<SEC-DOCUMENT>0001415889-23-006647.txt : 20230418
<SEC-HEADER>0001415889-23-006647.hdr.sgml : 20230418
<ACCEPTANCE-DATETIME>20230418185633
ACCESSION NUMBER:		0001415889-23-006647
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230415
FILED AS OF DATE:		20230418
DATE AS OF CHANGE:		20230418

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Sotos Christopher S
		CENTRAL INDEX KEY:			0001578991

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36002
		FILM NUMBER:		23828140

	MAIL ADDRESS:	
		STREET 1:		CLEARWAY ENERGY, INC.
		STREET 2:		300 CARNEGIE CENTER, SUITE 300
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08540

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Clearway Energy, Inc.
		CENTRAL INDEX KEY:			0001567683
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				461777204
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		300 CARNEGIE CENTER, SUITE 300
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08540
		BUSINESS PHONE:		609-608-1525

	MAIL ADDRESS:	
		STREET 1:		300 CARNEGIE CENTER, SUITE 300
		CITY:			PRINCETON
		STATE:			NJ
		ZIP:			08540

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NRG Yield, Inc.
		DATE OF NAME CHANGE:	20130606

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	NRG Yieldco, Inc.
		DATE OF NAME CHANGE:	20130123
</SEC-HEADER>
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    <footnotes>
        <footnote id="F1">On April 15, 2020, Mr. Sotos was issued 28,016 Restricted Stock Units (&quot;RSUs&quot;) by Clearway Energy, Inc. (f/k/a NRG Yield, Inc.) under Clearway Energy Inc.'s Amended and Restated 2013 Equity Incentive Plan (the &quot;LTIP&quot;). These RSUs vest ratably over a three-year period beginning on the first anniversary of the date of the grant. Each RSU is equivalent in value to one share of Class C Common Stock of Clearway Energy Inc., par value $.01 per share. On April 15, 2023, 10,641 shares vested. Mr. Sotos elected to satisfy his tax obligation upon the exchange of common stock for RSUs having a value on the date of the exchange equal to the withholding obligation. This form reflects the surrender of 4,514 shares of Class C Common Stock to satisfy the grantee's tax withholding obligation.</footnote>
        <footnote id="F2">In connection with the vesting of the RSUs described above, 1,283 DERs converted to Class C Common Stock, resulting in the reporting person holding 15,225 dividend equivalent rights that may only be settled in Class C Common Stock. Dividend equivalent rights accrue on the reporting person's restricted stock, which become exercisable proportionately with the restricted stock units to which they relate and may only be settled in Clearway Energy, Inc. Class C Common Stock. Each dividend equivalent right is the economic equivalent of one share of Clearway Energy, Inc. Class C Common Stock.</footnote>
        <footnote id="F3">On April 15, 2021, Mr. Sotos was issued 20,233 Restricted Stock Units (&quot;RSUs&quot;) by Clearway Energy, Inc. (f/k/a NRG Yield, Inc.) under Clearway Energy Inc.'s Amended and Restated 2013 Equity Incentive Plan (the &quot;LTIP&quot;). These RSUs vest ratably over a three-year period beginning on the first anniversary of the date of the grant. Each RSU is equivalent in value to one share of Class C Common Stock of Clearway Energy Inc., par value $.01 per share. On April 15, 2023, 7,334 shares vested. Mr. Sotos elected to satisfy his tax obligation upon the exchange of common stock for RSUs having a value on the date of the exchange equal to the withholding obligation. This form reflects the surrender of 3,112 shares of Class C Common Stock to satisfy the grantee's tax withholding obligation.</footnote>
        <footnote id="F4">In connection with the vesting of the RSUs described above, 596 DERs converted to Class C Common Stock, resulting in the reporting person holding 14,629 dividend equivalent rights that may only be settled in Class C Common Stock. Dividend equivalent rights accrue on the reporting person's restricted stock, which become exercisable proportionately with the restricted stock units to which they relate and may only be settled in Clearway Energy, Inc. Class C Common Stock. Each dividend equivalent right is the economic equivalent of one share of Clearway Energy, Inc. Class C Common Stock.</footnote>
        <footnote id="F5">On April 15, 2022, Mr. Sotos was issued 20,192 Restricted Stock Units (&quot;RSUs&quot;) by Clearway Energy, Inc. (f/k/a NRG Yield, Inc.) under Clearway Energy Inc.'s Amended and Restated 2013 Equity Incentive Plan (the &quot;LTIP&quot;). These RSUs vest ratably over a three-year period beginning on the first anniversary of the date of the grant. Each RSU is equivalent in value to one share of Class C Common Stock of Clearway Energy Inc., par value $.01 per share. On April 15, 2023, 7,013 shares vested. Mr. Sotos elected to satisfy his tax obligation upon the exchange of common stock for RSUs having a value on the date of the exchange equal to the withholding obligation. This form reflects the surrender of 2,975 shares of Class C Common Stock to satisfy the grantee's tax withholding obligation.</footnote>
        <footnote id="F6">In connection with the vesting of the RSUs described above, 290 DERs converted to Class C Common Stock, resulting in the reporting person holding 14,339 dividend equivalent rights that may only be settled in Class C Common Stock. Dividend equivalent rights accrue on the reporting person's restricted stock, which become exercisable proportionately with the restricted stock units to which they relate and may only be settled in Clearway Energy, Inc. Class C Common Stock. Each dividend equivalent right is the economic equivalent of one share of Clearway Energy, Inc. Class C Common Stock.</footnote>
        <footnote id="F7">Mr. Sotos was issued 56,792 Relative Performance Stock Units (&quot;RPSUs&quot;) by Clearway Energy, Inc. (f/k/a NRG Yield, Inc.) (the &quot;Company&quot;) under the Company's Amended and Restated 2013 Equity Incentive Plan (the &quot;LTIP&quot;) on April 15, 2020. Based on the Company reaching a certain level of total shareholder return (&quot;TSR&quot;), 85,188 RPSUs vested on April 15, 2023.</footnote>
        <footnote id="F8">Mr. Sotos was entitled to receive (i) a maximum of 85,188 shares of Class C Common Stock if Company's TSR ranked at or above the 75th percentile relative to a peer group of companies approved by the Company's Compensation Committee (the &quot;Peer Group&quot;) for the performance period (the &quot;Maximum&quot;); (ii) 56,792 shares if Company's TSR ranked at the 50th percentile relative to the Peer Group for the performance period (the &quot;Target&quot;); provided, however, if TSR was less than negative twenty percent (-20%), the Company's TSR must be ranked at the 60th percentile relative to the Peer Group for the performance period to receive the Target award; or (iii) 14,198 shares if Company's TSR ranked at the 25th percentile relative to the Peer Group for the performance period (the &quot;Threshold&quot;). The Reporting Person would not have received any shares if Company's TSR was below the 25th percentile relative to the Peer Group for the performance period.</footnote>
        <footnote id="F9">In connection with the vesting of the RPSUs described above, a previously accrued 7,790 dividend equivalent rights (&quot;DERs&quot;) and an incremental 3,895 DERs vested and converted to Class C Common Stock resulting in the reporting person holding 6,549 DERs that may only be settled in Class C Common Stock. DERs accrue on the reporting person's outstanding RSUs and RPSUs, which become exercisable proportionately with the RSUs and RPSUs to which they relate and may only be settled in Clearway Energy, Inc. Class C Common Stock. Each DER is the economic equivalent of one share of Clearway Energy, Inc. Class C Common Stock.</footnote>
        <footnote id="F10">Mr. Sotos elected to satisfy his tax obligation upon the exchange of common stock for RPSUs having a value on the date of the exchange equal to the withholding obligation. This form reflects the surrender of 41,094 shares of Class C Common Stock to satisfy the grantee's tax withholding obligation.</footnote>
        <footnote id="F11">Represents RSUs issued to Mr. Sotos under the LTIP.</footnote>
        <footnote id="F12">Each RSU is equivalent in value to one share of Clearway Energy, Inc.'s Class C Common Stock, par value $.01 per share.</footnote>
        <footnote id="F13">The Reporting Person will receive from Clearway Energy, Inc. one such share of Class C Common Stock for each RSU that will vest ratably over a three-year period beginning on the first anniversary of the date of the grant.</footnote>
        <footnote id="F14">The Reporting Person was issued 49,580 Relative Performance Stock Units (&quot;RPSUs&quot;) by Clearway Energy, Inc. under the LTIP on April 15, 2023. The RPSUs will convert to shares of Clearway Energy, Inc. Class C Common Stock on April 15, 2026 only in the event the Company has achieved a certain level of total shareholder return (&quot;TSR&quot;) relative to the Peer Group (defined below) over a three-year performance period. The number of shares of Common Stock that the Reporting Person may receive is interpolated for TSR falling between Threshold, Target, and Maximum levels as described below.</footnote>
        <footnote id="F15">Reporting Person will receive (i) a maximum of 74,370 shares of Class C Common Stock if Company's TSR is ranked at or above the 75th percentile relative to a peer group of companies approved by the Company's Compensation Committee (the &quot;Peer Group&quot;) for the performance period (&quot;Maximum&quot;); (ii) 49,580 shares of Class C Common Stock if Company's TSR is ranked at the 50th percentile relative to the Peer Group for the performance period (the &quot;Target&quot;); provided, however, if TSR is less than negative twenty percent (-20%), the Company's TSR must be ranked at the 60th percentile relative to the Peer Group for the performance period to receive the Target award; or (iii) 12,395 shares of Common Stock if Company's TSR is ranked at the 25th percentile relative to the Peer Group for the performance period (the &quot;Threshold&quot;). The Reporting Person will not receive any shares of Common Stock if Company's TSR is below the 25th percentile.</footnote>
    </footnotes>

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        <signatureName>/s/ Kevin P. Malcarney, Attorney-in-Fact</signatureName>
        <signatureDate>2023-04-18</signatureDate>
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