Clearway Energy, Inc. current report, 04 November 2016

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Business Context and Reporting Period

This Form 8-K filing by NRG Yield, Inc. (noting the metadata reference to Clearway Energy, Inc., which was the company's former name) is dated November 4, 2016. The report discloses a material change in executive leadership, specifically the appointment of a new Chief Financial Officer.

Key Financial Metrics

The filing does not provide financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity metrics. The document focuses exclusively on executive compensation and appointment details.

Material Changes

The primary material change reported is the appointment of Chad Plotkin as Senior Vice President and Chief Financial Officer, effective November 7, 2016. Mr. Plotkin is an internal promotion, having served as Senior Vice President, Finance and Strategy for the Company since January 2016 and holding various finance and investor relations roles at the parent company, NRG Energy, Inc., for over nine years.

Compensation and Management Commentary

  • Base Salary: $350,000 annually, effective November 7, 2016, through December 31, 2016.
  • Annual Bonus: Target amount equal to 50% of base salary.
  • Long-Term Incentive Plan (LTIP): Target for the 2017 fiscal year is 100% of base salary.
  • Equity Grant: Restricted stock units granted upon the effective date equal in value to his current unvested stock awards from NRG. These units vest over approximately two years and convert to Class C common stock.
  • Benefits: Eligible for retirement, health, welfare, and disability plans on terms consistent with other senior management.

Investor Verification Checklist

  • Verify the effective date of the CFO appointment (November 7, 2016) against internal corporate records.
  • Confirm the specific terms of the restricted stock unit conversion to Class C common stock.
  • Review the attached Press Release (Exhibit 99.1) for additional context on the leadership transition.
  • Note that this filing contains no financial results; refer to the most recent 10-Q or 10-K for financial metrics.