Document:

EX-10.1

 Exhibit 10.1 
 SECURITIES PURCHASE AGREEMENT 
 This Securities Purchase Agreement (this
“Agreement”) is dated as of May 24, 2013, by and among Real Goods Solar, Inc., a Colorado corporation (the “Company”), and the investors listed on the Schedule of Buyers attached hereto as Annex A and
identified on the signature pages hereto (each, an “Investor” and collectively, the “Investors”). 
 WHEREAS, subject to the terms and conditions set forth in this Agreement and pursuant to Section 4(2) of the Securities Act (as defined below) and Rule 506 promulgated thereunder, the Company desires
to issue and sell to each Investor, and each Investor, severally and not jointly, desires to purchase from the Company certain securities of the Company, as more fully described in this Agreement. 

NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in this Agreement, and for other good and valuable consideration the
receipt and adequacy of which are hereby acknowledged, the Company and the Investors agree as follows: 
 ARTICLE 1. 

DEFINITIONS 

1.1. Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following
terms shall have the meanings indicated in this Section 1.1: 
 “Action” means any action, suit, inquiry,
notice of violation, proceeding (including any partial proceeding such as a deposition) or investigation pending or, to the applicable party’s knowledge, threatened in writing against or affecting the Company, any Subsidiary or any of their
respective properties before or by any court, arbitrator, governmental or administrative agency, regulatory authority (federal, state, county, local or foreign), stock market, stock exchange or trading facility. 

“Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls or is controlled
by or is under common control with a Person, as such terms are used in and construed under Rule 144. 
 “Business
Day” means any day except Saturday, Sunday and any day which is a federal legal holiday or a day on which banking institutions in the State of Colorado are authorized or required by law or other governmental action to close. 

“Buy-In” has the meaning set forth in Section 4.1(c). 

“Closing” means the closing of the purchase and sale of the Shares and the Warrants pursuant to Article II. 

“Closing Date” means the Business Day on which all of the conditions set forth in Sections 5.1 and 5.2 hereof are
satisfied, or such other date as the parties may agree. 
 “Commission” means the Securities and Exchange
Commission. 

 “Common Stock” means the Class A common stock of the Company, par
value $0.0001 per share, and any securities into which such common stock may hereafter be reclassified. 
 “Common Stock
Equivalents” means any securities of the Company or any Subsidiary which entitle the holder thereof to acquire Common Stock at any time, including without limitation, any debt, preferred stock, rights, options, warrants or other instrument
that is at any time convertible into or exchangeable for, or otherwise entitles the holder thereof to receive, Common Stock or other securities that entitle the holder to receive, directly or indirectly, Common Stock. 

“Company Counsel” means Brownstein Hyatt Farber Schreck, LLP. 

“Company Deliverables” has the meaning set forth in Section 2.2(a). 

“Disclosure Materials” has the meaning set forth in Section 3.1(h). 

“Effective Date” means the date that the Registration Statement required by Section 2(a) of the Registration Rights
Agreement is first declared effective by the Commission. 
 “Escrow Agreement” means the Escrow
Agreement, dated as of the date hereof, between the Company, Roth Capital Partners, LLC and the escrow agent (the “Escrow Agent”) set forth therein, in the form of Exhibit A hereto. 

“Evaluation Date” has the meaning set forth in Section 3.1(s). 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“GAAP” means U.S. generally accepted accounting principles. 

“Intellectual Property Rights” has the meaning set forth in Section 3.1(p). 

“Investment Amount” means, with respect to each Investor, the product of (i) the number of Shares being purchased
pursuant to this Agreement and (ii) the Per Share Purchase Price. 
 “Investor Deliverables” has the
meaning set forth in Section 2.2(b). 
 “Investor Party” has the meaning set forth in Section 4.7.

 “Lien” means any lien, charge, encumbrance, security interest, right of first refusal or other restrictions
of any kind. 
 “Losses” has the meaning set forth in Section 4.7. 

“Material Adverse Effect” means any of (i) a material and adverse effect on the legality, validity or
enforceability of any Transaction Document, (ii) a material and adverse effect on the results of operations, assets, prospects, business or condition (financial or otherwise) of the Company and the Subsidiaries, taken as a whole, or
(iii) material and adverse 

  
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impairment to the Company’s ability to perform on a timely basis its obligations under any Transaction Document, but shall not include the effect of any circumstance, change, development or
event arising out of or attributable to (a) the market in which the Company and its Subsidiaries operates generally, (b) general economic or political conditions, (c) the public announcement of this Agreement or of the consummation of
the transactions contemplated hereby, (d) any change arising in connection with acts of war (whether or not declared), sabotage or terrorism, military actions or the escalation thereof or other force majeure events occurring after the date
hereof or (e) any changes in governmental regulations or accounting rules, except that, in the case of the foregoing clauses (d) and (e), only to the extent such circumstance, change, development or event does not disproportionately impact
the Company relative to other companies in the industry in which the Company operates. 
 “Money Laundering
Laws” has the meaning set forth in Section 3.1(ee). 
 “New York Courts” means the state and federal
courts sitting in the City of New York, Borough of Manhattan. 
 “OFAC” has the meaning set forth in Section
3.1(dd). 
 “Outside Date” means the thirtieth (30th) calendar day following the date of this Agreement;
provided, that if such day should fall on a day that is not a Business Day, the Outside Date shall be deemed the next day that is a Business Day. 
 “Per Share Purchase Price” equals $2.75. 

“Person” means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint
venture, limited liability company, joint stock company, government (or an agency or subdivision thereof) or other entity of any kind. 
 “Placement Agent” has the meaning set forth in Section 3.1(u). 
 “Proceeding” means an action, claim, suit, investigation or proceeding (including, without limitation, an investigation or partial proceeding, such as a deposition), whether commenced or
threatened. 
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of the date of
this Agreement, among the Company and the Investors, in the form of Exhibit B hereto. 
 “Registration
Statement” means a registration statement meeting the requirements set forth in the Registration Rights Agreement and covering the resale by the Investors of the Shares and the Warrant Shares. 

“Rule 144” means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended from
time to time, or any similar rule or regulation hereafter adopted by the Commission having substantially the same effect as such Rule. 
 “SEC Reports” has the meaning set forth in Section 3.1(h). 

  
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 “Securities” means the Shares, the Warrants and the Warrant Shares.

 “Securities Act” means the Securities Act of 1933, as amended. 

“Share Delivery Date” has the meaning set forth in Section 4.1(c). 

“Shares” means the shares of Common Stock issued or issuable to the Investors at Closing pursuant to this Agreement.

 “Short Sales” include, without limitation, all “short sales” as defined in Rule 200 promulgated
under Regulation SHO under the Exchange Act and all types of direct and indirect stock pledges, forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis), and sales and other transactions
through non-US broker dealers or foreign regulated brokers. 
 “Subsidiary” means, as to the Company, any
“subsidiary” as defined in Rule 1-02(x) of the Regulation S-X promulgated by the Commission under the Exchange Act. 

“Trading Day” means (i) a day on which the Common Stock is traded on a Trading Market, or (ii) if the Common
Stock is not quoted on any Trading Market, a day on which the Common Stock is quoted in the over-the-counter market as reported by the Pink Sheets LLC (or any similar organization or agency succeeding to its functions of reporting prices); provided,
that in the event that the Common Stock is not listed or quoted as set forth in (i) and (ii) hereof, then Trading Day shall mean a Business Day. 
 “Trading Market” means whichever of the New York Stock Exchange, the NYSE MKT, the NASDAQ Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market or the OTC Bulletin
Board on which the Common Stock is listed or quoted for trading on the date in question. 
 “Transaction
Documents” means this Agreement, the Warrants, the Registration Rights Agreement, the Escrow Agreement and any other documents or agreements executed in connection with the transactions contemplated hereunder. 

“Warrants” means the Common Stock purchase warrants in the form of Exhibit C, which are issuable to the Investors
at the Closing. 
 “Warrant Shares” means the shares of Common Stock issuable upon exercise of the Warrants.

 ARTICLE 2. 
 PURCHASE AND SALE 
 2.1. Closing. Subject to the terms and conditions set
forth in this Agreement, at the Closing the Company shall issue and sell to each Investor, and each Investor shall, severally and not jointly, purchase from the Company, the Shares and the Warrants representing such Investor’s Investment
Amount. The Closing shall take place at the offices of Pryor Cashman LLP, counsel to Roth Capital Partners, LLC, 7 Times Square, New York, NY 10036 on the Closing Date or at such other location or time as the parties may agree. 

  
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 2.2. Closing Deliveries. (a) At the Closing, the Company shall deliver or cause
to be delivered to each Investor the following (the “Company Deliverables”): 
 (i) a certificate evidencing
the number of Shares set forth on such Investor’s signature page hereto, registered in the name of such Investor; 
 (ii) a
Warrant, registered in the name of such Investor, pursuant to which such Investor shall have the right to acquire the number of shares of Common Stock equal to 50% of the number of Shares issuable to such Investor pursuant to Section 2.2(a)(i);
and 
 (iii) the legal opinion of Company Counsel, in agreed form, addressed to the Placement Agent and Investors. 

(b) By the Closing, each Investor shall deliver or cause to be delivered the agreements specified in Section 5.2(d), each duly signed
by such Investor (collectively, the “Investor Deliverables”). 
 (c) Within one Business Day following
the date of this Agreement, each Investor shall cause to be delivered to the Escrow Agent, its Investment Amount, in United States dollars and in immediately available funds, by wire transfer to an account designated in writing by the Company for
such purpose in accordance with the terms of the Escrow Agreement. 
 ARTICLE 3. 

REPRESENTATIONS AND WARRANTIES 
 3.1. Representations and Warranties of the Company. The Company hereby makes the following representations and warranties to each Investor: 

(a) Subsidiaries. The Company has no direct or indirect Subsidiaries other than as specified in the SEC Reports. Except as
disclosed in the SEC Reports, the Company owns, directly or indirectly, all of the capital stock of each Subsidiary free and clear of any and all Liens, and all the issued and outstanding shares of capital stock of each Subsidiary are validly issued
and are fully paid, non-assessable and free of preemptive and similar rights. 
 (b) Organization and Qualification. The
Company and each Subsidiary are duly incorporated or otherwise organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization (as applicable), with the requisite power and authority to own
and use its properties and assets and to carry on its business as currently conducted. Neither the Company nor any Subsidiary is in violation of any of the provisions of its respective certificate or articles of incorporation, bylaws or other
organizational or charter documents except, with respect to the Subsidiaries, for violations which would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. The Company and each Subsidiary
are duly qualified to conduct its respective businesses and are in good standing as a foreign corporation or other entity in each jurisdiction in which the nature of 

  
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the business conducted or property owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, would not, individually or
in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. 
 (c) Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by each of the Transaction Documents and otherwise to carry out its obligations thereunder. The execution and
delivery of each of the Transaction Documents by the Company and the consummation by it of the transactions contemplated thereby have been duly authorized by all necessary action on the part of the Company and no further action is required by the
Company or any Subsidiary in connection therewith. Each Transaction Document has been (or upon delivery will have been) duly executed by the Company and, when delivered in accordance with the terms hereof, will constitute the valid and binding
obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium, liquidation or similar laws relating to, or
affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application. 
 (d) No Conflicts. The execution, delivery and performance of the Transaction Documents by the Company and the consummation by the Company of the transactions contemplated thereby do not and will
not (i) conflict with or violate any provision of the Company’s or any Subsidiary’s certificate or articles of incorporation, bylaws or other organizational or charter documents, or (ii) after complying with NASDAQ Rule
5250(e)(2), conflict with, or constitute a default (or an event that with notice or lapse of time or both would become a default) under, or give to others any rights of termination, amendment, acceleration or cancellation (with or without notice,
lapse of time or both) of, any agreement, credit facility, debt or other instrument (evidencing a Company or Subsidiary debt or otherwise) or other understanding to which the Company or any Subsidiary is a party or by which any property or asset of
the Company or any Subsidiary is bound or affected, or (iii) result in a violation of any law, rule, regulation, order, judgment, injunction, decree or other restriction of any court or governmental authority to which the Company or a
Subsidiary is subject (including federal and state securities laws and regulations), or by which any property or asset of the Company or a Subsidiary is bound or affected; except in the case of each of clauses (ii) and (iii), such as would not,
individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. 
 (e) Filings,
Consents and Approvals. Neither the Company nor any Subsidiary is required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any United States court or other federal, state,
local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company of the Transaction Documents, other than (i) the filing with the Commission of one or more Registration Statements
in accordance with the requirements of the Registration Rights Agreement, (ii) filings required by state securities laws, (iii) the filing of a Notice of Sale of Securities on Form D with the Commission under Regulation D of the Securities
Act, (iv) the filings required in accordance with Section 4.5 hereof and (v) those that have been made or obtained prior to the date of this Agreement. 

  
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 (f) Issuance of the Securities. The Securities have been duly authorized and, when
issued and paid for in accordance with the Transaction Documents, will be duly and validly issued, fully paid and nonassessable, free and clear of all Liens. The Company has reserved from its duly authorized capital stock the shares of Common Stock
issuable pursuant to this Agreement and the Warrants in order to issue the Shares and the Warrant Shares. 
 (g)
Capitalization. As of May 20, 2013, the number of shares and type of all authorized, issued and outstanding capital stock of the Company, and all shares of Common Stock authorized for issuance under the Company’s various option and
incentive plans, are specified in Schedule 3.1(g). Except as specified in Schedule 3.1(g), no securities of the Company are entitled to preemptive or similar rights, and no Person has any right of first refusal, preemptive right,
right of participation, or any similar right to participate in the transactions contemplated by the Transaction Documents. Except as specified in Schedule 3.1(g), there are no outstanding options, warrants, scrip rights to subscribe to,
calls or commitments of any character whatsoever relating to, or securities, rights or obligations convertible into or exchangeable for, or giving any Person any right to subscribe for or acquire, any shares of Common Stock, or contracts,
commitments, understandings or arrangements by which the Company or any Subsidiary is or may become bound to issue additional shares of Common Stock, or securities or rights convertible or exchangeable into shares of Common Stock. The issue and
sale of the Securities will not, immediately or with the passage of time, obligate the Company to issue shares of Common Stock or Common Stock Equivalents to any Person (other than the Investors) and will not result in a right of any holder of
Company securities to adjust the exercise, conversion, exchange or reset price under such securities. With respect to securities issued under the Company’s various option and incentive plans, the representations and warranties set forth in
this Section and Schedule 3.1(g) are accurate as of May 20, 2013. 
 (h) SEC Reports; Financial Statements. Except as
specified in Schedule 3.1(h), the Company has filed all reports required to be filed by it under the Securities Act and the Exchange Act, including pursuant to Section 13(a) or 15(d) thereof, for the twelve months preceding the date
hereof (or such shorter period as the Company was required by law to file such reports) (the foregoing materials being collectively referred to herein as the “SEC Reports” and, together with the Schedules to this Agreement (if any),
the “Disclosure Materials”) on a timely basis or has timely filed a valid extension of such time of filing and has filed any such SEC Reports prior to the expiration of any such extension. As of their respective dates, the SEC
Reports complied in all material respects with the requirements of the Securities Act and the Exchange Act and the rules and regulations of the Commission promulgated thereunder, and none of the SEC Reports, when filed, contained any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The financial statements
of the Company included in the SEC Reports comply in all material respects with applicable accounting requirements and the rules and regulations of the Commission with respect thereto as in effect at the time of filing. Such financial statements
have been prepared in accordance with GAAP applied on a consistent basis during the periods involved, except as may be otherwise specified in such financial statements or the notes thereto, and fairly present in all material respects the financial
position of the Company and its consolidated Subsidiaries as of and for the dates thereof and the results of operations and cash flows for the periods then ended, subject, in the case of unaudited statements, to normal, immaterial, year-end audit
adjustments. 

  
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 (i) Press Releases. The press releases disseminated by the Company during the twelve
months preceding the date of this Agreement taken as a whole do not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the
circumstances under which they were made and when made, not misleading. 
 (j) Material Changes. Since the date of the
latest audited financial statements included within the SEC Reports, except as specifically disclosed in the SEC Reports, (i) there has been no event, occurrence or development that has had or that would reasonably be expected to result in a
Material Adverse Effect, (ii) neither the Company nor any Subsidiary has incurred any liabilities (direct, indirect, contingent, or otherwise) other than (A) trade payables, accrued expenses and other liabilities incurred in the ordinary
course of business consistent with past practice and (B) liabilities not required to be reflected in the Company’s financial statements pursuant to GAAP or required to be disclosed in filings made with the Commission, (iii) the
Company has not altered its method of accounting or the identity of its auditors, (iv) the Company has not declared or made any dividend or distribution of cash or other property to its shareholders or purchased, redeemed or made any agreements
to purchase or redeem any shares of its capital stock, and (v) the Company has not issued any equity securities to any Company or Subsidiary officer, director or Affiliate, except pursuant to existing Company stock option plans. The Company
does not have pending before the Commission any request for confidential treatment of information. 
 (k) Litigation.
There is no Action which (i) adversely affects or challenges the legality, validity or enforceability of any of the Transaction Documents or the Securities or (ii) except as specifically disclosed in the SEC Reports, would, if there were
an unfavorable decision, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any Subsidiary, nor any director or officer thereof (in his or her capacity as such), is or has
been the subject of any Action involving a claim of violation of or liability under federal or state securities laws or a claim of breach of fiduciary duty, except as specifically disclosed in the SEC Reports. There has not been, and to the
knowledge of the Company, there is not pending any investigation by the Commission involving the Company or any current or former director or officer of the Company (in his or her capacity as such). The Commission has not issued any stop order or
other order suspending the effectiveness of any registration statement filed by the Company or any Subsidiary under the Exchange Act or the Securities Act. 
 (l) Labor Relations. No material labor dispute exists or, to the knowledge of the Company, is imminent with respect to any of the employees of the Company or any Subsidiary. 

(m) Compliance. Neither the Company nor any Subsidiary (i) is in default under or in violation of (and no event has occurred
that has not been waived that, with notice or lapse of time or both, would result in a default by the Company or any Subsidiary under), nor has the Company or any Subsidiary received notice of a claim that it is in default under or that it is in

  
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violation of, any indenture, loan or credit agreement or any other agreement or instrument to which it is a party or by which it or any of its properties is bound (whether or not such default or
violation has been waived), (ii) is in violation of any order of any court, arbitrator or governmental body, or (iii) is or has been in violation of any statute, rule or regulation of any governmental authority, including without
limitation all foreign, federal, state and local laws relating to taxes, environmental protection, occupational health and safety, product quality and safety and employment and labor matters, except in each case as would not, individually or in the
aggregate, have or reasonably be expected to result in a Material Adverse Effect. The Company is in compliance with all effective requirements of the Sarbanes-Oxley Act of 2002, as amended, and the rules and regulations thereunder, that are
applicable to it, except where such noncompliance would not have or reasonably be expected to result in a Material Adverse Effect. 
 (n) Regulatory Permits. The Company and the Subsidiaries possess all certificates, authorizations and permits issued by the appropriate United States federal, state, local or foreign regulatory
authorities necessary to conduct their respective businesses as described in the SEC Reports, except where the failure to possess such permits would not, individually or in the aggregate, have or reasonably be expected to result in a Material
Adverse Effect, and neither the Company nor any Subsidiary has received any notice of proceedings relating to the revocation or modification of any such permits. 
 (o) Title to Assets. Except as disclosed in the SEC Reports, the Company and the Subsidiaries have valid land use rights for all real property that is material to their respective businesses and
good and marketable title in all personal property owned by them that is material to their respective businesses, in each case free and clear of all Liens, except for Liens as do not materially affect the value of such property and do not materially
interfere with the use made and proposed to be made of such property by the Company and the Subsidiaries. Any real property and facilities held under lease by the Company and the Subsidiaries are held by them under valid, subsisting and enforceable
leases of which the Company and the Subsidiaries are in compliance, except as would not, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect. 

(p) Patents and Trademarks. The Company and the Subsidiaries have, or have rights to use, all patents, patent applications,
trademarks, trademark applications, service marks, trade names, copyrights, licenses and other similar rights that are necessary or material for use in connection with their respective businesses as described in the SEC Reports and which the failure
to so have would, individually or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect (collectively, the “Intellectual Property Rights”). Neither the Company nor any Subsidiary has received a
written notice that the Intellectual Property Rights used by the Company or any Subsidiary violates or infringes upon the rights of any Person. Except as set forth in the SEC Reports and other than with respect to maters that would not, individually
or in the aggregate, have or reasonably be expected to result in a Material Adverse Effect, to the knowledge of the Company, all such Intellectual Property Rights are enforceable and there is no existing infringement by another Person of any of the
Intellectual Property Rights. 
 (q) Insurance. The Company and the Subsidiaries are insured by insurers of recognized
financial responsibility against such losses and risks and in such amounts as are 

  
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prudent and customary in the businesses in which the Company and the Subsidiaries are engaged. The Company has no reason to believe that it will not be able to renew its and the
Subsidiaries’ existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business on terms consistent with market for the Company’s and such
Subsidiaries’ respective lines of business. 
 (r) Transactions With Affiliates and Employees. Except as set forth in
the SEC Reports, none of the officers or directors of the Company and, to the knowledge of the Company, none of the employees or significant shareholders of the Company is presently a party to any transaction with the Company or any Subsidiary
(other than for services as employees, officers and directors), including any contract, agreement or other arrangement providing for the furnishing of services to or by, providing for rental of real or personal property to or from, or otherwise
requiring payments to or from any officer, director, employee or such shareholder or, to the knowledge of the Company, any entity in which any officer, director, or any such employee has a substantial interest or is an officer, director, trustee or
partner. 
 (s) Internal Accounting Controls. The Company and the Subsidiaries maintain a system of internal accounting
controls sufficient to provide reasonable assurance that (i) transactions are executed in accordance with management’s general or specific authorizations, (ii) transactions are recorded as necessary to permit preparation of financial
statements in conformity with GAAP and to maintain asset accountability, (iii) access to assets is permitted only in accordance with management’s general or specific authorization, and (iv) the recorded accountability for assets is
compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The Company has established disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for
the Company and designed such disclosure controls and procedures to ensure that information required to be disclosed by the Company in the reports that it files or submits under the Exchange Act is made known to the certifying officers by others
within those entities, particularly during the period in which the Company’s Form 10-K or 10-Q, as the case may be, is being prepared. The Company’s certifying officers have evaluated the effectiveness of the Company’s disclosure
controls and procedures in accordance with Item 307 of Regulation S-K under the Securities Act for the Company’s most recently ended fiscal quarter or fiscal year-end (such date, the “Evaluation Date”). The Company
presented in its most recently filed Form 10-K or Form 10-Q the conclusions of the certifying officers about the effectiveness of the disclosure controls and procedures based on their evaluations as of the Evaluation Date. Since the Evaluation Date,
there have been no significant changes in the Company’s internal control over financial reporting (as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) or, to the Company’s knowledge, in other factors that would
materially affect the Company’s internal control over financial reporting (as such term is defined in Exchange Act Rules 13a-15(f) and 15d-15(f)). 
 (t) Solvency. Based on the financial condition of the Company as of the Closing Date (and assuming that the Closing shall have occurred), (i) the Company’s fair saleable value of its
assets exceeds the amount that will be required to be paid on or in respect of the Company’s existing debts and other liabilities (including known contingent liabilities) as they mature, (ii) the Company’s assets do not constitute
unreasonably small capital to carry on its business for the current fiscal year as now conducted and as proposed to be conducted including 

  
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its capital needs taking into account the particular capital requirements of the business conducted by the Company, and projected capital requirements and capital availability thereof, and
(iii) the current cash flow of the Company, together with the proceeds the Company would receive, were it to liquidate all of its assets, after taking into account all anticipated uses of the cash, would be sufficient to pay all amounts on or
in respect of its debt when such amounts are required to be paid. The Company does not intend to incur debts beyond its ability to pay such debts as they mature (taking into account the timing and amounts of cash to be payable on or in respect of
its debt). 
 (u) Certain Fees. Except for fees payable to Roth Capital Partners, LLC (the “Placement
Agent”) in connection with the transaction contemplated by this Agreement, no brokerage or finder’s fees or commissions are or will be payable by the Company to any broker, financial advisor or consultant, finder, placement
agent, investment banker, bank or other Person with respect to the transactions contemplated by this Agreement. The Investors shall have no obligation with respect to any fees or with respect to any claims made by the Placement Agent or by or on
behalf of any other Person other than the Placement Agent for fees of a type contemplated in this Section that may be due in connection with the transactions contemplated by this Agreement unless such Investor shall have entered into a written
agreement with such Person regarding such fees. 
 (v) Certain Registration Matters. Assuming the accuracy of the
Investors’ representations and warranties set forth in Section 3.2(b)-(e), no registration under the Securities Act is required for the offer and sale of the Shares and Warrants and the offer of the Warrant Shares by the Company to the
Investors under the Transaction Documents. The Company is eligible to register its Common Stock for resale by the Investors under Form S-3 or Form S-1 promulgated under the Securities Act. The Company has not granted or agreed to grant to any Person
other than the Investors pursuant to the Registration Rights Agreement any rights (including “piggy-back” registration rights) to have any securities of the Company registered with the Commission or any other governmental authority that
have not been satisfied through an effective registration statement or by waiver of such rights. 
 (w) Listing and
Maintenance Requirements. Except as specified in the SEC Reports and in Schedule 3.1(w), the Company has not, in the two years preceding the date hereof, received notice from any Trading Market to the effect that the Company is not in
compliance with the listing or maintenance requirements thereof. The Company is, and has no reason to believe that it will not in the foreseeable future continue to be, in compliance with the listing and maintenance requirements for continued
listing of the Common Stock on the Trading Market on which the Common Stock is currently listed or quoted. After complying with NASDAQ Rule 5250(e)(2), the issuance and sale of the Securities under the Transaction Documents does not contravene the
rules and regulations of the Trading Market on which the Common Stock is currently listed or quoted, and no approval of the shareholders of the Company thereunder is required for the Company to issue and deliver to the Investors the Shares and
Warrants at Closing. 
 (x) Investment Company. The Company is not, and is not an Affiliate of, and immediately following
the Closing will not have become, an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

  
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 (y) Application of Takeover Protections. The Company has taken all necessary action,
if any, in order to render inapplicable any control share acquisition, business combination, poison pill (including any distribution under a rights agreement) or other similar anti-takeover provision under the Company’s Articles of
Incorporation (or similar charter documents) or the laws of its state of incorporation that is or would become applicable to the Investors as a result of the Investors and the Company fulfilling their obligations or exercising their rights under the
Transaction Documents, including without limitation the Company’s issuance of the Securities and the Investors’ ownership of the Securities. 
 (z) No Additional Agreements. The Company does not have any agreement or understanding with any Investor with respect to the transactions contemplated by the Transaction Documents other than as
specified in the Transaction Documents. 
 (aa) Accountants. There are no disagreements of any kind presently existing, or
reasonably anticipated by the Company to arise, between the accountants formerly or presently employed by the Company, that would, individually or in the aggregate, have or reasonably be expected to result in, a Material Adverse Effect. 

(bb) Foreign Corrupt Practices Act. Neither the Company nor any Subsidiary, nor to the knowledge of the Company, any agent or other
person acting on behalf of any of the Company or any Subsidiary, has, directly or indirectly, (i) used any funds, or will use any proceeds from the sale of the Securities, for unlawful contributions, gifts, entertainment or other unlawful
expenses related to foreign or domestic political activity, (ii) made any unlawful payment to foreign or domestic government officials or employees or to any foreign or domestic political parties or campaigns from corporate funds,
(iii) failed to disclose fully any contribution made by the Company or any Subsidiary (or made by any Person acting on their behalf of which the Company is aware) which is in violation of law, or (iv) has violated in any material respect
any provision of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder. 
 (cc)
PFIC. Neither the Company nor any Subsidiary is or intends to become a “passive foreign investment company” within the meaning of Section 1297 of the U.S. Internal Revenue Code of 1986, as amended. 

(dd) OFAC. Neither the Company nor any Subsidiary nor, to the knowledge of the Company, any director, officer, agent, employee,
Affiliate or Person acting on behalf of the Company or any Subsidiary is currently subject to any U.S. sanctions administered by the Office of Foreign Assets Control of the U.S. Treasury Department (“OFAC”); and the
Company will not directly or indirectly use the proceeds of the sale of the Securities, or lend, contribute or otherwise make available such proceeds to any Subsidiary, joint venture partner or other Person or entity, towards any sales or operations
in Cuba, Iran, Syria, Sudan, Myanmar or any other country sanctioned by OFAC or for the purpose of financing the activities of any Person currently subject to any U.S. sanctions administered by OFAC. 

(ee) Money Laundering Laws. The operations of each of the Company and any Subsidiary are and have been conducted at all times in
compliance with the money laundering statutes of applicable jurisdictions, the rules and regulations thereunder and any related or similar 

  
 12 

 
rules, regulations or guidelines, issued, administered or enforced by any applicable governmental agency (collectively, the “Money Laundering Laws”) and no action,
suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Company and/or any Subsidiary with respect to the Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 (ff) Disclosure. The Company confirms that neither it nor any Person acting on its behalf has provided any Investor or
its respective agents or counsel with any information that the Company believes constitutes material, non-public information concerning the Company, the Subsidiaries or their respective businesses, except insofar as the existence and terms of the
proposed transactions contemplated hereunder may constitute such information. The Company understands and confirms that the Investors will rely on the foregoing representations and covenants in effecting transactions in securities of the Company.
All disclosure provided to the Investors regarding the Company, the Subsidiaries or their respective businesses and the transactions contemplated hereby, furnished by or on behalf of the Company (including the Company’s representations and
warranties set forth in this Agreement and any investor presentation provided by the Company or any Person acting on the Company’s behalf) are true and correct in all material respects and do not contain any untrue statement of a material fact
or omit to state any material fact necessary in order to make the statements made therein, in light of the circumstances under which they were made, not misleading. 
 3.2. Representations and Warranties of the Investors. Each Investor hereby, for itself and for no other Investor, represents and warrants to the Company as follows: 

(a) Organization; Authority. Such Investor is an entity duly organized, validly existing and in good standing under the laws of the
jurisdiction of its organization with the requisite corporate, partnership, limited liability company or other applicable like power and authority to enter into and to consummate the transactions contemplated by the applicable Transaction Documents
and otherwise to carry out its obligations thereunder. The execution, delivery and performance by such Investor of the transactions contemplated by this Agreement has been duly authorized by all necessary corporate or, if such Investor is not a
corporation, such partnership, limited liability company or other applicable like action, on the part of such Investor. Each of this Agreement and the Registration Rights Agreement has been duly executed by such Investor, and when delivered by such
Investor in accordance with the terms hereof, will constitute the valid and legally binding obligation of such Investor, enforceable against it in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’ rights and remedies or by other equitable principles of general application. 

(b) Investment Intent. Such Investor is acquiring the Securities for its own account for investment purposes only and not with a
view to or for distributing or reselling such Securities or any part thereof, without prejudice, however, to such Investor’s right at all times to sell or otherwise dispose of all or any part of such Securities in compliance with applicable
federal and state securities laws. Subject to the immediately preceding sentence, nothing contained herein shall be deemed a representation or warranty by such Investor to hold the Securities for any period of time. Such Investor is acquiring the
Securities hereunder in the ordinary course of its business. Such Investor does not have any agreement or understanding, directly or indirectly, with any Person to distribute any of the Securities. 

  
 13 

 (c) Investor Status. At the time such Investor was offered the Securities, it was,
and at the date hereof it is, and on each date on which it exercises Warrants it will be, an “accredited investor” as defined in Rule 501(a) under the Securities Act. Such Investor is not a registered broker-dealer under Section 15 of
the Exchange Act. Such Investor has such experience in business and financial matters that it is capable of evaluating the merits and risks of an investment in the Securities. Such Investor acknowledges that an investment in the Securities is
speculative and involves a high degree of risk. 
 (d) General Solicitation. Such Investor is not purchasing the
Securities as a result of any advertisement, article, notice or other communication regarding the Securities published in any newspaper, magazine or similar media or broadcast over television or radio or presented at any seminar or any other general
solicitation or general advertisement. 
 (e) Access to Information. Such Investor acknowledges that it has reviewed the
Disclosure Materials and has been afforded (i) the opportunity to ask such questions as it has deemed necessary of, and to receive answers from, representatives of the Company concerning the terms and conditions of the offering of the
Securities and the merits and risks of investing in the Securities; (ii) access to information about the Company and the Subsidiaries and their respective financial condition, results of operations, business, properties, management and
prospects sufficient to enable it to evaluate its investment; and (iii) the opportunity to obtain such additional information that the Company possesses or can acquire without unreasonable effort or expense that is necessary to make an informed
investment decision with respect to the investment. Neither such inquiries nor any other investigation conducted by or on behalf of such Investor or its representatives or counsel shall modify, amend or affect such Investor’s right to rely on
the truth, accuracy and completeness of the Disclosure Materials and the Company’s representations and warranties contained in the Transaction Documents. 
 (f) Certain Trading Activities. Such Investor has not directly or indirectly, nor has any Person acting on behalf of or pursuant to any understanding with such Investor, engaged in any transactions
in the securities of the Company (including, without limitations, any Short Sales involving the Company’s securities) since the time that such Investor was first contacted by the Company or a Placement Agent regarding an investment in the
Company. Such Investor covenants that neither it nor any Person acting on its behalf or pursuant to any understanding with it will engage in any transactions in the securities of the Company (including Short Sales) prior to the time that the
transactions contemplated by this Agreement are publicly disclosed. 
 (g) Limited Ownership. The purchase by such
Investor of the Shares and Warrants issuable to it at the Closing will not result in such Investor (individually or together with any other Person with whom such Investor has identified, or will have identified, itself as part of a “group”
in a public filing made with the Commission involving the Company’s securities) acquiring, or obtaining the right to acquire, in excess of 19.999% of the outstanding shares of Common Stock or the voting power of the Company on a post
transaction basis that assumes that the Closing shall have occurred. Such Investor does not presently intend to, alone 

  
 14 

 
or together with others, make a public filing with the Commission to disclose that it has (or that it together with such other Persons have) acquired, or obtained the right to acquire, as a
result of the Closing (when added to any other securities of the Company that it or they then own or have the right to acquire), in excess of 19.999% of the outstanding shares of Common Stock or the voting power of the Company on a post transaction
basis that assumes that the Closing shall have occurred. 
 (h) Independent Investment Decision. Such Investor has
independently evaluated the merits of its decision to purchase Securities pursuant to the Transaction Documents, and such Investor confirms that it has not relied on the advice of any other Investor’s business and/or legal counsel in making
such decision. Such Investor has not relied on the business or legal advice of Roth Capital Partners, LLC or any other placement agent or any of their respective agents, counsel or Affiliates in making its investment decision hereunder, and confirms
that none of such Persons has made any representations or warranties to such Investor in connection with the transactions contemplated by the Transaction Documents. 
 The Company acknowledges and agrees that no Investor has made or makes any representations or warranties with respect to the transactions contemplated hereby other than those specifically set forth in
this Section 3.2. 
 ARTICLE 4. 
 OTHER AGREEMENTS OF THE PARTIES 
 4.1. (a) The Securities may only be disposed of
in compliance with state and federal securities laws. In connection with any transfer of the Securities other than pursuant to an effective registration statement, to the Company, to an Affiliate of an Investor or in connection with a pledge as
contemplated in Section 4.1(b), the Company may require the transferor thereof to provide to the Company an opinion of counsel selected by the transferor and reasonably acceptable to the Company, the form and substance of which opinion shall be
reasonably satisfactory to the Company, to the effect that such transfer does not require registration of such transferred Securities under the Securities Act. 
 (b) Certificates evidencing Securities (as defined in Section 4.1(c)) will contain the following legend, until such time as they are not required under Section 4.1(c): 

[NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED] [THESE SECURITIES HAVE NOT
BEEN REGISTERED] WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND ANY APPLICABLE
STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 

  
 15 

 
SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. [THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES]
[THESE SECURITIES] MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES. 
 The Company
acknowledges and agrees that an Investor may from time to time pledge, and/or grant a security interest in some or all of the Securities pursuant to a bona fide margin agreement in connection with a bona fide margin account and, if required under
the terms of such agreement or account, such Investor may transfer pledged or secured Securities to the pledgees or secured parties. Such a pledge or transfer would not be subject to approval or consent of the Company and no legal opinion of legal
counsel to the pledgee, secured party or pledgor shall be required in connection with the pledge, but such legal opinion may be required in connection with a subsequent transfer following default by the Investor transferee of the pledge. No notice
shall be required of such pledge. At the appropriate Investor’s expense, the Company will execute and deliver such reasonable documentation as a pledgee or secured party of Securities may reasonably request in connection with a pledge or
transfer thereof including the preparation and filing of any required prospectus supplement under Rule 424(b)(3) of the Securities Act or other applicable provision of the Securities Act to appropriately amend the list of selling shareholders
thereunder. Except as otherwise provided in Section 4.1(c), any Securities subject to a pledge or security interest as contemplated by this Section 4.1(b) shall continue to bear the legend set forth in this Section 4.1(b) and be
subject to the restrictions on transfer set forth in Section 4.1(a). 
 (c) Certificates evidencing Shares and Warrant
Shares shall not contain any legend (including the legend set forth in Section 4.1(b)): (i) while a registration statement (including the Registration Statement) covering such Shares and Warrant Shares is then effective, or
(ii) following a sale or transfer of such Shares or Warrant Shares pursuant to Rule 144 (assuming the transferee is not an Affiliate of the Company), or (iii) after a period of six months has elapsed since the later of the date the
securities were acquired from the Company of from an Affiliate of the Company, while such Shares or Warrant Shares are eligible for sale by the selling Investor without volume restrictions under Rule 144, subject to receipt from such Investor
requesting removal of such legends of a representation letter, in a form reasonably acceptable to the Company, subject to the requirement, to the extent then required for such Shares or Warrant Shares to be resold by such Investor under Rule 144,
that the adequate current public information requirement of Rule 144(c) is met at the time of sale. The Company agrees that following the Effective Date or such other time as legends are no longer required to be set forth on certificates
representing Shares and Warrant Shares under this Section 4.1(c), it will, no later than three Trading Days following the delivery by an Investor to the Company or the 

  
 16 

 
Transfer Agent of a certificate representing such Shares or Warrant Shares containing a restrictive legend, deliver or cause to be delivered to such investor Shares or Warrant Shares which are
free of all restrictive and other legends. If the Company is then eligible, certificates for Shares and Warrant Shares subject to legend removal hereunder shall be transmitted by the Transfer to an Investor by crediting the prime brokerage account
of such Investor with the Depository Trust Company System as directed by such Investor. If an Investor shall make a sale or transfer of Shares or Warrant Shares either (x) pursuant to Rule 144 or (y) pursuant to a registration statement
and in each case shall have delivered to the Company or the Company’s transfer agent the certificate representing the applicable Shares or Warrant Shares containing a restrictive legend which are the subject of such sale or transfer and a
representation letter in customary form (the date of such sale or transfer and Shares or Warrant Share delivery being the “Share Delivery Date”) and (1) the Company shall fail to deliver or cause to be delivered to such
Investor a certificate representing such Shares or Warrant Shares that is free from all restrictive or other legends by 6:00 p.m. (New York City time) on the third Trading Day following the Share Delivery Date and (2) following such third
Trading Day after the Share Delivery Date and prior to the time such Shares or Warrant Shares are received free from restrictive legends, the Investor, or any third party on behalf of such Investor, purchases (in an open market transaction or
otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Investor of such Shares or Warrant Shares (a “Buy-In”), then, in addition to any other rights available to the Investor under the Transaction Documents
and applicable law, the Company shall pay in cash to the Investor (for costs incurred either directly by such Investor or on behalf of a third party) the amount by which the total purchase price paid for Common Stock as a result of the Buy-In
(including brokerage commissions, if any) exceed the proceeds received by such Investor as a result of the sale to which such Buy-In relates. The Investor shall provide the Company written notice indicating the amounts payable to the Investor in
respect of the Buy-In. The Company may not make any notation on its records or give instructions to any transfer agent of the Company that enlarge the restrictions on transfer set forth in this Section. 

4.2. Furnishing of Information. As long as any Investor owns any Securities, the Company covenants to timely file (or obtain
extensions in respect thereof and file within the applicable grace period) all reports required to be filed by the Company after the date hereof pursuant to the Exchange Act. As long as any Investor owns Securities, if the Company is not required to
file reports pursuant to such laws, it will prepare and furnish to the Investors and make publicly available in accordance with Rule 144(c) such information as is required for the Investors to sell the Securities under Rule 144. The Company further
covenants that it will take such further action as any holder of Securities may reasonably request, all to the extent required from time to time to enable such Person to sell the Securities without registration under the Securities Act within the
limitation of the exemptions provided by Rule 144. 
 4.3. Integration. The Company shall not, and shall use its best
efforts to ensure that no Affiliate of the Company shall, sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section 2 of the Securities Act) that would be integrated with the offer or
sale of the Securities in a manner that would require the registration under the Securities Act of the sale of the Securities to the Investors, or that would be integrated with the offer or sale of the Securities for purposes of the rules and
regulations of any Trading Market in a manner that would require shareholder approval of the sale of the securities to the Investors. 

  
 17 

 4.4. Subsequent Registrations. Other than a Registration Statement pursuant to the
Registration Rights Agreement, prior to the first to occur of (a) the Effective Date of a Registration Statement resulting in all Registrable Securities (as defined in the Registration Rights Agreement) other than Cut Back Shares (as defined in
the Registration Rights Agreement) being registered for resale pursuant to one or more effective Registration Statements or (b) such time as all Registrable Securities may be sold by the Investors without volume restrictions pursuant to Rule
144, the Company may not file any registration statement (other than on Form S-8 or S-4) with the Commission with respect to any securities of the Company; provided, however, that, for the avoidance of doubt, so long as all Registrable Securities
other than Cut Back Shares are registered for resale pursuant to one or more effective Registration Statements, the Company may file a registration statement of any type with the Commission with respect to securities of the Company notwithstanding
that any Cut Back Shares have not been registered for resale pursuant to one or more effective Registration Statements. 

4.5. Securities Laws Disclosure; Publicity. By 9:00 a.m. (New York City time) on the Trading Day following the execution of this
Agreement, and by 9:00 a.m. (New York City time) on the Trading Day following the Closing Date, the Company shall issue press releases disclosing the transactions contemplated hereby and the Closing. On the Trading Day following the execution of
this Agreement the Company will file a Current Report on Form 8-K disclosing the material terms of the Transaction Documents (and attach as exhibits thereto the Transaction Documents), and on the Trading Day following the Closing Date the Company
will file an additional Current Report on Form 8-K to disclose the Closing. Following the public disclosure referenced above, no Investor will be in possession of material, non-public information provided to such Investor by the Company or anyone
acting on behalf of the Company. In addition, the Company will make such other filings and notices in the manner and time required by the Commission and the Trading Market on which the Common Stock is listed, including, without limitation, a NASDAQ
Listing of Additional Shares Notification (if required). Notwithstanding the foregoing, the Company shall not publicly disclose the name of any Investor, or include the name of any Investor in any filing with the Commission (other than a
Registration Statement and any exhibits to filings made in respect of this transaction in accordance with periodic filing requirements under the Exchange Act) or any regulatory agency or Trading Market, without the prior written consent of such
Investor, except to the extent such disclosure is required by law or Trading Market regulations. 
 4.6. Limitation on
Issuance of Future Priced Securities. During the six months following the Closing Date, the Company shall not issue any “Future Priced Securities” as such term is described by NASDAQ IM-5635-4. 

4.7. Indemnification of Investors. In addition to the indemnity provided in the Registration Rights Agreement, the Company will
indemnify and hold the Investors and their respective directors, officers, shareholders, partners, employees and agents (each, an “Investor Party”) harmless from any and all out of pocket losses, liabilities, obligations, claims,
contingencies, damages, costs and expenses, including all judgments, amounts paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation (collectively, “Losses”) that any such Investor Party may
suffer or incur as a result of or relating to any material breach of any representation, warranty, covenant or agreement made by the Company in any Transaction Document. In addition to the indemnity contained herein, the Company will

  
 18 

 
reimburse each Investor Party for its reasonable legal and other expenses (including the cost of any investigation, preparation and travel in connection therewith) incurred in connection
therewith, as such expenses are incurred. Except as otherwise set forth herein, the mechanics and procedures with respect to the rights and obligations under this Section 4.7 shall be the same as those set forth in Section 5 of the
Registration Rights Agreement. 
 4.8. Non-Public Information. The Company covenants and agrees that neither it nor any
other Person acting on its behalf will provide any Investor or its agents or counsel with any information that the Company believes constitutes material non-public information, unless prior thereto such Investor shall have executed a written
agreement regarding the confidentiality and use of such information. The Company understands and confirms that each Investor shall be relying on the foregoing representations in effecting transactions in securities of the Company. 

4.9. Listing of Shares and Warrant Shares. The Company agrees, (i) if the Company applies to have the Common Stock traded on
any other Trading Market, it will include in such application the Shares and Warrants Shares, and will take such other action as is necessary or desirable to cause the Shares and Warrants Shares to be listed on such other Trading Market as promptly
as possible, and (ii) it will take all action reasonably necessary to continue the listing and trading of its Common Stock on a Trading Market and will comply in all material respects with the Company’s reporting, filing and other
obligations under the bylaws or rules of the Trading Market. 
 4.10. Use of Proceeds. The Company will use the net
proceeds from the sale of the Securities to repay existing debt and for working capital purposes and not for the redemption of any Common Stock or Common Stock Equivalents. 
 ARTICLE 5. 
 CONDITIONS PRECEDENT TO CLOSING 

5.1. Conditions Precedent to the Obligations of the Investors to Purchase Securities. The obligation of each Investor to acquire
Shares and Warrants at the Closing is subject to the satisfaction or waiver by such Investor, at or before the Closing, of each of the following conditions: 
 (a) Representations and Warranties. The representations and warranties of the Company shall be true and correct in all material respects as of the date when made and as of the Closing Date as
though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such specific date); 
 (b) Performance. The Company shall have performed, satisfied and complied in all material respects with all covenants, agreements and conditions required by the Transaction Documents to be
performed, satisfied or complied with by it at or prior to the Closing; 
 (c) No Injunction. No statute, rule,
regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents; 

  
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 (d) Adverse Changes. Since the date of execution of this Agreement, no event or
series of events shall have occurred that reasonably would have or result in a Material Adverse Effect; 
 (e) No Suspensions
of Trading in Common Stock; Listing. Trading in the Common Stock shall not have been suspended by the Commission or any Trading Market (except for any suspensions of trading of not more than one Trading Day solely to permit dissemination of
material information regarding the Company) at any time since the date of execution of this Agreement, and the Common Stock shall have been at all times since such date listed for trading on a Trading Market; 

(f) Company Agreement. The Company shall have delivered: 
 (i) the Registration Rights Agreement, duly executed by the Company; 
 (ii) the
Escrow Agreement, duly executed by the Company and the Escrow Agent; 
 (iii) a copy of irrevocable transfer agent instructions,
which instructions shall have been delivered to and acknowledged in writing by the Company’s transfer agent; and 
 (iv) a
certificate, executed by the Secretary of the Company and dated as of the Closing Date, as to (i) resolutions as adopted by the Company’s board of directors in connection with the transactions contemplated by this Agreement, (ii) the
Articles of Incorporation of the Company and (iii) the Bylaws of the Company, each as in effect at the Closing; 
 (g)
Nasdaq Listing. The Nasdaq Capital Market shall have waived application of the 15 day prior notice requirement contained in NASDAQ Rule 5250(e)(2) or such timeframe shall have expired without objection; 

(h) Minimum/Maximum Subscriptions. The aggregate of all Investors’ Investment Amounts shall not be less than $5,000,000 nor
greater than $10,000,000; 
 (i) Company Deliverables. The Company shall have delivered the Company Deliverables in
accordance with Section 2.2(a); and 
 (j) Termination. This Agreement shall not have been terminated as to such
Investor in accordance with Section 6.5. 
 5.2. Conditions Precedent to the Obligations of the Company to sell
Securities. The obligation of the Company to sell the Shares and the Warrants at the Closing is subject to the satisfaction or waiver by the Company, at or before the Closing, of each of the following conditions: 

(a) Representations and Warranties. The representations and warranties of such Investor shall be true and correct in all material
respects as of the date when made and as of the Closing Date as though originally made at that time (except for representations and warranties that speak as of a specific date, which shall be true and correct as of such specific date); 

  
 20 

 (b) Performance. Each Investor shall have performed, satisfied and complied in all
material respects with all covenants, agreements and conditions required by the Transaction Documents to be performed, satisfied or complied with by such Investor at or prior to the Closing; 

(c) Nasdaq Listing. The Nasdaq Capital Market shall have waived application of the 15 day prior notice requirement contained in
NASDAQ Rule 5250(e)(2) or such timeframe shall have expired without objection; 
 (d) No Injunction. No statute, rule,
regulation, executive order, decree, ruling or injunction shall have been enacted, entered, promulgated or endorsed by any court or governmental authority of competent jurisdiction that prohibits the consummation of any of the transactions
contemplated by the Transaction Documents; 
 (e) Minimum/Maximum Subscriptions. The aggregate of all Investors’
Investment Amounts shall not be less than $5,000,000 nor greater than $10,000,000; 
 (f) Investor Deliverables. Each
Investor shall have delivered the Registration Rights Agreement, duly executed by such Investor; and 
 (g) Termination.
This Agreement shall not have been terminated as to such Investor in accordance with Section 6.5. 
 ARTICLE 6. 

MISCELLANEOUS 

6.1. Fees and Expenses. Each party shall pay the fees and expenses of its advisers, counsel, accountants and other experts, if
any, and all other expenses incurred by such party incident to the negotiation, preparation, execution, delivery and performance of the Transaction Documents. The Company shall pay all stamp and other taxes and duties levied in connection with the
issuance of the Shares and the Warrants. 
 6.2. Entire Agreement. The Transaction Documents, together with the Exhibits
and Schedules thereto, contain the entire understanding of the parties with respect to the subject matter hereof and supersede all prior agreements, understandings, discussions and representations, oral or written, with respect to such matters,
which the parties acknowledge have been merged into such documents, exhibits and schedules. 
 6.3. Notices. Any and all
notices or other communications or deliveries required or permitted to be provided hereunder shall be in writing and shall be deemed given and effective on the earliest of (a) the date of transmission, if such notice or communication is
delivered via facsimile (provided the sender receives a machine-generated confirmation of successful transmission) at the facsimile number specified in this Section prior to 5:30 p.m. (New York City time) on a Trading Day, (b) the next Trading
Day after the date of transmission, if such notice or 

  
 21 

 
communication is delivered via facsimile at the facsimile number specified in this Section on a day that is not a Trading Day or later than 5:30 p.m. (New York City time) on any Trading Day,
(c) the Trading Day following the date of mailing, if sent by U.S. nationally recognized overnight courier service, or (d) upon actual receipt by the party to whom such notice is required to be given. The address for such notices and
communications shall be as follows: 
  

					
	 If to the Company:
	  	Real Goods Solar, Inc.	  	
		  	 833 W. South Boulder Road
	  	
		  	 Louisville, Colorado 80027
	  	
		  	Attn: Chief Executive Officer	  	
		  	Facsimile:	  	
			
	 With a copy to:
	  	Brownstein Hyatt Farber Schreck, LLP	  	
		  	 410 Seventeenth Street, Suite 2200
	  	
		  	 Denver, CO 80202-4432
	  	
		  	Facsimile: (303) 223-1111	  	
		  	Attn.: Rikard D. Lundberg, Esq.	  	
		
	 If to an Investor:
	  	To the address set forth under such Investor’s name on the signature pages hereof;

 or such other address as may be designated in writing hereafter, in the same manner, by such Person. 

6.4. Amendments; Waivers; No Additional Consideration. No provision of this Agreement may be waived or amended except in a written
instrument signed by the Company and the Investors holding a majority of the then issued and outstanding aggregate number of Shares and Warrant Shares and any amendment to any provision of this Agreement made in accordance with this Section shall be
binding on all Investors and holders of Securities, as applicable. No waiver of any default with respect to any provision, condition or requirement of this Agreement shall be deemed to be a continuing waiver in the future or a waiver of any
subsequent default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to exercise any right hereunder in any manner impair the exercise of any such right. No consideration shall be
offered or paid to any Investor to amend or consent to a waiver or modification of any provision of any Transaction Document unless the same consideration is also offered to all Investors who then hold Securities. Without the written consent or the
affirmative vote of each Investor affected thereby, an amendment or waiver under this Section 6.4 may not waive or amend any Transaction Document the effect of which would be to permit the Company to (1) name any Investor as an underwriter
in a Registration Statement without such Investor’s specific written consent thereto, or to (2) extend the Outside Date or amend or waive Sections 5.1 or 6.5. Further, Section 6.8 may not be amended without the prior written consent
of the Placement Agent. 

  
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 6.5. Termination. This Agreement may be terminated prior to Closing: 

(a) by written agreement of the Investors who subscribed for a majority of the Securities (on an as-converted basis) and the Company, a
copy of which shall be provided to the Escrow Agent; and 
 (b) by the Company or an Investor (as to itself but no other
Investor) upon written notice to the other and to the Escrow Agent, if the Closing shall not have taken place by 5:30 p.m. Eastern time on the Outside Date; provided, that the right to terminate this Agreement under this Section 6.5(b)
shall not be available to any Person whose failure to comply with its obligations under this Agreement has been the cause of or resulted in the failure of the Closing to occur on or before such time. 

In the event of a termination pursuant to this Section, the Company shall promptly notify all non-terminating Investors. Upon a
termination in accordance with this Section 6.5, the Company and the terminating Investor(s) shall not have any further obligation or liability (including as arising from such termination) to the other and no Investor will have any liability to
any other Investor under the Transaction Documents as a result therefrom. 
 6.6. Construction. The headings herein are
for convenience only, do not constitute a part of this Agreement and shall not be deemed to limit or affect any of the provisions hereof. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party. This Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Agreement or any of the Transaction Documents. 
 6.7. Successors and
Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their successors and permitted assigns. The Company may not assign this Agreement or any rights or obligations hereunder without the prior written consent
of the Investors. Any Investor may assign any or all of its rights under this Agreement to any Person to whom such Investor assigns or transfers any Securities, provided such transferee agrees in writing to be bound, with respect to the transferred
Securities, by the provisions hereof that apply to the “Investors.” 
 6.8. No Third-Party Beneficiaries. This
Agreement is intended for the benefit of the parties hereto and their respective successors and permitted assigns and is not for the benefit of, nor may any provision hereof be enforced by, any other Person, except as otherwise set forth in
Section 4.7 (as to each Investor Party) and that Roth Capital Partners, LLC is a third party beneficiary of the Company’s and Investors’ representations and warranties contained herein. 

6.9. Governing Law. All questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be
governed by and construed and enforced in accordance with the internal laws of the State of New York, without regard to the principles of conflicts of law thereof. Each party agrees that all Proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Agreement and any other Transaction Documents (whether brought against a party hereto or its respective Affiliates, employees or agents) shall be commenced exclusively in the New York Courts. Each
party hereto hereby irrevocably submits to the exclusive jurisdiction of the New York Courts for the 

  
 23 

 
adjudication of any dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein (including with respect to the enforcement of the any of the
Transaction Documents), and hereby irrevocably waives, and agrees not to assert in any Proceeding, any claim that it is not personally subject to the jurisdiction of any such New York Court, or that such Proceeding has been commenced in an improper
or inconvenient forum. Each party hereto hereby irrevocably waives personal service of process and consents to process being served in any such Proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of process and notice thereof. Nothing contained herein shall be deemed to
limit in any way any right to serve process in any manner permitted by law. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF
OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. If either party shall commence a Proceeding to enforce any provisions of a Transaction Document, then the prevailing party in such Proceeding shall be reimbursed by the other
party for its reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such Proceeding. 
 6.10. Survival. The representations, warranties, agreements and covenants contained herein shall survive the Closing and the delivery of the Securities. 

6.11. Execution. This Agreement may be executed in two or more counterparts, all of which when taken together shall be considered
one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other party, it being understood that both parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an
original thereof. 
 6.12. Severability. If any provision of this Agreement is held to be invalid or unenforceable in any
respect, the validity and enforceability of the remaining terms and provisions of this Agreement shall not in any way be affected or impaired thereby and the parties will attempt to agree upon a valid and enforceable provision that is a reasonable
substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Agreement. 
 6.13. Rescission
and Withdrawal Right. Notwithstanding anything to the contrary contained in (and without limiting any similar provisions of) the Transaction Documents, whenever any Investor exercises a right, election, demand or option under a Transaction
Document and the Company does not timely perform its related obligations within the periods therein provided, then such Investor may rescind or withdraw, in its sole discretion from time to time upon written notice to the Company, any relevant
notice, demand or election in whole or in part without prejudice to its future actions and rights. 

  
 24 

 6.14. Replacement of Securities. If any certificate or instrument evidencing any
Securities is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation thereof, or in lieu of and substitution therefor, a new certificate or instrument, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction and customary and reasonable indemnity, if requested. The applicants for a new certificate or instrument under such circumstances shall also pay any
reasonable third-party costs associated with the issuance of such replacement Securities. If a replacement certificate or instrument evidencing any Securities is requested due to a mutilation thereof, the Company may require delivery of such
mutilated certificate or instrument as a condition precedent to any issuance of a replacement. 
 6.15. Remedies. In
addition to being entitled to exercise all rights provided herein or granted by law, including recovery of damages, each of the Investors and the Company will be entitled to specific performance under the Transaction Documents. The parties hereto
agree that monetary damages may not be adequate compensation for any loss incurred by reason of any breach of obligations described in the foregoing sentence and hereby agrees to waive in any action for specific performance of any such obligation
the defense that a remedy at law would be adequate. 
 6.16. Payment Set Aside. To the extent that the Company makes a
payment or payments to any Investor pursuant to any Transaction Document or an Investor enforces or exercises its rights thereunder, and such payment or payments or the proceeds of such enforcement or exercise or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside, recovered from, disgorged by or are required to be refunded, repaid or otherwise restored to the Company, a trustee, receiver or any other person under any law (including, without
limitation, any bankruptcy law, state or federal law, common law or equitable cause of action), then to the extent of any such restoration the obligation or part thereof originally intended to be satisfied shall be revived and continued in full
force and effect as if such payment had not been made or such enforcement or setoff had not occurred. 
 6.17. Independent
Nature of Investors’ Obligations and Rights. The obligations of each Investor under any Transaction Document are several and not joint with the obligations of any other Investor, and no Investor shall be responsible in any way for the
performance of the obligations of any other Investor under any Transaction Document. The decision of each Investor to purchase Securities pursuant to the Transaction Documents has been made by such Investor independently of any other Investor.
Nothing contained herein or in any Transaction Document, and no action taken by any Investor pursuant thereto, shall be deemed to constitute the Investors as a partnership, an association, a joint venture or any other kind of entity, or create a
presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated by the Transaction Documents. Each Investor acknowledges that no other Investor has acted as agent for
such Investor in connection with making its investment hereunder and that no Investor will be acting as agent of such Investor in connection with monitoring its investment in the Securities or enforcing its rights under the Transaction Documents.
Each Investor shall be entitled to independently protect and enforce its rights, including without limitation the rights arising out of this Agreement or out of the other Transaction Documents, and it shall not be necessary for any other Investor to
be joined as an additional party in any proceeding for such purpose. The Company acknowledges that each of the Investors has been provided with the same Transaction Documents for the purpose of closing a transaction with multiple Investors and not
because it was required or requested to do so by any Investor. 

  
 25 

 6.18. Limitation of Liability. Notwithstanding anything herein to the contrary, the
Company acknowledges and agrees that the liability of an Investor arising directly or indirectly, under any Transaction Document of any and every nature whatsoever shall be satisfied solely out of the assets of such Investor, and that no trustee,
officer, other investment vehicle or any other Affiliate of such Investor or any investor, shareholder or holder of shares of beneficial interest of such an Investor shall be personally liable for any liabilities of such Investor. 

6.19. Further Assurances. Each party hereto shall do and perform, or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation
of the transactions contemplated hereby. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

SIGNATURE PAGES FOLLOW] 

  
 26 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

			
	REAL GOODS SOLAR, INC.
		
	By:	 	/s/ Kamyar Mofid
		 	Name: Kamyar Mofid
		 	Title: Chief Executive Officer

 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK 

SIGNATURE PAGES FOR INVESTORS FOLLOW] 

  
 27 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	 NAME OF INVESTOR
  

Hoak Public Equities, LP

		
	By:	 	/s/ J. Hale Hoak
		 	Name:	 	J. Hale Hoak
		 	Title:	 	 President, Hoak & Co.
 GP Hoak Fund Management, LP
 GP Hoak Public Equities, LP

	
	Number of Shares being purchased: 181,818
	
	Tax ID No.: 20-1356217

 
					
	
	 ADDRESS FOR NOTICE

 

	c/o:	 	
		
	Street:	 	3963 Maple Avenue, Suite 450
		
	City/State/Zip:	 	Dallas, TX 75219
		
	Attention:	 	J. Hale Hoak
		
	Tel:	 	214-855-2288
		
	Fax:	 	214-855-2222
	
	 DELIVERY INSTRUCTIONS 
         (if different from above)
  

	c/o:	 	
		
	Street:	 	 
		
	City/State/Zip:	 	 
		
	Attention:	 	 
		
	Tel:	 	 

  
 28 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	 NAME OF INVESTOR
  

Iroquois Master Fund Ltd.

		
	By:	 	/s/ Joshua Silverman
		 	Name:	 	Joshua Silverman
		 	Title:	 	Authorized Signatory
	
	Number of Shares being purchased: 181,818
	
	Tax ID No.: 980 445 485

 
					
	
	 ADDRESS FOR NOTICE

 

	c/o:	 	Iroquois Capital Management LLC
		
	Street:	 	641 Lexington Avenue, 26th Floor
		
	City/State/Zip:	 	New York, NY 10022
		
	Attention:	 	Ashley Gossweiler
		
	Tel:	 	212-974-3070
		
	Fax:	 	212-207-3452
	
	 DELIVERY INSTRUCTIONS 
         (if different from above)
  

	c/o:	 	
		
	Street:	 	 
		
	City/State/Zip:	 	 
		
	Attention:	 	 
		
	Tel:	 	 

  
 29 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	 NAME OF INVESTOR
  

Alpha Capital Anstalt

		
	By:	 	/s/ Konrad Ackermann
		 	Name:	 	Konrad Ackermann
		 	Title:	 	Director
	
	Number of Shares being purchased: 181,818
	
	Tax ID No.: N/A

 
					
	
	 ADDRESS FOR NOTICE

 

	c/o:	 	Alpha Capital Anstalt
		
	Street:	 	Pradafaut 7
		
	City/State/Zip:	 	LI-9490 Vaduz Liechtenstein
		
	Attention:	 	Konrad Ackermann
		
	Tel:	 	00423 232 3195
		
	Fax:	 	00423 232 3196
	
	 DELIVERY INSTRUCTIONS 
         (if different from above)
  

	c/o:	 	LH Financial Services
		
	Street:	 	150 Central Park South, 2nd Floor
		
	City/State/Zip:	 	New York, NY 10019
		
	Attention:	 	Yosef Milgrom
		
	Tel:	 	212-586-8224

  
 30 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	 NAME OF INVESTOR
  

Hudson Bay Masterfund Ltd.

		
	By:	 	/s/ George Antonopoulos
		 	Name:	 	George Antonopoulos
		 	Title:	 	Authorized Signatory
	
	Number of Shares being purchased: 181,818
	
	Tax ID No.: 98-066 9111

 
					
	
	 ADDRESS FOR NOTICE

 

	c/o:	 	Hudson Bay Master Fund Ltd.
		
	Street:	 	777 Third Avenue, 30th Floor
		
	City/State/Zip:	 	New York, NY 10017
		
	Attention:	 	Yoav Roth
		
	Tel:	 	212-571-1244
		
	Fax:	 	212-571-1325
	
	 DELIVERY INSTRUCTIONS 
         (if different from above)
  

	c/o:	 	UBS Securities LLC
		
	Street:	 	480 Washington Blvd., 12th Floor
		
	City/State/Zip:	 	Jersey City, NJ 07310
		
	Attention:	 	Patricia Godette
		
	Tel:	 	201-318-8907

  
 31 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	 NAME OF INVESTOR
  

Capital Ventures International
  

By: Heights Capital Management, Inc., its authorized agent

		
	By:	 	/s/ Martin Kobinger
		 	Name:	 	Martin Kobinger
		 	Title:	 	Investment Manager
	
	Number of Shares being purchased: 181,818
	
	Tax ID No.: 20 8897884

 
					
	
	 ADDRESS FOR NOTICE

 

	c/o:	 	Heights Capital Management
		
	Street:	 	101 California Street, Suite 3250
		
	City/State/Zip:	 	San Francisco, CA 94111
		
	Attention:	 	Sam Winer
		
	Tel:	 	415-403-6500
		
	Fax:	 	415-403-6525
	
	 DELIVERY INSTRUCTIONS 
         (if different from above)
  

	c/o:	 	
		
	Street:	 	 
		
	City/State/Zip:	 	 
		
	Attention:	 	 
		
	Tel:	 	 

  
 32 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	 NAME OF INVESTOR
  

Hartz Capital Investments, LLC
  

By: Empery Asset Management, LP, its authorized agent
  

By: Empery AM GP, LLC

		
	By:	 	/s/ Ryan M. Lane
		 	Name:	 	Ryan M. Lane
		 	Title:	 	Managing Member
	
	 Number of Shares being purchased: 110,000
  

Number of Warrants: 55,000

	
	Tax ID No.: 26-1474239

 
					
	
	 ADDRESS FOR NOTICE

 

	c/o:	 	Empery Asset Management, LP
		
	Street:	 	1 Rockefeller Plaza
		
	City/State/Zip:	 	New York, NY 10020
		
	Attention:	 	Ryan M. Lane
		
	Tel:	 	212-608-3300
		
	Fax:	 	212-607-3307
	
	 DELIVERY INSTRUCTIONS 
         (if different from above)
  

	c/o:	 	
		
	Street:	 	 
		
	City/State/Zip:	 	 
		
	Attention:	 	 
		
	Tel:	 	 

  
 33 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	 NAME OF INVESTOR
  

Empery Asset Master, Ltd.
  

By: Empery Asset Management, LP, its authorized agent
  

By: Empery AM Gp, LLC

		
	By:	 	/s/ Ryan M. Lane
		 	Name:	 	Ryan M. Lane
		 	Title:	 	Managing Member
	
	 Number of Shares being purchased: 72,700
  

Number of Warrants: 36,350

	
	Tax ID No.: 98-0571318

 
					
	
	 ADDRESS FOR NOTICE

 

	c/o:	 	Empery Asset Management, LP
		
	Street:	 	1 Rockefeller Plaza
		
	City/State/Zip:	 	New York, NY 10020
		
	Attention:	 	Ryan M. Lane
		
	Tel:	 	212-608-3300
		
	Fax:	 	212-607-3307
	
	 DELIVERY INSTRUCTIONS 
         (if different from above)
  

	c/o:	 	
		
	Street:	 	 
		
	City/State/Zip:	 	 
		
	Attention:	 	 
		
	Tel:	 	 

  
 34 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase+ Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	 NAME OF INVESTOR
  

Ardsley Partners Renewable Energy Fund, L.P.

		
	By:	 	/s/ Steve Napoli
		 	Name:	 	Steve Napoli
		 	Title:	 	Partner
	
	Number of Shares being purchased: 182,000
	
	Tax ID No.: 11-3780097

 
					
	
	 ADDRESS FOR NOTICE

 

	c/o:	 	Ardsley Partners
		
	Street:	 	262 Harbor Drive, 4th Floor
		
	City/State/Zip:	 	Stamford, CT 06902
		
	Attention:	 	Steve Napoli
		
	Tel:	 	203-564-4230
		
	Fax:	 	203-355-0715
	
	 DELIVERY INSTRUCTIONS 
         (if different from above)
  

	c/o:	 	
		
	Street:	 	 
		
	City/State/Zip:	 	 
		
	Attention:	 	 
		
	Tel:	 	 

  
 35 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	 NAME OF INVESTOR
  

KINGSBROOK OPPORTUNITIES MASTER FUND LP
  

By: KINGSBROOK OPPORTUNITIES GP, LLC

		
	By:	 	/s/ Adam J. Chill
		 	Name:	 	Adam J. Chill
		 	Title:	 	Managing Member
	
	Number of Shares being purchased: 218,182
	
	Tax ID No.: 98-0630390

 
					
	
	 ADDRESS FOR NOTICE

 

	c/o:	 	Kingsbrook Partners LP
		
	Street:	 	689 Fifth Avenue, 12th Floor
		
	City/State/Zip:	 	New York, NY 10022
		
	Attention:	 	Ari J. Storch/Adam J. Chill
		
	Tel:	 	212-600-8240
		
	Fax:	 	212-600-8290
		
	E-mail:	 	investments@kingsbrookpartners.com
	
	 DELIVERY INSTRUCTIONS 
         (if different from above)
  

	c/o:	 	
		
	Street:	 	 
		
	City/State/Zip:	 	 
		
	Attention:	 	 
		
	Tel:	 	 

  
 36 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	 NAME OF INVESTOR
  

Anson Investments Master Fund LP

		
	By:	 	/s/ Moez Kassam
		 	Name:	 	Moez Kassam
		 	Title:	 	Portfolio Management
	
	Number of Shares being purchased: 272,727 shares for $749,999.25
	
	Tax ID No.: 98-0538788

 
					
	
	 ADDRESS FOR NOTICE

 

	c/o:	 	
		
	Street:	 	5950 Berkshire Lane, Suite 210 
		
	City/State/Zip:	 	Dallas, TX 75225
		
	Attention:	 	Moez Kassam
		
	Tel:	 	416-447-8874
		
	Fax:	 	416-352-1880
		
	E-mail:	 	mkassam@ansonfunds.com
	
	 DELIVERY INSTRUCTIONS 
         (if different from above)
  

	c/o:	 	Fidelity Prime Services
		
	Street:	 	200 Seaport Blvd., Z2H
		
	City/State/Zip:	 	Boston, MA 02210
		
	Attention:	 	Roch Bialski
		
	Tel:	 	 

  
 37 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	 NAME OF INVESTOR
  

Wolverine Flagship Fund Trading Limited

		
	By:	 	/s/ Kenneth Nadel
		 	Name:	 	Kenneth Nadel
		 	Title:	 	Chief Operating Officer
	
	Number of Shares being purchased: 727,275
	
	Tax ID No.: 98-0383545

 
					
	
	 ADDRESS FOR NOTICE

 

	c/o:	 	John Ziegelman, Portfolio Manager
		
	Street:	 	175 W. Jackson Blvd., Second Floor 
		
	City/State/Zip:	 	Chicago, IL 60604
		
	Tel:	 	312-884-3287
		
	E-mail:	 	jziegelman@wolvefunds.cpm
	
	 DELIVERY INSTRUCTIONS 
         (if different from above)
  

	c/o:	 	Deutsche Bank Securities
		
	Street:	 	60 Wall Street, 13th Floor
		
	City/State/Zip:	 	New York, NY 10005
		
	Attention:	 	Marc Scanlon
		
	Tel:	 	212-250-5571
		
	E-mail:	 	marc.scanlon@db.com

  
 38 

 IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase Agreement to be
duly executed by their respective authorized signatories as of the date first indicated above. 
  

					
	 NAME OF INVESTOR
  

Stiassna Capital Partners, LP

		
	By:	 	/s/ Nicholas C. Stiassni
		 	Name:	 	Nicholas C. Stiassni
		 	Title:	 	President & Manager
	
	Number of Shares being purchased: 875,000
	
	Tax ID No.: 55-0900784

 
					
	
	 ADDRESS FOR NOTICE

 

	c/o:	 	Stiassni Capital Partners, LP
		
	Street:	 	3400 Palos Verdes Dr. West
		
	City/State/Zip:	 	Ranch Palos Verdes, CA 90275
		
	Attention:	 	Nicholas Stiassni
		
	Tel:	 	310-377-4500
		
	Fax:	 	310-305-7611
	
	 DELIVERY INSTRUCTIONS 
         (if different from above)
  

	c/o:	 	N/A
		
	Street:	 	 
		
	City/State/Zip:	 	 
		
	Attention:	 	 
		
	Tel:	 	 

  
 39 

 Annex A 
 SCHEDULE OF BUYERS 
  

			
	(1)	  	(2)
		
	 Buyer
	  	 Address and

Facsimile Number

		
	Stiassni Capital Partners, LP	  	 c/o:Stiassni Capital Partners, LP
 3400 Palos Verdes Dr. W
 Ranch Palos Verdes, CA 90275

Attention: Nicholas C. Stiassni
 Tel:
310-377-4500
 Fax: 310-305-7611
 Email:
ns@stiassnicapital.com

		
	Wolverine Flagship Fund Trading Limited	  	 c/o John Ziegelman, Portfolio Manager
 175 W. Jackson Blvd., Second Floor
 Chicago, IL 60604

Tel: 312-884-3287
 Fax:

jziegelman@wolvefunds.com

		
	Anson Investments Master Fund LP	  	 Anson Investments
 5950
Berkshire Lane, Suite 210
 Dallas, TX 75225
 Attn: Moez Kassam
 T: 416-447-8874
 F: 416-352-1880
 mkassam@ansonfunds.com

		
	Kingsbrook Opportunities Master Fund LP	  	 Kingsbrook Partners LP
 689
Fifth Avenue, 12th Floor
 New York, NY 10022
 Attn: Ari J. Storch / Adam J. Chill
 T: 212-600-8240

F: 212-600-8290

investments@kingsbrookpartners.com

		
	Ardsley Partners Renewable Energy Fund, L.P.	  	 Ardsley Partners
 262 Harbor
Drive, 4th Floor
 Stamford, CT 06902

Attn: Steve Napoli
 Tel: 203-564-4230

Fax: 203-353-0715

steve@ardsley.com

  
 40 

			
		
	Empery Asset Master, Ltd	  	 Empery Asset Management
 1
Rockefeller Plaza, Suite 1205
 New York, NY 10020
 Attn: Ryan Lane
 T: 212-608-3300
 F: 212-608-3308
 notices@emperyam.com

		
	Hartz Capital Investments, LLC	  	 c/o Empery Asset Management
 1
Rockefeller Plaza, Suite 1205
 New York, NY 10020
 Attn: Ryan Lane
 T: 212-608-3300
 F: 212-608-3308
 notices@emperyam.com

		
	Capital Ventures International	  	 c/o Heights Capital Management, Inc.,
 101 California Street, Suite 3250
 San Francisco, CA 94111

Attn: Sam Wiiner
 T: (415) 403-6500

F: (415) 403-6525
 kobinger@sig.com /
winer@sig.com

		
	Hudson Bay Master Fund Ltd	  	 Hudson Bay Capital
 777 Third
Ave, 30th Floor
 New York, NY 10017
 T:
212-571-1244
 F: 212-571-1325

investments@hudsonbaycapital.com

		
	Alpha Capital Anstalt	  	 Alpha Capital Anstalt

Pradafaut 7
 LI-9490 Vaduz

Tel: 00423 232 3195
 Fax: 00423 232
3196

		
	Iroquois Master Fund Ltd.	  	 Iroquois Capital Management, LLC

641 Lexington Ave., 26th Fl.
 New York, NY
10022
 Attn: Ashley Gossweiler
 T:
212-974-3070
 F: 212-207-3452

jsilverman@icfund.com

		
	Hoak Public Equities, LP	  	 c/o Hoak & Co
 3963 Maple
Avenue, Suite 450
 Dallas, TX 75219

Attn: J. Hale Hoak
 Tel: 214-855-2288

Fax: 214-855-2222

hale@hoakco.com

  
 41 

 Schedule 3.1(g) 

Capitalization 
  

							
	 #
	  	 Type of capital stock
	  	Authorized, as
of May 20, 2013	  	 Issued
and
outstanding, as
of May 20, 2013

	1	  	Class A Common Stock, par value $0.0001 per share	  	150,000,000	  	26,818,395
	2	  	Class B Common Stock, par value $0.0001 per share	  	50,000,000	  	0
	3	  	Preferred Stock, par value $0.0001 per share	  	50,000,000	  	0

  

	1.	The lesser of 3,000,000 shares of Class A common stock or 10% of the then outstanding shares of Class A common stock are authorized for issuance pursuant to
the Real Goods Solar, Inc. 2008 Long-Term Incentive Plan, as amended and restated from time to time (the “Incentive Plan”). 

  

	2.	Registration rights granted pursuant to the Amended and Restated Registration Rights Agreement (the “Registration Rights Agreement”), dated as of
December 19, 2011, by and among the Company, Gaiam, Inc., a Colorado Corporation (“Gaiam”), and Riverside Renewable Energy Investments, LLC, a Delaware limited liability company (“Riverside”).

  

	3.	As of May 20, 2013, 1,974,919 options to purchase shares of Class A common stock granted pursuant to the Incentive Plan. 

 

	4.	As of May 20, 2013, 300,000 options to purchase shares of Class A common stock granted pursuant to the Employee Stock Option Agreement, dated as of
July 30, 2012, by and between the Company and Kamyar Mofid. 

  

	5.	Warrant to purchase 40,000 shares of Class A common stock, dated as of November 1, 2007, granted to Roy and Jan Phillips. 

 

	6.	Warrant to purchase 30,000 shares of Class A common stock, dated as of January 1, 2008, granted to Carlson Solar, Inc. 

 

	7.	Warrant to purchase 106,557 share of Class A common stock, dated as of March 26, 2013, granted to Silicon Valley Bank, a California corporation.

  

	8.	Warrant to purchase 105,978 shares of Class A common stock, dated as of March 27, 2013, granted to Silicon Valley Bank, a California corporation.

	9.	Amended and Restated Promissory Note, dated as of March 27, 2013, issued to Gaiam in the principal amount of $1,000,000, convertible into capital stock of the
Company upon the sale of at least $50,000 of the Company’s capital stock at the same purchase price paid by the purchasers in such sale. 

  

	10.	Amended and Restated Promissory Note, dated as of March 27, 2013, issued to Riverside in the principal amount of $1,000,000, convertible into capital stock of the
Company upon the sale of at least $50,000 of the Company’s capital stock at the same purchase price paid by the purchasers in such sale. 

  
 2 

 Schedule 3.1(h) 

SEC Reports; Financial Statements 
  

	1.	Current Report on Form 8-K, as filed with the Commission on January 11, 2013. 

  
 3 

 Schedule 3.1(w) 

Listing and Maintenance Requirements 
  

	1.	Letter, dated as of May 8, 2012, from The Nasdaq OMX Group re: phase-in compliance period upon ceasing to qualify as a controlled company.

  
 4ex4-1.htm

Exhibit 4.1

FORM OF WARRANT

NEITHER THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) AND APPLICABLE STATE SECURITIES LAWS AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO (I) AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR (II) AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS OR BLUE SKY LAWS.  THESE SECURITIES AND THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

MOBIVITY HOLDINGS CORP.

 

WARRANT TO PURCHASE COMMON STOCK

 

	
Warrant No. [_________]

	
  

	
Original Issue Date: [           ], 2013

 

Mobivity Holdings Corp., a Nevada corporation (the “Company”), hereby certifies that, for value received, [            ] or its permitted registered assigns (the “Holder”), is entitled to purchase from the Company up to a total of [            ] shares of common stock, $0.001 par value (the “Common Stock”), of the Company (each such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise price per share equal to $0.20 (as adjusted from time to time as provided in Section 9 herein, the “Exercise Price”), at any time and from time to time from on or after the date hereof (the “Trigger Date”) and through and including 5:00 P.M., prevailing Pacific time, on [             ], 2018 (the “Expiration Date”), and subject to the following terms and conditions:

This Warrant (this “Warrant”) is one of a series of similar warrants issued pursuant to that certain Convertible Secured Promissory Note Conversion Agreement dated [___], 2013, by and among the Company and the Note Holders identified therein (the “Conversion Agreement”).  All such warrants are referred to herein, collectively, as the “Warrants.”

 

1.           Definitions. In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings given to such terms in the Conversion Agreement.

  

2.            Registration of Warrants.  The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder (which shall include the initial Holder or, as the case may be, any registered assignee to which this Warrant is permissibly assigned hereunder) from time to time.  The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

3.           Registration of Transfers. The Company shall register the transfer of all or any portion of this Warrant in the Warrant Register, upon (i) surrender of this Warrant, with the Form of Assignment attached as Schedule 2 hereto duly completed and signed, to the Company’s transfer agent or to the Company at its address specified herein (ii) delivery, at the request of the Company, of an opinion of counsel reasonably satisfactory to the Company to the effect that the transfer of such portion of this Warrant may be made pursuant to an available exemption from the registration requirements of the Securities Act and all applicable state securities or blue sky laws and (iii) delivery by the transferee of a written statement to the Company certifying that the transferee is an “accredited investor” as defined in Rule 501(a) under the Securities Act and making the representations and certifications set forth in Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9 of the Conversion Agreement, to the Company at its address specified in the Conversion Agreement. Upon any such registration or transfer, a new warrant to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a “New Warrant”) evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations of a Holder of a Warrant.

  

-1-

  

4.           Exercise and Duration of Warrants.

 

(a)           All or any part of this Warrant shall be exercisable by the registered Holder at any time and from time to time on or after the Trigger Date and through and including 5:00 P.M. prevailing Pacific time on the Expiration Date. At 5:00 P.M., prevailing Pacific time, on the Expiration Date, the portion of this Warrant not exercised prior thereto shall be and become void and of no value and this Warrant shall be terminated and no longer outstanding.

(b)           The Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1 hereto (the “Exercise Notice”), appropriately completed and duly signed, (ii) payment of the Exercise Price for the number of Warrant Shares as to which this Warrant is being exercised (which may take the form of a “cashless exercise” if so indicated in the Exercise Notice and if a “cashless exercise” may occur at such time pursuant to Section 10 below), and the date such items are delivered to the Company (as determined in accordance with the notice provisions hereof) is an “Exercise Date.” The delivery by (or on behalf of) the Holder of the Exercise Notice and the applicable Exercise Price as provided above shall constitute the Holder’s certification to the Company that its representations contained in Sections 2.4, 2.5, 2.6, 2.7, 2.8 and 2.9 of the Conversion Agreement are true and correct as of the Exercise Date as if remade in their entirety (or, in the case of any transferee Holder that is not a party to the Conversion Agreement, such transferee Holder’s certification to the Company that such representations are true and correct as to such assignee Holder as of the Exercise Date).  The Holder shall not be required to deliver the original Warrant in order to effect an exercise hereunder.  Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant and issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

5.           Delivery of Warrant Shares.  Upon exercise of this Warrant, the Company shall promptly issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or names as the Holder may designate a certificate for the Warrant Shares issuable upon such exercise, with an appropriate restrictive legends. The Holder, or any Person permissibly so designated by the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date.

  

6.           Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however, that the Company shall not be required to pay any tax which may be payable in respect of any transfer involved in the registration of any certificates for Warrant Shares or Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon exercise hereof.

 

7.           Replacement of Warrant.  If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case, a customary and reasonable indemnity (which shall not include a surety bond), if requested. Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.           Reservation of Warrant Shares. The Company covenants that it will at all times reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares which are then issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent purchase rights of persons other than the Holder (taking into account the adjustments and restrictions of Section 9). The Company covenants that all Warrant Shares so issuable and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be duly and validly authorized, issued and fully paid and nonassessable. The Company will take all such action as may be necessary to assure that such shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or automated quotation system upon which the Common Shares may be listed.

  

-2-

  

9.           Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject to adjustment from time to time as set forth in this Section 9.

 

(a)            Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides its outstanding shares of Common Stock into a larger number of shares, or (iii) combines its outstanding shares of Common Stock into a smaller number of shares, then in each such case the Exercise Price shall be multiplied by a fraction, the numerator of which shall be the number of shares of Common Stock outstanding immediately before such event and the denominator of which shall be the number of shares of Common Stock outstanding immediately after such event. Any adjustment made pursuant to clause (i) of this paragraph shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii) or (iii) of this paragraph shall become effective immediately after the effective date of such subdivision or combination.

 

(b)           Fundamental Transactions. If, at any time while this Warrant is outstanding  (i) the Company effects any merger or consolidation of the Company with or into another Person, in which the Company is not the survivor, (ii) the Company effects any sale of all or substantially all of its assets or a majority of its Common Stock is acquired by a third party, in each case,  in one or a series of related transactions, (iii) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which all or substantially all of the holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (iv) the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock covered by Section 9(a) above) (in any such case, a “Fundamental Transaction”), then the Holder shall have the right thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant without regard to any limitations on exercise contained herein (the “Alternate Consideration”).  The Company shall not effect any such Fundamental Transaction unless prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or the corporation purchasing or otherwise acquiring such assets or other appropriate corporation or entity shall assume the obligation to deliver to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled to purchase and/or receive (as the case may be), and the other obligations under this Warrant.  The provisions of this paragraph (c) shall similarly apply to subsequent transactions analogous to a Fundamental Transaction.

            (c)           Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to paragraph (a) of this Section, the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately, so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

                                                                                  

(d)           Calculations. All calculations under this Section 9 shall be made to the nearest cent or the nearest 1/100th of a share, as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or for the account of the Company, and the sale or issuance of any such shares shall be considered an issue or sale of Common Stock.

 

(e)           Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its expense will, at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms of this Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing the transactions giving rise to such adjustments and showing in detail the facts upon which such adjustment is based. Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s transfer agent.

  

-3-

  

        (f)           Notice of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other distribution of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting of rights or warrants to subscribe for or purchase any capital stock of the Company, (ii) authorizes or approves, enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the voluntary dissolution, liquidation or winding up of the affairs of the Company, then, except if such notice and the contents thereof shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice describing the material terms and conditions of such transaction at least ten (10) Trading Days prior to the applicable record or effective date on which a Person would need to hold Common Stock in order to participate in or vote with respect to such transaction, and the Company will take all steps reasonably necessary in order to insure that the Holder is given the practical opportunity to exercise this Warrant prior to such time so as to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice.

 

10.           Payment of Exercise Price. The Holder shall pay the Exercise Price in immediately available funds; provided, however, the Holder may, in its sole discretion, commencing on the date that is 18 months from the date of this Warrant, satisfy its obligation to pay the Exercise Price through a “cashless exercise”,  in which event the Company shall issue to the Holder the number of Warrant Shares determined as follows:

 

X = Y [(A-B)/A]

 

where:

 

X = the number of Warrant Shares to be issued to the Holder.

 

Y = the total number of Warrant Shares with respect to which this Warrant is being exercised.

 

A = the average of the Closing Sale Prices of the shares of Common Stock (as reported by Bloomberg Financial Markets) for the five Trading Days ending on the date immediately preceding the Exercise Date.

 

B = the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

For purposes of this Warrant, “Closing Sale Price” means, for any security as of any date, the last trade price for such security on the principal securities exchange or trading market for such security, as reported by Bloomberg Financial Markets, or, if such exchange or trading market begins to operate on an extended hours basis and does not designate the last trade price, then the last trade price of such security prior to 4:00:00 p.m., New York Time, as reported by Bloomberg Financial Markets, or if the foregoing do not apply, the last trade price of such security in the over-the-counter market on the electronic bulletin board for such security as reported by Bloomberg Financial Markets, or, if no last trade price is reported for such security by Bloomberg Financial Markets, the average of the bid prices, or the ask prices, respectively, of any market makers for such security as reported in the "pink sheets" by Pink Sheets LLC.  If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder.  If the Company and the Holder are unable to agree upon the fair market value of such security, then the Company shall, within two business days submit via facsimile (a) the disputed determination of the Warrant Exercise Price to an independent, reputable investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant Shares to the Company's independent, outside accountant.  The Company shall cause at its expense the investment bank or the accountant, as the case may be, to perform the determinations or calculations and notify the Company and the Holder of the results no later than ten business days from the time it receives the disputed determinations or calculations.  Such investment bank's or accountant's determination or calculation, as the case may be, shall be binding upon all parties absent demonstrable error.  All such determinations to be appropriately adjusted for any stock dividend, stock split, stock combination or other similar transaction during the applicable calculation period.

  

-4-

  

For purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares issued in a cashless exercise transaction shall be deemed to have been acquired by the Holder, and the holding period for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the Conversion Agreement (provided that the Commission continues to take the position that such treatment is proper at the time of such exercise).

11.           [Limitation on Exercises.  The Company shall not effect the exercise of this Warrant, and the Holder shall not have the right to exercise this Warrant, to the extent that after giving effect to such exercise, the Holder (together with such Holder’s affiliates) would beneficially own in excess of 4.99% (“Maximum Percentage”) of the shares of Common Stock outstanding immediately after giving effect to such exercise.  For purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by such Holder and its affiliates shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence is being made, but shall exclude shares of Common Stock which would be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially owned by such Holder and its affiliates and (B) exercise or conversion of the unexercised or unconverted portion of any other securities of the Company beneficially owned by such Person and its affiliates (including, without limitation, any convertible notes or convertible preferred stock or warrants) subject to a limitation on conversion or exercise analogous to the limitation contained herein.  Except as set forth in the preceding sentence, for purposes of this paragraph, beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended.  To the extent that the limitation contained in this Section 11 applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any affiliate) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any affiliate) and of which portion of this Warrant is exercisable, in each case subject to such aggregate percentage limitation, and the Company shall have no obligation to verify or confirm the accuracy of the determination.  For purposes of this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in (1) the Company's most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other public filing with the Securities and Exchange Commission, as the case may be, (2) a more recent public announcement by the Company or (3) any other notice by the Company setting forth the number of shares of Common Stock outstanding.  For any reason at any time, upon the written or oral request of the Holder, the Company shall within one (1) business day confirm orally and in writing to the Holder the number of shares of Common Stock then outstanding.  In any case, the number of outstanding shares of Common Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported.  By written notice to the Company, any Holder may increase or decrease the Maximum Percentage to any other percentage not in excess of 9.99% specified in such notice; provided that (i) any such increase will not be effective until the 61st day after such notice is delivered to the Company, and (ii) any such increase or decrease will apply only to the Holder sending such notice and not to any other holder of Warrants.  In addition, by written notice to the Company, any Holder may remove the limitations on exercises provided in this Section 11 entirely; provided that (i) any such removal will not be effective until the 61st day after such notice is delivered to the Company, and (ii) any such removal will apply only to the Holder sending such notice and not to any other holder of Warrants.  The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 11 to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended beneficial ownership limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation.]  [NTD:  NOTE HOLDER TO INDICATE ON ANNEX A OF THE NOTE CONVERSION ARGEEMENT WHETHER IT IS ELECTING TO ADD A 4.99/9.99% BLOCKER BASED ON THE FOREGOING LANGAUGE OR NO BLOCKER.]

 

12.           No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant.  In lieu of any fractional shares which would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded up to the next whole number.

  

-5-

  

13.           Notices. Any and all notices or other communications or deliveries hereunder (including, without limitation, any Exercise Notice) shall be in writing and shall be deemed given and effective on the earliest of (i) the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in the Conversion Agreement prior to 5:00 p.m. (prevailing Pacific time) on a Trading Day, (ii) the next Trading Day after the date of transmission, if such notice or communication is delivered via facsimile at the facsimile number specified in the Conversion Agreement on a day that is not a Trading Day or later than 5:00 p.m. (prevailing Pacific time) on any Trading Day, (iii) the Trading Day following the date of mailing, if sent by nationally recognized overnight courier service specifying next business day delivery, or (iv) upon actual receipt by the party to whom such notice is required to be given, if by hand delivery. The address and facsimile number of a party for such notices or communications shall be as set forth in the Conversion Agreement unless changed by such party by two Trading Days’ prior notice to the other party in accordance with this Section 13.

 

14.           Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register.

 

15.           Miscellaneous.

 

(a) The Holder, solely in such Person's capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person's capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors of the Company. Notwithstanding this Section 14(a), the Company shall provide the Holder with copies of the same notices and other information given to the shareholders of the Company, contemporaneously with the giving thereof to the shareholders.

 

(b) Subject to the restrictions on transfer set forth on the first page hereof, and compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by the Company except to a successor in the event of a Fundamental Transaction. This Warrant shall be binding on and inure to the benefit of the parties hereto and their respective successors and assigns. Subject to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder any legal or equitable right, remedy or cause of action under this Warrant. This Warrant may be amended only in writing signed by the Company and the Holder, or their successors and assigns.

  

-6-

  

(c) GOVERNING LAW; VENUE; WAIVER OF JURY TRIAL. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH PARTY HEREBY IRREVOCABLY SUBMITS TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT, THAT SUCH SUIT, ACTION OR PROCEEDING IS IMPROPER. EACH PARTY HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH PARTY AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THIS AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. THE COMPANY HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY. 

 

(d)           The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed to limit or affect any of the provisions hereof.

 

(e)           In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired thereby, and the parties will attempt in good faith to agree upon a valid and enforceable provision which shall be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(f)           Except as otherwise set forth herein, prior to exercise of this Warrant, the Holder hereof shall not, by reason of by being a Holder, be entitled to any rights of a stockholder with respect to the Warrant Shares.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK, SIGNATURE PAGE FOLLOWS]

  

-7-

  

IN WITNESS WHEREOF, the Company has caused this Warrant to be duly executed by its authorized officer as of the date first indicated above.

 

	  	  	  
	
MOBIVITY HOLDINGS CORP.

	  	  
	
By:

	  	  
	
Name:

	  	  
	
Title:

	  	  

 

  

-8-

  

 

SCHEDULE 1

FORM OF EXERCISE NOTICE

(To be executed by the Holder to exercise the right to purchase shares of Common Stock under the foregoing Warrant)

 

Ladies and Gentlemen:

(1)           The undersigned is the Holder of Warrant No. __________ (the “Warrant”) issued by Mobivity Holdings Corp., a Nevada corporation (the “Company”).  Capitalized terms used herein and not otherwise defined herein have the respective meanings set forth in the Warrant.

(2)           The undersigned hereby exercises its right to purchase __________ Warrant Shares pursuant to the Warrant.

  

(3)           The Holder intends that payment of the Exercise Price shall be made as (check one):

            Cash Exercise

            “Cashless Exercise” under Section 10

(4)           If the Holder has elected a Cash Exercise, the Holder shall pay the sum of $_______ in immediately available funds to the Company in accordance with the terms of the Warrant.

(5)           Pursuant to this Exercise Notice, the Company shall deliver to the Holder _____________ Warrant Shares in accordance with the terms of the Warrant.

 

 

Dated:_______________, _____

 

Name of Holder:  ___________________________

 

By:__________________________________

 

Name: _______________________________

 

Title:  _______________________________

(Signature must conform in all respects to name of Holder as specified on the face of the Warrant)

 

  

-9-

  

SCHEDULE 2

MOBIVITY HOLDINGS CORP.

FORM OF ASSIGNMENT

 

[To be completed and signed only upon transfer of Warrant]

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto                              (the “Transferee” the right represented by the within Warrant to purchase                  shares of Common Stock of Mobivity Holdings Corp. (the “Company”) to which the within Warrant relates and appoints                              attorney to transfer said right on the books of the Company with full power of substitution in the premises. In connection therewith, the undersigned represents, warrants, covenants and agrees to and with the Company that:

	
  

	
(a)

	
the offer and sale of the Warrant contemplated hereby is being made in compliance with Section 4(1) of the United States Securities Act of 1933, as amended (the “Securities Act”) or another valid exemption from the registration requirements of Section 5 of the Securities Act and in compliance with all applicable securities laws of the states of the United States;

 

	
  

	
(b)

	
the undersigned has not offered to sell the Warrant by any form of general solicitation or general advertising, including, but not limited to, any advertisement, article, notice or other communication published in any newspaper, magazine or similar media or broadcast over television or radio, and any seminar or meeting whose attendees have been invited by any general solicitation or general advertising;

 

	
  

	
(c)

	
the undersigned has read the Transferee’s investment letter included herewith, and to its actual knowledge, the statements made therein are true and correct; and

 

	
  

	
(d)

	
the undersigned understands that the Company may condition the transfer of the Warrant contemplated hereby upon the delivery to the Company by the undersigned or the Transferee, as the case may be, of a written opinion of counsel (which opinion shall be in form, substance and scope customary for opinions of counsel in comparable transactions) to the effect that such transfer may be made without registration under the Securities Act and under applicable securities laws of the states of the United States.

 

 

	  	  	  
	
Dated:             ,     

	  	  
	  	  	
(Signature must conform in all respects to name of holder as specified on the face of the Warrant)

	  	  	  
	  	  	
Address of Transferee

	  	  	  
	  	  	  

 

	
In the presence of:

	  

 

  

-10-

  

I, _______________________________, the spouse of [Enter Name of Note Holder], have read and approve of the CONVERTIBLE SECURED PROMISSORY NOTE CONVERSION AGREEMENT (the “Agreement”) entered into and effective as of ________, 2013 by and among the Note Holders who executed the Note Holder signature pages attached thereto as Appendix A, and Mobivity Holdings Corp., a Nevada corporation (the “Company”).

In connection with the transactions contemplated by the Agreement, and only subject to their consummation, I wish to convert my interest in such notes pursuant to the terms of the Agreement, and I hereby appoint [Enter Name of Note Holder] as my attorney-in-fact in respect to the exercise or waiver of any rights under the Agreement, and I hereby agree to be bound by the provisions of the Agreement insofar as I may have any rights in said Agreement or any notes irrevocably converted pursuant thereto under the community property laws of the State of California, or under similar laws relating to marital property in effect in the state of our residence as of the date of the signing of the foregoing Agreement.

“Spouse of [Enter Name of Note Holder]”

DATED: _______________, 2013                                                                           

Name:

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