SEC Form 4 · accession 0001599947-15-000008
TerraForm Power, Inc. · TERP
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Martin H. Truong
Director
Period of report
Mar 10, 2015
Accepted (ET)
Mar 12, 2015 · 6:12 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001599947
Table I — non-derivative securities
| Security | Date | Code | Shares | Price | A/D | Owned after | D/I | Nature of ownership |
|---|---|---|---|---|---|---|---|---|
| Common StockF1,F2 | Mar 10, 2015 | A | 16,000 | $0.00 | A | 23,500 | D |
Table II — derivative securities
No Table II lines on this filing.
Explanation of responses
- F1Each restricted stock unit represents a contingent right to receive one share of Issuer's common stock. The restricted stock units were awarded on March 10, 2015 under the 2014 TerraForm Power, Inc. Long-Term Incentive Plan in a transaction exempt under Rule 16b-3.
- F2These RSU awards are 80% performance based and 20% time based, which are vested at 25 percent per year over a four year period. For the performance based RSUs, there are three performance tiers, each tier represents 33 percent of the entire grant. The performance tiers are measured on the dividend per share ("DPS") of Issuer, a controlled publicly traded subsidiary, which SunEdison, Inc. is the sponsor. Each of the performance tiers are based on Issuer's DPS targets, as pre-determined and approved by the Issuer's Compensation Committee. If certain performance goals are not achieved, the first, second and third performance tiers are forfeited in its entirety. If certain performance goals are met by the first quarter of 2016, 2017 and 2018, as measured by the last twelve months, the first, second and third tier will vest at 50%, 75% or 100%.