UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 | ||
FORM 8‑K CURRENT REPORT | ||
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 | ||
Date of Report (Date of earliest event reported): November 4, 2016 | ||
NRG YIELD, INC. (Exact name of Registrant as specified in its charter) | ||
Delaware (State or other jurisdiction of incorporation) | 001‑36002 (Commission File Number) | 46-1777204 (IRS Employer Identification No.) |
804 Carnegie Center, Princeton, New Jersey 08540 (Address of principal executive offices, including zip code) | ||
(609) 524‑4500 (Registrant’s telephone number, including area code) | ||
N/A (Former name or former address, if changed since last report) Check the appropriate box below if the Form 8‑K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: [ ] Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) [ ] Soliciting material pursuant to Rule 14a‑12 under the Exchange Act (17 CFR 240.14a‑12) [ ] Pre‑commencement communications pursuant to Rule 14d‑2(b) under the Exchange Act (17 CFR 240.14d‑ (b)) [ ] Pre‑commencement communications pursuant to Rule 13e‑4(c) under the Exchange Act (17 CFR 240.13e‑4(c)) | ||
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
On November 4, 2016, NRG Yield, Inc. (the “Company”) announced the appointment of Chad Plotkin as Senior Vice President and Chief Financial Officer of the Company, effective November 7, 2016 (the “Effective Date”).
Mr. Plotkin, age 41, has been employed by NRG Energy, Inc. ("NRG"), the Company's parent, for over nine years, most recently serving as Senior Vice President, Finance and Strategy, for the Company since January 2016. Prior to this, Mr. Plotkin served as Vice President, Investor Relations of the Company and of NRG from September 2015 to January 2016. Mr. Plotkin served as Vice President of Finance of NRG from February 2015 to September 2015. From January 2012 until February 2015, Mr. Plotkin served as Vice President, Investor Relations of NRG and the Company following the Company's initial public offering in July 2013. From October 2007 to January 2012, Mr. Plotkin served in various capacities in the Strategy and Mergers and Acquisitions group of NRG, including as Vice President, beginning in December 2010.
Mr. Plotkin will receive an annual base salary of $350,000 beginning on the Effective Date and ending on December 31, 2016. Mr. Plotkin is eligible to participate in the NRG Yield, Inc. Amended and Restated 2013 Equity Incentive Plan (“LTIP”) and an annual incentive plan on such terms as are set forth in the respective plan. Mr. Plotkin’s target LTIP for the 2017 fiscal year is 100% of his base salary and he will be eligible to receive an annual bonus at a target amount equal to 50% of his base salary. Upon the Effective Date, Mr. Plotkin will be granted restricted stock units in an amount equal to his current unvested stock awards from NRG based on the value of such awards on the Effective Date. These restricted stock units will vest over a period of approximately two years and will convert into a corresponding number of shares of the Company’s Class C common stock.
Mr. Plotkin is also eligible to participate in the Company’s retirement plans, health and welfare plans, and disability insurance plans under the same terms, and to the same extent, as other senior management of the Company.
A copy of the Company's press release announcing the appointment is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) | Exhibits |
Exhibit Number | Document | |
99.1 | Press Release, dated November 4, 2016 | |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NRG Yield, Inc. | ||
(Registrant) | ||
By: | /s/ Brian E. Curci | |
Brian E. Curci | ||
Corporate Secretary | ||
Dated: November 4, 2016
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EXHIBIT INDEX
Exhibit Number | Document | |
99.1 | Press Release, dated November 4, 2016 | |
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Exhibit 99.1
PRESS
RELEASE
NRG Yield Appoints Chad Plotkin as Chief Financial Officer
PRINCETON, N.J. — November 4, 2016 — NRG Yield, Inc. (NYSE: NYLD, NYLD.A) today announced the appointment of Chad Plotkin as Senior Vice President and Chief Financial Officer. With over nineteen years of experience, Plotkin will oversee the company's financial operations and will play a key role in the development and implementation of NRG Yield's corporate and financial strategies. His appointment as Chief Financial Officer will be effective on November 7, 2016, and he will report to Christopher Sotos, NRG Yield’s President and Chief Executive Officer.
Chad Plotkin succeeds Kirkland B. Andrews, who will continue in his role as a member of the Board of Directors of NRG Yield and the Chief Financial Officer of NRG Yield’s parent company, NRG Energy, Inc. (NYSE: NRG). Plotkin will be employed and compensated solely by NRG Yield.
“I’m excited to have Chad join me as the second dedicated employee of NRG Yield,” said Christopher Sotos, NRG Yield’s President and Chief Executive Officer. “I have had the benefit of working with Chad for over nine years in various capacities at NRG Yield and NRG. His extensive financial planning, strategy, and investor relations experience will be a valuable addition to the team.”
Chad Plotkin has been employed by NRG Energy, Inc. for over nine years while most recently serving as Senior Vice President, Finance and Strategy for NRG Yield. Prior to leading Finance and Strategy for NRG Yield, Plotkin held numerous roles with NRG Energy, Inc., including as Vice President, Investor Relations, Vice President of Finance, and Vice President, Strategy, Mergers & Acquisitions.
About NRG Yield
NRG Yield owns a diversified portfolio of contracted renewable and conventional generation and thermal infrastructure assets in the United States, including fossil fuel, solar and wind power generation facilities that have the capacity to support more than two million American homes and businesses. Our thermal infrastructure assets provide steam, hot and/or chilled water, and in some instances electricity, to commercial businesses, universities, hospitals and governmental units in multiple locations. NRG Yield’s Class C and Class A common stock are traded on the New York Stock Exchange under the symbols NYLD and NYLD.A, respectively.
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