TerraForm Global, Inc. (NASDAQ:GLBL) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain OfficersItem 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e)
On October 16, 2017, effective upon the closing (the “TERP Closing”) of the merger and sponsorship transaction between TerraForm Power, Inc. (“TerraForm Power”), Orion US Holdings 1 L.P. and BRE TERP Holdings Inc., Ms. Rebecca Cranna, the Executive Vice President and Chief Financial Officer of TerraForm Global, Inc. (the “Company”) became an employee of the Company to the terms of an employment agreement (the “Employment Agreement”), dated October 6, 2017, between Ms. Cranna and the Company. Prior to the TERP Closing, Ms. Cranna was an employee of TerraForm Power and was not directly employed by the Company.
The Employment Agreement provides that Ms. Cranna will receive a monthly salary of $25,000 from the date of the TERP Closing until the termination of the Employment Agreement on December 31, 2017 (the “Termination Date”). Ms. Cranna and the Company may mutually agree to extend the Termination Date until the earlier of March 31, 2018 and the date of the closing of the pending merger agreement between the Company and certain affiliates of Brookfield Asset Management Inc. The Employment Agreement also provides that Ms. Cranna will be eligible to receive a performance bonus of 60% of her annualized base salary, prorated based on the number of months worked under the Employment Agreement, less applicable withholdings. Payment of the performance bonus is subject to Ms. Cranna maintaining high performance and certain other customary conditions.
The foregoing description of the Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the Employment Agreement, a copy of which is filed as Exhibit 10.1 hereto and is incorporated herein by reference.
Item 9.01 Financial Statement and Exhibits.
(d) Exhibits
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Exhibit No. |
Description |
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10.1 |
Employment Agreement, dated as of October 6, 2017, between TerraForm Global, Inc. and Rebecca Cranna |
Exhibit Index
TERRAFORM GLOBAL, INC. ExhibitEX-10.1 2 exhibit101crannaemployment.htm EXHIBIT 10.1 Exhibit Exhibit 10.1October 6,…To view the full exhibit click here
About TerraForm Global, Inc. (NASDAQ:GLBL)
TerraForm Global, Inc. is a renewable energy company. The Company owns and operates clean energy power plants. The Company’s segments include Solar, Wind and Corporate. The Company serves a range of utility, commercial, industrial, residential and government customers through energy production with over 40 projects across approximately 70 sites in various markets. The Company’s projects include Brakes, ESP Urja, Boshof, Silverstar Pavilion, NSM Sitara, Dunhuang, Salvador, Hanumanhatti, Focal, Alto Cielo, Witkop and others. The Company’s over 917 megawatts (MW) portfolio enables around the clock energy production. The Company’s solar and wind projects are located across various regions, including Brazil, India, South Africa, China, Thailand, Malaysia and Uruguay. The Company is a subsidiary of SunEdison, Inc. The Company’s subsidiaries include TerraForm Global, LLC and TerraForm Global Operating, LLC.
