SEC Contract Filing

Filing Date: 2017-07-21

Document Content:
<DOCUMENT>
<TYPE>EX-10.57
<SEQUENCE>16
<FILENAME>terraform-123116xexhibit1057.htm
<DESCRIPTION>EXHIBIT 10.57
<TEXT>
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<div><a name="s5753A5E8786078FA1C1C625B8FC8FF7C"></a></div><div><div style="line-height:120%;padding-bottom:16px;text-align:left;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;"><br></font></div></div><div><br></div><div style="line-height:138%;text-align:right;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;">Exhibit 10.57</font></div><div style="line-height:120%;text-align:left;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;">CONFIDENTIAL</font></div><div style="line-height:138%;padding-bottom:13px;padding-top:16px;text-align:left;padding-left:432px;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;">April 10, 2017</font></div><div style="line-height:138%;text-align:left;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;">Sebastian Deschler</font></div><div style="line-height:138%;text-align:left;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;">TerraForm Power, Inc.</font></div><div style="line-height:138%;text-align:left;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;">7550 Wisconsin Avenue, 9</font><font style="font-family:inherit;font-size:11.5pt;"><sup style="vertical-align:top;line-height:120%;font-size:pt">th</sup></font><font style="font-family:inherit;font-size:11.5pt;">&#32;Floor</font></div><div style="line-height:138%;text-align:left;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;">Bethesda, Maryland 20814</font></div><table cellpadding="0" cellspacing="0" style="padding-top:32px;padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:96px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:11.5pt;padding-left:48px;"><font style="font-family:inherit;font-size:11.5pt;">Re:</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:left;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;text-decoration:underline;">Retention Award</font></div></td></tr></table><div style="line-height:138%;padding-bottom:13px;text-align:left;font-size:12pt;"><font style="font-family:inherit;font-size:12pt;">Dear Sebastian Deschler,</font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;text-indent:48px;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;">TerraForm Power, Inc. (together with its affiliates, &#8220;</font><font style="font-family:inherit;font-size:11.5pt;font-style:italic;">TerraForm</font><font style="font-family:inherit;font-size:11.5pt;">&#8221;) 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 &#8220;</font><font style="font-family:inherit;font-size:11.5pt;font-style:italic;">Transaction</font><font style="font-family:inherit;font-size:11.5pt;">&#8221;).</font></div><table cellpadding="0" cellspacing="0" style="padding-bottom:13px;font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;"></td><td></td></tr><tr><td style="vertical-align:top"><div style="line-height:138%;font-size:11.5pt;padding-left:0px;"><font style="font-family:inherit;font-size:11.5pt;color:#010000;font-weight:bold;">1.</font></div></td><td style="vertical-align:top;"><div style="line-height:138%;text-align:justify;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;font-weight:bold;">Your Retention Award</font></div></td></tr></table><div style="line-height:138%;padding-bottom:13px;text-align:justify;text-indent:72px;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;color:#010000;">(a)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11.5pt;font-style:italic;">The Amount of Your Award</font><font style="font-family:inherit;font-size:11.5pt;">. Subject to the terms and conditions set forth below, you will receive a cash retention award of USD $290,686.16 (your &#8220;</font><font style="font-family:inherit;font-size:11.5pt;font-style:italic;">Retention Award</font><font style="font-family:inherit;font-size:11.5pt;">&#8221;).</font></div><div style="line-height:138%;padding-bottom:13px;text-align:justify;text-indent:72px;font-size:11.5pt;"><font style="font-family:inherit;font-size:11.5pt;color:#010000;">(b)</font><font style="font-family:inherit;font-size:10pt;">&#160;&#160;&#160;&#160;</font><font style="font-family:inherit;font-size:11.5pt;font-style:italic;">Vesting and Forfeiture</font><font style="font-family:inherit;font-size:11.5pt;">. 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 &#8220;</font><font style="font-family:inherit;font-size:11.5pt;font-style:italic;">Vesting Date</font><font style="font-family:inherit;font-size:11.5pt;">&#8221;). 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