SolarCity stock options link Lyndon Rive, Elon Musk

SolarCity CEO Lyndon Rive has reason to celebrate Earth Day — and make some aggressive plans for his company.

The solar energy services company granted Rive $77 million in stock options last year, giving the executive the opportunity to earn up to 3 million in shares over the next decade, according to federal regulatory filings submitted Thursday. Rive must meet certain performance goals in operations and stock price to receive the options.

Blooomberg noted that Rive received a compensation package similar to what his cousin, Elon Musk, got from Tesla Motors in 2012. Musk sits on the board of SolarCity. Rive’s brother and company Chief Technology Officer Peter Rive also can earn 2 million shares, according to the filing.

The San Mateo-based company has about 15,273 employees, a growth of nearly 70 percent from 2014.  It also grew year-over-year sales by 57 percent. But profit proved elusive, with the company ending the year with a $58 million loss.

The company stock got a boost this week when San Francisco passed an ordinance requiring solar panel installation on some new commercial and residential construction.

SolarCity stock opened at $34.04, a drop of more than 50 percent from its 12-month peak last May.

 

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