2016 Bonus Payment Confirmation Letter between TerraForm Power, Inc. and Rebecca Cranna

Contract Categories: Human Resources › Bonus & Incentive Agreements
Summary

TerraForm Power, Inc. confirms to Rebecca Cranna, its Chief Financial Officer, that her 2016 bonus will be paid by March 15, 2017, at least at her target level, unless she resigns or is dismissed for cause. Her bonus target is 60% of her annual base salary, with an additional 12.5% enhancement and a maximum of 120%. The letter clarifies that it does not create an employment contract and that her employment remains at-will, subject to any other written agreements.

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EX-10.47 6 terraform-123116xexhibit1047.htm EXHIBIT 10.47 Exhibit
    

Exhibit 10.47
December 12, 2016
Ms. Rebecca Cranna
Chief Financial Officer
TerraForm Power, Inc.
7550 Wisconsin Avenue, 9th Floor
Bethesda, MD 20814

Dear Ms. Cranna,
This notice serves to inform you that the relevant committee of the TerraForm Power Board of Directors has approved the Company to pay the 2016 bonuses by March 15, 2017.
Your current bonus target is 60% (plus 12.5% as a bonus enhancement for 2016) with a maximum of 120% of your annual base salary.
In appreciation of your great efforts to support the Company, except in case you voluntarily resign from SunEdison, do not accept an offer of employment by the Company or one of its affiliates, voluntarily resign from the Company or its relevant affiliate after you become its employee, or are dismissed for Cause (as defined in TerraForm Power’s Amended and Restated 2014 Long-Term Incentive Plan), we hereby confirm that you will receive your bonus at least at your target level by March 15, 2017.
Nothing in this letter creates an employment contract or affects your status (once you join the Company) as an at-will employee (subject to the terms of any written employment agreement to the contrary). Your becoming a Company employee is also subject to compliance with applicable law.
Please reach out to the Human Resources department if you have any questions regarding the 2016 Variable Compensation Plan or payment.
Sincerely,



/s/ Peter Blackmore    
Peter Blackmore
Chairman and Interim Chief Executive Officer


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