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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 12/05/2016
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Restricted Stock Awards

RSAs provide the holder with immediate voting rights, but are restricted in all other respects until vested. Upon a termination of employment for any reason, any unvested shares of Class A common stock held by the terminated participant will be forfeited. All unvested RSAs are paid dividends and distributions.

The following table presents information regarding outstanding RSAs as of December 31, 2015 and changes during the year then ended:
 
 
Number of RSAs Outstanding
 
Weighted-Average Grant-Date Fair Value Per Share
 
Aggregate Intrinsic Value (in millions)
Balance as of January 1, 2015
 
4,876,567

 
$
1.12

 
 
Converted
 
(2,458,190
)
 
0.79

 
 
Forfeited
 
(625,055
)
 
0.68

 
 
Modified
 
66,294

 
35.05

 
 
Balance as of December 31, 2015
 
1,859,616

 
$
2.93

 
$
23.4


As of December 31, 2015, $0.5 million of total unrecognized compensation cost related to RSAs is expected to be recognized over a weighted average period of approximately 0.7 years. The weighted average fair value of RSAs per share on the date of grant was $0.57 for the year ended December 31, 2014.

The removal of the Company's prior Chief Executive Officer on November 20, 2015 resulted in the forfeiture of 454,586 RSAs as well as the immediate accelerated vesting of an additional 454,586 RSAs. The aforementioned termination resulted in a net increase to the Company's stock-based compensation expense for the year ended December 31, 2015 of $0.3 million.

Restricted Stock Units

RSUs will not entitle the holders to voting rights and holders of the RSUs will not have any right to receive dividends or distributions.

The following table presents information regarding outstanding RSUs as of December 31, 2015 and changes during the year then ended:
 
 
Number of RSUs Outstanding
 
Aggregate Intrinsic Value (in millions)
 
Weighted Average Remaining
Contractual Life (In Years)
Balance as of January 1, 2015
 
825,943

 
 
 
 
Granted
 
2,851,857

 
 
 
 
Converted
 
(228,792
)
 
 
 
 
Forfeited
 
(240,614
)
 
 
 
 
Balance as of December 31, 2015
 
3,208,394

 
$
40.4

 
1.4

As of December 31, 2015, $51.3 million of total unrecognized compensation cost related to RSUs is expected to be recognized over a weighted average period of approximately 3.3 years. The weighted-average fair value of RSUs on the date of grant was $20.60 and $27.37 for the years ended December 31, 2015 and 2014, respectively.

The removal of the Company's prior Chief Financial Officer on November 20, 2015 resulted in the forfeiture of 106,250 RSUs as well as the immediate accelerated vesting of an additional 106,250 RSUs. The aforementioned termination resulted in a net increase to the Company's stock-based compensation expense for the year ended December 31, 2015 of $0.9 million.


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