Greenbacker Awards Over 30,000 Performance-Based Units to Executive

The new grant aligns with the company’s long-term performance goals extending through 2027.

July 09, 2025

Performance-Linked Grant Ties Executive Incentives to Multi-Year Goals

Greenbacker Renewable Energy Company LLC has granted 30,805.23 restricted share units to Michael William Cunningham, who serves as Senior Vice President and Chief Accounting Officer. The transaction, effective July 7, 2025, reflects the company’s focus on aligning leadership incentives with long-term performance objectives.

The award was issued under Greenbacker’s 2023 Equity Incentive Plan. It’s performance-based—meaning Cunningham will only receive the shares if the company meets specific criteria over a three-year period, running from the start of 2025 through the end of 2027. Once those benchmarks are hit, the units will convert into Class P-I shares or their cash equivalent, depending on how Greenbacker chooses to settle them.

There’s no cost attached to these units. They’re part of a broader compensation strategy designed to link leadership outcomes directly to company performance. Cunningham now holds 56,324.71 derivative securities, all under direct ownership.

Reinforcing Long-Term Execution and Accountability

This type of equity grant provides clarity around what’s expected—and what’s earned. It sets a timeline, outlines performance goals, and ensures that payouts reflect results. For a company like Greenbacker, operating in a fast-moving sector like renewable energy, that kind of structure helps keep leadership focused and aligned with long-range goals.

The grant also sends a clear message: performance is measured, and incentives follow. With this framework in place, Greenbacker is reinforcing a culture that values accountability, sustained execution, and the discipline to deliver over time.