Document:

EX-10.40

 Exhibit 10.40 

Execution 
 GUARANTY

 This GUARANTY (this “Guaranty”), dated and effective as of February 13, 2014, is made by Vivint Solar, Inc., a
Delaware corporation (the “Guarantor”), in favor of Blackstone Holdings I L.P., a Delaware limited partnership (the “Investor Member”), and Vivint Solar Rebecca Project Company, LLC, a Delaware limited liability
company (the “Company”, and together with the Investor Member, the “Beneficiaries” and each individually, a “Beneficiary”). 

Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the LLCA (as defined below), as such agreement
may be amended, restated, supplemented or otherwise modified from time to time. 
 Recitals 

WHEREAS, the Investor Member and Vivint Solar Rebecca Manager, LLC, a Delaware limited liability company (the “Managing
Member”) are the only members of the Company pursuant to the Limited Liability Company Agreement, dated as of the date hereof (as such agreement may be amended, restated, supplemented or otherwise modified from time to time, the
“LLCA”); 
 WHEREAS, the Managing Member is a wholly owned subsidiary of the Guarantor; 

WHEREAS, the Guarantor is in the business of providing rooftop solar electric generation systems for use on residential properties (the
“PV Systems”); 
 WHEREAS, Vivint Solar Developer, LLC, a Delaware limited liability company (the
“Developer”), and Guarantor have undertaken to sell, install, test and complete PV Systems for the Company for installation and use on residential properties on the terms and subject to the conditions in the Development, EPC and
Purchase Agreement, dated as of the date hereof (as such agreement may be amended, restated, supplemented or otherwise modified from time to time, the “EPCA”), by and among the Developer, Guarantor and the Company; 

WHEREAS, the Developer is a wholly owned subsidiary of the Guarantor; 

WHEREAS, Vivint Solar Provider, LLC, a Delaware limited liability company (the “MSA Provider”) has undertaken to provide
certain operation, maintenance and administrative services to the Company pursuant to the Maintenance Services Agreement, dated as of the date hereof (as such agreement may be amended, restated, supplemented or otherwise modified from time to time,
the “MSA”), by and between the MSA Provider and the Company; 
 WHEREAS, the MSA Provider is a wholly owned subsidiary of
the Guarantor; and 
 WHEREAS, the Guarantor will benefit from the installation and operation of the PV Systems and, therefore, is willing
to guarantee certain of the Managing Member’s obligations under the LLCA, the Developer’s obligations under the EPCA and the MSA Provider’s obligations under the MSA on the terms and conditions set forth herein. 

 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Guarantor hereby agrees for the benefit of each Beneficiary as follows: 
 1. Covenants, Representations and
Warranties. 
 Guarantor represents and warrants to each Beneficiary as follows: 

(a) the execution, delivery and performance by the Guarantor of this Guaranty does not and will not contravene or conflict with any law,
order, rule, regulation, writ, injunction or decree now in effect of any government, governmental instrumentality or court or tribunal having jurisdiction over it, or any contractual restriction binding on or affecting it; 

(b) no authorization or approval or other action by, and no notice to or filing with, any Governmental Authority is required for the due
execution, delivery and performance by the Guarantor of this Guaranty; 
 (c) the execution, delivery and performance by the Guarantor of
this Guaranty (i) do not and will not conflict with or result in a breach of the terms or provisions of any indenture, agreement or instrument to which it is a party, by which it is bound or to which it is subject, or constitute a default
thereunder, (ii) do not and will not contravene the Guarantor’s charter, by-laws or other organizational documents and (iii) do not and will not violate any laws, statutes, rules, regulations, ordinances, judgments, settlements,
orders, decrees, injunctions and writs of any Governmental Authority having jurisdiction over the Guarantor or its assets; 
 (d) the
Guarantor is a corporation, validly incorporated and existing and in good standing under the laws of the jurisdiction of its incorporation and all other jurisdictions where its failure to be so qualified would have a material adverse effect on its
financial condition or results of operations, and has the full corporate power and authority to enter into and perform its obligations under this Guaranty; 

(e) the Guarantor has been duly authorized by all necessary corporate action to execute and deliver this Guaranty; and 

(f) this Guaranty is fully enforceable against the Guarantor in accordance with its terms, subject to applicable bankruptcy, insolvency and
other laws affecting creditors’ rights and remedies generally and to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether a proceeding is sought in equity or at
law). 
 2. Guaranty. The Guarantor hereby unconditionally and irrevocably guarantees (a) the obligations of the Managing
Member to make Capital Contributions to the Company pursuant to Section 4.1 of the LLCA, (b) the timely payment and performance when due of all payment and performance obligations of the Developer under the EPCA, (c) the obligations
of the MSA Provider to provide services pursuant to Section 2.1 of the MSA, and (d) the indemnity obligations of the Managing Member pursuant to Section 9.8 of the LLCA (collectively, the “Guaranteed Obligations”).

  
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 3. Attorneys’ Fees and Expenses. The Guarantor shall reimburse the Investor
Member for all reasonable attorneys’ fees and expenses which the Investor Member, or any Affiliate on behalf of the Investor Member, pays or incurs in connection with enforcing this Guaranty, including, without limitation, all costs,
attorneys’ fees and expenses incurred by, or on behalf of, the Investor Member in connection with any insolvency, bankruptcy, reorganization, arrangement or other similar proceedings involving the Guarantor which affect the exercise by the
Investor Member of its rights and remedies hereunder. 
 4. No Subrogations. The Guarantor agrees that if the Guaranteed
Obligations are not fully and timely paid or performed according to the terms and conditions of the LLCA, the EPCA or the MSA, as applicable, whether by acceleration or otherwise, the Guarantor shall immediately upon receipt of written demand
therefor from a Beneficiary pay all amounts due or perform all Guaranteed Obligations in each case in accordance with the LLCA, the EPCA or the MSA, as applicable, as if the Guaranteed Obligations constituted the direct and primary obligations of
the Guarantor, whether or not any Beneficiary first initiated any action against the Managing Member, Developer or MSA Provider, as applicable. The Guarantor shall not have any right of subrogation as a result of any payment or performance hereunder
or any other payment made or performance by the Guarantor on account of the Guaranteed Obligations due hereunder, and the Guarantor hereby waives, releases and relinquishes any claim based on any right of subrogation, any claim for unjust enrichment
or any other theory that would entitle the Guarantor to a claim against any Beneficiary or any Affiliate thereof based on any payment made or performance hereunder or otherwise on account of the Guaranteed Obligations due hereunder. 

5. Continuing and Irrevocable Obligations. This Guaranty and the Guaranteed Obligations of the Guarantor hereunder shall be
continuing and irrevocable until all of the Guaranteed Obligations have been satisfied in full. Notwithstanding the foregoing or anything else set forth herein, and in addition thereto, if at any time all or any part of any payment received by any
Beneficiary from the Guarantor under or with respect to this Guaranty is or must be rescinded or returned for any reason whatsoever (including, but not limited to, determination that said payment was a voidable preference or fraudulent transfer
under insolvency, bankruptcy or reorganization laws), then the Guarantor’s obligations hereunder shall, to the extent of the payment rescinded or returned, be deemed to have continued in existence, notwithstanding such previous receipt of
payment by a Beneficiary, and the Guarantor’s obligations hereunder shall continue to be effective or be reinstated as to such payment, all as though such previous payment to such Beneficiary had never been made. The provisions of the foregoing
sentence shall survive termination of this Guaranty, and shall remain a valid and binding obligation of the Guarantor until satisfied. 
 6.
No Discharge. Guarantor agrees that the exercise by any Beneficiary of any of its rights or remedies under the LLCA, the EPCA or the MSA, as applicable, in connection with the failure of the Managing Member, the Developer or the MSA
Provider, as applicable, to fulfill the Guaranteed Obligations shall not serve to reduce or discharge the liability of the Guarantor hereunder, except to the extent of any recovery actually realized by any Beneficiary in cash; provided,
however that no Beneficiary shall have any obligation to exercise any of its rights or remedies under the LLCA, the EPCA or the MSA, as applicable. The Guarantor waives and releases any claim it may now or hereafter have against any
Beneficiary based on any theory or cause of action that conflicts with the agreements of the parties set forth in this Section 6. 

  
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 7. Waiver, Estoppel and Amendments. The Guarantor knowingly waives and agrees that
it will be estopped from asserting any argument to the contrary as follows: (a) any and all notice of acceptance of this Guaranty or of the creation, renewal or accrual of any of the Guaranteed Obligations or liabilities hereunder indemnified
against, either now or in the future; (b) protest, presentment, demand for payment, notice of default or nonpayment, notice of protest or default; (c) any and all notices or formalities to which it may otherwise be entitled, including, without
limitation, notice of the granting of any indulgences or extensions of time of payment of any of the liabilities and obligations hereunder and hereby indemnified against; (d) any promptness in making any claim or demand hereunder; (e) the defense of
the statute of limitations in any action hereunder or in any action for the collection of amounts payable hereunder; (f) any defense that may arise by reason of the incapacity, lack of authority, death or disability of any other person or persons or
the failure to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any other person or persons; (g) any defense based upon an election of remedies which destroys or otherwise impairs any or all of
the subrogation rights of the Guarantor or the right of the Guarantor to proceed against any other person for reimbursement, or both; (h) any duty or obligation of a Beneficiary to perfect, protect, retain or enforce any security for the payment of
amounts payable by the Guarantor hereunder or to proceed against any one or more persons as a condition to proceeding against the Guarantor; and (i) to the extent it may be waived, any principle or provision of law, statutory or otherwise, which is
or might be in conflict with the terms and provisions of this Guaranty, and any right, remedy or defense accorded by Applicable Law to sureties or guarantors. 

8. Notices. All notices and other communications hereunder shall be in writing and shall be deemed given if delivered
personally, by a nationally recognized overnight courier, by facsimile, or by electronic mail transmission or mailed by registered or certified mail (return receipt requested) to the parties at the following addresses (or at such other address for a
party as shall be specified by like notice): 
 To the Investor Member: 

Blackstone Holdings I L.P. 
 c/o
The Blackstone Group L.P. 
 345 Park Avenue 

New York, New York 10154 
 Attn:
John Finley 
 Fax: 212-583-5749 

John.Finley@Blackstone.com 
 and

 Chaim Miller 

Chaim.Miller@Blackstone.com 
 and

 Joe Rocco 

Joe.Rocco@Blackstone.com 

  
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 and 

Treasury-Operations@Blackstone.com 

To the Company: 
 Vivint Solar
Rebecca Project Company, LLC 
 4931 N 300 W 

Provo, UT 84604 
 Attn: Thomas
Plagemann, Exec. VP of Capital Markets 
 Facsimile: (801) 229-7727 

Email: thomas.plagemann@vivintsolar.com 

With copies to: 
 Vivint Solar,
Inc. 
 4931 N 300 W 
 Provo, UT
84604 
 Attn: C. Dan Black, General Counsel 

Facsimile: (801) 765-5746 

Email: dblack@vivintsolar.com 

To the Guarantor: 
 Vivint
Solar, Inc. 
 4931 N 300 W 

Provo, UT 84604 
 Attn: Thomas
Plagemann, Exec. VP of Capital Markets 
 Facsimile: (801) 229-7727 

Email: thomas.plagemann@vivintsolar.com 

With copies to: 
 Vivint Solar,
Inc. 
 4931 N 300 W 
 Provo, UT
84604 
 Attn: C. Dan Black, General Counsel 

Facsimile: (801) 765-5746 

Email: dblack@vivintsolar.com 

9. Assignment. If the Membership Interest of the Investor Member is transferred and the person to whom the Membership Interest
is transferred is admitted as a member to the LLCA, all in accordance with the LLCA, this Guaranty shall automatically be assigned therewith, to such person without the need of any express assignment, and, when so assigned, the Guarantor shall be
bound as set forth herein to the assignee(s) without in any manner affecting the Guarantor’s liability. This Guaranty and all of the provisions hereof shall be binding upon and inure to the benefit of the parties and their respective successors
and permitted assigns. The Guarantor may not assign this Guaranty in whole or in part without the prior written consent of the Investor Member. 

  
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 10. Governing Law. THIS GUARANTY SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING RELATING TO A DISPUTE
HEREUNDER AND FOR ANY COUNTERCLAIM WITH RESPECT THERETO. 
 11. Venue. THE PARTIES HEREBY IRREVOCABLY SUBMIT TO THE
NON-EXCLUSIVE JURISDICTION OF ANY STATE OR FEDERAL COURT IN THE STATE OF NEW YORK WITH RESPECT TO ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY. EACH PARTY HERETO IRREVOCABLY AND UNCONDITIONALLY WAIVES TRIAL BY JURY IN
ANY ACTION, SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY. 
 12. Entire Agreement. This Guaranty constitutes
the entire agreement of the Guarantor, the Investor Member and the Company, and supersedes all prior agreements, letters of intent and understandings, both written and oral, between the Guarantor, the Investor Member and the Company with respect to
the subject matter hereof. 
 13. Amendment. This Guaranty may not be amended, modified, revised, revoked, terminated, changed
or varied in any way whatsoever, except by the express terms of a writing duly executed by the Guarantor and each Beneficiary. Any failure of the Guarantor to comply with any obligation, covenant, guaranty or condition contained herein may be waived
only if set forth in an instrument in writing signed by the party to be bound thereby, but such waiver or failure to insist upon strict compliance with such obligation, covenant, guaranty or condition shall not operate as a waiver of, or estoppel
with respect to, any other failure. 
 14. Waiver. Each Beneficiary’s rights and remedies under this Guaranty are
intended to be distinct, separate and cumulative, and no such right or remedy therein or herein mentioned, whether exercised by such Beneficiary or not, is intended to be an exclusion or a waiver of any of the others. No delay or failure on the part
of a Beneficiary in the exercise of any right or remedy against any other party against whom such Beneficiary may have any rights shall operate as a waiver of any agreement or obligation contained herein, and no single or partial exercise by a
Beneficiary of any rights or remedies hereunder shall preclude other or further exercise thereof or other exercise of any other right or remedy. 

15. Duration. The Guarantor hereby agrees that this Guaranty shall remain in full force and effect at all times hereinafter
until the Guaranteed Obligations have been paid and/or performed in full subject to the limitations and expiration periods set forth herein, notwithstanding any action or undertakings by or against any Beneficiary, the Managing Member or the
Guarantor in any proceeding in any United States bankruptcy court, including, without limitation, any proceeding relating to valuation of collateral, election or imposition of secured or unsecured claim status upon claims by any Beneficiary pursuant
to any Chapter of the Bankruptcy Code or the Federal Rules of Bankruptcy Procedure, as same may be applicable from time to time. 

  
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 16. Miscellaneous. 

(a) If any term or other provision of this Guaranty is invalid, illegal or incapable of being enforced by any rule of Applicable Law or public
policy, all other conditions and provisions of this Guaranty shall nevertheless remain in full force and effect. 
 (b) When the context and
construction so require, all words used in the singular herein shall be deemed to have been used in the plural, and the masculine shall include the feminine and neuter and vice versa. The word “person,” as used herein, shall include any
individual, company, firm, association, limited liability company, corporation, trust or other legal entity of any kind whatsoever. 
 (c)
All headings in this Guaranty are for convenience of reference only and are not intended to qualify the meaning of any provision of this Guaranty. 

(d) The obligations of the Guarantor contained herein are undertaken solely and exclusively for the benefit of the Beneficiaries and their
respective permitted successors and assigns, and no other person or entities shall have any standing to enforce such obligations or be deemed to be beneficiaries of such obligations. 

(e) This Guaranty may be executed in any number of counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. Delivery of an executed counterpart of a signature page of this Guaranty by facsimile or other electronic transmission shall be effective as delivery of a manually executed counterpart of this Guaranty. 

[Signatures follow] 

  
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 IN WITNESS WHEREOF, the undersigned has executed this Guaranty as of the date first above
written. 
  

			
	GUARANTOR:
	
	 VIVINT SOLAR, INC.,
 a Delaware
corporation

		
	By:	 	 /s/ Paul Dickson

	Name:	 	Paul Dickson
	Title:	 	Vice President of Operations

 Guaranty 

 Accepted and agreed: 
  

			
	BLACKSTONE HOLDINGS I L.P.,
	a Delaware limited partnership
		
	By:	 	Blackstone Holdings I/II GP Inc.,
		 	its General Partner
		
	By:	 	 /s/ Laurance A. Tosi

	Name:	 	Laurance A. Tosi
	Title:	 	CFO
	
	 VIVINT SOLAR REBECCA PROJECT COMPANY, LLC,

a Delaware limited liability company

		
	By:	 	 /s/ Paul Dickson

	Name:	 	Paul Dickson
	Title:	 	Vice President of Operations

 GuarantyEX-10.41

 Exhibit 10.41 

SUBSCRIPTION AGREEMENT 

August 14, 2014 
 THIS
SUBSCRIPTION AGREEMENT (this “Agreement”) by and between 313 Acquisition LLC, a Delaware limited liability company (“313”) and Vivint Solar, Inc., a Delaware corporation (“Solar”), is made as of the
date set forth above. 
 WHEREAS, 313 and Solar have agreed for the infusion by 313 of additional common equity capital into Solar based on
total equity valuation of $800 million; and 
 WHEREAS, on the terms and subject to the conditions hereof, 313 desires to subscribe for and
acquire from Solar, and Solar desires to issue and provide to 313, shares of Solar Common Stock (as defined below) based on such valution; 

NOW, THEREFORE, in order to implement the foregoing and in consideration of the mutual representations, warranties, covenants and agreements
contained herein, the parties hereto agree as follows: 
 1. Sale and Purchase of Subscription Securities. (a) At the Closing (as defined
below), upon the terms and subject to the conditions of this Agreement, 313 hereby agrees to transfer, contribute and deliver to Solar by wire transfer in immediately available amounts a cash amount of $28,500,000 (the “Subscription
Amount”). In consideration for the Subscription Amount, Solar hereby agrees to issue at the Closing to 313, 2,671,875 shares of common stock, par value $0.01 per share of Solar (“Solar Common Stock”). The shares of Solar
Common Stock purchased by 313 hereunder (including any additional shares subsequently issued pursuant to the adjustment mechanism described below) are referred to as the “Subscription Securities”. 

(b) Subject to the satisfaction (or waiver by the parties entitled to the benefit thereof) of the conditions set forth in Section 2 of this Agreement,
the closing of the transactions contemplated hereby (the “Closing”) will take place at 10:00 a.m. Eastern Time at the offices of Simpson Thacher & Bartlett LLP, 425 Lexington Avenue, New York, New York, 10017, or at such
other time and location as the parties may mutually agree. At the Closing, Solar will duly record in its stockholder registry in the name of 313 the Subscription Securities, against the transfer, contribution and payment to Solar of the Subscription
Amount, which shall represent payment in full for the Subscription Securities. 
 (c) From the date hereof until the earlier of (i) the initial public
offering of Solar and (ii) the first anniversary of the Closing Date, in the event that Solar issues or sells any Solar Common Stock or any other securities of Solar or its subsidiaries that would entitle the holder thereof to acquire at any
time Solar Common Stock (“Solar Common Stock Equivalent”) in one or more transactions to an unrelated third party, if such Solar Common Stock or Solar Common Stock Equivalent is sold at or otherwise reflects a Common Stock valuation
per share of less than $10.666667, then, as an adjustment in the purchase price per share for the Subscription Securities, Solar shall issue to 313 such number of additional shares of Common Stock as would reflect, as of the Closing Date, the
valuation per share of Common Stock implied by such subsequent issuance. Such adjustment and issuance to 313 of additional shares will occur serially in the event additional such issuances to a third party subsequently occur at an even lower
valuation It is expected that the negotiations with respect to any such subsequent issuance would take into account these adjustment mechanisms 

  
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 2. Conditions to Sale and Purchase of Subscription Securities. 

(a) Notwithstanding anything in this Agreement to the contrary, 313 will be under no obligation to purchase or subscribe for any Subscription Securities unless
(i) the representations and warranties of Solar contained in Section 3 hereof are true and correct in all material respects as of the Closing and (ii) Solar is not in breach of any agreement, obligation or covenant herein required to
be performed or observed by Solar on or prior to the Closing. 
 (b) Notwithstanding anything in this Agreement to the contrary, Solar shall be under no
obligation to issue, sell or grant to 313 any Subscription Securities unless (i) the representations and warranties of 313 contained in Section 4 hereof are true and correct in all material respects as of the Closing and (ii) 313 is
not in breach of any agreement, obligation or covenant herein required to be performed or observed by 313 on or prior to the Closing. 
 3.
Representations and Covenants of Solar. 
 3.1 Solar represents and warrants to 313 as follows: 

(a) Solar is a corporation duly organized, validly existing and in good standing under the laws of the state of Delaware and has all requisite power and
authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution and delivery by Solar of this Agreement, the performance by Solar of its obligations hereunder, and the consummation by Solar of the transactions
contemplated hereby have been duly authorized by all requisite action on the part of Solar; this Agreement has been duly executed and delivered by Solar and, assuming the due authorization, execution and delivery thereof by 313, constitutes a legal,
valid and binding obligation of Solar, enforceable against Solar in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or affecting
creditors’ rights generally or by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); 

(b) the Subscription Securities, when issued and delivered in accordance with the terms hereof, will be duly authorized, validly issued, fully paid and
nonassessable, and free and clear of any liens or encumbrances of any kind other than under applicable securities laws or as set forth in the by-laws of Solar; 

(c) the execution, delivery and performance by Solar of this Agreement and the consummation by Solar of the transactions contemplated hereby do not and will
not, with or without the giving of notice or the passage of time or both, (i) violate the provisions of any law, rule or regulation applicable to Solar or its properties or assets; (ii) violate the provisions of the certificate of
incorporation or by-laws of Solar, as amended to date; or (iii) violate any judgment, decree, order or award of any court, governmental or quasi-governmental agency or arbitrator applicable to Solar or its properties or assets; 

 (d) no consent, approval, exemption or authorization is required to be obtained from, no notice is required to be
given to and no filing is required to be obtained from any third party (including, without limitation, governmental and quasi-govemmental agencies, authorities and instrumentalities of competent jurisdiction) by Solar, in order (i) for this
Agreement to constitute a legal, valid and binding obligation of Solar or (ii) to authorize or permit the consummation by Solar of the issuance of the Subscription Securities; 

(e) As of the date hereof, without taking into effect the issuance of the Subscription Securities, the authorized capital stock of Solar consists of
100,000,000 shares of Solar Common Stock, of which 75,000,000 shares of Solar Common Stock were issued and outstanding; and 
 (f) Solar has not employed any
broker or finder in connection with the transactions contemplated by this Agreement to whom 313 might have any obligation. 
 4. Representations and
Warranties of 313. 
 4.1 313 represents and warrants to Solar that: 

(a) 313 is a limited liability company duly organized and validly existing and in good standing under the laws of the state of Delaware and has all requisite
power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution and delivery by 313 of this Agreement, the performance by 313 of its obligations hereunder and the consummation by 313 of the
transactions contemplated hereby have been duly authorized by all requisite action on the part of 313. This Agreement has been duly executed and delivered by 313 and, assuming the due authorization, execution and delivery thereof by Solar,
constitutes a legal, valid and binding obligation of 313, enforceable against 313 in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws relating to or
affecting creditors’ rights generally or by general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law); 

(b) the execution, delivery and performance by 313 of this Agreement and the consummation by 313 of the transactions contemplated hereby do not and will not,
with or without the giving of notice or the passage of time or both, (i) violate the provisions of any law, rule or regulation applicable to 313 or its properties or assets; (ii) violate the provisions of the limited liability company
agreement of 313, as amended to date; or (iii) violate any judgment, decree, order or award of any court, governmental or quasi-govemmental agency or arbitrator applicable to 313 or its properties or assets; 

(c) no consent, approval, exemption or authorization is required to be obtained from, no notice is required to be given to, and no filing is required to be
obtained from, any third party (including, without limitation, governmental and quasi-govemmental agencies, authorities and instrumentalities of competent jurisdiction) by 313, in order (i) for this Agreement to constitute a legal, valid and
binding obligation of 313 or (ii) to authorize or permit the consummation by 313 of its purchase of the Subscription Securities; 

 (d) 313 (i) is an “accredited investor” within the definition of Regulation D promulgated under
the Securities Act, (ii) is experienced in evaluating and investing in private placement transactions of securities of similar companies and acknowledges that it is able to fend for itself, can bear the economic risk of 313’s investment in
Solar, and has such knowledge and experience in financial and business matters that 313 is capable of evaluating the merits and risks of the investment in the Subscription Securities and can afford a complete loss of its investment, (iii) has
not been organized for the purpose of acquiring the Subscription Securities, (iv) understands that no public market now exists for the Subscription Securities and that it is likely that no public market will ever exist for the Subscription
Securities, (v) understands that the Subscription Securities may not be sold, transferred, or otherwise disposed of without registration under the Securities Act or an exemption therefrom, and that, in the absence of an effective registration
statement covering the Subscription Securities or an available exemption from registration under the Securities Act, the Subscription Securities must be held indefinitely, (vi) understands that the exemption from registration afforded by Rule
144 (the provisions of which are known to it) promulgated under the Securities Act depends on the satisfaction of various conditions, and that, if applicable, Rule 144 may afford the basis for sales only in limited amounts; (vii) understands
that the Subscription Securities will be subject to the provisions of the by-laws of Solar, which provides for certain restrictions on the transferability of the Subscription Securities, and (viii) understands that its investment in the
Subscription Securities involves a significant degree of risk including a risk of total loss of its investment, and it is fully aware of and understands all the risk factors related to its purchase of the Subscription Securities; 

(e) 313 is acquiring the Subscription Securities for its own account, solely for the purpose of investment and not with a view to, or for sale in connection
with, any distribution thereof in violation of federal law or any applicable securities law. 313 understands that the Subscription Securities have not been registered under the Securities Act on the basis that the sale provided for in this Agreement
is exempt from the registration provisions thereof; 
 (f) to the full satisfaction of 313, 313 has been furnished any materials it has requested relating to
the Solar and the Subscription Securities, and 313 has been afforded the opportunity to ask questions of representatives of Solar concerning Solar and the Subscription Securities and to obtain any additional information necessary to verify the
accuracy of any information provided to it; 
 (g) 313 is not relying upon any information, representation or warranty by Solar or any affiliate or agent of
Solar in determining to invest in Solar, and expressly acknowledges that neither Solar or any affiliate or agent of Solar has made any representations or warranties to it in connection therewith other than the representations and warranties made by
Solar in this Agreement. 313 has, independently and without reliance upon Solar or any affiliate or agent of Solar, and based on such documents and information as 313 has deemed appropriate, made its own appraisal of and investigation into the
business, operations, property, financial and other condition and creditworthiness of Solar and made its own investment decision with respect to the investment represented by the Subscription Securities. 313 has consulted to the extent deemed
appropriate by 313 with 313’s own advisers as to the financial, tax, legal and related matters concerning an investment in the Subscription Securities and on that basis understands the financial, legal, tax and related consequences of an
investment in the Subscription Securities, and believes that an investment in the Subscription Securities is suitable and appropriate for 313; and 
  

	(h)	313 has not employed any broker or finder in connection with the transactions contemplated by this Agreement. 

5. Miscellaneous. 
 5.1 Termination. This Agreement
shall be terminated by mutual written consent of Solar and 313. 
 5.2 Amendment: Waiver. This Agreement may be amended only by a written instrument
signed by the parties hereto. No waiver by any party hereto of any of the provisions hereof shall be effective unless set forth in a writing executed by the party so waiving. 

5.3 Governing Law; Jurisdiction. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Delaware
applicable to contracts made and to be performed therein. Each party hereto hereby (i) agrees than any action, directly or indirectly, arising out of, under or relating to this Agreement or the transactions contemplated hereby shall exclusively
be brought in the Delaware Court of Chancery sitting in Wilmington, Delaware (the “Court of Chancery”) and shall exclusively be heard and determined by the Court of Chancery, unless the Court of Chancery determines that it
does not then have subject matter jurisdiction over such action, in which case any such action shall then exclusively be brought in and shall exclusively be heard and determined by either the Supreme Court of the State of New York sitting in
Manhattan or the United States District Court for the Southern District of New York, and (ii) solely in connection with the action(s) contemplated by subsection (i) hereof, (A) irrevocably and unconditionally consents and submits to
the exclusive jurisdiction of the courts identified in subsection (i) hereof, (B) irrevocably and unconditionally waives any objection to the laying of venue in any of the courts identified in clause (i) of this Section 5.3,
(C) irrevocably and unconditionally waives and agrees not to plead or claim that any of the courts identified in such clause (i) is an inconvenient forum or does not have personal jurisdiction over any party hereto, and (D) agrees
that mailing of process or other papers in connection with any such action in the manner provided herein or in such other manner as may be permitted by applicable law shall be valid and sufficient service thereof. Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable law, any right it may have to a trial by jury in respect of any claim or action directly or indirectly arising out of, under or in connection with this Agreement or the transactions
contemplated hereby. 
 5.4 Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given
when delivered by hand or overnight courier or three postal delivery days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement,
or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt. 

If to Solar: 
 4931 North 300 West

 Provo, UT 84604 
 Facsimile:
(801) 765-5746 

 Attention: Chief Legal Officer 

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

Wilson Sonsini Goodrich & Rosati, P.C. 

650 Page Mill Road 
 Palo Alto, CA
94304 
 Facsimile: (650) 493-6811 

Attention: Robert Day and Michael Nordtvedt 

If to 313: 
 The Blackstone Group

 345 Park Avenue 
 New York,
NY 10154 
 Facsimile: (212) 583-5710 

Attention: Peter Wallace 
 with a
copy to (which shall not constitute notice): 
 Simpson Thacher & Bartlett LLP 

425 Lexington Avenue 
 New York,
NY 10017-3954 
 Facsimile: (212) 455-2502 

Attn: Pete Martelli 
 5.5 Integration. This
Agreement and the documents referred to herein or delivered pursuant hereto which form a part hereof contain the entire understanding of the parties with respect to the subject matter hereof and thereof. There are no restrictions, agreements,
promises, representations, warranties, covenants or undertakings with respect to the subject matter hereof other than those expressly set forth herein and therein. This Agreement supersedes all prior agreements and understandings between the parties
with respect to such subject matter. 
 5.6 Counterparts. This Agreement may be executed in any number of counterparts (including counterparts
transmitted by facsimile or electronically in portable document format (pdf)), all of which will be an original and together shall constitute a single instrument. 

5.7 Injunctive Relief. Each of the parties acknowledges and agrees that a violation of any of the terms of this Agreement will cause the other party
irreparable injury for which adequate remedy at law is not available. Accordingly, each party agrees that the other party shall be entitled to an injunction, restraining order or other equitable relief to prevent breaches of the provisions of this
Agreement and to enforce specifically the terms and provisions hereof in any court of competent jurisdiction in the United States or any state thereof, in addition to any other remedy to which it may be entitled at law or equity. 

 5.8 Rights Cumulative; Waiver. The rights and remedies of 313 and Solar under this Agreement shall be
cumulative and not exclusive of any rights or remedies which either would otherwise have hereunder or at law or in equity or by statute, and no failure or delay by either party in exercising any right or remedy shall impair any such right or remedy
or operate as a waiver of such right or remedy, nor shall any single or partial exercise of any power or right preclude such party’s other or further exercise or the exercise of any other power or right. The waiver by any party hereto of a
breach of any provision of this Agreement shall not operate or be construed as a waiver of any preceding or succeeding breach and no failure by either party to exercise any right or privilege hereunder shall be deemed a waiver of such party’s
rights or privileges hereunder or shall be deemed a waiver of such party’s rights to exercise the same at any subsequent time or times hereunder. 
 5.9
Further Assurances. Each of the parties shall execute such documents and perform such further acts as may be reasonably required or desirable to carry out or to perform the provisions of this Agreement. 

[Signature page as follows] 

 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the day and year first
above written. 
  

			
	313 ACQUISITION LLC
		
	By:	 	 /s/ Alex J. Dunn

	Name:	 	Alex J. Dunn
	Title:	 	

  

			
	VIVINT SOLAR, INC.
		
	By:	 	 /s/ Gregory S. Butterfield

	Name:	 	Gregory S. Butterfield
	Title:	 	President & CEO

 [Signature Page to Subscription Agreement]

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