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): April 25, 2017

 

NRG YIELD, INC.

(Exact name of Registrant as specified in its charter)

 

Delaware

 

001-36002

 

46-1777204

(State or other jurisdiction of
incorporation)

 

(Commission File Number)

 

(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:

 

o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company  o

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

 

 

 



 

Item 5.02    Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

As described under Item 5.07 below, at the Annual Meeting of Stockholders of NRG Yield, Inc. (the “Company”) held on April 25, 2017, the Company’s stockholders, upon the recommendation of the Company’s Board of Directors, approved the NRG Yield, Inc. Annual Incentive Plan for Designated Corporate Officers (the “AIP”). The Company’s President and CEO and any other officers of the Company or its affiliates selected by the Company’s Compensation Committee on or before the 90th day of a Performance Period, as defined in the AIP, are eligible to participate in the AIP. The AIP provides for the grant of bonus payments for each Performance Period to eligible participants. The Company’s Compensation Committee will establish target cash award levels and performance goals for each Performance Period, which will be used as the basis for granting awards under the AIP. Awards under the AIP are subject to certain limitations, including a cap on bonus payments for any single Performance Period of $500,000 and a prohibition on the payment of any bonus award if the performance goals related thereto are not achieved during the Performance Period. The foregoing summary of the AIP does not purport to be complete and is subject to, and qualified in its entirety by reference to, the full text of the AIP, which was attached as Exhibit 10.29 to the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 28, 2017 and is incorporated by reference herein, as well as the description of the AIP included in the Company’s Definitive Proxy Statement filed with the Securities and Exchange Commission on March 16, 2017.

 

Item 5.07 Submission of Matters to a Vote of Security Holders.

 

The Company held its Annual Meeting of Stockholders on April 25, 2017 in Princeton, New Jersey.  Set forth below are the final voting results for each of the proposals submitted to a vote of the stockholders.

 

(a) Proposal 1 — Election of seven directors

 

Name

 

Votes For

 

Withheld

 

Broker Non-Votes

 

Mauricio Gutierrez

 

62,286,329

 

8,354,169

 

3,878,102

 

John F. Chlebowski

 

69,851,498

 

789,000

 

3,878,102

 

Kirkland B. Andrews

 

62,259,419

 

8,381,079

 

3,878,102

 

John Chillemi

 

62,259,549

 

8,380,949

 

3,878,102

 

Brian R. Ford

 

69,845,514

 

794,984

 

3,878,102

 

Ferrell P. McClean

 

69,793,402

 

847,096

 

3,878,102

 

Christopher S. Sotos

 

62,962,399

 

7,678,099

 

3,878,102

 

 

With respect to the foregoing Proposal 1, all seven directors were elected and each received a plurality of the votes cast at the Annual Meeting.

 

(b) Proposal 2 — Approval of the NRG Yield, Inc. Annual Incentive Plan for Designated Corporate Officers

 

Votes For

 

Votes Against

 

Abstentions

 

Broker Non-Votes

 

70,422,643

 

186,541

 

31,313

 

3,878,102

 

 

The foregoing Proposal 2 was approved.

 

(c) Proposal 3 — Advisory vote on the compensation of the Company’s named executive officers

 

Votes For

 

Votes Against

 

Abstentions

 

Broker Non-Votes

 

63,967,337

 

6,593,062

 

80,099

 

3,878,102

 

 

The foregoing Proposal 3 was approved.

 

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(d) Proposal 4 — Advisory vote on the frequency of the advisory vote on the compensation of the Company’s named executive officers

 

One Year

 

Two Years

 

Three Years

 

Abstain

 

Broker Non-Votes

 

67,758,903

 

33,147

 

2,827,786

 

20,662

 

3,878,102

 

 

With respect to the foregoing Proposal 4, the option to hold future advisory votes every one year received a majority of the votes cast at the Annual Meeting.  Based on these results, the Company’s Board of Directors currently intends to hold an advisory vote on executive compensation every one year.

 

(e) Proposal 5 — Ratification of the Appointment of KPMG LLP as the Company’s Independent Registered Public Accounting Firm for the 2017 fiscal year

 

Votes For

 

Votes Against

 

Abstentions

 

Broker Non-Votes

 

74,437,290

 

47,122

 

34,188

 

0

 

 

The foregoing Proposal 5 was approved.

 

3



 

Item 9.01 Financial Statements and Exhibits.

 

(d)                                 Exhibits

 

Exhibit No.

 

Document

10.1

 

NRG Yield, Inc. Annual Incentive Plan for Designated Corporate Officers (incorporated herein by reference to Exhibit 10.29 of the NRG Yield, Inc. Annual Report on Form 10-K filed on February 28, 2017)

 

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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:  April 28, 2017

 

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Exhibit Index

 

Exhibit No.

 

Document

10.1

 

NRG Yield, Inc. Annual Incentive Plan for Designated Corporate Officers (incorporated herein by reference to Exhibit 10.29 of the NRG Yield, Inc. Annual Report on Form 10-K filed on February 28, 2017)

 

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