and performance metrics based on stockholder feedback. Future metrics will incentivize stockholder value creation, stock price appreciation, and cash generation. Our 2024 performance-based equity awards to Sunrun's NEOs are based on sustained Cash Generation and three-year relative TSR. We will disclose all of our bonus plan goals. Future Annual Bonus Incentive Plan disclosures will include a robust description of all of the plan's targets and achievements, including — for example — our Net Promoter Score goals. Our stockholder engagement process for our Annual Meeting of Stockholders will include the participation of an independent member of the Board of Directors. Following the 2024 Annual Meeting of Stockholders, our Annual Meeting stockholder engagement process for investors holding over 1% of the Company's stock will include the participation of an independent m

View Full Filing

View this DEFA14A filing on SEC EDGAR