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SEC Filings

10-K
TERRAFORM GLOBAL, INC. filed this Form 10-K on 06/15/2017
Entire Document
 

Item 11. Executive Compensation.
We did not employ any of our named executive officers (as defined below) until December 2016. While certain of our named executive officers became employees of the Company in December 2016, the Company did not pay any compensation to such named executive officers until January 2017. Each of our named executive officers was employed and compensated by SunEdison or a subsidiary of SunEdison or, in the case of our Chief Operating Officer and Interim Chief Accounting Officer, by a third party consulting company. The ultimate responsibility and authority for compensation-related decisions for our named executive officers resided with the SunEdison compensation committee or the chief executive officer of SunEdison, as applicable, and any such compensation decisions were not subject to any approvals by our Board or any committees thereof. Because we played no role in determining the compensation of our named executive officers and because we are a controlled company under Nasdaq Rule 5615(c), we are not required to establish a compensation committee. In addition, as we are an “emerging growth company,” as defined by the JOBS Act, we are permitted to comply with reduced disclosure obligations regarding executive compensation. Therefore, we do not provide Compensation Discussion and Analysis in this Annual Report on Form 10-K.
During the year ended December 31, 2016, certain of our named executive officers, as well as other employees of SunEdison who provide services to us, may have participated in employee benefit plans and arrangements sponsored by SunEdison. We will not reimburse SunEdison for compensation related expenses attributable to any executive’s or employee’s time dedicated to providing services to us. Except as set forth below, we do not currently expect to have any long-term incentive or equity compensation plan in which our executive officers may participate.
The MSA does not require our named executive officers to dedicate a specific amount of time to fulfilling SunEdison’s obligations to us under the MSA. Additionally, SunEdison has informed us that it cannot identify the portion of compensation awarded to our applicable named executive officers by SunEdison that relates solely to their services to us, as SunEdison does not compensate its employees specifically for such services. As a result, the compensation contained in the below compensation tables may reflect compensation received by each named executive officer for services provided to the Company and to other affiliates of SunEdison.
Summary Compensation Table
The following table presents summary information concerning 2016 compensation awarded or paid to, or earned by: (i) each individual that served as the Company’s Chief Executive Officer during 2016; (ii) each individual that served as the Company’s Chief Financial Officer during 2016 and (iii) each of the other three most highly compensated executive officers for 2016 that were serving as executive officers as of December 31, 2016 (collectively, such persons were the “named executive officers” for the Company for 2016):
Name and Principal Positions as of December 31, 2016
Year
Salary(1) ($)
Bonus ($)
 
Stock Awards(2) ($)
Option Awards ($)
Non-Equity Incentive Plan Compensation ($)
Change in Pension Value and Non-qualified Deferred ($)
All Other Compensation ($)
 
Total ($)
Blackmore, Peter(5)
2016


 
321,168




100,000

(3) 
421,168

Chairman & Interim Chief Executive Officer
2015


 





 

Cranna, Rebecca (6)
2016
412,067

199,574

(10) 
224,198


376,498


12,936

(4) 
1,225,273

Executive Vice President and Chief Financial Officer
2015
328,563


 
1,296,119




15,484

(4) 
1,640,166

Kravtsova, Yana
2016
314,808

150,000

(10) 
167,670


318,390


14,850

(4) 
965,718

Senior Vice President, General Counsel and Secretary
2015
265,385


 
746,025




15,485

(4) 
1,026,895

Rawden, David (7)(8)
2016


 




1,305,395

(7) 
1,305,395

Interim Chief Accounting Officer
2015


 





 

Studebaker, Thomas(7)(9)
2016


 




1,233,795

(7) 
1,233,795

Chief Operating Officer
2015


 





 

Wuebbels, Brian A. (6)(11)
2016
234,850


 




14,318

(4) 
249,168

President and Chief Executive Officer
2015
488,250


 
3,440,373




35,000

(4) 
3,963,623



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