Document:

Exhibit

Exhibit 10.50
CONFIDENTIAL
April 10, 2017
Rebecca Cranna
TerraForm Power, Inc.
7550 Wisconsin Avenue, 9th Floor
Bethesda, Maryland 20814
		
	Re:
	Retention Award

Dear Rebecca Cranna,
TerraForm Power, Inc. (together with its affiliates, “TerraForm”) has selected you to receive a special retention award to encourage you to remain employed by TerraForm through and beyond the successful closing of the transaction with Brookfield Asset Management pursuant to the Merger and Sponsorship Transaction Agreement by and among TerraForm Power, Inc., Orion US Holdings 1 L.P. and BRET ERP Holdings Inc. dated as of March 6, 2017 (the “Transaction”).
		
	1.
	Your Retention Award

(a)    The Amount of Your Award.  Subject to the terms and conditions set forth below, you will receive a cash retention award of USD $401,144.75 (your “Retention Award”).
(b)    Vesting and Forfeiture.  Seventy five percent (75%) of your Retention Award will vest on the consummation of the Transaction with Brookfield Asset Management and the remaining twenty five percent (25%) will vest ninety (90) days following the consummation of the Transaction (each of the Transaction consummation and the ninety days following, a “Vesting Date”).  To receive the relevant portion of your Retention Award, you must be employed by TerraForm on the applicable Vesting Date.  If the Transaction has not closed by March 31, 2018, one hundred percent (100%) of you Retention Award will vest on that date.
(c)    Accelerated Vesting of Your Award.  You will remain entitled to receive any unpaid portion of your Retention Award if TerraForm terminates your employment without Cause (as defined below) on a date that occurs before an applicable Vesting Date.  TerraForm’s obligation to recognize the accelerated vesting following a termination without Cause is subject to signing a separation and release of claims agreement (the “TerraForm Release”) on a form with customary terms to be supplied by TerraForm at or promptly following the date of termination.
(d)    Payment.  The relevant portion of your Retention Award that is not forfeited will be payable to you as soon as practicable following the applicable Vesting Date, but in any event within thirty days following that Vesting Date.
(e)    Cause.  For purposes of this letter, “Cause” means your (1) continued failure to substantially perform your duties to TerraForm; (2) conviction of, or plea of guilty or nolo contendere to, a felony; (3) engaging in illegal conduct or gross misconduct that causes financial or reputational harm to TerraForm; or (4) engaging in fraud in connection with the business of TerraForm or misappropriation of TerraForm’s funds or property.  TerraForm shall determine in its discretion whether your employment with TerraForm was terminated for Cause, and you agree that, in consideration of this letter, any such determination shall be binding on you.
		
	2.
	General Provisions

(a)    Not a Contract of Employment; No Assignment.  You and TerraForm acknowledge that this letter does not constitute a contract of employment with TerraForm.  This letter is personal to you and you will not have any right to transfer, assign, pledge, alienate or create a lien upon this letter or any rights hereunder.  The Retention Award is unfunded and unsecured and payable out of the general funds of TerraForm.
(b)    Amendments and Waivers.  Any provision of this letter may be amended or waived but only if the amendment or waiver is in writing and signed by TerraForm (and, in the case of an amendment, by you).
(c)    Taxes.  The Retention Award shall be subject to withholding and other taxes as required under applicable law.
(d)    Governing Law.  The laws of the State of Delaware applicable to agreements to be performed entirely within the State of Delaware govern all matters arising out of or relating to this letter, including its interpretation, construction, performance and enforcement.
(e)    Entire Agreement.  This letter sets forth the entire agreement between the parties with respect to the subject matter hereof, and fully supersedes any and all prior agreements, understandings, or representations between the parties pertaining to a retention bonus for 2017.
(f)    Counterparts.  This letter may be executed as counterparts, each of which will constitute an original and all of which, when taken together, will constitute one agreement.
*               *               *
Very truly yours,
/s/ Peter Blackmore    
Peter Blackmore
Chairman and Interim Chief Executive Officer

TerraForm Power • 7550 Wisconsin Ave, 9th Floor, Bethesda, MD 20814 • www.terraform.comExhibit

    

Exhibit 10.51
CONFIDENTIAL
April 7, 2016
Mr. Sebastian Deschler
Senior Vice President and General Counsel
TerraForm Power, Inc.
7550 Wisconsin Avenue, 9th Floor
Bethesda, Maryland 20814
		
	Re:
	Retention Award

Dear Sebastian Deschler:
TerraForm Power, Inc. (“TerraForm”) has selected you to receive a special retention award to encourage you to remain employed by SunEdison, Inc. (“SunEdison”) through March 31, 2017.
		
	1.
	Your Retention Award

(a)    The Amount of Your Award.  Subject to the terms and conditions set forth below, you will receive a cash retention award of $216,930.00 (your “Retention Award”).
(b)    Vesting and Forfeiture.  A third of your Retention Award will vest on May 31, 2016, a third will vest on September 30, 2016 and the remaining third will vest on March 31, 2017 (each of May 31, 2016, September 30, 2016 and March 31, 2017 a “Vesting Date”).  To receive the relevant third of your Retention Award, you must be employed by SunEdison on the applicable Vesting Date.
(c)    Extension of Your Award.  You will remain entitled to receive any unpaid portion of your Retention Award if SunEdison terminates your employment without Cause (as defined below) before an applicable Vesting Date and either (1) you accept an offer of employment from TerraForm Power, Inc., TerraForm Global, Inc. or an affiliate (together, the “TerraForm Companies”) for an equivalent position and at least equivalent compensation (each determined in TerraForm’s reasonable discretion) and remain employed through the applicable Vesting Date or (2) no TerraForm Company offers you employment at an equivalent position. You must inform TerraForm promptly of a termination without Cause to be eligible for this extension of your Retention Award. For the avoidance of doubt, if you terminate your employment with SunEdison for any reason, your employment is terminated for Cause by SunEdison or your employment is terminated by SunEdison without Cause and you do not inform TerraForm promptly, in each case, before a Vesting Date, then your unpaid Retention Award will be forfeited and you will have no right to any payment in respect of it.
(d)    Payment.  The relevant third of your Retention Award will be payable to you as soon as practicable following the applicable Vesting Date, but in any event within thirty days of that Vesting Date.
(e)    Cause.  For purposes of this letter, “Cause” means your: (1) continued failure to substantially perform your duties to SunEdison (or the TerraForm Companies for the period you are providing services to them under the relevant Management Services Agreement); (2) conviction of, or plea of guilty or nolo contendere to, a felony; (3) engaging in illegal conduct or gross misconduct that causes financial or reputational harm to SunEdison or any of the TerraForm Companies; or (4) engaging in fraud in connection with the business of SunEdison or any TerraForm Company or misappropriation of SunEdison’s or any TerraForm Company’s funds or property. TerraForm shall determine in its discretion whether your employment with SunEdison was terminated for Cause, and you agree that, in consideration of this letter, any such determination shall be binding on you.
		
	2.
	General Provisions

(a)    Not a Contract of Employment; No Assignment.  You and TerraForm acknowledge that this letter does not constitute a contract of employment with any TerraForm Company and that your employment continues to be with SunEdison.  This letter is personal to you and you will not have any right to transfer, assign, pledge, alienate or create a lien upon this letter or any rights hereunder.  The Retention Award is unfunded and unsecured and payable out of the general funds of TerraForm.
(b)    Amendments and Waivers.  Any provision of this letter may be amended or waived but only if the amendment or waiver is in writing and signed by TerraForm (and, in the case of an amendment, by you).
(c)    Taxes.  TerraForm will not withhold any federal, state or local taxes from the Retention Award (unless you become an employee of TerraForm).  You hereby acknowledge that you will be responsible for the payment and remittance of any such taxes that are applicable to the Retention Award.
(d)    Governing Law.  The laws of the State of Delaware applicable to agreements to be performed entirely within the State of Delaware govern all matters arising out of or relating to this letter, including its interpretation, construction, performance and enforcement.
(e)    Entire Agreement.  This letter sets forth the entire agreement between the parties with respect to the subject matter hereof, and fully supersedes any and all prior agreements, understandings, or representations between the parties pertaining to the subject matter of this letter.
(f)    Counterparts.  This letter may be executed as counterparts, each of which will constitute an original and all of which, when taken together, will constitute one agreement.
*               *               *
Very truly yours,
/s/ Peter Blackmore    
Peter Blackmore
The Office of the Chairman of TerraForm Power and TerraForm Global

TerraForm Power • 7550 Wisconsin Ave, 9th Floor, Bethesda, MD 20814 • www.terraform.comExhibit

Exhibit 10.52
CONFIDENTIAL
July 5, 2016
Mr. Sebastian Deschler
General Counsel, TerraForm Power
TerraForm Power, Inc.
7550 Wisconsin Avenue, 9th Floor
Bethesda, MD 20814
		
	Re:
	Vesting of Restricted Shares and/or Restricted Stock Units

Dear Mr. Deschler:
TerraForm Power, Inc. (“We” or “TerraForm”) very much appreciates the services you have been performing to support our operations. Our board of directors has therefore decided to grant you additional rights under any Restricted Stock Award Agreement or Restricted Stock Unit Agreement (each, an “Existing Grant Agreement”) in effect as of today (the “Amendment Effective Date”) between you (the “Participant”) and TerraForm under TerraForm’s 2014 Long-Term Incentive Plan, as in effect and as may be amended from time to time (the “Plan”). All capitalized terms used but not defined in this letter shall have the meaning assigned to them in the relevant Existing Grant Agreement or the Plan.
		
	1.
	Additional Accelerated Vesting Event

The following shall be added as a new subsection at the end of the section of each Existing Grant Agreement entitled “Vesting”:
“Notwithstanding provisions of this Agreement requiring forfeiture on certain employment terminations, if the Participant (i) (1) is Terminated without Cause by, or resigns for Good Reason from, SunEdison or its relevant Affiliate (together, the “SunEdison Companies”), and (2) immediately notifies TerraForm in writing of such termination or resignation, but does not promptly receive an offer of employment from TerraForm Power, Inc., TerraForm Global, Inc. or one of their Affiliates (together, the “TerraForm Companies”) for an equivalent position and at least equivalent compensation opportunity (each determined in TerraForm’s reasonable discretion) (an “Equivalent Employment Offer”) and does not then become employed by a TerraForm Company or (ii) has become an employee of a TerraForm Company and is thereafter Terminated without Cause by, or resigns for Good Reason from, such TerraForm Company, one hundred percent (100%) of the unvested shares of Restricted Stock or unvested RSUs, as applicable, shall immediately and provisionally vest and the remaining unvested shares of Restricted Stock or unvested RSUs, as applicable, shall be immediately forfeited, provided that such accelerated vesting shall be provisional, and require that the Participant execute a separation and release of claims agreement in favor of the TerraForm Companies as described below in this subsection.
For the avoidance of doubt, (1) if the Participant accepts an offer of employment from a TerraForm Company and stays employed by such TerraForm Company until the relevant Vesting Date, no Termination shall be deemed to have occurred, and no unvested shares of Restricted Stock or unvested RSUs, as applicable, shall be forfeited, notwithstanding any brief interruption of employment caused by such change in employment from the SunEdison Companies to the TerraForm Companies and notwithstanding any time periods during which the Participant performs services to any of the TerraForm Companies as an employee or contractor of a temporary employment company which the relevant TerraForm Company has retained for such purpose, (2) a Termination resulting from a reduction in force shall not be deemed a termination for Cause (unless the Participant is actually terminated for Cause), (3) a resignation (other than for Good Reason and other than to accept employment at a TerraForm Company) by the Participant from a SunEdison Company or a TerraForm Company, or a Termination of employment by a SunEdison Company or a TerraForm Company for Cause, shall result in the immediate forfeiture of any unvested Restricted Stock or unvested RSUs, as applicable, provided that nothing in this subsection shall limit or otherwise affect the discretion of the Compensation Committee of TerraForm’s board of directors (the “Committee”) to accelerate vesting hereunder, or any other provision herein that may provide for accelerated vesting. Nothing in this subsection is intended to override any more complete vesting based on a Change in Control that this Agreement may provide.
TerraForm’s obligation to recognize the provisional vesting under this Agreement is subject (a) to the Participant’s signing a separation and release of claims agreement (the “TerraForm Release”) on a form with customary terms to be supplied by TerraForm at or promptly following the date of termination (which shall include, among other provisions, a release of claims in favor of the TerraForm Companies, confirmation of continued compliance with restrictive covenants, and post-employment cooperation,), which release becomes enforceable within 60 days (or such shorter period as the release then specifies) following the date of termination, and (b) to the Participant’s meeting in full the Participant’s obligations under any restrictive covenants agreements in effect between the Participant and the TerraForm Companies and, to the extent benefiting the TerraForm Companies, any such agreements in effect between the Participant and SunEdison.
The portion of each award under an Existing Grant Agreement for which vesting is accelerated by this subsection will only become fully vested if and when the Participant satisfies the release requirements, and any such provisionally vested portion will be forfeited retroactively to the Participant’s date of termination if the Participant either notifies TerraForm that he or she will not execute or will revoke the TerraForm Release or the period for providing the TerraForm Release expires without the Participant’s complying with the release requirements. TerraForm may choose instead to provide to the Participant any provisionally vested portions of these awards, subject to the Participant’s undertaking to repay TerraForm in the manner determined by the Committee at such time if the Participant fails to satisfy the release requirements thereafter. Notwithstanding the foregoing, to the extent permitted by the equity plan under which such an award was granted, nothing in this Agreement shall preclude TerraForm from accelerating the vesting of any or all such awards to an earlier period.”
		
	2.
	General Provisions

(a)    Entire Agreement. This letter modifies the terms of certain specified awards pursuant to Existing Grant Agreements and sets forth the entire agreement between the parties with respect to the subject matter hereof, and fully supersedes any and all prior agreements, understandings, or representations between the parties pertaining to the subject matter of this letter. For the avoidance of doubt, this letter does not supersede the terms of equity agreements and plans that, as modified where applicable, are referenced herein, and the definitions of Cause and Good Reason used herein are only to be applied to the vesting of the awards under the Existing Grant Agreements.
(b)    No Other Amendments. Except as expressly set forth in this letter agreement, the Existing Grant Agreements shall remain in full force and effect and shall not be deemed amended or modified in any way.
(c)    Governing Law. All questions concerning the construction, validity and interpretation of this letter agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to the choice of law principles thereof.
(d)    Counterparts. This letter may be executed as counterparts, each of which will constitute an original and all of which, when taken together, will constitute one agreement.
(e)    Severability. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.
(f)    No Right to Employment. Nothing in this Agreement shall interfere with or limit in any way the right of any SunEdison Company or any TerraForm Company to terminate the Participant’s employment or service at any time, for any reason and with or without Cause.
(g)    Binding Agreement; Assignment. This letter agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns. The Participant shall not assign (except in accordance with the provisions of the Existing Grant Agreements) any part of this Agreement without the prior express written consent of the Company.
*               *               *
Very truly yours,

/s/ Peter Blackmore    
TerraForm Power, Inc.
Peter Blackmore
Chairman and Interim Chief Executive Officer
Acknowledged and agreed:

/s/ Sebastian Deschler    
Name:  Sebastian Deschler

TerraForm Power • 7550 Wisconsin Ave, 9th Floor, Bethesda, MD 20814 • www.terraform.com

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