Document:

Form of Warrant to Purchase Series E Preferred Stock

 Exhibit 4.2 
 THIS WARRANT AND THE WARRANT SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), NOR REGISTERED OR QUALIFIED UNDER ANY STATE SECURITIES LAWS, AND
MAY NOT BE PLEDGED, HYPOTHECATED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS SO REGISTERED OR AN EXEMPTION FROM REGISTRATION IS AVAILABLE. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE
ISSUER THAT SUCH PLEDGE, HYPOTHECATION, SALE, TRANSFER OR DISPOSAL OTHERWISE COMPLIES WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 
  

			
	 Warrant No.: [__]
	  	Number of Shares: [            ]

 Date of Issuance:
[                    ] 
 SOLARCITY CORPORATION 
 THIS CERTIFIES THAT, for good and
valuable consideration the sufficiency of which is hereby acknowledged, SolarCity Corporation, a Delaware corporation (the “Company”), promises to issue to PG&E Corporation, the holder of this warrant (the
“Warrant”), its nominees, successors or assigns (the “Holder”), [            ] fully paid and nonassessable shares of [Series E Preferred]
[Common]1 Stock, par value $0.0001 per share, of the
Company, upon the payment by the Holder to the Company of the Warrant Price (as defined herein) and to deliver to the Holder a certificate or certificates representing the [Series E Preferred] [Common] Stock so purchased. The number of shares of
[Series E Preferred] [Common] Stock purchasable upon exercise of this Warrant shall be subject to adjustment from time to time as provided herein. The Warrant Price (the “Warrant Price”) per share of [Series E Preferred] [Common]
Stock shall equal $10.82 per share. The Warrant Price is subject to adjustment as provided herein. [For the avoidance of doubt, from and after the conversion of all outstanding shares of Series E Preferred Stock pursuant to Article IV(B)(4)(b) of
the Company’s Certificate of Incorporation, as amended, this Warrant shall be exercisable in accordance with its terms for Common Stock.] 
 For the purpose of this Warrant, [the term “Series E Preferred Stock” shall mean (i) the class of stock designated as the Series E Preferred Stock of the Company at the date of this
Warrant, (ii) any other class or classes of stock resulting from successive changes or reclassifications of such class of stock and (iii) any other class or classes of stock resulting from conversion of all outstanding shares of such class
of stock (including pursuant to Article IV(B)(4)(b) of the Company’s Certificate of Incorporation, as amended);] the term “Common Stock” shall mean (a) the class of stock designated as the Common Stock of the Company at
the date of this Warrant and (b) any other class or classes of stock resulting from successive changes or reclassifications of such class of stock; and the term “Business Day” shall mean any day other than a Saturday or Sunday

  
  

1 Bracketed terms to be included or deleted as appropriate to reflect a warrant to purchase Series E Preferred Stock or
Common Stock. 

 
or a day on which commercial banks in San Francisco, California are required or authorized to be closed. 
 SECTION 1.  Term of Warrant, Exercise of Warrant. 
 (a)    Subject to the terms of this Warrant, including without limitation Section 6, the Holder shall have the right, at its option, which may be exercised as hereinafter
provided, in whole or in part, at any time, and from time to time, commencing at the time of the issuance of this Warrant and until 5:00 p.m. Pacific Time on the thirty-six (36) month anniversary of the date of issuance of this Warrant (the
“Scheduled Expiration Date”), to purchase from the Company the number of fully paid and nonassessable shares of [Series E Preferred] [Common] Stock which the Holder may at the time be entitled to purchase on exercise of this Warrant
(“Warrant Shares”). Notwithstanding the foregoing, if the Holder shall have given the Company written notice of its intention to exercise this Warrant on or before 5:00 p.m. Pacific Time on the Scheduled Expiration Date, the Holder
may exercise this Warrant at any time through (and including) the Business Day next following the date that all applicable required regulatory holding periods have expired and all applicable required governmental approvals have been obtained in
connection with such exercise of this Warrant by the Holder, if such Business Day is later than on the Scheduled Expiration Date (the Scheduled Expiration Date or such later date being herein referred to as the “Warrant Expiration
Date”). After the Warrant Expiration Date, this Warrant will be void. 

(b)    (i)    The purchase rights evidenced by this Warrant shall be exercised
by the Holder surrendering this Warrant, with the form of subscription at the end hereof duly executed by the Holder, to the Company at its office in Foster City, California (or, in the event the Company’s principal office is no longer in
Foster City, California, its then principal office in the United States (the “Principal Office”)), accompanied by payment, of an amount (the “Exercise Payment”) equal to the Warrant Price multiplied by the number of
Warrant Shares being purchased pursuant to such exercise, payable by payment to the Company in cash, by certified or official bank check, or by wire transfer of the Exercise Payment. 

(ii)    In lieu of exercising this Warrant pursuant to Section 2(b)(i), if the Market Price per
share of [Series E Preferred] [Common] Stock as of the date of such exercise is greater than the Warrant Price, the Holder may elect to receive a number of shares of [Series E Preferred] [Common] Stock equal to the value of this Warrant (or of any
portion of this Warrant being exercised) by surrender of this Warrant at the Principal Office with the form of subscription at the end hereof duly executed by the Holder reflecting such election, in which event the Company shall issue to the Holder
that number of shares of [Series E Preferred] [Common] Stock computed using the following formula: 
  

					
	X =	  	 Y (A – B)
	  	 
	  	A	  	

       Where: 

 

			
	
                    X         
=        
	  	The number of shares of [Series E Preferred] [Common] Stock to be issued to the Holder

  
 2 

					
	 	                Y         =	  	  	The number of shares of [Series E Preferred] [Common] Stock purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant
being canceled (as of the date of such exercise)
		
	 	                A         =	  	  	The Market Price of one share of [Series E Preferred] [Common] Stock (as of the date of such exercise)
		
	 	                B         =	  	  	The Warrant Price (as of the date of such exercise)

 For purposes hereof, the term “Market Price” shall mean, with respect to
any day, the average closing price of a share of Common Stock or other security for the fifteen (15) consecutive trading days preceding such day on the principal national securities exchange on which the shares of Common Stock or securities are
listed or admitted to trading or, if not listed or admitted to trading on any national securities exchange, the average of the reported bid and asked prices during such fifteen (15) trading day period in the over-the-counter market or, if the
shares of Common Stock or securities are not publicly traded, the Market Price for such day shall be the fair market value thereof determined jointly by the Company and the Holder; provided, however, that if such parties are unable to
reach agreement within twenty (20) Business Days, upon the request of either the Company or the Holder, the Market Price shall be determined in good faith by an independent investment banking firm selected jointly by the Company and the Holder
or, if that selection cannot be made within fifteen (15) Business Days after such request, by an independent investment banking firm selected by the American Arbitration Association in accordance with its rules. All costs and expenses incurred
in connection with the determination of Market Price shall be borne by the Company. 

(c)    Upon any exercise of this Warrant, the Company shall issue and cause to be delivered with all
reasonable dispatch, but in any event within five (5) Business Days, to or upon the written order of the Holder and, subject to Section 3, in such name or names as the Holder may designate, a certificate or certificates for the number of
full Warrant Shares issuable upon such exercise together with such other property, including cash, which may be deliverable upon such exercise. If fewer than all of the Warrant Shares represented by this Warrant are purchased, a new Warrant of the
same tenor as this Warrant, reflecting the number of Warrant Shares that remain subject to this Warrant will be issued and delivered by the Company at the Company’s expense, to the Holder together with the issue of the certificates representing
the Warrant Shares then being purchased. 
 SECTION 2.   Warrant Register, Registration of Transfers.

 Section 2.1.    Warrant Register. The Company shall keep at its Principal
Office, a register (the “Warrant Register”) in which the Company shall record the name and address of the Holder from time to time and all transfers and exchanges of this Warrant made in accordance with the terms of this Warrant.
The Company shall give the Holder prior written notice of any change of the address at which such register is kept. 

  
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 Section 2.2.   Registration of Transfers, Exchanges or
Assignment of Warrants. 
 (a)    This Warrant may not be transferred or assigned in
whole or in part without the Company’s prior written consent, and any attempt by the Holder to transfer or assign any rights, duties or obligations that arise under this Warrant without such permission shall be void. Notwithstanding the
foregoing, this Warrant may be transferred or assigned in whole but not in part by a Holder to a parent, subsidiary or other affiliate of such Holder (other than an affiliate that is a natural person); provided, that (i) the Holder shall
give written notice to the Company of the Holder’s intention to effect such disposition and shall have furnished the Company with a detailed description of the manner and circumstances of the proposed disposition and (ii) the transferee or
assignee shall in writing (a) represent to the Company that (x) it is an “accredited investor” within the meaning of Rule 501 of Regulation D under the Securities Act of 1933, as amended, (y) it is acquiring this Warrant for
investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, any distribution thereof, and (z) it has no present intention of selling, granting any participation in, or otherwise
distributing this Warrant or the shares of stock issuable upon exercise of this Warrant [(or any shares issuable upon conversion thereof)], nor does it have any contract, undertaking, agreement or arrangement for the same, and (b) agree to take
and hold this Warrant and any shares of stock to be issued upon exercise of the rights hereunder [(and any shares issuable upon conversion thereof)] subject to, and to be bound by, the terms and conditions set forth in this Warrant to the same
extent as if such transferee or assignee were the original holder hereof. 
 (b)    Upon
surrender for transfer or exchange of this Warrant to the Company at its Principal Office for transfer or exchange in accordance with this Section 2, the Company shall, without charge (subject to Section 3), execute and deliver a new
Warrant or Warrants of like tenor and of a like aggregate amount of Warrant Shares in the name of the assignee named in such instrument of assignment and this Warrant shall promptly be canceled. 

SECTION 3.   Payment of Taxes. The Company shall pay all documentary stamp taxes, if any, attributable to the initial
issuance of any Warrant Shares upon the exercise of this Warrant; provided, however, that the Company shall not be required to pay any tax or taxes which may be payable in respect of any transfer involved in the issue or delivery of
any Warrant or certificate for Warrant Shares in a name other than that of the Holder as such name is then shown on the books of the Company. 
 SECTION 4.   Certain Covenants. 

Section 4.1.    Reservation of Warrant Shares. There have been reserved and the Company
shall at all times keep reserved, out of its authorized but unissued [Series E Preferred] [Common] Stock, free from any preemptive rights, rights of first refusal or other restrictions (other than pursuant to the Securities Act) a number of shares
of [Series E Preferred] [Common] Stock sufficient to provide for the exercise of the rights of purchase represented by this Warrant. The transfer agent, if any, for the [Series 

  
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E Preferred] [Common] Stock, and every subsequent transfer agent for any shares of the [Series E Preferred] [Common] Stock issuable upon the exercise of any of the rights of purchase as set out
in this Warrant, shall be irrevocably authorized and directed at all times to reserve such number of authorized shares as shall be requisite for such purpose. 
 Section 4.2.    Valid Issuance. The Company covenants and agrees that all Warrant Shares will, upon issuance, be duly authorized and issued, fully paid, nonassessable, and
free from all taxes, liens, and charges and any statutory or contractual preemptive rights with respect to the issue thereof except for all taxes, liens and charges imposed by the Holder. The Company will, at the time of or at any time after each
exercise of this Warrant, upon the request of the Holder, acknowledge in writing the extent, if any, of its continuing obligation to afford to such Holder all rights to which such Holder shall continue to be entitled after such exercise in
accordance with the terms of this Warrant, provided that if Holder shall fail to make any such request, the failure shall not affect the continuing obligation of the Company to afford such rights to Holder. 

Section 4.3.    Notice of Certain Corporate Action. In case the Company shall propose
(a) to offer to the holders of its Series E Preferred Stock, pursuant to their rights as holders of such shares, rights to subscribe for or to purchase any shares of Series E Preferred Stock or shares of stock of any class or any other
securities, rights or options, or (b) to effect any reclassification of its [Series E Preferred] [Common] Stock (other than a reclassification involving only the subdivision, or combination, of outstanding shares of [Series E Preferred]
[Common] Stock), or (c) to effect any capital reorganization, or (d) to effect any consolidation, merger or sale, transfer or other disposition of all or substantially all of its property, assets or business, or (e) to effect the
liquidation, dissolution or winding up of the Company, or (f) to offer to the holders of its [Series E Preferred] [Common] Stock the right to have their shares of [Series E Preferred] [Common] Stock repurchased or redeemed or otherwise acquired
by the Company, or (g) to take any other action which, pursuant to the terms of this Warrant, would result in the adjustment of the Warrant Price and/or the number of Warrant Shares issuable upon exercise of this Warrant, then in each such case
(but without limiting the provisions of Section 5), the Company shall give to the Holder a notice of such proposed action, which shall specify the date on which a record is to be taken for purposes of such dividend, distribution of offer of
rights, or the date on which such reclassification, reorganization, consolidation, merger, sale, transfer, disposition, liquidation, dissolution, or winding up is to take place and the date of participation therein by the holders of [Series E
Preferred] [Common] Stock, if any such date is to be fixed and shall also set forth such facts with respect thereto as shall be reasonably necessary to indicate the effect of such action on the [Series E Preferred] [Common] Stock. Such notice shall
be so given at least ten (10) Business Days prior to the record date for determining holders of the [Series E Preferred] [Common] Stock for purposes of participating in or voting on such action, or at least ten (10) Business Days prior to
the date of the taking of such proposed action or the date of participation therein by the holders of [Series E Preferred] [Common] Stock, whichever shall be the earlier. Such notice shall specify, in the case of any subscription or repurchase
rights, the date on which the holders of [Series E Preferred] [Common] Stock shall be entitled thereto, or the date on which the holders of [Series E Preferred] [Common] Stock shall be entitled to exchange their [Series E Preferred] [Common] Stock

  
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for securities or other property deliverable upon any reorganization, reclassification, consolidation, merger, sale or other action, as the case may be. Such notice shall also state whether the
action in question or the record date is subject to the effectiveness of a registration statement under the Securities Act or to a favorable vote of security holders, if either is required, and the adjustment in Warrant Price and/or number of
Warrant Shares issuable upon exercise of this Warrant as a result of such reorganization, reclassification, consolidation, merger, sale or other action. The notice provisions set forth in this Section 4.3 may be shortened or waived
prospectively or retrospectively by the consent of the Holder. 
 SECTION 5.   Capital Events; Adjustments to
Warrant Price. 
 Section 5.1.    Consolidation, Merger or Sale. If any
reorganization or consolidation or merger of the Company with another corporation, or the sale of all or substantially all of its assets to another corporation shall be effected in such a way that holders of [Series E Preferred] [Common] Stock shall
be entitled to receive stock, securities or assets with respect to or in exchange for [Series E Preferred] [Common] Stock, then, as a condition of such reorganization, consolidation, merger or sale, lawful and adequate provision shall be made
whereby the Holder shall thereafter have the right to receive upon the basis and upon the terms and conditions specified herein and in lieu of the shares of [Series E Preferred] [Common] Stock immediately theretofore receivable upon the exercise of
this Warrant, the amount of shares of stock, securities or assets (including cash) that is issued or paid with respect to or in exchange for a number of outstanding shares of such [Series E Preferred] [Common] Stock equal to the number of Warrant
Shares for which this Warrant could have been exercised immediately prior to such reorganization, consolidation, merger or sale, and in any such case appropriate provision shall be made with respect to the rights and interests of such Holder to the
end that the provisions hereof shall thereafter be applicable, as nearly as may be, in relation to any shares of stock, securities or assets (including cash) thereafter deliverable upon the exercise of this Warrant. The Company will not effect any
consolidation, merger or sale unless prior to the consummation thereof the successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall assume, by written instrument
executed and mailed or delivered to the Holder at the last address of such Holder appearing on the books of the Company, the obligation to deliver to such Holder such shares of stock, securities or assets (including cash) as, in accordance with the
foregoing provisions, the Holder may be entitled to receive. 

Section 5.2.    Reclassification of Shares. If the shares of [Series E Preferred]
[Common] Stock issuable upon exercise of this Warrant are changed into the same or a different number of securities of any other class or classes by reclassification, capital reorganization[, conversion of all outstanding shares of the relevant
class or series] or otherwise (other than as otherwise provided for herein) (a “Reclassification”), then, in any such event, in lieu of the number of shares of [Series E Preferred] [Common] Stock which the Holder would otherwise
have been entitled to receive, the Holder shall have the right thereafter to exercise this Warrant for a number of shares of such other class or classes of stock that a holder of the number of shares of [Series E Preferred]

  
 6 

 
[Common] Stock deliverable upon exercise of this Warrant immediately before that change would have been entitled to receive in such Reclassification, all subject to further adjustment as provided
herein with respect to such other shares. 
 Section 5.3.    Subdivisions and
Combinations. In the event that the outstanding shares of [Series E Preferred] [Common] Stock are subdivided (by stock split, by payment of a stock dividend or otherwise) into a greater number of shares of such securities, the number of shares
of [Series E Preferred] [Common] Stock issuable upon exercise of the rights under this Warrant immediately prior to such subdivision shall, concurrently with the effectiveness of such subdivision, be proportionately increased, and the Warrant Price
shall be proportionately decreased, and in the event that the outstanding shares of [Series E Preferred] [Common] Stock are combined (by reclassification or otherwise) into a lesser number of shares of such securities, the number of shares of
[Series E Preferred] [Common] Stock issuable upon exercise of the rights under this Warrant immediately prior to such combination shall, concurrently with the effectiveness of such combination, be proportionately decreased, and the Warrant Price
shall be proportionately increased. 
 Section 5.4.    Fractional Shares. The
Company shall not issue fractions of shares of [Series E Preferred] [Common] Stock upon exercise of this Warrant or scrip in lieu thereof. If any fraction of a share of [Series E Preferred] [Common] Stock would, except for the provisions of this
Section 5.4, be issuable upon exercise of this Warrant, the Company shall in lieu thereof pay to the person entitled thereto an amount in cash equal to the current value of such fraction, calculated to the nearest one-hundredth (1/100) of
a share, to be computed on the basis of the Warrant Price for a share of [Series E Preferred] [Common] Stock as of the date of exercise. 
 Section 5.5.    Notice of Adjustment. Upon any adjustment of the Warrant Price, and from time to time upon the request of the Holder the Company shall furnish to the Holder
the Warrant Price resulting from such adjustment or otherwise in effect and the number of Warrant Shares then available for purchase under this Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such
calculation is based. 
 Section 5.6.    Certain Events. If any event occurs as
to which in the good faith judgment of the Board of Directors of the Company the other provisions of this Section 5 are not strictly applicable or if strictly applicable would not fairly protect the exercise rights of the Holder in accordance
with the essential intent and principles of such provisions, then the Board of Directors of the Company in the good faith, reasonable exercise of its business judgment shall use its commercially reasonable efforts to make an adjustment in the
application of such provisions, in accordance with such essential intent and principles so as to protect such exercise rights as aforesaid. 
 SECTION 6.  No Rights as a Stockholder; Notice to Holder. Nothing contained in this Warrant shall be construed as conferring upon the Holder the right to vote or to consent or, except as
otherwise provided in this Warrant, to receive notice as a stockholder in 

  
 7 

 
respect of any meeting of stockholders for the election of directors of the Company or any other matter, or any rights whatsoever as a stockholder of the Company. 

SECTION 7.  Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft,
destruction or mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with, in the case of a Holder which is not a qualified institutional buyer within the meaning of Rule 144A under the
Act, surety) in an amount reasonably satisfactory to it, or (in the case of mutilation) upon surrender and cancellation thereof, the Company will issue, in lieu thereof, a new Warrant of like tenor. 

SECTION 8.  Notices. All notices and other written communications provided for hereunder shall be deemed to have been
validly served, given or delivered: (a) upon the earlier of actual receipt and three (3) Business Days after deposit in the United States Mail, registered or certified mail, return receipt requested, with proper postage prepaid;
(b) upon transmission, when sent by telecopy or other similar facsimile transmission (with such telecopy or facsimile promptly confirmed by delivery of a copy by personal delivery or United States Mail as otherwise provided in this
Section 8); (c) one (1) Business Day after deposit with a reputable overnight courier with all charges prepaid; or (d) when delivered, if hand delivered by messenger, and (i) if to the Holder addressed to it at the address
or fax number specified for such Holder in the Warrant Register or at such other address or fax number as the Holder shall have specified to the Company in writing in accordance with this Section 8, and (ii) if to the Company, addressed to
it at 393 Vintage Park Drive, Suite 140, Foster City, California, 94404, Attention: General Counsel, Facsimile: (650) 560-6182, or at such other address or fax number as the Company shall have specified to the Holder in writing in accordance
with this Section 8. 
 SECTION 9.  Applicable Law. This Warrant shall be governed by and construed in
accordance with the laws of the State of California but without giving effect to principles of conflict of laws. 
 SECTION
10.  Warrant Share Legend. Each certificate representing Warrant Shares, until such Warrant Shares have been distributed pursuant to a registration statement effective under the Act or sold to the public through a broker, dealer or
market maker in compliance with Rule 144 under the Act (or any similar rule then in force) shall bear the following legend: 
 THESE SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE SECURITIES LAWS. THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED,
HYPOTHECATED OR OTHERWISE TRANSFERRED IN THE ABSENCE OF A REGISTRATION STATEMENT IN EFFECT WITH RESPECT TO THE SECURITIES UNDER SUCH SECURITIES ACT OR EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL SATISFACTORY
TO THE ISSUER THAT SUCH 

  
 8 

 
SALE, OFFER, PLEDGE, HYPOTHECATION OR TRANSFER OTHERWISE COMPLIES WITH THE SECURITIES ACT AND ANY APPLICABLE STATE SECURITIES LAWS. 

SECTION 11.   Captions. The captions of the Sections and subsections of this Warrant have been inserted for convenience
only and shall have no substantive effect. 
 SECTION 12.   Market Stand-off. The Holder of this Warrant hereby
agrees that such Holder shall not sell or otherwise transfer, make any short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, of any Common Stock (or other
securities) of the Company held by the Holder during the one hundred eighty (180) day period following the effective date of the registration statement for the Company’s initial public offering filed under the Securities Act (or such other
period as may be requested by the Company or an underwriter to accommodate regulatory restrictions on (i) the publication or other distribution of research reports and (ii) analyst recommendations and opinions, including, but not limited
to, the restrictions contained in NASD Rule 2711(f)(4) or NYSE Rule 472(f)(4), or any successor provisions or amendments thereto). The Company may impose stop-transfer instructions and may stamp with an appropriate legend each certificate
with respect to the shares of Common Stock (or other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. The Holder agrees to execute a market stand-off agreement with the
underwriters in the offering in customary form consistent with the provisions of this Section. 
 [REMAINDER OF PAGE
INTENTIONALLY LEFT BLANK] 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Warrant as of the
_____ day of [                ], [        ]. 

 

			
	SOLARCITY CORPORATION
		
	By:	 	 
	Name:	 	
	Title:	 	

  

			
		
	Attest:	 	 
		 	

 Signature Page to Warrant 

 [To be signed only upon exercise of Warrant] 

To SOLARCITY CORPORATION: 
 The undersigned, the holder of the within Warrant (the “Holder”), hereby irrevocably elects to exercise the purchase right represented by such Warrant for, and to purchase thereunder,
_____ shares of [Series E Preferred] [Common] Stock of SolarCity Corporation [and herewith makes payment of $_____ therefor in full payment of the Exercise Payment] [or] [pursuant to the net issue exercise provisions of Section 1(b)(ii) of such
Warrant], and requests that the certificates for such shares be issued in the name of, and be delivered to ___________________________, whose address is _____________________________________________. 

The undersigned represents that (i) it is an “accredited investor” within the meaning of Rule 501 of
Regulation D under the Securities Act of 1933, as amended, (ii) it is acquiring such shares for investment for its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, any distribution thereof, and
(iii) it has no present intention of selling, granting any participation in, or otherwise distributing such shares, nor does it have any contract, undertaking, agreement or arrangement for the same. 

 

	
	Dated:
	  

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

 

	
	
	  
	AddressForm of Warrant to Purchase Series F Preferred Stock

 Exhibit 4.3 
 THIS WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY STATE. THESE
SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH APPLICABLE REGISTRATION REQUIREMENTS OR AN EXEMPTION THEREFROM. THE
ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE, TRANSFER, PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THIS WARRANT MUST
BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION PRECEDENT TO THE SALE, TRANSFER, PLEDGE OR HYPOTHECATION OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED HEREBY. 

WARRANT TO PURCHASE SHARES OF SERIES F PREFERRED STOCK 
 of 
 SOLARCITY CORPORATION, 

a Delaware Corporation 
 Dated as of [            ] 
 Void after the date specified in Section 8 
  

			
	No. [        ]	  	 Warrant to Purchase

[        ] Shares of
 Series F Preferred Stock (subject to adjustment)

 THIS CERTIFIES THAT, for value received and pursuant to that certain Series F
Preferred Stock Purchase Agreement, dated as of [        ] (the “Purchase Agreement”), by and among SolarCity Corporation, a Delaware corporation (the
“Company”), and the purchasers described therein, [        ], or its registered assigns (the “Holder”), is entitled, subject to the provisions and
upon the terms and conditions set forth herein, to purchase from the Company shares of the Company’s Series F Preferred Stock, $0.0001 par value per share (“Series F Preferred Stock”), in the amounts, at such
times and at the price per share set forth in Section 1. The term “Warrant” as used herein shall include this Warrant and any warrants delivered in substitution or exchange therefor as provided herein. The holder of this
Warrant is subject to certain restrictions set forth in the Purchase Agreement and the Fifth Amended and Restated Investor Rights Agreement, dated as of [        ], by and among the Company and
the other parties named therein. This Warrant is one of a series of warrants referred to as the “Series F Preferred Warrants” in the Purchase Agreement. 

The following is a statement of the rights of the Holder and the conditions to which this Warrant is subject, and to
which Holder, by acceptance of this Warrant, agrees: 

 1.     Number and Price of Shares; Exercise
Period. 
 (a)     Number of Shares. Subject to any previous exercise of
the Warrant, the Holder shall have the right to purchase up to [        ] shares of the Company’s Series F Preferred Stock (the “Shares”), as may be adjusted pursuant to
Section 6 hereto. 
 (b)     Exercise Price. The exercise price per
Share shall be equal to $[        ], subject to adjustment pursuant to Section 6 hereto (the “Exercise Price”). 

(c)     Exercise Period. This Warrant shall be exercisable, in whole or in part, prior
to (or in connection with) the expiration of this Warrant as set forth in Section 8. 

2.     Exercise of the Warrant. 

(a)     Exercise. The purchase rights represented by this Warrant may be exercised at
the election of the Holder, in whole or in part, in accordance with Section 1, by: 

(i)     the tender to the Company at its principal office (or such other office or agency as the
Company may designate) of a notice of exercise in the form of Exhibit A (the “Notice of Exercise”), duly completed and executed by or on behalf of the Holder, together with the surrender of this Warrant; and 

(ii)     the payment to the Company of an amount equal to (x) the Exercise Price multiplied by
(y) the number of Shares being purchased, by wire transfer or certified, cashier’s or other check acceptable to the Company and payable to the order of the Company. 

(iii)     Net Issue Exercise. In lieu of exercising this Warrant pursuant to
Section 2(a)(ii), if the fair market value of one Share is greater than the Exercise Price (at the date of calculation as set forth below), the Holder may elect to receive a number of Shares equal to the value of this Warrant (or of any portion
of this Warrant being cancelled) by surrender of this Warrant at the principal office of the Company (or such other office or agency as the Company may designate) together with a properly completed and executed Notice of Exercise reflecting such
election, in which event the Company shall issue to the Holder that number of Shares computed using the following formula: 
  

					
	X =	  	Y(A - B)	  	
	  	A	  	

 Where: 

 

					
	X	  	 =
	  	 The number of Shares to be issued to the Holder

			
	Y	  	 =
	  	 The number of Shares purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being cancelled (at the
date of such calculation)

			
	A	  	 =
	  	 The fair market value of one Share (at the date of such calculation)

  
 -2-

					
	B	  	 =
	  	 The Exercise Price (as adjusted to the date of such calculation)

 For purposes of the calculation above, the fair market value of one Share shall be
determined by the Board of Directors of the Company, acting in good faith; provided, however, that: 

(iv)     where a public market exists for the Company’s common stock at the time of such
exercise, the fair market value per Share shall be the product of (x) the average of the closing bid prices of the common stock or the closing price quoted on the national securities exchange on which the common stock is listed as published in
the Wall Street Journal, as applicable, for the ten (10) trading day period ending on the date prior to the date of determination of fair market value and (y) the number of shares of common stock into which each Share is convertible
at the time of such exercise, as applicable; and 
 (v)     if the Warrant is exercised in
connection with the Company’s initial public offering of common stock, the fair market value per Share shall be the product of (x) the per share offering price to the public of the Company’s initial public offering and (y) the
number of shares of common stock into which each Share is convertible at the time of such exercise, as applicable. 
 (b)     Stock Certificates. The rights under this Warrant shall be deemed to have been exercised and the Shares issuable upon such exercise shall be deemed to have been
issued immediately prior to the close of business on the date this Warrant is exercised in accordance with its terms, and the person entitled to receive the Shares issuable upon such exercise shall be treated for all purposes as the holder of record
of such Shares as of the close of business on such date. As promptly as reasonably practicable on or after such date, and in any event within fifteen (15) days thereafter, the Company shall issue and deliver to the person or persons entitled,
to receive the same a certificate or certificates for. that number of shares issuable upon such exercise. In the event that the rights under this Warrant are exercised in part and have not expired, the Company shall execute and deliver a new Warrant
reflecting the number of Shares that remain subject to this Warrant. 
 (c)     No
Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of the rights under this Warrant. In lieu, of such fractional share to which the Holder would otherwise be entitled,
the Company shall make a cash payment equal to the Exercise Price multiplied by such fraction. 

(d)     Conditional Exercise. The Holder may exercise this Warrant conditioned upon
(and effective immediately prior to) consummation of any transaction that would cause the expiration of this Warrant pursuant to Section 8 by so indicating in the notice of exercise. 

(e)     Automatic Exercise. If the Holder of this Warrant has not elected to exercise
this Warrant prior to expiration of this Warrant pursuant to Section 8, then this Warrant shall automatically (without any act on the part of the Holder) be exercised pursuant to Section 2(b) effective immediately prior to the expiration
of the Warrant to the extent such net issue exercise would result in the issuance of Shares, unless Holder shall earlier provide written notice to the Company that the Holder desires that this Warrant expire unexercised. If this Warrant is
automatically exercised, the Company shall notify the Holder of the automatic exercise as soon as 

  
 -3-

 
reasonably practicable, and the Holder shall surrender the Warrant to the Company in accordance with the terms hereof. 

(f)     Reservation of Stock. The Company agrees during the term the rights under this
Warrant are exercisable to reserve and keep available from its authorized and unissued shares of Series F Preferred Stock for the purpose of effecting the exercise of this Warrant such number of shares (and shares of common stock for issuance
on conversion of such shares) as shall from time to time be sufficient to effect the exercise of the rights under this Warrant; and if at any time the number of authorized but unissued shares of Series F Preferred Stock (and shares of common
stock for issuance on conversion of such shares) shall not be sufficient for purposes of the exercise of this Warrant in accordance with its terms and the conversion of the Shares, without limitation of such other remedies as may be available to the
Holder, the Company will use its best efforts to take such corporate action as may be necessary to increase its authorized and unissued shares of its Series F Preferred Stock (and shares of common stock for issuance on conversion of such
shares) to a number of shares as shall be sufficient for such purposes. The Company represents and warrants that (i) all Shares that may be issued upon the exercise of this Warrant will, when issued in accordance with the terms hereof, and
(ii) all shares of common stock issuable upon conversion of the Shares will, when issued in accordance with the terms of the Company’s Certificate of Incorporation, be validly issued, fully paid and nonassessable. 

3.     Replacement of the Warrant. Subject to the receipt of evidence reasonably satisfactory
to the Company of the loss, theft, destruction or mutilation of this Warrant and, in the case of loss, theft or destruction, on delivery of an indemnity agreement reasonably satisfactory in form and substance to the Company or, in the case of
mutilation, on surrender and cancellation of this Warrant, the Company shall execute and deliver, in lieu of this Warrant, a new warrant of like tenor and amount. 

4.     Transfer of the Warrant. 

(a)     Warrant Register. The Company shall maintain a register (the
“Warrant Register”) containing the name and address of the Holder or Holders. Until this Warrant is transferred on the Warrant Register in accordance herewith, the Company may treat the Holder as shown on the Warrant Register
as the absolute owner of this Warrant for all purposes, notwithstanding any notice to the contrary. Any Holder of this Warrant (or of any portion of this Warrant) may change its address as shown on the Warrant Register by written notice to the
Company requesting a change. 
 (b)     Warrant Agent. The Company may
appoint an agent for the purpose of maintaining the Warrant Register referred to in Section 4(a), issuing the Shares or other securities then issuable upon the exercise of the rights under this Warrant, exchanging this Warrant, replacing this
Warrant or conducting related activities. 
 (c)     Transferability of the
Warrant. Subject to the provisions of this Warrant with respect to compliance with the Securities Act of 1933, as amended (the “Securities Act”) and limitations on assignments and transfers, including without
limitation compliance with the restrictions .on transfer set forth in Section 5, title to this Warrant may be transferred by endorsement 

  
 -4-

 
(by the transferor and the transferee executing the assignment form attached as Exhibit B (the “Assignment Form”)) and delivery in the same manner as a negotiable
instrument transferable by endorsement and delivery. 
 (d)     Exchange of the
Warrant upon a Transfer. On surrender of this Warrant (and a properly endorsed Assignment Form) for exchange, subject to the provisions of this Warrant with respect to compliance with the Securities Act and limitations on assignments and
transfers, the Company shall issue to or on the order of the Holder a new warrant or warrants of like tenor, in the name of the Holder or as the Holder (on payment by, the Holder of any applicable transfer taxes) may direct, for the number of shares
issuable upon exercise hereof, and the Company shall register any such transfer upon the Warrant Register. This Warrant (and the securities issuable upon exercise of the rights under this Warrant) must be surrendered to the Company or its warrant or
transfer agent, as applicable, as a condition precedent to the sale, pledge, hypothecation or other transfer of any interest in any of the securities represented hereby. 

(e)     Minimum Transfer. This Warrant may not be transferred in part. 

(f)     Taxes. In no event shall the Company be required to pay any tax which may be
payable in respect of any transfer involved in the issue and delivery of any certificate in a name other than that of the Holder, and the Company shall not be required to issue or deliver any such certificate unless and until the person or persons
requesting the issue thereof shall have paid to the Company the amount of such tax or shall have established to the reasonable satisfaction of the Company that such tax has been paid or is not payable. 

5.     Restrictions on Transfer of the Warrant and Shares; Compliance with Securities Laws. By
acceptance of this Warrant, the Holder agrees to comply with the following: 
 (a)    
Restrictions on Transfers. Subject to Section 5(b), this Warrant may not be transferred or assigned in whole or in part without the Company’s prior written consent (which shall not be unreasonably withheld or delayed), and
any attempt by Holder to transfer or assign any rights, duties or obligations that arise under this Warrant without such permission shall be void. Any transfer of this Warrant or the Shares or the shares of common stock issuable upon conversion of
the Shares (the “Securities”) must be in compliance with all applicable federal and state securities laws. The Holder agrees not to make any sale, assignment, transfer, pledge or other disposition of all or any portion of the Securities,
or any beneficial interest therein, unless and until the transferee thereof has agreed in writing for the benefit of the Company to take and hold such Securities subject to, and to be bound by, the terms and conditions set forth in this Warrant to
the same extent as if the transferee were the original Holder hereunder, and 
 (i)    
there is then in effect a registration statement under the Securities Act covering such proposed disposition and such disposition is made in accordance with such registration statement; 

(ii)     the disposition is made in accordance with Rule 144 under the Securities Act; or

  
 -5-

 (iii)    (x) such Holder shall have given prior
written notice to the Company of such Holder’s intention to make such disposition and shall have furnished the Company with a reasonably detailed description of the manner and circumstances of the proposed disposition, (y) the transferee
shall have confirmed to the satisfaction of the Company in writing, substantially in the form of Exhibit A-1, that the Securities are being acquired (A) solely for the transferee’s own account and not as a nominee for any other party,
(B) for investment and (C) not with a view toward distribution or resale, and shall have confirmed such other matters related thereto as may be reasonably requested by the Company, and (z) if requested by the Company, such Holder
shall have furnished the Company, at the Holder’s expense, with an opinion of counsel, reasonably satisfactory to the Company, to the effect that such disposition will not require registration of such Securities under the Securities Act,
whereupon such Holder shall be entitled to transfer such Securities in accordance with the terms of the notice delivered by the Holder to the Company. 
 (b)     Permitted Transfers. Permitted transfers include (i) a transfer not involving a change in beneficial ownership, or (ii) transactions involving the
distribution without consideration of Securities by any Holder to (x) a parent, subsidiary or other affiliate of a Holder that is a corporation, (y) any of the Holder’s partners, members or other equity owners, or retired partners or
members, or to the estate of any of its partners, members or other equity owners or retired partners or members, or (z) a venture capital fund that is controlled by or under common control with one or more general partners or managing members
of, or shares the same management company with, the Holder; provided, in each case, that the Holder shall give written notice to the Company of the Holder’s intention to effect such disposition and shall have furnished the Company with a
detailed description of the manner and circumstances of the proposed disposition. 
 (c)
    Investment Representation Statement. Unless the rights under this Warrant are exercised pursuant to an effective registration statement under the Securities Act that includes the Shares with respect to which the
Warrant was exercised, it shall be a condition to any exercise of the rights under this Warrant that the Holder shall have confirmed to the satisfaction of the Company in writing, substantially in the form of Exhibit A-1, that the Shares so
purchased are being acquired solely for the Holder’s own account and not as a nominee for any other party, for investment and not with a view toward distribution or resale and that the Holder shall have confirmed such other matters related
thereto as may be reasonably requested by the Company. 
 (d)     Securities Law
Legend. The Securities shall (unless otherwise permitted by the provisions of this Warrant) be stamped or imprinted with a legend substantially similar to the following (in addition to any legend required by state securities laws):

 THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“ACT”), OR UNDER THE SECURITIES LAWS OF CERTAIN STATES. THESE SECURITIES MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED EXCEPT AS PERMITTED UNDER THE ACT AND APPLICABLE STATE SECURITIES LAWS IN ACCORDANCE WITH
APPLICABLE REGISTRATION REQUIREMENTS OR AN EXEMPTION THEREFROM. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE ISSUER THAT SUCH OFFER, SALE OR TRANSFER,

  
 -6-

 
PLEDGE OR HYPOTHECATION OTHERWISE COMPLIES WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. THIS CERTIFICATE MUST BE SURRENDERED TO THE COMPANY OR ITS TRANSFER AGENT AS A CONDITION
PRECEDENT TO THE SALE, TRANSFER, PLEDGE OR HYPOTHECATION OF ANY INTEREST IN ANY OF THE SECURITIES REPRESENTED HEREBY. 
 (e)     Market Stand-off Legend. The Shares and common stock issued upon exercise hereof or conversion thereof shall also be stamped or imprinted with a legend in
substantially the following form: 
 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON
TRANSFERABILITY AND RESALE, INCLUDING A LOCK-UP PERIOD IN THE EVENT OF AN INITIAL PUBLIC OFFERING, AS SET FORTH IN THE WARRANT PURSUANT TO WHICH THESE SHARES WERE ISSUED, A COPY OF WHICH MAY BE OBTAINED AT THE PRINCIPAL OFFICE OF THE COMPANY.

 (f)     Instructions Regarding Transfer Restrictions. The Holder consents
to the Company making a notation on its records and giving instructions to any transfer agent in order to implement the restrictions on transfer established in this Section 5. 

(g)     Removal of Legend. The legend referring to federal and state securities laws
identified in Section 5(d) stamped on a certificate evidencing the Shares (and the common stock issuable upon conversion thereof) and the stock transfer instructions and record notations with respect to such securities shall be removed and the
Company shall issue a certificate without such legend to the holder of such securities if (i) such securities are registered under the Securities Act, (ii) such securities may be sold under Rule 144 under the Securities Act without
volume restrictions or similar limitations or (iii) such holder provides the Company with an opinion of counsel reasonably acceptable to the Company to the effect that a sale or transfer of such securities may be made without registration or
qualification. 
 6.     Adjustments. Subject to the expiration of this Warrant
pursuant to Section 8, the number and kind of shares purchasable hereunder and the Exercise Price therefor are subject to adjustment from time to time, as follows: 

(a)     Merger or Reorganization. If at any time there shall be any reorganization,
recapitalization, merger or consolidation (a “Reorganization”) involving the Company (other than as otherwise provided for herein or as would cause the expiration of this Warrant under Section 8) in which shares of the
Company’s stock are converted into or exchanged for securities, cash or other property, then, as a part of such Reorganization, lawful provision shall be made so that the Holder shall thereafter be entitled to receive upon exercise of this
Warrant, the kind and amount of securities, cash or other property of the successor corporation resulting from such Reorganization, equivalent in value to that which a holder of the Shares deliverable upon exercise of this Warrant would have been
entitled in such Reorganization if the right to purchase the Shares hereunder had been exercised immediately prior to such Reorganization. In any such case, appropriate adjustment (as determined in good faith by the Board of Directors of the
successor corporation) shall be made in the application of the provisions of this Warrant with respect to the rights and interests of the Holder 

  
 -7-

 
after such Reorganization, to the end that the provisions of this Warrant shall be applicable after such Reorganization, as near as reasonably may be, in relation to any shares or other
securities deliverable after that event, upon the exercise of this Warrant. 
 (b)    
Reclassification of Shares. If the securities issuable upon exercise of this Warrant are changed into the same or a different number of securities of any other class or classes by reclassification, capital reorganization, conversion of
all outstanding shares of the relevant class or series (other than as would cause the expiration of this Warrant pursuant to Section 8) or otherwise (other than as otherwise provided for herein) (a “Reclassification”),
then, in any such event, in lieu of the number of Shares which the Holder would otherwise have been entitled to receive, the Holder shall have the right thereafter to exercise this Warrant for a number of shares of such other class or classes of
stock that a holder of the number of securities deliverable upon exercise of this Warrant immediately before that change would have been entitled to receive in such Reclassification, all subject to further adjustment as provided herein with respect
to such other shares. 
 (c)     Subdivisions and Combinations. In the event
that the outstanding shares of Series F Preferred Stock (or if this Warrant shall become exercisable for shares of common stock pursuant to its terms, common stock) are subdivided (by stock split, by payment of a stock dividend or otherwise)
into a greater number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately prior to such subdivision shall, concurrently with the effectiveness of such subdivision, be proportionately
increased, and the Exercise Price shall be proportionately decreased, and in the event that the outstanding shares of Series F Preferred Stock (or if this Warrant shall become exercisable for shares of common stock pursuant to its terms, common
stock) are combined (by reclassification or otherwise) into a lesser number of shares of such securities, the number of Shares issuable upon exercise of the rights under this Warrant immediately prior to such combination shall, concurrently with the
effectiveness of such combination, be proportionately decreased, and the Exercise Price shall be proportionately increased. 
 (d)     Redemption. In the event that all of the outstanding shares of the securities issuable upon exercise of this Warrant are redeemed in accordance with the
Company’s certificate of incorporation, this Warrant shall thereafter be exercisable for a number of shares of the Company’s common stock equal to the number of shares of common stock that would have been received if this Warrant had been
exercised in full immediately prior to such redemption and the preferred stock received thereupon had been simultaneously converted into common stock. 
 (e)     Notice of Adjustments. Upon any adjustment in accordance with this Section 6, the Company shall give notice thereof to the Holder, which notice shall state
the event giving rise to the adjustment, the Exercise Price as adjusted and the number of securities or other property purchasable upon the exercise of the rights under this Warrant, setting forth in reasonable detail the, method of calculation of
each. The Company shall, upon the written request of any Holder, furnish or cause to be furnished to such Holder a certificate setting forth (i) such adjustments, (ii) the Exercise Price at the time in effect and (iii) the number of
securities and the amount, if any, of other property that at the time would be received upon exercise of this Warrant. 
 7.     Notification of Certain Events. Prior to the expiration of this Warrant pursuant to Section 8, in the event that the Company shall authorize: 

  
 -8-

 (a)     the issuance of any dividend or other
distribution on the capital stock of the Company (other than (i) dividends or distributions otherwise provided for in Section 6, (ii) repurchases of common stock issued to or held by employees, officers, directors or consultants of
the Company or its subsidiaries upon termination of their employment or services pursuant to agreements providing for the right of said repurchase, or (iii) repurchases of common stock issued to or held by employees, officers, directors or
consultants of the Company or its subsidiaries pursuant to rights of first refusal or first offer contained in agreements providing for such rights); 
 (b)     the voluntary liquidation, dissolution or winding up of the Company; or 
 (c)     any transaction resulting in the expiration of this Warrant pursuant, to Section 8(b) or 8(c); 
 the Company shall send to the Holder of this Warrant at least fifteen (15) days prior written notice of the date on which a record shall be taken for any such dividend or distribution specified in
clause (a) or the expected effective date of any such other event specified in clause (b) or (c), as applicable. The notice provisions set forth in this section may be shortened or waived prospectively or retrospectively by the consent of
the Holder of this Warrant in writing. 
 8.     Expiration of the Warrant. This
Warrant shall expire and shall no longer be exercisable as of the earlier of: 
 (a)
    5:00 p.m., Pacific time, on [        ]; 
 (b)    (i) a sale, conveyance or other disposal of all or substantially all of the Company’s property or business or (ii) a merger of the Company with or into or
consolidation of the Company with any other corporation, limited liability company or other entity or the effectiveness of any other transaction or series of related transactions in which more than 50% of the voting power of the Company is disposed
of, provided, that this Section 8(b) shall not include (A) a merger effected exclusively for the purpose of changing the domicile of the Company, (B) an equity financing in which the Company is the surviving corporation, or (C) a
transaction in which the stockholders of the Company immediately prior to the transaction own 50% or more of the voting power of the surviving corporation following the transaction; or 

(c)     immediately prior to the closing of a firm commitment underwritten initial public offering
pursuant to an effective registration statement filed under the Securities Act covering the offering and sale of the Company’s common stock, in which (i) the price at which shares of the Company’s common stock are sold to the public
in the public offering is at least $13.00 per share (as adjusted for stock splits, stock dividends, reclassification and the like) and (ii) the results in aggregate cash proceeds to the Company of not less than $50,000,000 (net of underwriting
discounts and commissions). 
 9.     No Rights as a Stockholder. Nothing contained
herein shall entitle the Holder to any rights as a stockholder of the Company, nor shall anything contained herein be construed to confer upon the Holder, as such, any right to vote for the election of directors or upon any matter submitted to
stockholders at any meeting thereof, or to give or withhold consent to any corporate 

  
 -9-

 
action (whether upon any recapitalization, issuance of stock, reclassification of stock, change of par value or change of stock to no par value, consolidation, merger, conveyance or otherwise) or
to receive notice of meetings, or to receive dividends or subscription rights or any other rights of a stockholder of the Company until the rights under the Warrant shall have been exercised and the Shares purchasable upon exercise of the rights
hereunder shall have become deliverable as provided herein. 
 10.     Market
Stand-off. In connection with the initial public offering of the Company’s securities and upon request of the Company or the underwriters managing such offering of the Company’s securities, the Holder of this Warrant agrees not to
sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company, however or whenever acquired (other than those included in the registration) without the prior written consent of the
Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days, subject to potential extensions to comply with the restrictions contained in FINRA Rule 2711(0(4) or NYSE Rule 472(0(4)) from the effective
date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of the Company’s initial public offering. In
order to enforce the foregoing covenants, the Company may impose stop-transfer instructions with respect to the securities of the Holder of this Warrant. The Company may impose stop-transfer instructions and may stamp each certificate with a legend
as substantially set forth in Section 5(e) with respect to the shares of common stock (or other securities) subject to the foregoing restriction until the end of such one hundred eighty (180) day (or other) period. The obligations of the
Holders under this Section 10 shall be conditioned upon similar agreements being in effect with each Holder that qualifies as a Major Investor (as defined in the Company’s Investor Rights Agreement). 

11.     Representations and Warranties of the Holder. By acceptance of this Warrant, the
Holder represents and warrants to the Company as follows: 
 (a)     No
Registration. The Holder understands that the Securities have not been, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act, the availability of which
depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Holder’s representations as expressed herein or otherwise made pursuant hereto. 

(b)     Investment Intent. The Holder is acquiring the Securities for investment for
its own account, not as a nominee or agent, and not with a view to, or for resale in connection with, any distribution thereof. The Holder has no present intention of selling, granting any participation in, or otherwise distributing the Securities,
nor does it have any contract, undertaking, agreement or arrangement for the same. 
 (c)
    Investment Experience. The Holder has substantial experience in evaluating and investing in private placement transactions of securities in companies similar to the Company, and has such knowledge and experience
in financial or business matters so that it is capable of evaluating the merits and risks of its investment in the Company and protecting its own interests. 

  
 -10-

 (d)     Speculative Nature of
Investment. The Holder understands and acknowledges that its investment in the Company is highly speculative and involves substantial risks. The Holder can bear the economic risk of its investment and is able, without impairing its financial
condition, to hold the Securities for an indefinite period of time and to suffer a complete loss of its investment. 
 (e)     Access to Data. The Holder has had an opportunity to discuss the Company’s business, management, financial affairs and the terms and conditions of the
offering of the Securities with the Company’s management and has had an opportunity to review the Company’s facilities. The Holder understands that such discussions, as well as the Company’s business plan and any other written
information delivered by the Company to the Holder, were intended to describe the aspects of the Company’s business which it believes to be material. The Holder acknowledges that any business plans prepared by the Company have been, and
continue to be, subject to change and that any projections included in such business plans or otherwise are necessarily speculative in nature, and that some or all of the assumptions underlying the projections may not materialize or may vary
significantly from actual results. The Holder has not seen, received, been presented with, or been solicited by any leaflet, public promotional meeting, newspaper or magazine article or advertisement, radio or television advertisement, or any other
form of advertising or general solicitation with respect to the sale of the Securities. 
 (f)
    Accredited Investor. The Holder is an “accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated by the Securities and Exchange Commission and agrees to submit to the
Company such further assurances of such status as may be reasonably requested by the Company. 
 (g)
    Residency. The residency of the Holder (or, in the case of a partnership or corporation, such entity’s principal place of business) is correctly set forth on the signature page hereto. 

(h)     Restrictions on Resides. The Holder acknowledges that the Securities must be
held indefinitely unless subsequently registered under the Securities Act or an exemption from such registration is available. The Holder is aware of the provisions of Rule 144 promulgated under the Securities Act, which permit resale of shares
purchased in a private placement subject to the satisfaction of certain conditions, which may include, among other things, the availability of certain current public information about the Company; the resale occurring not less than a specified
period after a party has purchased and paid for, the security to be sold; the number of shares being sold during any three-month period not exceeding specified limitations; the sale being effected through a “broker’s transaction,” a
transaction directly with a “market maker” or a “riskless principal transaction” (as those terms are defined in the Securities Act or the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated
thereunder); and the filing of a Form 144 notice, if applicable. The Holder acknowledges and understands that the Company may not be satisfying the current public information requirement of Rule 144 at the time the Holder wishes to sell the
Securities and that in such event, the Holder may be precluded from selling the Securities under Rule 144 even if the other applicable requirements of Rule 144 have been satisfied. The Holder acknowledges that, in the event the applicable
requirements of Rule 144 are not met, registration under the Securities Act or an exemption from registration will be required for any 

  
 -11-

 
disposition of the Securities. The Holder understands that, although Rule 144 is not exclusive, the Securities and Exchange Commission has expressed its opinion that persons proposing to
sell restricted securities received in a private offering other than in a registered offering or pursuant to Rule 144 will have a substantial burden of proof in establishing that an exemption from registration is available for such offers or
sales and that such persons and the brokers who participate in the transactions do so at their own risk. 
 (i)
    No Public Market. The Holder understands and acknowledges that no public market now exists for any of the securities issued by the Company and that the Company has made no assurances that a public market will
ever exist for the Company’s securities. 
 (j)     Brokers and Finders.
The Holder has not engaged any brokers, finders or agents in connection with the Securities, and the Company has not incurred nor will incur, directly or indirectly, as a result of any action taken by the Holder, any liability for brokerage or
finders’ fees or agents’ commissions or any similar charges in connection with the Securities. 
 (k)
    Legal Counsel. The Holder has had the opportunity to review this Warrant, the exhibits and schedules attached hereto and the transactions contemplated by this Warrant with its own legal counsel. The Holder is
not relying on any statements or representations of the Company or its agents for legal advice with respect to this investment or the transactions contemplated by this Warrant. 

(l)     Tax Advisors. The Holder has reviewed with its own tax advisors the U.S.
federal, state and local and non-U.S. tax consequences of this investment and the transactions contemplated by this Warrant. With respect to such matters, the Holder relies solely on any such advisors and not on any statements or representations of
the Company or any of its agents, written or oral. The Holder understands that it (and not the Company) shall be responsible for its own tax liability that may arise as a result of this investment and the transactions contemplated by this Warrant.

 12.     Miscellaneous. 

(a)     Amendments. Except as expressly provided herein, neither this Warrant nor any
term hereof may be amended, waived, discharged or terminated other than by a written instrument referencing this Warrant and signed by the Company and the Holder. 

(b)     Waivers. No waiver of any single breach or default shall be deemed a waiver of
any other breach or default theretofore or thereafter occurring. 
 (c)
    Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail (if to
the Holder) or otherwise delivered by hand, messenger or courier service addressed: 
 (i)
    if to the Holder, to the Holder at the Holder’s address, facsimile number or electronic mail address as shown in the Company’s records, as may be updated in accordance with the provisions hereof, or until any such
Holder so furnishes an address, facsimile 

  
 -12-

 
number or electronic mail address to the Company, then to and at the address, facsimile number or electronic mail address of the last holder of this Warrant for which the Company has contact
information in its records; or 
 (ii)     if to the Company, to the attention of the
President or Chief Financial Officer of the Company at the Company’s address as shown on the signature page hereto, or at such other address as the Company shall have furnished to the Holder, with a copy to Steven V. Bernard, Wilson Sonsini
Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto, CA 94304. 
 Each such notice or other
communication shall for all purposes of this Warrant be treated as effective or having been given (x) if delivered by hand, messenger or courier service, when delivered, (y) if sent by mail, at the earlier of its receipt or 72 hours after
the same has been deposited in a regularly maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (z) if sent by facsimile, upon confirmation of facsimile transfer or, if sent by electronic mail,
upon confirmation of delivery when directed to the relevant electronic mail address. In the event of any conflict between the Company’s books and records and this Warrant or any notice delivered hereunder, the Company’s books and records
will control absent fraud or error. 
 (d)     Governing Law. This Warrant
and all actions arising out of or in connection with this Warrant shall be governed by and construed in accordance with the laws of the State of California, without regard to the conflicts of law provisions of the State of California, or of any
other state. 
 (e)     Jurisdiction and Venue. Each of the Holder and the
Company irrevocably consents to the exclusive jurisdiction and venue of any court within San Mateo County, State of California, in connection with any matter based upon or arising out of this Warrant or the matters contemplated herein, and agrees
that process may be served upon them in any manner authorized by the laws of the State of California for such persons. 
 (f)     Titles and Subtitles. The titles and subtitles used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this
Warrant. All references in this Warrant to sections, paragraphs and exhibits shall, unless otherwise provided, refer to sections and paragraphs hereof and exhibits attached hereto. 

(g)     Severability. If any provision of this Warrant becomes or is declared by a
court of competent jurisdiction to be illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Warrant, and such illegal, unenforceable or void provision shall
be replaced with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, unenforceable or void provision. The balance of this Warrant shall be enforceable in
accordance with its terms. 
 (h)     Waiver of Jury Trial. EACH OF THE
HOLDER AND THE COMPANY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE) ARISING OUT OF OR RELATED TO THIS

  
 -13-

 
WARRANT. If the waiver of jury trial set forth in this paragraph is not enforceable, then any claim or cause of action arising out of or relating to this Warrant shall be settled by
judicial reference pursuant to California Code of Civil Procedure Section 638 et seq. before a referee sitting without a jury, such referee to be mutually acceptable to the parties or, if no agreement is reached, by a referee appointed by the
Presiding Judge of the California Superior Court for Santa Clara County. This paragraph shall not restrict the Holder or the Company from exercising remedies under the Uniform Commercial Code or from exercising pre-judgment remedies under applicable
law. 
 (i)     California Corporate Securities Law. THE SALE OF THE
SECURITIES THAT ARE THE SUBJECT OF THIS WARRANT HAS NOT BEEN QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO
SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS WARRANT ARE EXPRESSLY CONDITIONED UPON THE
QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 
 (j)     Saturdays,
Sundays and Holidays. If the last or appointed day for the taking of any action or the expiration of any right required or granted herein shall be a Saturday, Sunday or U.S. federal holiday, then such action may be taken or such right may be
exercised on the next succeeding day that is not a Saturday, Sunday or U.S. federal holiday. 
 (k)
    Rights and Obligations Survive Exercise of the Warrant. Except as otherwise provided herein, the rights and obligations of the Company and the Holder under this Warrant shall survive exercise of this Warrant.

 (l)     Entire Agreement. Except as expressly set forth herein, this
Warrant (including the exhibits attached hereto) constitutes the entire agreement and understanding of the Company and the Holder with respect to the subject matter hereof and supersede all prior agreements and understandings relating to the subject
matter hereof. 
 (signature page follows) 

  
 -14-

 The Company and the Holder sign this Warrant as of the date stated on the
first page. 
  

			
	SOLARCITY CORPORATION
		
	 By:
	 	 

 
			
		
	 Name:
	 	 Lyndon Rive

		
	 Title:
	 	 President and Chief Executive Officer

	  
 Address:

3055 Clearview Way

San Mateo, California 94402

 AGREED AND ACKNOWLEDGED, 
  

			
	[        ]
		
	By:	 	 

			
		
	Name:	 	 
		
	Title:	 	 
	  
 Address:

[        ]

  
  
 Signature Page to Warrant Purchase Shares of Series F Preferred Stock of SolarCity Corporation 

 The Company and the Holder sign this Warrant as of the date stated on the
first page. 
  

			
	SOLARCITY CORPORATION
		
	 By:
	 	 

 
			
		
	 Name:
	 	 Lyndon Rive

		
	 Title:
	 	 President and Chief Executive Officer

	  
 Address:

3055 Clearview Way

San Mateo, California 94402

 AGREED AND ACKNOWLEDGED, 
  

			
	[            ]
		
	By:	 	 

			
		
	Name:	 	 
		
	Title:	 	 

  
  
  

Signature Page to Warrant Purchase Shares of Series F Preferred Stock of SolarCity Corporation 

 EXHIBIT A 
 NOTICE OF EXERCISE 

TO:             SolarCity Corporation (the “Company”)

 Attention:   Chief Executive Officer 
  

	(1)	 Exercise. The undersigned elects to purchase the following pursuant to the terms of the attached warrant: 

 

			
	 Number of shares:
	  	 
		
	 Type of security:
	  	 

  

	(2)	 Method of Exercise. The undersigned elects to exercise the attached warrant pursuant to: 

 

	 	 ̈	 A cash payment and tenders herewith payment of the purchase price for such shares in full, together with all applicable transfer taxes, if any.

  

	 	 ̈	 The net issue exercise provisions of Section 2(b) of the attached warrant. 

 

	(3)	 Conditional Exercise. Is this a conditional exercise pursuant to Section 2(e): 

 

	 	 ̈	
Yes                             
                                 ̈ No

 If “Yes,” indicate the applicable condition: 

 

	
	
	 

  

	(4)	 Stock Certificate. Please issue a certificate or certificates representing the shares in the name of: 

 

			
	
 ̈     The undersigned    

	  	
		
	
 ̈     Other—Name:      
  
	  	 
		
	Address:    	  	 

  

	(5)	 Unexercised Portion of the Warrant. Please issue a new warrant for the unexercised portion of the attached warrant in the name of:

  

			
	
 ̈     The undersigned    

	  	
		
	
 ̈     Other—Name:      
  
	  	 
		
	Address:    	  	 

  
 A-1

	 	 ̈	 Not applicable 

  

	(6)	 Investment Intent. The undersigned represents and warrants that the aforesaid shares are being acquired for investment for its own account,
not as a nominee or agent, and not with a view to, or for resale in connection with, the distribution thereof, and that the undersigned has no present intention of selling, granting any participation in, or otherwise distributing the shares, nor
does it have any contract, undertaking, agreement’ or arrangement for the same, and all representations and warranties of the undersigned set forth in Section 11 of the attached warrant are true and correct as of the date hereof.

  

	(7)	 Investment Representation Statement and Market Stand-Off Agreement. The undersigned has executed, and delivers herewith, an Investment
Representation Statement and Market Stand-Off Agreement in a form substantially similar to the form attached to the warrant as Exhibit A-1. 

 

	
	
	  
	(Print name of the warrant holder)
	
	  
	(Signature)
	
	  
	(Name and title of signatory, if applicable)
	
	  
	(Date)
	
	  
	(Fax number)
	
	  
	(Email address)

  
 (Signature page to
Notice of Exercise) 

  
 A-2

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