Document:

EX-10.12

 Exhibit 10.12 
 SHARE LENDING AGREEMENT 
 Dated as of [·], 2013 

Between 
 SolarCity Corporation
(“Lender”) 
 and 
 Goldman Sachs Financial Markets, L.P. (“Borrower”) 
 and 

Goldman, Sachs & Co. (“Agent”) 
 This AGREEMENT sets forth the terms and conditions under which Borrower may, from time to time, borrow from Lender shares of Common Stock. Borrower is acting as principal and Agent, its Affiliate, is acting as
agent for Borrower under this Agreement. 
 The parties hereto agree as follows: 

Section 1. Certain Definitions. The following capitalized terms shall have the following meanings: 

“Affiliate” means, in relation to any person, any entity controlled, directly or indirectly, by the person, any entity that
controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a majority of the voting power of the entity or
person. 
 “Business Day” means a day on which (i) regular trading occurs in the principal trading market for the
Common Stock and (ii) the Clearing Organization is open. 
 “Cash” means any coin or currency of the United States
as at the time shall be legal tender for payment of public and private debts. 
 “Clearing Organization” means The
Depository Trust Company, or, if agreed to by Borrower and Lender, such other securities intermediary at which Borrower and Lender maintain accounts. 
 “Closing Sale Price” on any day means the closing per-share sale price (or if no closing per-share sale price is reported, the average of the last bid and ask prices or, if more than one in either
case, the average of the average last bid and the average last ask prices) on that day as reported on the NASDAQ Global Market or, if the Common Stock is not listed on the NASDAQ Global Market, then as reported by the New York Stock Exchange or the
principal other national or regional securities exchange on which the shares of Common Stock are then traded or, if the Common Stock is not listed or approved for trading on the New York Stock Exchange or another national or regional securities
exchange, on the principal market on which shares of Common Stock are then traded. If the Common Stock is not so traded, or if such price is, in Borrower’s good faith determination, clearly erroneous, such Closing Sale Price shall be as
reasonably determined in good faith by the Borrower. 
 “Common Stock” means the shares of common stock, par value
$0.0001 per share, of Lender; provided that, if the Common Stock shall be exchanged for or converted into any other security, assets and/or other consideration (including cash) as the result of any merger, consolidation, other business
combination, reorganization, reclassification, recapitalization or other corporate action (including, without limitation, a reorganization in bankruptcy), then, effective upon such exchange or conversion, the amount of such other security, assets
and/or other consideration received in exchange for one share of Common Stock shall be deemed to become one share of Common Stock. For purposes of the foregoing, where a share of Common Stock may be converted into or exchanged for more than a single
type of consideration based upon any form of stockholder election, such consideration will be deemed to be the weighted average of the types and amounts of consideration received by the holders of the Common Stock that affirmatively make such an
election. 

  
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 “Common Stock Underwriting Agreement” means the Underwriting Agreement, dated as of
[•], 2013, entered into between Lender and [•], as representatives for the several underwriters named therein, providing for the public offering of the Common Stock. 
 “Convertible Notes” means (i) up to $[•] aggregate principal amount of [•]% Convertible Senior Notes due 2018 issued by Lender and (ii) up to $[•] aggregate principal
amount of such securities to the extent the option to purchase such additional securities is exercised as set forth in the Underwriting Agreement dated as of [•], 2013, entered into between Lender and [•], as representatives for the
several underwriters named therein, providing for the public offering of the Convertible Notes (“Convertible Notes Underwriting Agreement”). 
 “Credit Support Document” means the Guarantee provided by the Parent Entity as soon as practicable following the issuance of the Convertible Notes. 

“Credit Support Provider” means the Parent Entity. 
 “Cutoff Time” means 10:00 a.m. in the jurisdiction of the Clearing Organization, or such other time on a Business Day by which a transfer of Loaned Shares must be made by Borrower or Lender to
the other, as shall be determined in accordance with market practice, in which case such other time will be the “Cutoff Time.” 
 “Exchange” means NASDAQ Global Market, any successor thereto, or the principal U.S. securities exchange on which the Common Stock is listed for trading. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 “Facility Termination Date” means the earliest to occur of (i) the 5th Trading Day (as such term is defined in the Indenture) immediately following the date on
which Lender (or the Trustee for the Indenture for the Convertible Notes at the request of Lender) provides notice to Borrower that all Convertible Notes have been redeemed, repurchased, converted or otherwise acquired for value, (ii) the date,
if any, on which the Loan hereunder is terminated, (iii) the date, if any, on which this Agreement is terminated and (iv) the date, if any, on which, as a result of any reclassification, conversion, exchange or cancellation of the Common
Stock pursuant to any consolidation, merger, combination or binding share exchange or any sale or conveyance to another person of all or substantially all of the property and assets of Lender or a similar event, the Convertible Notes become
convertible into all or substantially all cash, securities or other property that are not traded on a United States national securities exchange. 
 “Guarantee” has the meaning set forth in Section 2(e) hereof. 

“Indenture” means the indenture, to be dated as of [•], 2013, to be entered into by and between Lender and Wells Fargo Bank,
National Association, a national banking association, as trustee, to provide for the form, terms and other provisions of the Convertible Notes. 
 “Lender’s Designated Account” means the securities account of Lender maintained on the books of [•], as securities intermediary, and with such designation as notified by Lender to
Borrower promptly following the date hereof and in no event later than [•], 2013. 
 “Loaned Shares” means shares of
Common Stock transferred in the Loan hereunder until such Common Stock (or identical Common Stock) is transferred back to Lender hereunder; provided that, to the extent Borrower subsequently transfers to another transferee shares of Common
Stock initially transferred to Borrower hereunder, “Loaned Shares” means an equivalent number of identical shares of Common Stock. If, as the result of a stock dividend, stock split or reverse stock split, the number of outstanding
shares of Common Stock is increased or decreased, then the number of outstanding Loaned Shares shall, effective as of the payment or delivery date of any such event, be proportionately increased or decreased, as the case may be. If the outstanding
shares of Common Stock shall be exchanged for or converted into any new or different security or securities, assets and/or other consideration, as described in the definition of “Common Stock,” such new or different security or securities,
assets and/or other consideration shall, effective upon such exchange or conversion, as the case may be, be deemed to become a Loaned Share in substitution for the former Loaned Share for which such exchange is made and in the same proportions as
described in the definition of “Common Stock.” For purposes of return of Loaned Shares by Borrower or purchase or sale of securities pursuant to Section 4 or 10, Borrower may return securities of the same issuer, class and quantity as
the Loaned Shares as adjusted pursuant to the two preceding sentences. 

  
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 “Maximum Number of Shares” means [•] shares of Common Stock, subject to
adjustment as follows: 
 (a) If, as the result of a stock dividend, stock split or reverse stock split, the number of outstanding
shares of Common Stock is increased or decreased, the Maximum Number of Shares shall, effective as of the payment or delivery date of any such event, be proportionally increased or decreased, as the case may be. 

(b) If, at any time on or after the exercise or expiration of the overallotment option pursuant to the Convertible Notes Underwriting
Agreement, the Maximum Number of Shares exceeds the product of (A) the aggregate principal amount of Convertible Notes outstanding at such time (it being understood and agreed, notwithstanding anything to the contrary in the Indenture, that for
purposes of this clause (b), Convertible Notes surrendered for conversion by the holders thereof shall not cease to be outstanding until the day on which Lender delivers to the relevant converting holder the consideration due upon conversion),
divided by $1,000 and (B) the Conversion Rate (as defined in the Indenture), Lender may so notify Borrower in writing of such fact. Upon receipt of such notice by Borrower, effective five Business Days following such receipt, the
Maximum Number of Shares shall be reduced by such excess. 
 (c) Upon the termination of the Loan pursuant to Section 4(a), the
Maximum Number of Shares shall be reduced by the number of Loaned Shares surrendered by Borrower to Lender, in accordance with a direction of Borrower that Borrower will provide to Lender in connection with any such surrender of Loaned Shares;
provided that if Borrower does not provide any such direction in connection with any such surrender, the Maximum Number of Shares shall be reduced by the number of Loaned Shares so surrendered. 

“Merger Without Assumption” means, in the event that Borrower or any Credit Support Provider of Borrower consolidates or
amalgamates with, or merges with or into, or transfers all or substantially all its assets to, or reorganizes, reincorporates or reconstitutes into or as, another entity and, at the time of such consolidation, amalgamation, merger, transfer,
reorganization, reincorporation or reconstitution: 
  

	 	(1)	the resulting, surviving or transferee entity fails to assume all the obligations of Borrower or such Credit Support Provider of Borrower under this Agreement or any Credit
Support Document to which it or its predecessor was a party; or 

  

	 	(2)	the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the performance by such resulting, surviving or transferee entity of its
obligation under this Agreement. 

 “Parent Entity” means The Goldman Sachs Group, Inc. 

“Scheduled Trading Day” means any day on which (i) the Exchange, or any successor to such exchange or any substitute exchange
or quotation system to which trading in the Common Stock has temporarily or permanently relocated (provided that Borrower, in a commercially reasonable manner, has determined that there is comparable liquidity relative to such Common Stock on
such temporary or permanent substitute exchange or quotation system as on the Exchange), is scheduled to be open for trading for their respective regular trading sessions and (ii) each United States exchange or United States quotation system,
where trading has a material effect (as determined by Borrower in a commercially reasonable manner) on the overall market for futures or options contracts relating to Common Stock, is scheduled to be open for trading for their respective regular
trading sessions. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 
 “securities intermediary” means a “securities intermediary” as defined by
Section 8-102(a)(14) of the UCC. 
 “Specified Indebtedness” means any obligation (whether present or future,
contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Entity” means
any Affiliate of Borrower. 

  
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 “Threshold Amount” means, with respect to Borrower, an amount equal to 3% of the
Parent Entity’s stockholders’ equity, which shall be determined in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) by reference to the Parent Entity’s most recent consolidated quarterly
balance sheet prepared in accordance with U.S. GAAP. 
 “UCC” means the Uniform Commercial Code as in effect in the State
of New York on the date hereof and as it may be amended from time to time. Any reference to particular sections of the UCC shall be deemed to embrace successor renumbered provisions thereof. 

“VWAP Price” on any day means, with respect to the Common Stock, the volume-weighted average price per share for the regular
trading session (including any extensions thereof) on such market or service on such day (without regard to pre-open or after hours trading outside of such regular trading session for such day), as published by Bloomberg at 4:15 p.m. New York time
(or 15 minutes following the end of any extension of the regular trading session) on such day, on Bloomberg page “SCTY.Q <Equity> AQR” (or any successor thereto), or if such price is not so reported on such day for any reason or is,
in Borrower’s good faith determination, clearly erroneous, such VWAP Price shall be equal to the Closing Sale Price as of such day. 

Section 2. Loan Of Shares; Transfers of Loaned Shares 
 (a) Subject to the terms and conditions of this Agreement and subject to the closing of the issuance of the Convertible Notes, Lender hereby agrees promptly to make available for borrowing by Borrower a number
of shares of Common Stock equal to the Maximum Number of Shares. Any Loaned Shares for which the Loan has been terminated may not be reborrowed. 
 (b) Subject to the terms and conditions of this Agreement, Borrower may, by written notice to Lender (a “Borrowing Notice”) delivered at least one (1) Business Day prior to the closing of
the offering of the Convertible Notes, initiate one transaction in which Lender will lend all of the Loaned Shares to Borrower through the issuance by Lender of such Loaned Shares to Borrower contemporaneously with the issuance of the Convertible
Notes pursuant to the Convertible Notes Underwriting Agreement upon the terms, and subject to the conditions, set forth in this Agreement (such issuance and loan, a “Loan”); provided that no Loaned Shares shall be lent by
Lender to Borrower pursuant to this Agreement if the closing of the issuance of the Convertible Notes does not occur pursuant to the terms of the Convertible Notes Underwriting Agreement. Such Loan shall be confirmed through the book-entry
settlement system of the Clearing Organization. The records maintained by the Clearing Organization shall constitute conclusive evidence with respect to the Loan, including the number of shares of Common Stock that are the subject of such Loan to
which the applicable records relate. 
 (c) Notwithstanding anything to the contrary in this Agreement, Borrower shall not be
permitted to borrow, and may not initiate the Loan hereunder with respect to, any shares of Common Stock at any time to the extent (in the case of clause (i) below) or to the extent that Borrower determines in its sole discretion (in the case
of clause (ii) below) that after receipt of any shares of Common Stock in connection with such Loan, (i) the Section 16 Percentage would exceed 8.5% or (ii) the Share Amount would exceed the Applicable Share Limit. The
“Section 16 Percentage” as of any day is the fraction, expressed as a percentage, (A) the numerator of which is the number of shares of Common Stock that Borrower and each person subject to aggregation of shares of Common
Stock with Borrower under Section 13 or Section 16 of the Exchange Act and the rules and regulations promulgated thereunder directly or indirectly beneficially own (as defined under Section 13 or Section 16 of the Exchange
Act and the rules and regulations promulgated thereunder) as of such day and (B) the denominator of which is the number of shares of Common Stock outstanding as of such day. The “Share Amount” as of any day is the
number of shares of Common Stock that a Borrower Person under any law, rule, regulation, regulatory order or organizational documents or contracts of Lender that are, in each case, applicable to ownership of shares of Common Stock (the
“Applicable Restrictions”) owns, beneficially owns, constructively owns, controls, holds the power to vote or otherwise meets a relevant definition of ownership under any Applicable Restriction, as determined by Borrower in its
reasonable discretion. A “Borrower Person” is Borrower and any person whose ownership position would be aggregated with that of Borrower. The “Applicable Share Limit” is, as of any day, a number of shares
of Common Stock equal to (A) the minimum number of shares of Common Stock that could give rise to materially adverse reporting obligations, materially adverse registration obligations or other materially adverse requirements (including
obtaining prior approval from any person or entity) of a Borrower Person, or could result in an adverse effect on a Borrower Person, under any Applicable Restriction, as determined by Borrower in its reasonable discretion, minus (B) 1%
of the number of shares of Common Stock outstanding as of such day. If any delivery owed to Borrower hereunder is not made, in whole or in part, as a result of this provision, Lender’s obligation to make such delivery shall not be extinguished
and Lender shall make such delivery as promptly as practicable after, but in no event later than one Business Day after, Borrower gives notice to Lender that such delivery would not result in such Excess Ownership Position being exceeded. If,
notwithstanding the foregoing, any delivery of Common Stock is erroneously made to Borrower or Borrower otherwise receives or is deemed to have received Common Stock in excess of the foregoing limitation contrary to the first sentence of this clause
(c), such Common Stock shall remain the property of Lender and Borrower shall be deemed to hold the same as bailee of Lender and shall have no voting, dispositive control or pecuniary interest with respect thereto. 

  
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 (d) Lender shall transfer Loaned Shares to Borrower on or before the Cutoff Time on the date
specified in the Borrowing Notice for the commencement of the relevant Loan, which date shall not be earlier than the third Business Day following the receipt by Lender of the Borrowing Notice as specified in the Borrowing Notice. Delivery of the
Loaned Shares to Borrower shall be made in the manner set forth under Section 11 below. 
 (e) All obligations of Borrower required
to be performed by Borrower under this Agreement will be guaranteed by Parent Entity pursuant to the Guarantee set forth on Exhibit A hereto, which shall be provided to Lender as soon as practicable following the issuance of the Convertible
Notes but not later than 30 days thereafter (the “Guarantee”). 
 Section 3. Loan Fee. Borrower agrees to pay
Lender a single loan fee per Loan (a “Loan Fee”) equal to $0.0001 per Loaned Share included in such Loan. Such Loan Fee shall be paid by Borrower on a delivery-versus-payment basis through the facilities of the Clearing
Organization. For the avoidance of doubt, after payment of the Loan Fee by Borrower and transfer of the Loaned Shares to Borrower, Lender has no obligation to make any further payment or deliver any additional Shares of Common Stock to Borrower
except as set forth in Section 10(b) with respect to Legal Obstacle Legal Costs. 
 Section 4. Loan Terminations.

 (a) Borrower may terminate all or any portion of the Loan on any Business Day by transferring the corresponding number of Loaned
Shares to Lender, without any consideration being payable in respect thereof by Lender to Borrower; provided that such termination shall not relieve Borrower from the obligation to make such other payments and/or deliveries required to be
made by it to Lender hereunder, including any such payments and/or deliveries pursuant to Section 5 hereof. Any such loan termination shall be effective immediately upon delivery of the Loaned Shares in accordance with the terms hereof.

 (b) Subject to Section 10 below, the Loan shall terminate on the Facility Termination Date, and all Loaned Shares, if any,
then outstanding shall be delivered by Borrower to Lender, without any consideration being payable in respect thereof by Lender to Borrower, no later than the twenty fifth Business Day following the Facility Termination Date; provided that
such termination shall not relieve Borrower from the obligation to make such other payments and/or deliveries required to be made by it to Lender hereunder, including any such payments and/or deliveries pursuant to Section 5 hereof. 

(c) Subject to Section 10 below, if the Loan is terminated upon the occurrence of a Default as set forth in Section 9, the Loaned
Shares in respect of such Loan shall be delivered by Borrower to Lender, without any consideration being payable in respect thereof by Lender to Borrower, no later than the tenth Business Day following the termination date of such Loan as provided
in Section 9; provided that such termination shall not relieve Borrower from the obligation to make such other payments and/or deliveries required to be made by it to Lender hereunder, including any such payments and/or deliveries
pursuant to Section 5 hereof. 
 (d) Subject to Section 10 below, if at any time the aggregate number of Loaned Shares
outstanding under this Agreement exceeds the Maximum Number of Shares, then the Loan (or portions thereof) to the extent of such excess shall immediately terminate and, subject to Section 10 below, such excess number of Loaned Shares in respect
of such terminated Loan (or portions thereof) shall be delivered by Borrower to Lender, without any consideration being payable in respect thereof by Lender to Borrower, no later than the twenty fifth Business Day (or such earlier date, to the
extent commercially practicable, as determined by Borrower acting in good faith) following the first date as of which such excess exists; provided that such termination shall not relieve Borrower from the obligation to make such other
payments and/or deliveries required to be made by it to Lender hereunder, including any such payments and/or deliveries pursuant to Section 5 hereof. 
 Section 5. Distributions. 
 (a) If, at any time when there are Loaned Shares
outstanding under this Agreement, Lender pays a cash dividend or makes a cash distribution in respect of all its outstanding shares of Common Stock, Borrower shall pay to Lender (whether or not Borrower is a holder of any or all of the outstanding
Loaned Shares), within three Business Days after the payment of such dividend or distribution, an amount in cash equal to the product of (i) the amount per share of Common Stock of such dividend or distribution, as the case may be, and
(ii) the number of Loaned Shares outstanding at such time; provided that if Borrower returns any Loaned Shares to Lender following a record date for such a dividend or distribution on such Loaned Shares but prior to the payment of such
dividend or distribution on such Loaned Shares, Borrower shall nonetheless pay to Lender the amount of such dividend or distribution, as the case may be, within three Business Days after the payment of such dividend or distribution. 

  
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 (b) If, at any time when there are Loaned Shares outstanding under this Agreement, Lender makes
a distribution in respect of all its outstanding shares of Common Stock (other than a distribution upon liquidation or a reorganization in bankruptcy) in property or securities, including any spin-off securities or assets, options, warrants, rights
or privileges in respect of securities (other than a distribution of Common Stock, but including any spin-off securities or assets, options, warrants, rights or privileges exercisable for, convertible into or exchangeable for Common Stock) (a
“Non-Cash Distribution”), Borrower shall deliver to Lender in kind (whether or not Borrower is a holder of any or all of the outstanding Loaned Shares) the property or securities so distributed in an amount (the “Delivery
Amount”) equal to the product of (i) the amount per share of Common Stock of such Non-Cash Distribution, and (ii) the number of Loaned Shares outstanding at such time; provided that if Borrower returns any Loaned
Shares to Lender following a record date for such a Non-Cash Distribution on such Loaned Shares but prior to the settlement of such Non-Cash Distribution on such Loaned Shares, Borrower shall nonetheless deliver to Lender the Delivery Amount in
respect of such Non-Cash Distribution. Such deliveries shall be made not later than the twenty fifth Business Day (or such earlier date, to the extent commercially practicable, as determined by Borrower acting in good faith) after the settlement
date of such distribution. If following the twenty fifth Business Day Borrower is unable, after using commercially reasonable efforts, to acquire such property or securities, Lender shall have the right at any time thereafter to notify Borrower of
its election that Borrower pay to Lender, in lieu of the Delivery Amount, an amount in immediately available funds equal to the value of such Delivery Amount, as reasonably determined in good faith by Borrower; and Borrower’s obligation to
return the Delivery Amount shall be suspended until the time Lender exercises such right. 
 Section 6. Rights in Respect of
Loaned Shares. 
 Subject to the terms of this Agreement, including Borrower’s obligation to return the Loaned Shares in
accordance with the terms of this Agreement, and except as otherwise agreed by Borrower and Lender or Borrower and any subsequent transferee of Loaned Shares, insofar as such person is the record owner of any such Loaned Shares, such person shall
have all of the incidents of ownership in respect of any such Loaned Shares, including the right to transfer the Loaned Shares to others. 

Section 7. Representations and Warranties. 
 (a) Each of Borrower and Lender represent and warrant to the other that: 

(i) it has full power to execute and deliver this Agreement, to enter into the Loan contemplated hereby and to perform its
obligations hereunder; 
 (ii) it has taken all necessary action to authorize such execution, delivery, entry and
performance; 
 (iii) this Agreement constitutes its legal, valid and binding obligation, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general
principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity) and except that rights to indemnification and contribution
hereunder may be limited by federal or state securities laws or public policy relating thereto; and 
 (iv) the
execution, delivery and performance of this Agreement does not and will not violate, contravene, or constitute a default under, (A) its certificate of incorporation, bylaws or other governing documents, (B) any laws, rules or
regulations of any governmental authority to which it is subject, (C) any contracts, agreements or instrument to which it is a party or (D) any judgment, injunction, order or decree by which it is bound, except in the case of clause
(C) or (D) that would not have a material adverse effect on the ability of such party to perform its obligations under this Agreement. 
 (b) Lender represents and warrants to Borrower, as of the date hereof, and as of the date any Loaned Shares are transferred to Borrower in respect of the Loan hereunder, that the Loaned Shares in respect of
such Loan and all other outstanding shares of Common Stock of Lender have been duly authorized and, upon the issuance (if necessary) and delivery of such Loaned Shares to Borrower in accordance with the terms and conditions hereof, and subject to
the contemporaneous or prior receipt of the applicable Loan Fee by Lender, will be duly authorized, validly issued, fully paid nonassessable shares of Common Stock, and the stockholders of Lender have no preemptive rights with respect to such Loaned
Shares. 

  
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 (c) Lender represents and warrants to Borrower, as of the date hereof, and as of the date any
Loaned Shares are transferred to Borrower in respect of the Loan hereunder, that all of the outstanding shares of Common Stock are listed on the Exchange, and the Loaned Shares in respect of such Loan have been approved for listing on the Exchange.

 (d) Lender represents and warrants to Borrower, as of the date any Loaned Shares are transferred to Borrower in respect of the
Loan hereunder, that Lender is not “insolvent” (as such term is defined under Section 101(32) of Title 11 of the United States Code (the “Bankruptcy Code”)) and Lender would be able to purchase a number of shares of
Common Stock equal to the Maximum Number of Shares in compliance with the corporate law of Lender’s jurisdiction of incorporation. 

(e) Lender represents and warrants to Borrower that, as of the date hereof, and as of the date any Loaned Shares are transferred to Borrower
in respect of the Loan hereunder, Lender is not, and will not be required to register as, an “investment company” as such term is defined in the Investment Company Act of 1940, as amended. 

(f) Lender represents and warrants to Borrower that Lender (A) is capable of evaluating investment risks independently, both in general
and with regard to all transactions and investment strategies involving a security or securities; (B) will exercise independent judgment in evaluating the recommendations of any broker-dealer or its associated persons, unless it has otherwise
notified the broker-dealer in writing; and (C) has total assets of at least $50 million as of the date hereof. Lender will notify Borrower if any of the statements contained in this clause (f) ceases to be true. 

(g) Borrower represents and warrants to Lender that (i) it (and any successor, transferee or assignee) is on the date hereof a United States
person within the meaning of Section 7701(a)(30) of the U.S. Internal Revenue Code of 1986, as amended (a “U.S. Person”), and (ii) Borrower shall not cease to be a U.S. Person if as a result thereof Lender will receive a payment
from which an amount has been deducted or withheld for, or on account of, any tax in excess of that which would have been deducted and withheld if Borrower did not cease to be a U.S. Person, unless Borrower agrees to gross up such payment so that
after giving effect to such deduction or withholding, the amount received by Lender would not be less than the amount that Lender would have received if Borrower continued to be a U.S. Person. 

(h) Borrower represents and warrants to Lender that any shares of Common Stock that Borrower transfers to Lender in respect of any Loan
Termination, and any property or securities comprising any Non-Cash Distribution that Borrower transfers to Lender, in each case, shall be made free from any lien, charge, claim or other encumbrance or restrictions (other than (x) a lien,
charge, claim or other encumbrance or restriction routinely imposed on all securities by the relevant Clearance System and (y) any lien, charge, claim or other encumbrance or restriction (i) in the case of any shares of Common Stock, that
exists in respect to all outstanding shares of Common Stock and (ii) in the case of any property or securities comprising any Non-Cash Distribution, that exists in respect of all such property or securities so distributed, and other than as may
result from the Lender being the issuer of the shares of Common Stock). 
 (i) Lender represents and warrants to Borrower, as of the date
hereof and as of the date any Loaned Shares are transferred to Borrower in respect of the Loan hereunder, that (A) this Agreement is not unsuitable for it in the light of its financial situation, investment objectives and needs and (B) it
is entering into this Agreement in reliance upon such tax, accounting, regulatory, legal and financial advice as it deems necessary and not upon any view expressed by the other.

(j) The representations and warranties of Borrower and Lender under this Section 7 shall remain in full force and effect at all times during
the term of this Agreement and shall survive the termination for any reason of this Agreement. 
 Section 8. Covenants.

 (a) Borrower covenants and agrees with Lender that it will not transfer or dispose of any Loaned Shares initially transferred to
Borrower by Lender as a Loan hereunder of which it remains the record owner, if any, except pursuant to a registration statement that is effective under the Securities Act; provided that, subject to Section 16, Borrower may transfer any
such Loaned Shares to any of its Affiliates without registration so long as such transfer is exempt from registration requirements under the Securities Act and such affiliate transferee agrees in connection with such transfer not to sell, transfer
or dispose of such Loaned Shares to any non-affiliated transferee except pursuant to a registration statement that is effective under the Securities Act at the time of such transfer. 

  
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 (b) The parties hereto acknowledge that Borrower has informed Lender that Borrower is a
“financial participant” within the meaning of Section 101(22A) of the Bankruptcy Code. The parties hereto further acknowledge and agree that (i) each Loan hereunder is intended to be a “securities contract,” as such
term is defined in Section 741(7) of the Bankruptcy Code; (ii) each and every transfer of funds, securities and other property under this Agreement is intended to be a “transfer” and a “settlement payment” or a
“margin payment,” as such terms are used in Section 546(e) of the Bankruptcy Code; and (iii) Borrower is intended to be entitled to the protections afforded by, among other sections, Sections 362(b)(6), 546(e), 555 and 561
of the Bankruptcy Code. 
 (c) Lender covenants and agrees that, on any day on which Lender effects any repurchase of Common Stock,
Lender shall give Borrower a written notice of the number of its outstanding Common Stock (a “Repurchase Notice”) if, following such repurchase, the number of outstanding Common Stock (which shall include on any determination date
the Loaned Shares then outstanding) shall have decreased by more than 0.5% since the immediately preceding Repurchase Notice (or, in the case of the first such Repurchase Notice, the number of outstanding Common Stock as of the date hereof). Lender
covenants and agrees that neither it, nor any other person, will purchase Common Stock, directly or indirectly, such that, after giving effect to such purchase, the Maximum Number of Shares will be in excess of 8.50% of the number of outstanding
Common Stock at such time. 
 (d) Borrower covenants and agrees that (i) it will sell the Loaned Shares in accordance with the terms
and conditions of the Common Stock Underwriting Agreement and (ii) it intends to sell the Loaned Shares pursuant to the Common Stock Underwriting Agreement and create a short position thereunder only to the extent necessary to facilitate
hedging transactions by investors in the Convertible Notes through privately negotiated derivatives transactions. 
 (e) Lender covenants
and agrees that, on the date hereof, Lender will provide to Borrower a properly executed Internal Revenue Service Form W-9. 

Section 9. Events of Default. 
 (a) The Loan, and any further obligation to make Loans under this Agreement, may, at the option of the non-defaulting party by a written notice to the defaulting party (which option shall be deemed exercised,
even if no notice is given, immediately on the occurrence of an event specified in Section 9(a)(v) or 9(a)(vi) below), be terminated (1) immediately on the occurrence of any of the events set forth in Section 9(a)(v) or
9(a)(vi) below or (2) two Business Days following such notice on the occurrence of any of the other events set forth below (each, a “Default”): 

(i) Borrower fails to deliver Loaned Shares to Lender as required by Section 4; 

(ii) Borrower fails to deliver or pay to Lender when due any cash, securities or other property as required by Section 5;

 (iii) Borrower fails to pay Lender a Loan Fee when due as required by Section 3; 

(iv) Borrower fails to pay Lender any amount when due as required by Section 10; 

(v) the filing by or on behalf of Lender or Borrower or any Credit Support Provider of a voluntary petition or an answer
seeking reorganization, arrangement, readjustment of its debts or for any other relief under any bankruptcy, reorganization, compromise, arrangement, insolvency, readjustment of debt, dissolution, moratorium, delinquency, winding-up or liquidation
or similar act or law, of any state, federal or other applicable foreign jurisdictions, now or hereafter existing (“Bankruptcy Law”), or any action by such party for, or consent or acquiescence to, the appointment of a receiver,
trustee, conservatory, custodian or similar official of such party, or of all or a substantial part of its property; or the making by such party of a general assignment for the benefit of creditors; or the admission by such party in writing of its
inability to pay its debts as they become due; 
 (vi) the filing of any involuntary petition against Lender or
Borrower or any Credit Support Provider in bankruptcy or seeking reorganization, arrangement, readjustment of its debts or for any other relief under any Bankruptcy Law and an order for relief by a court having jurisdiction in the premises shall
have been issued or entered therein; or any other similar relief shall be granted under any applicable federal or state law or law of any other applicable foreign jurisdictions; or a decree or order of a court having jurisdiction in the premises for
the appointment of a receiver, liquidator, sequestrator, trustee or other officer having similar powers over such party or over all or a part of its property shall have been entered; or the involuntary appointment of an interim receiver, trustee or
other custodian of such party or of all or a substantial part of its property or the issuance of a warrant of attachment, execution or similar process against any substantial part of the property of such party; and continuance of any such event for
15 consecutive calendar days unless dismissed, bonded to the satisfaction of the court having jurisdiction in the premises or discharged; 

  
 8 

 (vii) Borrower fails to deliver to Lender the Guarantee as required by
Section 3(e) within the time period required therefor; or 
 (viii) (A) there occurs a default, event of default
or other similar condition or event (however described) in respect of Lender, Borrower or any Credit Support Provider of Borrower under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or
collectively) where the aggregate principal amount of such agreements or instruments, either alone or together with the amount, if any, referred to in clause (B) below, is not less than the applicable Threshold Amount which has resulted in such
Specified Indebtedness becoming due and payable under such agreements or instruments before it would otherwise have been due and payable; 
 (B) there occurs a default by Lender, Borrower or any Credit Support Provider of Borrower in making one or more payments under such agreements or instruments on the due date for payment (after giving effect to any
applicable notice requirement or grace period) in an aggregate amount, either alone or together with the amount, if any, referred to in clause (A) above, of not less than the applicable Threshold Amount; 

provided that a default under subsection (viii) shall not constitute an Event of Default if (x) the default was caused solely by error or
omission of an administrative or operational nature; (y) funds were available to enable the party to make the payment when due and (z) the payment is made within two local Business Days of such party’s receipt of written notice of its
failure to pay; 
 (viii) there occurs a Merger without Assumption with respect to Borrower or any Credit Support
Provider; 
 (ix) Lender fails to provide any indemnity as required by Section 12; provided that Borrower may
waive such Default by Lender in its sole discretion; 
 (x) Borrower notifies Lender of its inability to or intention not
to perform Borrower’s obligations hereunder or otherwise disaffirms, fails to perform, rejects or repudiates any of its obligations hereunder; or 
 (xi) any representation made by Borrower under this Agreement in connection with the Loan hereunder shall be incorrect or untrue in any material respect during the term of the Loan hereunder, or Borrower fails to
comply in any material respect with any of its covenants under this Agreement. 
 Section 10. Right to Extend; Lender’s
Remedies. 
 (a) Except to the extent the Loan is terminated pursuant to Section 4(c) as a result of a Default by
Borrower, Borrower may, following the termination of the Loan pursuant to Section 4, delay the date on which the related Loan Shares are due to Lender (the “Settlement Due Date”, as so delayed to the extent applicable), with
respect to some or all (as the case may be) of such Loaned Shares, if Borrower reasonably determines in good faith (i) such date is commercially impracticable due to market illiquidity, or as a result of market closure, trading suspension or
deregistration of the Common Stock or (ii) based on the advice of counsel that such extension with respect to some or all (as the case may be) of such Loan Shares is reasonably necessary to enable Borrower (or any of its Affiliates) to effect
purchases of Common Stock related to the delivery of Loan Shares due to Lender in connection with this Agreement in a manner that would be in compliance with legal and regulatory requirements (A) applicable to Borrower or such Affiliates in
purchasing such shares of Common Stock or (B) if Borrower were deemed to be Lender or an Affiliate of Lender, that would be applicable to Lender in purchasing such shares of Common Stock; provided that in no event shall the Settlement
Due Date be extended pursuant to this provision in an amount greater than sixty Business Days. 
 (b) If, upon the termination of the
Loan as a result of a Default by Borrower under Section 9 or pursuant to Section 4(c) on any Settlement Due Date, the purchase of Common Stock in an amount equal to all or any portion of the Loaned Shares to be delivered to Lender by
Borrower in accordance with Section 4(c) of this Agreement (i) shall be prohibited by any law, rules or regulation of any governmental authority to which it is or would be subject, (ii) shall violate, or would upon such
purchase reasonably likely violate, any order or prohibition of any court, tribunal or other governmental authority, (iii) shall require the prior consent of any court, tribunal or governmental authority prior to any such repurchase,
(iv) would subject Borrower, based on the advice of counsel to Borrower, to any liability or potential liability under any applicable federal securities laws (including, without limitation, Section 16 of the Exchange Act), or
(v) shall be commercially impracticable in the time period required by Section 4(c), in the commercially reasonable judgment of Borrower as a 

  
 9 

 
result of a demonstrable legal or regulatory impediment (including regulations of self-regulatory organizations) to such purchases (each of (i), (ii), (iii), (iv) and (v), a “Legal
Obstacle”), then, in each case, Borrower shall notify Lender of the Legal Obstacle and the basis therefor as soon as reasonably practicable, whereupon Borrower’s obligations under Section 4(c) shall be suspended until such
time as no Legal Obstacle with respect to such obligations shall exist (a “Repayment Suspension”). Following the occurrence of and during the continuation of any Repayment Suspension, Borrower may use its commercially reasonable
efforts to remove or cure the Legal Obstacle as promptly as reasonably practicable, including, in the case of clause (iii), Borrower using its commercially reasonable efforts to obtain the prior consent of the relevant court, tribunal or
governmental authority in order to make any such repurchase; provided that (except in circumstances where the Legal Obstacle resulted from the failure by Borrower to comply with applicable securities laws or regulations) Lender shall promptly
reimburse all commercially reasonable and documented costs and expenses (including of legal counsel to Borrower) incurred in removing or curing such Legal Obstacle (“Legal Obstacle Legal Costs”). 

(c) If (i) the Settlement Due Date has been extended sixty Business Days pursuant to Section 10(a) and the related Loan Shares have not
been delivered to Lender by the Settlement Due Date (as extended) or (ii) the Borrower does not remove or cure the Legal Obstacle within ten Business Days, then Lender shall have the right at any time thereafter to notify Borrower of its
election that Borrower pay to Lender, in lieu of the delivery of Loaned Shares in accordance with Section 4(c), an amount in immediately available funds (the “Replacement Cash”) equal to the product of (A) the average of
the VWAP Prices for the twenty five consecutive Business Day period commencing on the second Business Day immediately following the date Borrower provides notice of such election, multiplied by (B) the number of Loaned Shares then
outstanding; and Borrower’s obligation to return the Loaned Shares shall be suspended until the time Lender exercises such right. 

(d) If Borrower shall fail to pay the Replacement Cash to Lender in accordance with Section 10(c) above, then, in addition to any
other remedies available to Lender under this Agreement or under applicable law, Lender shall have the right (upon prior written notice to Borrower) to purchase a like number of Loaned Shares (“Replacement Shares”) in the principal
market for such securities in a commercially reasonable manner. To the extent Lender shall exercise such right, Borrower’s obligation to return a like number of Loaned Shares or to pay the Replacement Cash, as applicable, shall terminate, and
Borrower shall be liable to Lender for the purchase price of Replacement Shares (plus all other amounts, if any, due to Lender hereunder), all of which shall be due and payable within three Business Days of notice to Borrower by Lender of the
aggregate purchase price of the Replacement Shares. The purchase price of Replacement Shares purchased under this Section 10(d) shall include broker’s fees and commissions and all other reasonable costs, fees and expenses related to
such purchase. 
 Section 11. Transfers. 
 (a) All transfers of Loaned Shares to Borrower hereunder shall be made by the crediting by a Clearing Organization of such Loaned Shares to Borrower’s “securities account” (within the meaning of
Section 8-501 of the UCC) designated in the relevant Borrowing Notice maintained with such Clearing Organization. All transfers of Loaned Shares to Lender hereunder shall be made by the crediting of such Loaned Shares to Lender’s
Designated Account, whereupon, for the avoidance of doubt, such Loaned Shares credited to Lender’s Designated Account shall become the property of Lender and Borrower shall have no voting, dispositive control or pecuniary interest with respect
thereto. In every transfer of “financial assets” (within the meaning of Section 8-102 of the UCC) hereunder, the transferor shall take all steps necessary (a) to effect a delivery to the transferee under Section 8-301 of the
UCC, or to cause the creation of a security entitlement in favor of the transferee under Section 8-501 of the UCC, (b) to enable the transferee to obtain “control” (within the meaning of Section 8-106 of the UCC), and
(c) to provide the transferee with comparable rights under any applicable foreign law or regulation that is applicable to such transfer. 
 (b) All transfers of cash hereunder to Borrower or Lender shall be by wire transfer in immediately available, freely transferable funds. 

(c) A transfer of securities or cash may be effected under this Section 11 on any day except (i) a day on which the transferee is
closed for business at its address set forth in Section 17 or (ii) a day on which a Clearing Organization or wire transfer system is closed, if the facilities of such Clearing Organization or wire transfer system are required to effect
such transfer, in which case under clause (i) or (ii), such transfer shall be made on the immediately following day on which such exceptions are not in effect. 
 Section 12. Indemnities. 
 (a) Lender hereby agrees to indemnify and hold harmless
Borrower and its Affiliates and its former, present and future directors, officers and employees from and against any and all liabilities, judgments, claims, settlements, losses, 

  
 10 

 
damages and other expenses (including, without limitation, direct losses relating to Borrower’s market activities as a consequence of becoming subject to Section 16(b) under the
Exchange Act, and including, without limitation, any forbearance from market activities or cessation of market activities and any losses in connection therewith or with respect to this Agreement) (collectively, “Losses”) incurred or
suffered by any such person or entity directly arising from (i) any breach by Lender of any of its representations or warranties contained in Section 7 or (ii) any breach by Lender of any of its covenants or agreements in this
Agreement; provided, however, that Lender shall not be liable for any Losses arising from (i) any breach by Borrower of any of its representations or warranties contained in Section 7 or (ii) any breach by Borrower of
any of its covenants or agreements in this Agreement. 
 (b) In case any claim or litigation which might give rise to any obligation of
Lender under this Section 12 (“Indemnifying Party”) shall come to the attention of the party seeking indemnification hereunder (the “Indemnified Party”), the Indemnified Party shall, as soon as reasonably
practicable, notify the Indemnifying Party in writing of the existence and amount thereof; provided that the failure of the Indemnified Party to give such notice shall not adversely affect the right of the Indemnified Party to indemnification
under this Agreement, except to the extent the Indemnifying Party is materially prejudiced thereby. The Indemnifying Party shall promptly notify the Indemnified Party in writing if it accepts such claim or litigation as being within its
indemnification obligations under this Section 12. Such response shall be delivered no later than 45 days after the initial notification from the Indemnified Party; provided that, if the Indemnifying Party reasonably cannot respond to
such notice within 45 days, the Indemnifying Party shall respond to the Indemnified Party as soon thereafter as reasonably possible. 

(c) An Indemnifying Party shall be entitled to participate in and, if (i) in the good faith judgment of the Indemnified Party such claim
can properly be resolved by money damages alone and the Indemnifying Party has the financial resources to pay such damages and (ii) the Indemnifying Party admits that this indemnity fully covers the claim or litigation, the Indemnifying Party
shall be entitled to direct the defense of any claim at its expense, but such defense shall be conducted by legal counsel reasonably satisfactory to the Indemnified Party. An Indemnified Party shall not make any settlement of any claim or litigation
under this Section 12 without the written consent of the Indemnifying Party. Nothing in this clause (c) shall be deemed to limit, or be a waiver of either party in respect of, this Section 12. 

Section 13. Termination Of Agreement. 
 (a) This Agreement may be terminated (i) at any time by the written agreement of Lender and Borrower or (ii) by Lender or Borrower upon the occurrence of a Default by the other party. 

(b) Unless otherwise agreed by Borrower and Lender, the provisions of Section 12 shall survive the termination of this Agreement.

 Section 14. [reserved] 
 Section 15. Amendments. No amendment or modification in respect of this Agreement shall be effective unless it shall be in writing and signed by the parties hereto. 

Section 16. Transfer and Assignment. To the extent permitted by law, neither this Agreement nor any interest or obligation in or under
this Agreement may be transferred (whether by way of security or otherwise) by either party without the prior written consent of the other party; provided that Borrower may, without the consent of Lender, transfer or assign all or any part of
its rights or obligations under this Agreement to any of Borrower’s Affiliates whose obligations are guaranteed by the Parent Entity or that have credit quality equivalent or better than Borrower or Parent Entity and who agrees to assume all of
the obligations of Borrower under this Agreement. 
 Section 17. Notices. 

(a) All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when received. 

(b) All such notices and other communications shall be directed to the following address: 

(i) If to Borrower to: 
 Attention: 
 with a copy to: 

Attention: 
 Facsimile number: 

  
 11 

 (ii) If to Lender to: 

SolarCity Corporation 
 3055 Clearview Way 
 San Mateo, California, CO 94402 

Attention: 
 Facsimile number: 
 with a copy to (which shall not constitute notice): 

Attention: 
 Facsimile number: 
 (c) In the case of any party, at such other address as may be designated by
written notice to the other parties. 
 Section 18. Governing Law; Submission To Jurisdiction; Severability. 

(a) This Agreement shall be governed by and construed in accordance with the laws of the State of New York, but excluding any choice of law
provisions that would require the application of the laws of a jurisdiction other than New York. 
 (b) EACH PARTY HERETO IRREVOCABLY
AND UNCONDITIONALLY (A) SUBMITS TO THE EXCLUSIVE JURISDICTION OF ANY UNITED STATES FEDERAL OR NEW YORK STATE COURT SITTING IN NEW YORK CITY, AND ANY APPELLATE COURT FROM ANY SUCH COURT, SOLELY FOR THE PURPOSE OF ANY SUIT, ACTION OR PROCEEDING
BROUGHT TO ENFORCE ITS OBLIGATIONS HEREUNDER OR RELATING IN ANY WAY TO THIS AGREEMENT OR THE LOAN HEREUNDER AND (B) WAIVES, TO THE FULLEST EXTENT IT MAY EFFECTIVELY DO SO, ANY DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH
ACTION OR PROCEEDING IN ANY SUCH COURT AND ANY RIGHT OF JURISDICTION ON ACCOUNT OF ITS PLACE OF RESIDENCE OR DOMICILE. 
 (c) EACH
PARTY HERETO HEREBY IRREVOCABLY WAIVES ANY RIGHT THAT IT MAY HAVE TO TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

(d) To the extent permitted by law, the unenforceability or invalidity of any provision or provisions of this Agreement shall not render any
other provision or provisions herein contained unenforceable or invalid. 
 Section 19. Counterparts. This Agreement may be
executed in any number of counterparts, and all such counterparts taken together shall be deemed to constitute one and the same agreement. 
 Section 20. Amendments. No amendment or modification in respect of this Agreement shall be effective unless it shall be in writing and signed by the parties hereto. 

Section 21. Additional Provisions. 
 (a) Lender understands and agrees that Agent will act as agent for both parties with respect to this Agreement and each Loan hereunder. Agent is so acting solely in its capacity as agent for Lender and Borrower
pursuant to instructions from Lender and Borrower. Agent shall have no responsibility or personal liability to either party arising from any failure by either party to pay or perform any obligation under this Agreement. Each party agrees to proceed
solely against the other to collect or recover any amount owing to it or enforce any of its rights in connection with or as a result of this Agreement or the Loan hereunder. 

  
 12 

 (b) Notwithstanding any provisions of the Agreement, all communications relating to this Agreement
shall be transmitted exclusively through Agent at [•]. 
 (c) Agent received other remuneration from Borrower in relation to this
Agreement. The amount and source of such other remuneration will be furnished upon written request. The time of each Loan is available upon request. 
 (d) Borrower hereby notifies Lender that (i) in the event of Borrower’s failure, Lender will likely be considered an unsecured creditor of Borrower, and (ii) the Securities Investor Protection Act of
1970 (15 U.S.C. 78aaa through 78lll) does not protect Counterparty with respect to this Agreement or the Loan hereunder. 
 [Signature page
follows] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto to have executed this Share Lending Agreement as of the date
and year first above written. 
  

											
	 SolarCity Corporation

as Lender
	  		  	Goldman Sachs Financial Markets, L.P.
 as Borrower
	  	
						
	 By:
	  	 	  		  	By:	  	 	  	
	 Name:
	  		  		  	Name:	  		  	
	 Title:
	  		  		  	Title:	  		  	
					
		  		  		  	Goldman, Sachs & Co.
 as Agent
	  	
						
		  		  		  	By:	  	 	  	
		  		  		  	Name:	  		  	
		  		  		  	Title:	  		  	

  
 14EX-10.26

 Exhibit 10.26 
 THE J. M. SMUCKER COMPANY 
 RESTRICTED STOCK AGREEMENT 

WHEREAS,                     
(the “Grantee”) is an employee of The J. M. Smucker Company, an Ohio corporation (the “Company”), or one of its Subsidiaries; and 
 WHEREAS, the execution of an agreement in the form hereof (this “Agreement”) has been authorized by a resolution of the Executive Compensation Committee (the “Committee”) of the Board,
pursuant to The J. M. Smucker Company 2010 Equity and Incentive Compensation Plan (the “Plan”), as of                      (the
“Date of Grant”); 
 NOW, THEREFORE, the Company hereby grants to the Grantee
                     shares of Restricted Stock (the “Restricted Stock”), effective as of the Date of Grant, subject to the terms
and conditions of the Plan and the following additional terms, conditions, limitations and restrictions. 
 ARTICLE I

 DEFINITIONS 
 All terms used herein with initial capital letters and not otherwise defined herein that are defined in the Plan shall have the meanings assigned to them in the Plan. 

ARTICLE II 

CERTAIN TERMS OF THE RESTRICTED STOCK 
 1.     Issuance of Restricted Stock. The Restricted Stock covered by this Agreement shall be issued to the Grantee effective upon the Date of Grant. The Restricted Stock shall
be registered in the Grantee’s name and shall be fully paid and nonassessable. Any certificates or evidence of award shall bear an appropriate legend referring to the restrictions hereinafter set forth. 

2.     Restrictions on Transfer of Shares. The Restricted Stock may not be sold, exchanged, assigned,
transferred, pledged, encumbered or otherwise disposed of by the Grantee, except to the Company, unless the Restricted Stock has become nonforfeitable as provided in Article II, Section 3 hereof; provided, however, that the
Grantee’s rights with respect to such Restricted Stock may be transferred by will or pursuant to the laws of descent and distribution. Any purported transfer or encumbrance in violation of the provisions of this Article II, Section 2 shall
be void, and the other party to any such purported transaction shall not obtain any rights to or interest in such Restricted Stock. The Committee in its sole discretion, when and as permitted by the Plan, may waive the restrictions on
transferability with respect to all or a portion of the Restricted Stock. 

 3.     Vesting of Restricted Stock. 

(a)     All of the Restricted Stock covered by this Agreement shall become nonforfeitable on the fourth anniversary
of the Date of Grant, which such date will be                     , if the Grantee shall have remained in the continuous employ of the Company
or a Subsidiary during that four-year period. 
 (b)     [Notwithstanding the provisions of Article II,
Section 3(a), (i) all of the Restricted Stock covered by this Agreement shall immediately become nonforfeitable if (A) the Grantee is age 60 or greater with at least ten years of service with the Company on the Date of Grant or
(B) while the Grantee is employed by the Company or a Subsidiary, the Grantee turns age 60 with at least ten years of service with the Company at any time during the four-year period from the Date of Grant (the applicable date in (A) or
(B), the “Age 60 Vesting Date”) and (ii) as of the Age 60 Vesting Date, the restrictions set forth in Article II, Section 2 shall lapse with respect to 50% of such Restricted Stock and the restrictions set forth in Article II,
Section 2 shall lapse with respect to the remaining 50% of such Restricted Stock as of the earlier of the date set forth in Article II, Section 3(a) or the occurrence of the applicable vesting event set forth in Article II,
Section 3(c) or (d).] 1 

(c)     Notwithstanding the provisions of Article II, Section 3(a) or (b), all of the Restricted Stock covered
by this Agreement shall immediately become nonforfeitable or transferable, as applicable, if (i) the Grantee dies or becomes permanently disabled during the four-year period from the Date of Grant or (ii) a Change in Control occurs during
the four-year period from the Date of Grant while the Grantee is employed by the Company or a Subsidiary. 

(d)     Notwithstanding the provisions of Article II, Section 3(a) or (b), if the Grantee leaves the employ of
the Company or a Subsidiary within four years from the Date of Grant under circumstances determined by the Committee to be for the convenience of the Company, the Committee may, when and as permitted by the Plan, determine that all of the Restricted
Stock covered by this Agreement shall become nonforfeitable or transferable, as applicable. 
 4.    
Forfeiture of Shares. The Restricted Stock shall be forfeited, except as otherwise provided in Article II, Section 3 above, if the Grantee ceases to be employed by the Company or a Subsidiary prior to the fourth anniversary of the Date
of Grant or in the event the Committee determines the Grantee has engaged in Detrimental Activity as such term is defined in the Plan. In the event of a forfeiture, any certificate(s) representing the Restricted Stock or any evidence of direct
registration of the Restricted Stock covered by this Agreement shall be cancelled. 
  

 

1 For employees of the Folgers business, use the following for Section 3(b): [Notwithstanding the provisions of
Article II, Section 3(a), (i) all of the Restricted Stock covered by this Agreement shall immediately become nonforfeitable if at any time during the four-year period from the Date of Grant, the Grantee has either (A) reached the age
of 60 with at least ten years of combined service with the Folgers business and the Company or (B) reached the age of
57 1/2 years of age and has at least twenty years of combined service with the Folgers business and the Company (the applicable date in (A) or (B), the “Age and Service Vesting Date”), or
(C) the grantee has satisfied the Age and Service Vesting Date as of the Date of Grant; provided, further, that the Grantee was at least 48 years of age as of November 19, 2008; and (ii) as of the Age and Service Vesting Date, the
restrictions set forth in Article II, Section 2 shall lapse with respect to 50% of such Restricted Stock and the restrictions set forth in Article II, Section 2 shall lapse with respect to the remaining 50% of such Restricted Stock as of
the earlier of the date set forth in Article II, Section 3(a) or the occurrence of the applicable vesting event set forth in Article II, Section 3(c) or (d).] 

  

- 2 - 

 5.     Dividend, Voting and Other Rights. 

(a)     Except as otherwise provided herein, from and after the Date of Grant, the Grantee shall have all of the
rights of a shareholder with respect to the Restricted Stock covered by this Agreement, including the right to vote such Restricted Stock and receive any dividends that may be paid thereon; provided, however, that any additional Common
Shares or other securities that the Grantee may become entitled to receive pursuant to a stock dividend, stock split, combination of shares, recapitalization, merger, consolidation, separation, or reorganization or any other change in the capital
structure of the Company shall be subject to the same restrictions as the Restricted Stock covered by this Agreement. 

(b)     Cash dividends on the Restricted Stock covered by this Agreement shall be paid to the Grantee pursuant to the
Company’s then-current articles of incorporation and reported on the Grantee’s annual wage and tax statement (Form W-2) as compensation. 
 6.     Retention of Restricted Stock in Book Entry Form. The Restricted Stock will be held at the Company’s transfer agent in book entry form with appropriate restrictions
relating to the transfer of such Restricted Stock until all restrictions thereon will have lapsed. 
 ARTICLE III

 GENERAL PROVISIONS 
 7.     Compliance with Law. The Company shall make reasonable efforts to comply with all applicable federal and state securities laws; provided, however,
notwithstanding any other provision of this Agreement, the Company shall not be obligated to issue any Common Shares pursuant to this Agreement if the issuance thereof would result in a violation of any such law. 

8.     Withholding Taxes. To the extent that the Company or any Subsidiary is required to withhold federal,
state, local or foreign taxes in connection with the Restricted Stock or any delivery of Common Shares pursuant to this Agreement, and the amounts available to the Company or such Subsidiary for such withholding are insufficient, it will be a
condition to the receipt of Restricted Stock or such delivery that the Grantee make arrangements satisfactory to the Company for payment of the balance of such taxes required to be withheld. The Grantee hereby elects to satisfy this withholding
obligation by having withheld, from the Common Shares otherwise deliverable to the Grantee, Common Shares having a value equal to the amount required to be withheld (except where the Grantee has made an election under Section 83(b) of the Code
with respect to the Common Shares subject to delivery). The Common Shares so retained shall be credited against such withholding requirement at the Market Value per Share on the date of such retention. In no event, however, shall the Company
withhold Common Shares for payment of taxes in excess of the minimum amount of taxes required to be withheld. 

  

- 3 - 

 9.     Continuous Employment. For purposes of this Agreement, the
continuous employment of the Grantee with the Company or a Subsidiary shall not be deemed to have been interrupted, and the Grantee shall not be deemed to have ceased to be an employee of the Company or Subsidiary, by reason of the (a) transfer
of his employment among the Company and its Subsidiaries or (b) a leave of absence approved by a duly constituted officer of the Company or a Subsidiary. 
 10.     Right to Terminate Employment. No provision of this Agreement shall limit in any way whatsoever any right that the Company or a Subsidiary may otherwise have to
terminate the employment of the Grantee at any time. Nothing herein shall be deemed to create a contract or a right to employment with respect to the Grantee. 
 11.     Relation to Other Benefits. Any economic or other benefit to the Grantee under this Agreement or the Plan shall not be taken into account in determining any benefits to
which the Grantee may be entitled under any profit-sharing, retirement, or other benefit or compensation plan maintained by the Company or a Subsidiary and shall not affect the amount of any life insurance coverage available to any beneficiary under
any life insurance plan covering employees of the Company or a Subsidiary. 
 12.     Amendments. Any
amendment to the Plan shall be deemed to be an amendment to this Agreement to the extent that the amendment is applicable hereto; provided, however, that no amendment shall impair the rights of the Grantee under this Agreement without
the Grantee’s consent; further provided, however, that the Grantee’s consent shall not be required to an amendment that is deemed necessary by the Company to ensure compliance with (or exemption from) Section 409A of the
Code or the Dodd-Frank Wall Street Reform and Consumer Protection Act or any regulations promulgated thereunder. 

13.     Severability. In the event that one or more of the provisions of this Agreement shall be invalidated
for any reason by a court of competent jurisdiction, any provision so invalidated shall be deemed to be separable from the other provisions hereof, and the remaining provisions hereof shall continue to be valid and fully enforceable. 

14.     Relation to Plan. This Agreement is subject to the terms and conditions of the Plan. In the event of
any inconsistency between the provisions of this Agreement and the Plan, the Plan shall govern. The Committee acting pursuant to the Plan, as constituted from time to time, shall, except as expressly provided otherwise herein, have the right to
determine any questions which arise in connection with the grant of the Restricted Stock. 
 15.    
Nature of Grant. The Grantee agrees that: (a) the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time; (b) the grant of
Restricted Stock is voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock, or benefits in substitution of Restricted Stock, even if Restricted Stock have been granted repeatedly in
the past; (c) all decisions with respect to future Restricted Stock grants will be at the sole discretion of the Company; (d) participation in the Plan is voluntary; (e) the Restricted Stock are not a part of normal or expected pay
package for any purposes; (f) if he or she is a Covered Employee, within the meaning of the Company’s Clawback of 

  

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Incentive Compensation Policy (the “Policy”), he or she acknowledges and accepts the terms and conditions of the Policy as in effect on the Date of Grant; and (g) in consideration
of the grant of Restricted Stock, no claim or entitlement to compensation or damages will be created by any forfeiture or other termination of the Restricted Stock or diminution in value of the Restricted Stock, and the Grantee releases the Company
and its Subsidiaries from any such claim that may arise. If any such claim is found by a court of competent jurisdiction to have been created, then, by signing this Agreement, the Grantee will be deemed irrevocably to have waived the Grantee’s
entitlement to pursue such claim. 
 16.     Electronic Delivery. The Company may, in its sole
discretion, deliver any documents related to the Restricted Stock and the Grantee’s participation in the Plan, or future awards that may be granted under the Plan, by electronic means or to request the Grantee’s consent to participate in
the Plan by electronic means. The Grantee consents to receive such documents by electronic delivery and, if requested, agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another
third party designated by the Company. 
 17.     Governing Law. This Agreement is made under, and
shall be governed by and construed in accordance with the internal substantive laws of the State of Ohio. 
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THIS PAGE INTENTIONALLY LEFT BLANK] 

  

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 This Agreement is executed by the Company as of the
             day of                     . 

 

					
	THE J. M. SMUCKER COMPANY
	
	                           
                                         
                                   
	By:	 	                        	 	
	Title:	 	                        	 	

 The undersigned hereby acknowledges receipt of an executed original of this Agreement, together
with a copy of the prospectus for the Plan, dated                     , summarizing key provisions of the Plan, and accepts the award of
Restricted Stock granted hereunder on the terms and conditions set forth herein and in the Plan. 
  

													
	Date:	 	                        	 		 		 	                           
                                         
                                 
		 		 		 		 	Grantee:

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