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SEC Filings
10-K
TERRAFORM POWER, INC. filed this Form 10-K on 03/07/2018
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were held by the Company's employees of $2.2 million was allocated to the Company, which is reflected within the stock-based compensation expense amount for the year ended December 31, 2017.

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. There were no unvested RSAs as of December 31, 2017.

The following table presents information regarding outstanding RSAs as of December 31, 2017 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 at January 1, 2017
 
366,195

 
$
8.51

 
 
Vested
 
(366,195
)
 
8.51

 
 
Balance as of December 31, 2017
 

 
$

 
$


The total fair value of RSAs that vested during the years ended December 31, 2017, 2016 and 2015 was $4.3 million, $5.8 million and $65.0 million, respectively. No RSAs were granted during those periods. As of December 31, 2017, there was no unrecognized compensation cost in relation to RSAs.

The removal of a former Chief Executive Officer of the Company on November 20, 2015 resulted in the forfeiture from an accounting perspective 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, 2017 and changes during the year then ended:
 
 
Number of RSUs Outstanding
 
Aggregate Intrinsic Value (in millions)
 
Weighted Average Remaining
Contractual Life (In Years)
Balance at January 1, 2017
 
1,622,953

 
 
 
 
Granted
 
523,877

 
 
 
 
Vested
 
(1,414,857
)
 
 
 
 
Forfeited
 
(731,973
)
 
 
 
 
Balance as of December 31, 2017
 

 
$

 


The total fair value of RSUs that vested during the years ended December 31, 2017, 2016 and 2015 was $16.7 million, $5.6 million and $5.7 million, respectively. The weighted average fair value of RSUs on the date of grant during the same periods was $12.22, $11.61 and $20.60, respectively.

As discussed in Note 1. Nature of Operations and Basis of Presentation, on October 16, 2017, TerraForm Power consummated the Merger with certain affiliates of Brookfield. Pursuant to the TerraForm Power 2014 Second Amended and Restated Long-Term Incentive Plan, the Merger resulted in a change of control causing all unvested equity awards issued under the plan to vest. As a result, the Company recognized a $7.0 million stock-based compensation charge in the fourth quarter of 2017, which is reflected in the consolidated statements of operations within general and administrative expenses. The Company also recognized a $1.0 million charge related to allocated stock-based compensation costs for equity awards in the stock of TerraForm Global, Inc. that vested upon the change of control of TerraForm Power. The charge is reflected in the consolidated


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