TerraForm Power (TERP), Tepper's Appaloosa Enter Agreement to Resolve Stockholder Derivative Suit
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TerraForm Power, Inc. (Nasdaq: TERP) announced that it has reached a settlement agreement with Appaloosa Investment Limited Partnership I (“Appaloosa”) to resolve its stockholder derivative suit, as well as derivative claims by stockholders relating to the Vivint Solar transaction, filed with the Court of Chancery of the State of Delaware (the “Court”). The settlement is subject to approval by the Court.
Under the terms of the agreement, the Company has agreed to improve its information technology infrastructure and make certain changes related to corporate governance. In connection with these initiatives, TerraForm Power will:
- Segregate its information technology systems for key functions from SunEdison;
- Grant Thomas Studebaker, or any successor in the role of the Company’s Chief Operating Officer, responsibility for TerraForm Power’s ordinary course commercial operations, subject to the authority of Peter Blackmore, TerraForm Power’s Interim CEO; this commitment will expire at the earlier of two years or when SunEdison sells its controlling stake in the Company; and
- Seek to identify and appoint an additional independent director to the TerraForm Power Board.
“Over the course of 2016, the TerraForm Power independent directors and management team have taken significant action to strengthen the Company and separate it from SunEdison,” said Peter Blackmore, Chairman and Interim CEO of TerraForm Power. “This settlement is consistent with our approach of operating independently and we are pleased to have reached an agreement with Appaloosa that we believe is in the best interests of the Company and all TerraForm Power stockholders.”
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