Document:

EX-10.3

 Exhibit 10.3 

CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE 

This CONFIDENTIAL SEPARATION AGREEMENT AND RELEASE (this “Agreement”) dated August 18, 2014, is made by and between Real
Goods Solar, Inc., a Colorado corporation (the “Company”), and Kamyar (Kam) Mofid (“Employee”). 

WHEREAS, the Company and Employee are parties to the Restated Employment Letter, dated December 21, 2012 (the “Employment
Agreement”); 
 WHEREAS, the Company and Employee are parties to certain stock option agreements (collectively, the “Option
Agreements”); 
 WHEREAS, the parties desire to terminate Employee’s employment relationship with the Company (the
“Separation”) with such termination to be effective as of the date hereof (the “Separation Date”); 
 NOW,
THEREFORE, in consideration of the mutual promises and covenants described below, the parties agree as follows: 
 1. EFFECTIVE DATE.
The effective date of this Agreement is the date that is seven days after the date that Employee executes this Agreement (“Effective Date”), unless earlier revoked pursuant to Section 18. 

2. RESIGNATION. Effective upon the Separation Date, Employee hereby voluntarily resigns from his employment and any and all other
positions with the Company and its subsidiaries. 
 3. PAYMENTS TO EMPLOYEE. The Company shall pay to Employee all wages due and
owing through the Separation Date in accordance with the Company’s regular payroll practices, less all authorized deductions and withholdings for applicable federal, state and local taxes and health insurance premiums. Employee shall be
reimbursed for any business expenses incurred by him on behalf of the Company through the Separation Date which have not been previously paid, provided such expenses are incurred and submitted in accordance with the Company’s expense
reimbursement policies. Notwithstanding the foregoing, Employee will continue to provide transition services to the Company through September 12th 2014, during which time, Employee will be
compensated through the Company’s regularly scheduled payroll by drawing down his accrued paid time off of 124 hours. 
 3.1 Within
thirty (30) days following the Separation Date, the Company shall pay to Employee a lump sum cash severance payment equal to $300,000, subject to all applicable payroll deductions. In addition, if Employee timely elects continuation coverage
under the Company’s group health plan pursuant to Code Section 4980B (“COBRA Coverage”) following the Separation, Employee will be entitled to such COBRA Coverage at active employee rates, as amended from time to time, for
up to 

 
twelve (12) months following the Separation. All other benefits, including but not limited to health insurance, life insurance, disability insurance, etc., shall cease effective as of the
Separation Date. 
 3.2 Employee hereby waives the right to receive any bonus payments in connection with Employee’s relationship with
the Company (except to the extent any such bonuses have already been paid) and any other severance payments or other benefits to which Employee may have been eligible under the Employment Agreement except as set forth herein. 

3.3 The Company and Employee acknowledge and agree that, except as expressly provided herein, the Employment Agreement is terminated effective
as of the Separation Date and the parties shall have no further rights or obligations thereunder. 
 4. OPTION AGREEMENTS.
Employee acknowledges and agrees that effective upon the Separation Date, the options to purchase shares of the Company’s stock issued pursuant to the Option Agreements shall cease to vest, and the Employee’s rights to exercise vested
stock options shall be subject to the terms and conditions of the each of the Option Agreements; provided, however, the Company and Employee agree that Employee shall have the right to exercise any vested options under the Option Agreements for the
time period that is the lesser of (a) eighteen (18) months from the Separation Date, or (b) the expiration of the latest date available to exercise the options under the Option Agreements. To the extent the terms of this paragraph
conflict with the Option Agreements, this Agreement shall be deemed an amendment to the Option Agreements. Company agrees to allow Employee to avail himself of the services of the Company’s SEC counsel to effectuate the exercise and disposition
of Employee’s shares in accordance with SEC rules and regulations in accordance with the Company’s standard practices. 
 5.
DISPARAGING STATEMENTS. Employee agrees that Employee will not make false or misleading statements to any person or entity regarding the Company or any of its current officers or directors,. The Company agrees that the Company (including,
during his employment with the Company, the directors of the Company’s Board, the CEO, CFO and the Director of Human Resources) will not make false or misleading statements to any person or entity regarding Employee; provided however, nothing
herein shall prohibit the Company from making any disclosures otherwise required by law. 
 6. COOPERATION. Following the Effective
Date and upon the request of the Company (with reasonable advance notice), Employee agrees to reasonably cooperate with and assist the Company with respect to matters known to or handled by Employee during his relationship with the Company. 

  
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 7. RELEASES. 

7.1 Employee hereby releases and forever discharges the Company, and the Company’s affiliates, subsidiaries, parents, successors, assigns
and other affiliated entities, past present and future, and each of them, as well as its and their officers, directors, attorneys, managers, agents and employees (collectively, the “Company Releasees”) from all claims, known or
unknown, which Employee ever had or now has or may hereafter claim to have had as of or prior to the date of this Agreement with respect to the Separation or Employee’s relationship by the Company and any other action, event or matter (the
“Released Claims”), except to the extent arising or relating to this Agreement. These claims may include, but are not limited to, claims based on (a) the Age Discrimination in Employment Act of 1967, 29 U.S.C. 621 et seq., as
amended; The Older Workers Benefit Protection Act, Pub. Law 101-433, 104 Stat. 978 (1990); Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000-e, as amended; the Americans with Disabilities Act; the Civil Rights Acts of 1866, 1871, and
1991; the Family and Medical Leave Act; the Equal Pay Act of 1963; the Employee Retirement and Income Security Act of 1974; The Occupational Safety and Health Act, as amended; The Fair Labor Standards Act, as amended; the Consolidated Omnibus Budget
Reconciliation Act of 1985; (b) any and all claims under Colorado or any other state’s statutory or decisional law, including, but not limited to, the Colorado Anti-Discrimination Act, pertaining to employment discrimination or harassment,
wrongful discharge or breach of public policy; (c) state, federal or common law relation to breach of express or implied contract, wrongful termination, employment discrimination or harassment, emotional distress, privacy rights, fraud or
misrepresentation, defamation, negligence, infliction of emotional distress, any intentional torts, and outrageous conduct; and (d) any and all claims for any of the following: money damages, including actual, compensatory, liquidated or
punitive damages, equitable relief such as reinstatement or injunctive relief, front or back pay, wages, benefits, sick pay, vacation pay, costs, interest, expenses, attorneys’ fees, or any other remedies. Nothing in this Release or this
Agreement shall constitute a release of any claim that Employee may hereafter have (i) arising out of the performance of this Agreement; (ii) relating to Employee’s rights under employee benefit plans of the Company; or
(iii) relating to Employee’s rights to indemnification under the Indemnification Agreement, the Articles and/or the Bylaws. 
 7.2
Employee further agrees not to file, pursue or participate, and shall cause each of its representatives not to file, pursue or participate, in any allegations, complaints, claims, charges, actions or proceedings of any kind in any forum against any
of the Company Releasees with respect to any matter arising out of or in connection with the employment of Employee, the Separation, or any other Released Claim, other than pursuing a claim for breach of any provision or covenant of this Agreement.

 7.3 The Company hereby represents and warrants, that as of the date hereof, there exist no claims or causes of action against Employee,
nor does there exist any set of facts that could reasonably constitute the basis for any claim or cause of action against Employee, which, in each case, have been brought to the attention of the CEO, the CFO the Board of Directors, the Compensation
Committee or the Audit Committee. 

  
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 8. RETURN OF PROPERTY. While employed by the Company, Employee has received certain
property, including, but not limited to, files, computer data, keys, laptop computer and accessories, cell phone with SIM card and access card, and Employee may receive additional property in connection with the performance of the Transition
Services. Employee will promptly return in good condition any and all property in his possession belonging to the Company on or before the Separation Date. Employee further agrees to promptly and permanently delete any non-public, confidential
information related or belonging to the Company from any email account(s), cloud-based storage, personal computer(s), personal electronic devices, and all storage media. Employee will provide the Company, on or prior to the date Employee executes
this Agreement with any passwords, source codes, administrative access or other information in his possession with respect to work performed for the Company. Employee agrees promptly to take all steps necessary to ensure the transfer to the Company
of any online social media accounts, including but not limited to Twitter accounts and blogs, maintained by Employee for, on behalf of, or as a representative of, the Company. Employee expressly understands that any email address and/or telephone
number assigned to him by the Company are and remain the property of the Company, and Employee has no interest therein. 
 9. NO
ADMISSIONS. Nothing in this Agreement, including the payment of any sums by the Company, constitutes an admission by the Company or Employee of any legal wrong in connection with the relationship of Employee or the Separation. 

10. AGREEMENT UNDERSTOOD. Employee is relying on Employee’s own judgment and on the advice of Employee’s attorneys, and not
upon any recommendations by the Company or its directors, officers, employees, agents, attorneys, or other representatives. Employee agrees that this agreement shall not be construed against either party on the grounds of authorship. 

11. GOVERNING LAW. This Agreement shall be construed and enforced in accordance with, and the validity and performance hereof shall be
governed by, the laws of the State of Colorado, without giving effect to conflicts of laws principles. Unless waived by the Company in writing, any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of
or in connection with, this Agreement shall be brought in Boulder County, Colorado. Employee irrevocably consents to the exclusive jurisdiction of such courts (and the appropriate appellate courts) in any such suit, action or proceeding. 

12. SEVERABILITY. In the event that any one or more of the provisions of this Agreement shall for any reason be held to be invalid or
unenforceable, the remaining provisions of this Agreement shall be unimpaired, and shall remain in effect and be binding upon the parties. 

  
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 13. AMENDMENTS. No amendment, waiver, change or modification of any of the terms,
provisions or conditions of this Agreement shall be effective unless made in writing and signed or initialed by the parties or by their duly authorized agents. Waiver of any provision of this Agreement shall not be deemed a waiver of future
compliance therewith and such provision shall remain in full force and effect. 
 14. ASSIGNMENT. Employee hereby represents that
neither this Agreement nor any right or obligation hereunder has been assigned by Employee. Employee agrees that no such right or obligation may be assigned by Employee, without the prior written consent of the Company, and any purported transfer or
assignment in violation of this provision will be void. The Company may assign its rights and duties hereunder, and this Agreement shall be binding upon and inure to the benefit of the Company’s successors and assigns (whether by operation of
law, merger, change of control or otherwise). 
 15. COUNTERPARTS. This Agreement may be executed in any number of counterparts, each
of which shall be deemed to be an original, but all of which together shall constitute one and the same instrument, and in making proof hereof, it shall not be necessary to produce or account for more than on such counterpart. 

16. COSTS, EXPENSES, AND ATTORNEY’S FEES. In the event any claim, default or violation is asserted by a party to this Agreement
regarding any of the terms or conditions or this Agreement, a party may enforce this instrument by appropriate action, and should any of the parties prevail in such litigation, that prevailing party shall recover all costs, expenses, and reasonable
attorneys’ fees incurred in such litigation. 
 17. FINAL AGREEMENT. This Agreement sets forth the entire understanding of the
parties and supersedes any and all prior written or oral agreements, and no written or oral representation, promise, inducement or statement of intention has been made by either party which is not embodied herein. 

18. ACKNOWLEDGMENT UNDER THE ADEA. The parties acknowledge that this is an important legal document. Employee is advised to consult
with an attorney before signing this Agreement. Employee is also advised that Employee has twenty-one (21) days after receiving this Agreement to consider it. If Employee chooses to agree to the terms of this Agreement, Employee must sign and return
the Agreement to Crystine Hodges at the address below within twenty-one (21) days of Employee’s receipt of this Agreement. If Employee signs the Agreement, Employee will then have the right to revoke this Agreement by delivering written
revocation to Crystine Hodges, but such notice must be received by Crystine Hodges within seven (7) days after the date Employee signed the Agreement. The signed Agreement or any notice of revocation must be delivered by an overnight delivery
service or by certified mail, return receipt requested, to: 

  
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 Crystine Hodges 

833 W. South Boulder Road 

Louisville, CO 80027 
 This Agreement is binding
upon and shall inure to the benefit of the Company and Employee. By signing this Agreement, the parties represent that they have read and understand it, that they have discussed or had an opportunity to discuss it voluntarily with their respective
attorneys, and that they enter into it knowingly and voluntarily. 
 Employee acknowledges that the first $500.00 of consideration paid of the severance
payments described above is consideration for release of any age-related claim. 

  
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	DATED as of August 18, 2014
	
	Real Goods Solar, Inc.
		
	By:	 	 /s/ David Belluck

		 	Name: David Belluck
		 	Title: Chairman of the Board &
Chairman of the Compensation Committee
	
	 /s/ Kamyar (Kam) Mofid

	Kamyar (Kam) Mofid

  
 7EX-10.4

 Exhibit 10.4 

On August 19, 2014, the Company issued two promissory notes to Riverside Fund III, L.P. in the attached Form of Third Amended and Restated Promissory
Note in the following principal amounts with the following maturity dates: 
  

			
	 Principal Amount:
	 	 Maturity Date:

	$3,000,000	 	March 31, 2015
	$150,000	 	March 31, 2015

 Additionally, the note in the principal amount of $150,000 contains the following additional clause inserted after the words
“Shareholders Agreement” in the third from last paragraph: 
 “and the Third and Amended Restated Promissory Note, dated August 19,
2014, between Maker and Payee” 

 This third amended and restated promissory note (this “Note”) has not been
registered under the Securities Act of 1933, as amended, or under the securities laws of any state. No transfer, sale or other disposition of this Note may be made unless a registration statement with respect to this Note has become effective under
said Act, and such registration or qualification as may be necessary under the securities laws of any state has become effective, or the Maker (as defined below) has been furnished with an opinion of counsel satisfactory to the Maker that such
registration is not required. 
 Payments of principal and interest in respect of this Note are subordinated to payments of certain other
indebtedness of the Maker, as set forth herein. 
 THIRD AMENDED AND RESTATED PROMISSORY NOTE 

Louisville, Colorado 
  

					
	$            	 		 	August 18, 2014 (the “Issue Date”)

 FOR VALUE RECEIVED, the undersigned, REAL GOODS SOLAR, INC., a Colorado corporation
(“Maker”), PROMISES TO PAY TO THE ORDER OF RIVERSIDE FUND III, L.P. or its registered assigns (the “Payee”), the sum of             
($             ), in lawful money of the United States of America, together with interest on the unpaid principal amount, all in accordance with the provisions stipulated herein. 

Interest shall accrue on the principal amount of this Note at the rate of ten percent (10.0%) per annum, compounded annually, calculated
based on a 360-day year, and accruing daily from the Original Issue Date until repaid. 
 All unpaid principal and all accrued but unpaid
interest shall mature and become due and payable in full on the earlier of March 31, 2015 and the occurrence of a Proceeding (the “Maturity Date”). For the purposes of this Note, a Proceeding shall mean either (a) an
involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking (i) liquidation, reorganization or other relief in respect of Maker or such person’s debts, or of a substantial part of such persons assets, under
any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect, or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for Maker or for a
substantial part of such person’s assets, and, in any such case, such proceeding or petition shall continue undismissed for a period of 60 or more days or an order or decree approving or ordering any of the foregoing shall be entered, or
(b) Maker shall (i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in
effect, (ii) consent to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in clause (a) above, (iii) apply for or consent to the appointment of a receiver, trustee,
custodian, sequestrator, conservator or similar official for Maker or for a substantial part of such person’s assets, (iv) file an answer admitting the material allegations of a petition filed against it in any such proceeding,
(v) make a general assignment for the benefit of creditors, or (vi) take any action for the purpose of effecting any of the foregoing. 

 This Note is one of the promissory notes referred to in that certain Shareholders Agreement,
dated as of December 19, 2011 (as the same may be amended, restated, supplemented or otherwise modified from time to time, the “Shareholders Agreement”), by and among Maker, Riverside Renewable Energy Investments, LLC and
Gaiam, Inc., and is subject to the provisions of the Shareholders Agreement. All rights and remedies available to Payee under this Note shall be cumulative of and in addition to all other rights and remedies granted to Payee at law or in equity.

 Maker agrees, and Payee by accepting this Note agrees, that this Note, and the indebtedness evidenced hereby, including all principal and
interest (the “Subordinated Obligations”), shall be subordinate and junior in right of payment to the prior payment in full in cash of all indebtedness for borrowed money (the “Senior Obligations”) owed by Maker to
any lenders unaffiliated with Maker (the “Senior Lenders”), and that such subordination of the payment of the Subordinated Obligations to the payment in full of the Senior Obligations shall be subject to customary subordination
terms reasonably acceptable to such Senior Lenders, including the following: 
 (a) the subordination provisions shall be
effective and apply to the Subordinated Obligations until such time as (i) the Senior Obligations shall be repaid in full in cash, and (ii) all commitments of the Senior Lenders to make loans or other credit extensions to or on behalf of
Maker shall expire or terminate (the “Senior Obligations Termination”); and 
 (b) notwithstanding any
provision in this Note to the contrary, prior to the earlier of the Maturity Date and the Senior Obligations Termination, Payee shall not ask, demand, sue for, take or receive from Maker or any other person or entity, directly or indirectly, in cash
or other property or by set-off or in any other manner, and Maker shall not repay, or cause to be repaid, any or all of the Subordinated Obligations, except under customary terms reasonably acceptable to the Senior Lenders. 

Subject to the foregoing provisions, Maker shall have the right to prepay this Note at any time without premium or penalty, provided that
payments will be applied first to accrued and unpaid interest on the principal amount and the balance, if any, to the reduction of principal. 

No modification, amendment, termination, or cancellation of any provision of this Note shall be valid and binding, unless it be in writing and
signed by Maker and Payee. No failure or delay on the part of Payee in exercising any right, power or privilege hereunder and no course of dealing between Maker and Payee shall operate as a waiver thereof; nor shall any single or partial exercise of
any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, remedy, power or privilege. 

This Note, together with the Shareholders Agreement, represents the final agreement between Maker and Payee and may not be contradicted by
evidence of prior, contemporaneous, or subsequent oral agreements between Maker and Payee. There are no unwritten oral agreements between Maker and Payee. 

 This Note is issued in replacement of and substitution for, but not in repayment or novation of,
the Second Amended and Restated Promissory Note, dated as of May 23, 2013, the Amended and Restated Promissory Note, dated as of March 27, 2013 and the original Promissory Note dated as of
            , 2012 (the “Original Issue Date”), each in the original principal amount of $            . 

This Note shall be governed by, and construed in accordance with the laws of the State of Colorado. 

[SIGNATURES ON THE FOLLOWING PAGE] 

 IN WITNESS WHEREOF, Maker has executed and delivered this Note as of the date first stated above.

  

			
	MAKER:
	
	REAL GOODS SOLAR, INC.
		
	By:	 	  

	Name:	 	Anthony M. Dipaolo
	Title:	 	Chief Financial Officer

 Acknowledged and Agreed: 

PAYEE: 
 RIVERSIDE FUND III, L.P. 

 

			
	By:	 	Riverside Partners III, LP, its general partner
		
	By:	 	Riverside Partners III, LLC, its general partner
		
	By:	 	  

	Name:	 	David Belluck
	Title:	 	Manager

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