Document:

EX-10.2

 Exhibit 10.2 

TRADEMARK LICENSE AGREEMENT 

THIS TRADEMARK LICENSE AGREEMENT (“Agreement”) is entered into on June 25, 2015 and is effective as of the Effective
Time (as defined in the Separation Agreement (defined below)) by and between Eveready Battery Company, Inc., a Delaware corporation to be converted into a Delaware limited liability company and re-named “Edgewell Personal Care Brands, LLC”
prior to the Effective Time (“Edgewell”) and Wilkinson Sword GmbH, a German company (“WS” and, together with Edgewell, the “Licensors”) and Energizer SpinCo, Inc., a Missouri corporation, to
be renamed “Energizer Holdings, Inc.” prior to the Effective Time (“Energizer”). 
 WHEREAS, pursuant to that
certain Separation and Distribution Agreement by and between Energizer Holdings, Inc., a Missouri corporation, and Energizer, dated as of June 25, 2015 (the “Separation Agreement”), each of the Licensors has agreed to grant to
Energizer a royalty-free, non-exclusive license to use the Licensed Trademarks it owns during the Trademark License Term (as such terms are defined below) and subject to the terms, provisions, and conditions set forth herein. 

NOW, THEREFORE, in consideration of the mutual premises, promises, covenants, and obligations of the parties set forth herein, and other good
and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties, intending to be legally bound, agree as follows: 

1. Definitions. Capitalized terms used herein without definition shall have the meanings assigned to them in the Separation Agreement.
In addition to terms defined elsewhere in this Agreement, the following terms shall have the following meanings for purposes of this Agreement: 

(a) “Existing Packaging” means any packaging, including as used for existing inventory and including cartons and other
packaging used in shipping, that is included in the EHP Assets and that bears any of the Licensed Trademarks. 
 (b) “Existing
Promotional Materials” means those advertising, marketing, sales, and promotional materials (including interior and exterior signage) in existence as of the Effective Time that bear any of the Licensed Trademarks and are included in the EHP
Assets. 
 (c) “Licensed Trademarks” means those trademarks, service marks, trade names, and logos identified on Exhibit
A attached hereto. 
 2. License to Licensed Trademarks. 

(a) License Grant. Subject to the applicable terms and conditions of this Agreement, each of the Licensors hereby grants Energizer (for
itself and the beneficial use of Energizer’s Subsidiaries), and Energizer hereby accepts, a worldwide, non-exclusive, irrevocable (except as provided in Section 3 below), non-transferrable (except as provided in
Section 4(c) below), royalty-free license to the Licensed Trademarks owned by such Licensor, and the goodwill associated therewith, only for the following purposes and only during the Trademark License Term: 

(i) To use the Existing Promotional Materials and to use, make, and have made advertising, marketing, sales, and other promotional materials
that are substantially similar to Existing Promotional Materials for advertising, marketing, sales, or promotional purposes that are substantially similar to such purposes for which the Existing Promotional Materials were used or held for use as of
the Effective Time; 

 (ii) To use the Existing Packaging and to use, make, and have made packaging that is
substantially similar to Existing Packaging in connection with the sale, offer for sale, advertising, marketing, distribution, and promotion of the existing inventory for which such Existing Packaging was used as of the Effective Time and of
products that are substantially similar to those products for which the Existing Packaging was used or held for use as of the Effective Time; and 

(iii) To use, as the case may be, the SCHICK or WILKINSON SWORD Licensed Trademark as a component of the name under which it does business;
provided, however, that uses of the SCHICK or WILKINSON SWORD Licensed Trademark pursuant to this item (iii) shall be limited to uses in connection with legal documents and other uses for which Energizer is required to use its legal name
and nothing in this item (iii) shall be deemed to grant Energizer the right to use or employ the SCHICK or WILKINSON SWORD Licensed Trademark as a trademark or service mark for purposes of selling, offering for sale, advertising, marketing,
distribution or promotion of products or services other than as permitted pursuant to item (i) or (ii) above. 
 (b) Quality
Control and Property Rights. 
 (i) Energizer recognizes that the Licensed Trademarks, including the associated goodwill, have great
value to the Licensors. Energizer covenants and agrees that all uses by it of the Licensed Trademarks during the Trademark License Term, including but not limited to all goodwill accrued by, and due to, Energizer’s use of the Licensed
Trademarks anywhere, shall inure solely to the benefit of Licensor that owns such Licensed Trademarks. 
 (ii) Energizer covenants and
agrees that it shall use the Licensed Trademarks only: (A) in a manner and form designed to maintain the high quality of the Licensed Trademarks and keeping with the image, reputation and goodwill symbolized by and associated with the Licensed
Trademarks as of the Effective Time; (B) in a form and manner that is consistent with the use of the Licensed Trademarks in connection with the EHP Business as of the Effective Time; (C) in a manner and form that protects the
Licensors’ ownership interests therein; and (D) in a manner and form that complies with all applicable federal, state, local and foreign laws, rules and regulations. 

(iii) In order to ensure that Energizer complies with the quality standards set forth in this Section, each Licensor shall have the right, at
any time and from time to time to request upon reasonable notice to Energizer, and Energizer shall provide, full and open access at reasonable times to the facilities at which Energizer manufactures, processes, or

  
 2 

 
warehouses products bearing the Licensed Trademarks owned by such Licensor in order to verify that the quality of products bearing such Licensed Trademarks is consistent with the standards
imposed by this Agreement. 
 (iv) In the event a Licensor determines that any promotional materials or packaging licensed for use under
this Agreement bearing any Licensed Trademark it owns, or any products sold or offered for sale in any such packaging or advertised, marketed, or promoted using any such promotional materials fall below such Licensor’s quality standards as set
forth in Section 2(b)(ii) above, such Licensor may notify Energizer thereof in writing, providing Energizer with an explanation as to how such promotional materials, packaging, or products fail to conform to such standards and Energizer
shall change such promotional materials, packaging, or products to conform thereto within a commercially reasonable time. 
 (v) Energizer,
during the Term of this Agreement, in all public uses of the Licensed Trademarks, where commercially practicable and possible, will use its best efforts to indicate that the Licensed Trademarks are owned by Edgewell or WS, as applicable; provided,
however, that Energizer shall have no obligation to modify any Existing Packaging or Existing Promotional Materials, except to the extent necessary to comply with notice obligations under the Separation Agreement. 

(vi) Energizer acknowledges, understands and agrees that, it shall not knowingly perform, do, or cause any act to be done, or fail to take
any action, during or after the Trademark License Term, or assist any third party in performing, doing and/or causing any act to be done, that Energizer knows or would reasonably expect to be detrimental to, injure or impair in any way or to any
degree: (A) any of the Licensed Trademarks; (B) any applications for registration or registrations therefor; (C) the respective goodwill related to any of the Licensed Trademarks; (D) the federal, state or common law and other
rights of a Licensor in or to any of the Licensed Trademarks it owns; (E) a Licensor’s right, title, interest, and ownership in and to any of the Licensed Trademarks it owns; or (F) the validity and enforceability of the any of the
foregoing. 
 (vii) All rights in the Licensed Trademarks other than those specifically granted to Energizer pursuant to this Agreement are
expressly reserved by Edgewell or WS, as applicable. 
 3. Term and Termination. 

(a) Termination Prior to the Effective Time. This Agreement shall terminate and be of no force and effect if the Separation Agreement
terminates prior to the Effective Time. In the event of any termination of this Agreement prior to the Effective Time, no party (or any of its directors or officers) shall have any Liability or further obligation to any other party with respect to
this Agreement. 
 (b) Trademark License Term. If this Agreement does not terminate prior to the Effective Time, then this Agreement
shall terminate two (2) years after the Effective Time, unless sooner terminated pursuant to this Section 3 (the “Trademark License Term”). 

  
 3 

 (c) Termination Upon Breach. Energizer’s license to use a Licensed Trademark shall
terminate thirty (30) days after its receipt of written notice from the Licensor that owns such Licensed Trademark of Energizer’s breach of any material term of this Agreement applicable to such Licensed Trademark, unless Energizer cures
such breach and notifies such Licensor in writing of such cure during such thirty (30) day period. Energizer’s license to use any other Licensed Trademarks shall survive any such termination of Energizer’s right to use a Licensed
Trademark until such license otherwise terminates in accordance with this Agreement. If Energizer’s license to a Licensed Trademark terminates in accordance with this Section 3(c), then upon any such termination, Energizer shall
immediately cease any and all use of such Licensed Trademark and, subject to the exceptions set forth in Section 3(g) below, Energizer shall have no further right to use such Licensed Trademark anywhere, in any way, or for any purpose.

 (d) Termination for Convenience. Energizer may terminate its license to use any of the Licensed Trademarks at any time, upon
thirty (30) days’ prior written notice of such termination to Licensors. 
 (e) Effect of Termination. Subject to
Sections 3(f) and 3(g) below, upon termination of this Agreement or earlier expiration or termination of Energizer’s license to use all of the Licensed Trademarks, Energizer shall cease any and all use of the Licensed Trademarks and
Energizer shall have no further right to use the Licensed Trademarks anywhere, in any way, or for any purpose, except as otherwise agreed by the parties. The provisions of Sections 1, 2.(b)(vi), 3(f), 3(g), 5,
6 and 7 shall survive any termination or expiration of this Agreement. 
 (f) Sell-Off Period. If (or to the extent)
Energizer’s license to use any Licensed Trademarks terminates pursuant to Section 3(b) upon expiration of the two (2) year period beginning on the Effective Time, then Energizer may continue to distribute, offer to sell, and
sell goods (including goods in Existing Packaging) that were in existence as of the Effective Time, included in the EHP Assets and bear any such Licensed Trademark for an additional one (1) year following expiration of the Trademark License
Term (or until the earlier Change in Control of Energizer) (the “Sell-Off Period”); provided that all of the provisions of this Agreement applicable to Energizer’s use of any such Licensed Trademarks shall apply during such
Sell-Off Period and Energizer’s right to use any such Licensed Trademarks shall be subject to Energizer’s continued compliance with such terms during the Sell-Off Period; and provided further, however, that there shall be no Sell-Off
Period if there has been a Change in Control prior to expiration of the two (2) year period beginning on the Effective Time. 
 (g)
Continuing Rights in Licensed Trademarks. Notwithstanding expiration or termination of the Trademark License Term for any reason, Energizer may continue to use the Licensed Trademarks: (i) in connection with making factual and accurate
reference in a non-prominent manner that it was formerly affiliated with Edgewell or WS, (ii) in a manner that would constitute “fair use” under applicable law if any unaffiliated third party made such use or would otherwise be
legally permissible for any unaffiliated third party without the consent Edgewell or WS, as applicable, (iii) in connection with publicly displaying materials in existence as of the Effective Time and during the Term of the License Agreement
that are included in Energizer Assets and that bear any Licensed Trademarks for archival purposes or historical purposes (such as in a museum or museum-like display), (iv) making references in internal historical, corporate, and tax records, or
(v) as otherwise provided in the Separation Agreement. 

  
 4 

 4. Use by Subsidiaries/Assignment. 

(a) Same Rights. Any Subsidiary of Energizer shall have the same right to use and exploit the Licensed Trademarks as Energizer. Each
such Subsidiary that exercises such right shall be bound by, and shall comply with all of the terms and conditions of, this Agreement as though it were “Energizer”, hereunder, but Energizer, as applicable, shall at all times remain
responsible for all use or other exploitation of the Licensed Trademarks, under this Agreement by such Subsidiary. 
 (b) Change in
Subsidiary Status. If at any time a prior Subsidiary of Energizer no longer meets the definition of a Subsidiary of Energizer or should cease to exist, such prior Subsidiary shall cease to have the right to use or exploit such Licensed
Trademarks. 
 (c) Assignment. Energizer shall not assign or otherwise transfer, by operation of law or otherwise, this Agreement or
any of its rights under this Agreement to a Third Party without the prior, written consent of Licensors and any such assignment without such prior written consent shall be null and void; provided, however, that that no such consent
shall be required for the assignment of Energizer’s rights and obligations under this Agreement if: (a) Energizer (or any of its successors or permitted assigns) (i) shall consolidate with or merge into any other Person and shall not
be the continuing or surviving Business Entity of such consolidation or merger or (ii) shall transfer all or substantially all of its properties and/or Assets to any Person, and (b) in any such case, the resulting, surviving or assignee
Person expressly assumes all of the obligations of Energizer (or its successors or permitted assigns, as applicable) under this Agreement. No assignment permitted by this Section 4(c) shall release Energizer from liability for the full
performance of its obligations under this Agreement. Each Licensor may freely assign its rights and obligations under this Agreement; provided, however, for the avoidance of doubt, any assignment by a Licensor of its rights in the Licensed
Trademarks it owns shall be subject to the license granted to Energizer under this Agreement. 
 5. Representations and Warranties;
Certain Disclaimers; Limitation of Liability. 
 (a) Corporate Authority; Enforceability. Energizer, on one hand, and Edgewell
and WS, on the other hand, each hereby represents and warrants to the other that: (i) it has (or they have) the requisite corporate or other power and authority and has taken (or have taken) all corporate or other action necessary in order to
execute, deliver and perform this Agreement and to consummate the transactions contemplated hereby and (ii) this Agreement has been duly executed and delivered by it (or them) and constitutes a valid and binding agreement of it (or them)
enforceable in accordance with the terms hereof. 
 (b) Energizer Acknowledgement. ENERGIZER (ON BEHALF OF ITSELF AND EACH MEMBER OF
THE EHP GROUP) ACKNOWLEDGES AND AGREES THAT: (i) NO MEMBER OF THE EPC GROUP IS MAKING IN THIS AGREEMENT (OR ANY OTHER AGREEMENT CONTEMPLATED BY THIS AGREEMENT OR OTHERWISE) ANY REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, AS TO THE

  
 5 

 
CONDITION, QUALITY, MERCHANTABILITY OR FITNESS OF, THE FREEDOM FROM ANY SECURITY INTEREST OF, THE VALUE OF, OR OTHERWISE WITH RESPECT TO, ANY LICENSED TRADEMARKS; (ii) ALL LICENSED
TRADEMARKS SHALL BE LICENSED ON AN “AS IS,” “WHERE IS” BASIS; AND (iii) ENERGIZER AND ITS AFFILIATES SHALL BEAR THE ECONOMIC AND LEGAL RISKS THAT ANY LICENSE SHALL PROVE TO BE INSUFFICIENT TO VEST IN IT THE RIGHTS AND
LICENSES PURPORTED TO BE GRANTED HEREUNDER. 
 (c) LIMITATION ON LIABILITY. IN NO EVENT SHALL EDGEWELL, WP, ENERGIZER, OR
ANY OTHER MEMBER OF THE EPC GROUP OR EHP GROUP HAVE ANY LIABILITY TO THE OTHER OR TO ANY OTHER MEMBER OF THE EPC GROUP, THE EHP GROUP, OR TO ANY OTHER EPC INDEMNITEE OR EHP INDEMNITEE, AS APPLICABLE, UNDER THIS AGREEMENT, INCLUDING WITHOUT
LIMITATION ARISING FROM ENERGIZER’S (OR ANY EHP GROUP MEMBERS’) USE OF LICENSED TRADEMARKS UNDER THIS AGREEMENT, FOR ANY SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES, WHETHER OR NOT CAUSED BY OR RESULTING FROM NEGLIGENCE OR BREACH OF OBLIGATIONS
HEREUNDER AND WHETHER OR NOT INFORMED OF THE POSSIBILITY OF THE EXISTENCE OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE PROVISIONS OF THIS SECTION 5(C) SHALL NOT LIMIT ENERGIZER’S INDEMNIFICATION OBLIGATIONS HEREUNDER WITH
RESPECT TO ANY LIABILITY ANY EPC INDEMNIFIED PARTY MAY HAVE TO ANY THIRD PARTY FOR ANY SPECIAL, PUNITIVE OR EXEMPLARY DAMAGES. 
 6.
Indemnification. 
 (a) By Energizer. Energizer agrees to indemnify, defend and hold harmless the EPC Indemnitees from and
against any and all Liabilities arising from or relating to (i) use by Energizer or any of its Subsidiaries or sublicensees of the Licensed Trademarks in breach of this Agreement or (ii) sale, offer for sale, use, distribution,
advertising, marketing, or promotion by Energizer or any of its Subsidiaries of any products or services bearing or under any of the Licensed Trademarks. Notwithstanding the foregoing, Energizer shall have no obligation to indemnify, defend or hold
harmless the EPC Indemnitees from and against any Liabilities arising from or relating to any claim that Energizer’s use of any Licensed Trademark in a manner permitted under this Agreement infringes, misappropriates, or otherwise violates any
third party’s intellectual property rights; provided, however, that in the event of any such claim, Energizer shall use its commercially reasonable best efforts to cease any such allegedly infringing use immediately upon the
written request of the Licensor that owns such Licensed Trademark. 
 (b) Indemnification Procedures. The provisions of the
Separation and Distribution Agreement shall govern claims for indemnification under this Agreement; provided that, for purposes of this Section 6(b), in the event of any conflict between the provisions of the Separation and Distribution
Agreement and this Section 6, the provisions of this Agreement shall control. 

  
 6 

 7. Miscellaneous. 

(a) Entire Agreement; Coordination with Ancillary Agreements. This Agreement and the Exhibit hereto, together with the documents
expressly referenced herein (including the Separation Agreement), constitutes the entire agreement and understanding between the parties with respect to the subject matter hereof and supersedes all prior written and oral and all contemporaneous oral
agreements and understandings with respect to the subject matter hereof. In the event of any conflict or inconsistency between the provisions of this Agreement and the provisions of the Separation Agreement or any other Ancillary Agreement, the
provisions of this Agreement shall control over the inconsistent provisions of this Agreement as to matters specifically addressed in this Agreement. For the avoidance of doubt, the TMA shall govern all matters (including any indemnities and
payments among the parties and each other member of their respective Groups and the allocation of any rights and obligations pursuant to agreements entered into with Third Parties) relating to Taxes or otherwise specifically addressed in the TMA.

 (b) Binding Effect. This Agreement shall inure to the benefit of and be binding upon the parties and their respective successors
and permitted assigns. 
 (c) Amendment; Waivers. No change or amendment may be made to this Agreement except by an instrument in
writing signed on behalf of both of the parties. Either party may, at any time, waive compliance by the other with any of the agreements, covenants or conditions contained herein. Any such waiver shall be valid only if set forth in an instrument in
writing signed by the party to be bound thereby. No failure or delay on the part of either party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation,
warranty, covenant or agreement contained herein, nor shall any single or partial exercise of any such right preclude other or further exercise thereof or of any other right. 

(d) Notices. All notices shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon
receipt) by delivery in person, by overnight courier service, by electronic mail transmission (return receipt requested) or by registered or certified mail (postage prepaid, return receipt requested) to the respective parties at the following
addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 8(d)): 

If to Edgewell, to: 
 Edgewell
Personal Care Brands, LLC 
 1350 Timberlake Manor Parkway, Suite 300 

Chesterfield, Missouri 63017 

Attn: Chief Executive Officer 

With a copy to: Edgewell Personal Care Company 

6 Research Drive 
 Shelton,
Connecticut 06484 
 Attn: Legal Department / General Counsel 

Email: manish.shanbhag@edgewell.com 

  
 7 

 If to WS, to: 

Wilkinson Sword GmbH 

Schützenstraße 110 

42659 Solingen 
 Attn: Horst
Pollmeier 
 Facsimile: 49-212-405655 

Email: Horst.Pollmeier@Edgewell.com 

If to Energizer to: 
 Energizer
Holdings, Inc. 
 533 Maryville University Drive 

St. Louis, Missouri 63141 
 Attn:
Emily K. Boss Email: Kelly.Boss@energizer.com 
 Any party may, by notice to the other party, change the address and contact person to which any such
notices are to be given. 
 (e) Counterparts. This Agreement, including the Exhibit hereto, may be executed in multiple counterparts,
each of which when executed shall be deemed to be an original but all of which together shall constitute one and the same agreement. 
 (f)
Signatures and Delivery. Each of Edgewell, WS, and Energizer acknowledges that it may execute this Agreement by manual, stamp or mechanical signature, and that delivery of an executed counterpart of a signature page to this Agreement
(whether executed by manual, stamp or mechanical signature) by facsimile or by email in portable document format (PDF) shall be effective as delivery of such executed counterpart of this Agreement. Each of Edgewell, WS, and Energizer expressly
adopts and confirms a stamp or mechanical signature (regardless of whether delivered in person, by mail, by courier, by facsimile or by email in portable document format (PDF)) made in its respective name as if it were a manual signature delivered
in person, agrees that it shall not assert that any such signature or delivery is not adequate to bind it to the same extent as if it were signed manually and delivered in person and agrees that, at the reasonable request of the other party at any
time, it shall as promptly as reasonably practicable cause this Agreement to be manually executed (any such execution to be as of the date of the initial date hereof) and delivered in person, by mail or by courier. 

(g) Severability. If any provision of this Agreement or the application thereof to any person or circumstance is determined by a court
of competent jurisdiction to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement, or the application of such term or provision to persons
or circumstances or in jurisdictions other than those as to which it has been determined to be invalid, illegal or unenforceable, and the parties shall use their commercially reasonable efforts to substitute one or more valid, legal and enforceable
terms or provisions into this Agreement 

  
 8 

 
which, insofar as practicable, implement the purposes and intent of the parties. Any term or provision of this Agreement held invalid or unenforceable only in part, degree or within certain
jurisdictions shall remain in full force and effect to the extent not held invalid or unenforceable to the extent consistent with the intent of the parties as reflected by this Agreement. To the extent permitted by applicable law, each party
waives any term or provision of law which renders any term or provision of this Agreement to be invalid, illegal or unenforceable in any respect. 

(h) Governing Law. This Agreement (and any claims or disputes arising out of or related hereto or to the transactions contemplated
hereby or to the inducement of any party to enter herein, whether for breach of contract, tortious conduct or otherwise and whether predicated on common law, statute or otherwise) shall be governed by and construed and interpreted in accordance with
the laws of the State of Missouri irrespective of the choice of laws principles of the State of Missouri, including all matters of validity, construction, effect, enforceability, performance and remedies. 

(i) Dispute Resolution. In the event of any controversy, dispute or claim (a “Dispute”) arising out of or relating to
any party’s rights or obligations under this Agreement (whether arising in contract, tort or otherwise) shall be resolved in accordance with the dispute resolution process in the Separation Agreement, which shall be the sole and exclusive
procedures for the resolution of any such Dispute unless otherwise specified herein or in the Separation Agreement. 
 (j) Independent
Contractors. The parties each acknowledge that they are separate entities, each of which has entered into this Agreement for independent business reasons. The relationships of the parties hereunder are those of independent contractors
and nothing contained herein shall be deemed to create a joint venture, partnership or any other relationship. 
 (k) Interpretation.
In this Agreement, (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other genders as the context requires; (ii) the terms “hereof,”
“herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole (including all of the Exhibits hereto) and not to any particular provision of this Agreement;
(iii) the word “including” and words of similar import when used in this Agreement means “including, without limitation,”; and (iv) all definitions set forth herein will be deemed applicable whether the words defined
are used herein in the singular or the plural. 
 (l) Further Assurances. Each party hereto shall take, or cause to be taken,
any and all reasonable actions, including the execution, acknowledgment, filing and delivery of any and all documents and instruments that any other party hereto may reasonably request in order to effect the intent and purpose of this Agreement and
the transactions contemplated hereby. 
 (m) Mutual Drafting. This Agreement shall be deemed to be the joint work product of the
parties and any rule of construction that a document shall be interpreted or construed against a drafter of such document shall not be applicable. 

  
 9 

 [SIGNATURE PAGE FOLLOWS] 

  
 10 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their duly
authorized representatives. 
  

			
	Eveready Battery Company, Inc. (to be re-named Edgewell Personal Care Brands, LLC)
		
	By:		 /s/ Mark S. LaVigne

	Name:		Mark S. LaVigne
	Title:		Vice President, General Counsel and Secretary
	
	Wilkinson Sword GmbH
		
	By:		 /s/ Robin Vauth

	Name:		Robin Vauth
	Title:		Managing Director / Geschäftsführer
		
	By:		 /s/ Horst Pollmeister

	Name:		Horst Pollmeister
	Title:		Proxy Holder / Prokurist
	
	Energizer SpinCo, Inc. (to be re-named Energizer Holdings, Inc.)
		
	By:		 /s/ Mark S. LaVigne

	Name:		Mark S. LaVigne
	Title:		Vice President, Chief Operating Officer and Secretary

  
 11 

 EXHIBIT A 

SCHICK 
 WILKINSON SWORDscty-ex42_201506296.htm

 

Exhibit 4.2

 

SolarCity Corporation, as Issuer,

-and-

U.S. Bank National Association, as Trustee

 

 

Seventy-Seventh SUPPLEMENTAL INDENTURE

Dated as of June 29, 2015

to

INDENTURE

Dated as of October 15, 2014

 

 

1.60% Solar Bonds, Series 2015/C58-1

 

 

 

 

 

	
 
	
TABLE OF CONTENTS
	
 

	
 
	
 
	
PAGE

	
ARTICLE 1
DEFINITIONS

	
SECTION 1.01
	
Scope of Supplemental Indenture
	
2

	
SECTION 1.02
	
Definitions
	
2

	
ARTICLE 2
ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

	
 
	
 
	
 

	
SECTION 2.01
	
Title and Terms
	
3

	
SECTION 2.02
	
Depository Global Securities
	
3

	
SECTION 2.03
	
Payments
	
3

	
ARTICLE 3
SURVIVOR’S OPTION

	
 
	
 
	
 

	
SECTION 3.01
	
Survivor’s Option
	
3

	
 
	
 
	
 

	
ARTICLE 4
MISCELLANEOUS PROVISIONS

 

	
SECTION 4.01
	
Trustee Acceptance
	
5

	
SECTION 4.02
	
Governing Law
	
5

	
SECTION 4.03
	
Trust Indenture Act
	
5

	
SECTION 4.04
	
Execution in Counterparts
	
5

	
SECTION 4.05
	
Severability
	
5

	
SECTION 4.06
	
Appointment of Paying Agent, Security Registrar and Place of Payment
	
5

	
SECTION 4.07
	
Ratification of Original Indenture
	
6

	
EXHIBIT

	
Exhibit A
	
Form of Note
	
A-1

 

 

i

 

 

Seventy-Seventh SUPPLEMENTAL INDENTURE, dated as of June 29, 2015 (the “Supplemental Indenture”), between SolarCity Corporation, a Delaware corporation (hereinafter called the “Company”), having its principal executive office located at 3055 Clearview Way, San Mateo, California, 94402, and U.S. Bank National Association, a national banking association duly organized and existing under the laws of the United States of America, as trustee (in such capacity, the “Trustee”), to the indenture, dated as of October 15, 2014, between the Company and the Trustee (as amended or supplemented from time to time in accordance with the terms thereof, the “Original Indenture”).

RECITALS OF THE COMPANY

WHEREAS, the Company executed and delivered the Original Indenture to the Trustee to provide, among other things, for the issuance, from time to time, of the Company’s Securities, unlimited as to principal amount, in one or more series to be established by the Company under, and authenticated and delivered as provided in, the Original Indenture;

WHEREAS, Section 801(8) of the Original Indenture provides for the Company and the Trustee to enter into a supplemental indenture to the Original Indenture to provide for the issuance of and establish the forms and terms and conditions of Securities as permitted by Sections 201 and 301 of the Original Indenture;

WHEREAS, the Board of Directors and the Offering Committee thereof have duly adopted resolutions authorizing the Company to execute and deliver this Supplemental Indenture;

WHEREAS, pursuant to the terms of the Original Indenture, the Company desires to establish a new series of its Securities to be known as its 1.60% Solar Bonds, Series 2015/C58-1 (the “Notes”), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Original Indenture and this Supplemental Indenture;

WHEREAS, the Form of Note contemplated is to be substantially in the form hereinafter provided; and

WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all requirements necessary to make (i) this Supplemental Indenture a valid instrument in accordance with its terms, and (ii) the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the Company, in each case, have been performed, and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects.

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH, for and in consideration of the premises and the purchases of the Notes by the Holders thereof, it is mutually agreed, for the benefit of the Company and the equal and proportionate benefit of all Holders of the Notes, as follows:

 

 

Article 1
DEFINITIONS

SECTION 1.01  Scope of Supplemental Indenture.  The changes, modifications and supplements to the Original Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of (and only the rights of the Holders and the obligations of the Company with respect to), the Notes, which may be issued from time to time, and shall not apply to any other Securities that may be issued under the Original Indenture (or govern the rights of the Holders or the obligations of the Company with respect to any other such Securities) unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements.  The provisions of this Supplemental Indenture shall supersede any corresponding or conflicting provisions in the Original Indenture.  If Notes are not authenticated on the Issue Date (as defined in Section 1.02 below), this Supplemental Indenture shall be null and of no effect.

SECTION 1.02  Definitions.  For all purposes of the Indenture, except as otherwise expressly provided or unless the context otherwise requires:

(i) the terms defined in this Article 1 shall have the meanings assigned to them in this Article 1 and include the plural as well as the singular;

(ii) all words, terms and phrases defined in the Original Indenture (but not otherwise defined herein) shall have the same meanings as in the Original Indenture;

(iii) all other terms used herein that are defined in the Trust Indenture Act, either directly or by reference therein, shall have the meanings assigned to them in the Trust Indenture Act;

(iv) all accounting terms not otherwise defined herein shall have the meanings assigned to them in accordance with generally accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted at the date of this instrument; and

(v) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision.

“Company” has the meaning set forth in the first paragraph of this Supplemental Indenture.

“DTC” means The Depository Trust Company.

“Form of Note” shall mean the “Form of Note” attached hereto as Exhibit A.

“Indenture” means the Original Indenture, as originally executed and as supplemented from time to time by one or more indentures supplemental thereto, including this Supplemental Indenture, entered into pursuant to the applicable provisions of the Indenture, including, for all 

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purposes of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part of and govern the Original Indenture and this Supplemental Indenture.

“Initial Notes” has the meaning specified in Section 2.01.

“Interest Payment Date” means February 15 and August 15 of each year, beginning on August 15, 2015.

“Issue Date” means July 16, 2015 or such other date as the Company may identify in a written notice to the Trustee.

“Note” or “Notes” has the meaning specified in the fourth paragraph of the recitals of this Supplemental Indenture, and shall include any Additional Notes issued pursuant to Section 2.01.

“Noteholder,” “Holder” or “holder” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), means any Person in whose name at the time a particular Note is registered.

“Original Indenture” has the meaning specified in the first paragraph of this Supplemental Indenture.

“Regular Record Date” for the interest payable on any Interest Payment Date means the fifteenth day prior to such Interest Payment Date (whether or not a Business Day).

“Stated Maturity” means, with respect to the payment of principal on the Notes, July 16, 2016.

“Supplemental Indenture” has the meaning specified in the first paragraph hereof.

Article 2
ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES

SECTION 2.01  Title and Terms. There is hereby established a series of Securities designated the “1.60% Solar Bonds, Series 2015/C58-1”.  The aggregate principal amount of the Notes shall not be limited and shall be initially authenticated and delivered from time to time upon delivery to the Trustee of the documents required by Section 303 of the Indenture.  The Notes shall be issued only in fully registered form, in denominations of $1,000 and any integral multiples thereof.  Up to $10,000,000 aggregate principal amount of Notes will be authenticated on the Issue Date (the “Initial Notes”).

The Company may, without the consent of the Holders of the Notes, hereafter issue additional Notes (“Additional Notes”) under the Indenture with the same terms and conditions, except for any difference in the issue price, Issue Date and interest accrued prior to the issue date of the Additional Notes, as the Initial Notes, in an unlimited aggregate principal amount.  Any such Additional Notes shall constitute a single series together with the Initial Notes for all purposes hereunder, including, without limitation, for purposes of any waivers, supplements or 

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amendments to the Indenture requiring the approval of Holders of the Notes and any offers to purchase the Notes.

SECTION 2.02  Depository Global Securities.  The Notes initially shall be represented by one or more permanent Depository Global Securities and registered in the name of Cede & Co., the nominee of DTC.  The Form of Note shall be substantially as set forth in Exhibit A, which is incorporated into and shall be deemed a part of this Supplemental Indenture, with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined to be necessary or appropriate by the Officers of the Company executing such Notes, as evidenced by their execution of the Notes.  Each Depository Global Security shall be duly executed by the Company and authenticated and delivered by the Trustee, and shall be retained by the Trustee, as custodian for DTC, at its Corporate Trust Office.  The aggregate principal amount of the Depository Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian, and of DTC or its nominee, as hereinafter provided.

SECTION 2.03  Payments.  The principal amount of Notes then Outstanding shall be payable at the Stated Maturity.  Interest on the Notes shall accrue at a rate of 1.60% per annum, from and including the Issue Date with respect to such Notes, or from the most recent date on which interest has been paid or duly provided for with respect to such Notes, to, but excluding, the next Interest Payment Date, until the principal thereof is paid or made available for payment.  Interest shall be payable in arrears on each Interest Payment Date, beginning on August 15, 2015, to the Persons in whose name a Note is registered at the Close of Business on the Regular Record Date immediately preceding the applicable Interest Payment Date.  If any Stated Maturity or Maturity of, or any other day on which a payment is due shall be a day which is not a Business Day, then such payment may be made on the next succeeding day that is a Business Day with the same force and effect as if made at the Stated Maturity or Maturity or on any such other payment date, as the case may be, and no interest shall accrue on the amount payable on such date or at such time for the period from and after such Stated Maturity, Maturity or other payment date, as the case may be, to the next succeeding Business Day.  Interest will be computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any period shorter than a full semi-annual interest period will be computed on the basis of the number of days elapsed in a 180-day semi-annual period of six 30-day months. 

The Paying Agent shall (upon receipt of sufficient immediately available funds from the Company) pay the principal of and interest on any Note in immediately available funds to the registered holder thereof (which shall be DTC or its nominee or any other depository, in the case of Depository Global Securities).  All payments on the Notes will be made in US. Dollars or in such other coin or currency of the United States of America as of the time of payment is legal tender for the payment of public and private debts. 

Article 3
SURVIVOR’S OPTION

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SECTION 3.01  Survivor’s Option.  The Notes shall contain a provision that provides for the optional repayment of the Notes prior to their Stated Maturity, if requested by the authorized representative of the beneficial owner of those Notes (the “Representative”), following the death of the beneficial owner (a “Survivor’s Option”), so long as the Notes were owned by the beneficial owner or his or her estate at least six months prior to the request and certain documentation requirements are satisfied; provided, however, that if the terms of any such Note conflict with any provision of this Article 3, the terms of such Note shall govern.  Pursuant to the valid exercise of the Survivor’s Option, the Company shall repay any Note (or portion thereof) properly tendered for repayment by the Representative under the laws of the appropriate jurisdiction (including, without limitation, the personal representative or executor of the deceased beneficial owner or surviving joint owner with such deceased beneficial owner) at a price equal to 100% of the principal amount of the deceased beneficial owner’s beneficial interest in such Note plus accrued and unpaid interest to, but not including, the date of such repayment (or at a price equal to the amortized face amount for Original Issue Discount Securities on the date of such repayment), subject to certain limitations.  Any Note (or portion thereof) tendered pursuant to a valid exercise of the Survivor’s Option may not be withdrawn.

The Company has the discretionary right to limit the aggregate principal amount of Notes as to which exercises of the Survivor’s Option shall be accepted by the Company from the Representatives of all deceased beneficial owners in any calendar year to an amount equal to the greater of $1,000,000 or 1% of the principal amount of all the Notes outstanding as of the end of the most recent calendar year.  The Company also has the discretionary right to limit to $250,000 in any calendar year the aggregate principal amount of Notes as to which exercises of the Survivor’s Option shall be accepted by the Company from the Representative of any individual deceased beneficial owner of Notes in such calendar year.  The Company may also limit the exercise of the Survivor’s Option to principal amounts of $1,000 and integral multiples of $1,000.  Each of these limitations is referred to herein as a “Put Limitation.”

The death of a person holding a beneficial interest in a Note as a joint tenant or tenant by the entirety with another person, or as a tenant in common with the deceased holder’s spouse, will be deemed to be the death of the beneficial owner of the Note, and the entire principal amount of the Note so held shall be subject to repayment.  However, the death of a person holding a beneficial interest in a Note as tenant in common with a person other than such deceased holder’s spouse will be deemed to be the death of a beneficial owner only with respect to the deceased person’s interest in the Note, and only the deceased beneficial owner’s percentage interest in the principal amount of the Note will be subject to repayment to the estate of the deceased beneficial owner upon application of the applicable Representative.

The death of a person who, during his or her lifetime, was entitled to substantially all of the beneficial interests of ownership of a Note will be deemed to be the death of the beneficial owner of such Note for purposes of this provision, regardless of whether such beneficial owner was the registered holder of the Note, if such beneficial interest can be established to the satisfaction of the Trustee and the Company.  Such beneficial ownership interest will be deemed to exist in typical cases of nominee ownership, ownership under the Uniform Transfers to Minors Act or Uniform Gifts to Minors Act, community property or other joint ownership arrangements between spouses.  In addition, the beneficial ownership interest will be deemed to 

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exist in custodial and trust arrangements where one person has all of the beneficial ownership interest in the Note during his or her lifetime.

Tenders of Notes (or portion thereof) pursuant to valid exercises of the Survivor’s Option shall be accepted in the order all such Notes are received by the Trustee, except for any Note (or portion thereof) the acceptance of which would contravene a Put Limitation, if applied.  If, as of the end of any calendar year, the aggregate principal amount of Notes (or portions thereof) that have been tendered pursuant to the valid exercise of the Survivor’s Option during such year has exceeded a Put Limitation, any exercise(s) of the Survivor’s Option with respect to Notes (or portions thereof) not accepted during such calendar year because such acceptance would have contravened such Put Limitation, if applied, shall be deemed to be tendered in the following calendar year in the order such Notes (or portions thereof) were originally tendered.  Any Note (or portion thereof) accepted for repayment pursuant to exercise of the Survivor’s Option shall be repaid on the first Interest Payment Date that occurs 30 or more calendar days after the date of acceptance. In the event that a Note (or any portion thereof) tendered for repayment pursuant to a valid exercise of the Survivor’s Option is not accepted, the Trustee shall deliver a notice, by first-class mail to the applicable Representative, that states the reason such Note (or portion thereof) has not been accepted for payment.

Subject to the foregoing, in order for a Survivor’s Option to be validly exercised, the Trustee and the Company must receive from the applicable Representative:  (i) a written request for repayment signed by such Representative, and such signature must be guaranteed by a member firm of a registered national securities exchange or of the Financial Industry Regulatory Authority, Inc. or a commercial bank or trust company having an office or correspondent in the United States or medallion guaranteed by a savings bank or credit union; (ii) as applicable, tender of the Note to be repaid; (iii) appropriate evidence that (A) the deceased was the beneficial owner of the Note at the time of death and the interest in such Note was owned by the deceased beneficial owner or his or her estate at least six months prior to the request for repayment, (B) the death of such beneficial owner has occurred and the date of such death and (C) such Representative has authority to act on behalf of the deceased beneficial owner; (iv) if applicable, a properly executed assignment or endorsement; (v) if the interest in such Note is held by a nominee, trustee, custodian or other person in a similar capacity of the deceased beneficial owner, a certificate satisfactory to the Trustee and the Company from such nominee, trustee, custodian or similar person attesting to the deceased’s beneficial ownership in such Note; (vi) tax waivers and such other instruments or documents that the Trustee and the Company reasonably require in order to establish the validity of the beneficial ownership of the Notes and the claimant’s entitlement to payment; and (vii) any additional information the Trustee or the Company reasonably requires to evidence satisfaction of any conditions to the exercise of the Survivor’s Option or to document beneficial ownership or authority to make the election and to cause the repayment of the Notes.  

For Notes represented by a Depository Global Security, the Depository or its nominee shall be the holder of such Note and therefore shall be the only entity that can exercise the Survivor’s Option for such Note.  To obtain repayment pursuant to exercise of the Survivor’s Option with respect to such Note, the Representative must provide to the broker or other entity through which the beneficial interest in such Note is held by the deceased beneficial owner:  (i) a written instruction to such broker or other entity to notify the Depository of the Representative’s 

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desire to obtain repayment pursuant to exercise of the Survivor’s Option; (ii) the documents referenced above in the preceding paragraph; (ii) a certificate satisfactory to the Trustee and the Company from such broker or other entity stating that it represents the deceased beneficial owner; and (iii) a detailed description of the Note, including CUSIP, interest rate, and Maturity Date.  Such broker or other entity shall be responsible for disbursing any payments it receives pursuant to exercise of the Survivor’s Option to the appropriate Representative.

Subject to the Company’s right hereunder with respect to any Put Limitation, and provided that the requisite items above are in fact received by the Trustee, the Trustee shall be entitled to fully rely, and shall have no liability in relying, on the information supplied by a broker, the Representative or other entity with respect to the above and/or in processing the exercise of the Survivor’s Option.  All questions as to the eligibility or validity of any exercise of the Survivor’s Option will be determined by the Company, in its sole discretion, which determination shall be final and binding on all parties, and the Trustee shall be entitled to fully rely upon the Company’s determination as to the eligibility or validity of any exercise of a Survivor’s Option and shall not be liable with respect to the acceptance or rejection of any exercise of the Survivor’s Option.

Article 4
MISCELLANEOUS PROVISIONS

SECTION 4.01  Trustee Acceptance.  The Trustee has accepted the supplement of the Original Indenture effected by this Supplemental Indenture and agrees to execute the trust created by the Original Indenture as hereby supplemented, but only upon the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and responsibilities of the Trustee, and without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect of any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, or for or with respect to (a) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (b) the proper authorization hereof by the Company by corporate action or otherwise, and (c) the due execution hereof by the Company.

SECTION 4.02  Governing Law.  This Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the laws of the State of New York.

SECTION 4.03  Trust Indenture Act.  This Supplemental Indenture will be subject to, and governed by, the provisions of the Trust Indenture Act that are required to be part of this Supplemental Indenture and shall, to the extent applicable, be governed by such provisions.

SECTION 4.04  Execution in Counterparts.  This Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument.

SECTION 4.05  Severability.  In case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby.

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SECTION 4.06  Appointment of Paying Agent, Security Registrar and Place of Payment.  The Company initially appoints the Trustee to act as Paying Agent and Security Registrar for the Notes, subject to and in accordance with the terms and conditions set forth herein and in the Original Indenture.  The Trustee shall have all of the rights, benefits and immunities of a Paying Agent and Security Registrar as set forth herein and therein.  The Company initially designates the Corporate Trust Office of the Trustee as the Place of Payment for the Notes and the office or agency described in Section 902 of the Original Indenture and initially designates DTC as the Depositary for the Notes.  The Company may change the Paying Agent or the Security Registrar without prior notice to or consent of the Holders, and the Company or any of its subsidiaries may act as Paying Agent or Security Registrar.

SECTION 4.07 Ratification of Original Indenture.  The Original Indenture, as supplemented by this Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein provided.  For the avoidance of doubt, each of the Company and each Holder of the Notes, by its acceptance of such Notes, acknowledges and agrees that all of the rights, privileges, protections, immunities and benefits afforded to the Trustee and the Paying Agent under the Original Indenture are deemed to be incorporated herein, and shall be enforceable by the Trustee and the Paying Agent hereunder, as if set forth herein in full.

U.S. Bank National Association hereby accepts the trusts in this Supplemental Indenture declared and provided, upon the terms and conditions herein above set forth.

[Remainder of the page intentionally left blank]

 

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IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the day and year first above written.

SOLARCITY CORPORATION

		
	
By:
	
/s/ Brad Buss

	
 
	
Name: Brad Buss

	
 
	
Title: Chief Financial Officer

 

U.S. BANK NATIONAL ASSOCIATION, as Trustee 

		
	
By:
	
/s/ K. Wendy Kumar

	
 
	
Name: K. Wendy Kumar

	
 
	
Title: Vice President

 

 

 

 

Exhibit A

Form of Note

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO SOLARCITY CORPORATION OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE, OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

A-1

FORM OF GLOBAL NOTE

 

SOLARCITY CORPORATION
1.60% Solar Bonds, Series 2015/C58-1

	
 
	
 
	
CUSIP:  83417KCK2

	
 
	
 
	
 

	
No. 1
	
 
	
Principal Amount (US)

	
 
	
 
	
$__________

	
 
	
 
	
(as revised by the Schedule of Increases and Decreases in Global Note attached hereto)

 

SolarCity Corporation, a Delaware corporation (herein called the “Company,” which term includes any successor Person under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to CEDE & CO., the registered Holder hereof, or registered assigns, the principal sum of ____________________________ Dollars ($_______) (as revised by the Schedule of Increases and Decreases in Global Note attached hereto), on July 16, 2016 (or such portion thereof as may be payable on the date of repayment by the Company prior to the Stated Maturity pursuant to the valid exercise of the Survivor’s Option) at the office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semiannually, on February 15 and August 15 of each year (each, an “Interest Payment Date”), commencing on August 15, 2015, on said principal sum at said office or agency, in like coin or currency, at the rate per annum of 1.60%, from and including the most recent Interest Payment Date in respect of which interest has been paid (or, with respect to the initial Interest Payment Date for any Note, or portion thereof, from and including the date of issuance of the Note, or portion thereof).  If any Stated Maturity or Maturity of, or any other day on which a payment is due shall be a day which is not a Business Day, then such payment may be made on the next succeeding day that is a Business Day with the same force and effect as if made at the Stated Maturity or Maturity or on any such other payment date, as the case may be, and no interest shall accrue on the amount payable on such date or at such time for the period from and after such Stated Maturity, Maturity or other payment date, as the case may be, to the next succeeding Business Day.  Interest will be computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any period shorter than a full semi-annual interest period will be computed on the basis of the number of days elapsed in a 180-day semi-annual period of six 30-day months.

Reference is made to the further provisions of this Note set forth on the reverse hereof.  Such further provisions shall for all purposes have the same effect as though fully set forth at this place.

This Note shall not be valid or become obligatory for any purpose until the certificate of authentication hereon shall have been manually signed by the Trustee or other duly authorized Authenticating Agent under the Indenture.

A-2

IN WITNESS WHEREOF, the Company has caused this Note to be duly executed.

Dated: 

	
 
	
 
	
SOLARCITY CORPORATION

	
 
	
 
	
 

	
 
	
 
	
 

	
 
	
 
	
By:
	
 

	
 
	
 
	
 
	
Name:  Brad Buss

	
 
	
 
	
 
	
Title:  Chief Financial Officer

 

 

	
ATTEST:
	
 

	
 
	
 

	
 
	
 

	
By
	
 
	
 

	
 
	
Name:  Seth Weissman
	
 

	
 
	
Title:  Secretary
	
 

 

 

A-3

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

This is one of the Notes referred to in the within-mentioned Indenture. 

U.S. BANK NATIONAL ASSOCIATION 
as Trustee

	
By:
	
 
	
 

	
 
	
Authorized Signatory 
	
 

 

A-4

FORM OF REVERSE OF NOTE
SOLARCITY CORPORATION
1.60% Solar Bonds, Series 2015/C58-1

This note is one of a duly authorized issue of notes of the Company, designated as its “1.60% Solar Bonds, Series 2015/C58-1” (herein called the “Notes”), issued under and pursuant to an Indenture, dated as of October 15, 2014 (the “Original Indenture”), between the Company and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”), as supplemented with respect to the Notes by the Seventy-Seventh Supplemental Indenture, dated as of June 29, 2015 (the “Supplemental Indenture,” and together with the Original Indenture, the “Indenture”), between the Company, as issuer, and the Trustee, as trustee and as the authenticating agent, paying agent and security registrar (herein called the “Authenticating Agent,” “Paying Agent” and “Security Registrar”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, Authenticating Agent, Paying Agent, Security Registrar, the Company and the Holders of the Notes.  Capitalized terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture.

This Note shall be repayable at the option of the Holder prior to its Stated Maturity if properly exercised pursuant to the Survivor’s Option.  In the event of repayment of a Note, in whole or in part, annotation of such repayment shall be made by the Trustee on the Schedule of Increases and Decreases in Global Note.

If an Event of Default (other than an Event of Default specified in clauses (4), (5) or (6) of Section 501 of the Indenture) occurs and is continuing with respect to the Notes, then the Trustee, or the Holders of not less than 25% in aggregate principal amount of the Notes may declare the principal of all the Notes, and accrued and unpaid interest, if any, and premium, if any, thereon to be due and payable immediately.  If an Event of Default specified in clauses (4), (5) or (6) of Section 501 occurs, then the principal and accrued and unpaid interest, if any, and premium, if any, on all the Notes shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder of the Notes. 

Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time Outstanding may, on behalf of the Holders of all of the Notes, waive any past default or Event of Default, subject to exceptions set forth in the Indenture.  Upon any such waiver, said default shall for all purposes of this Note and the Indenture be deemed to have been cured and not to be continuing, but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon.

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time Outstanding, to execute supplemental indentures to modify provisions of the Indenture, subject to exceptions permitting the modification of the Indenture without the consent of any Holder of Notes or requiring the consent of each Holder of a Note affected by such modification all as set forth in the Indenture.

A-5

The Notes are issuable in fully registered form, without coupons, in denominations of $1,000 principal amount and any integral multiples thereof.  The Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations, on the terms and subject to the conditions and limitations set forth in the Indenture.

The Company, the Trustee, Authenticating Agent, Paying Agent and Security Registrar may deem the registered holder to be, and may treat the registered holder as, the absolute owner of this Note (whether or not amounts under this Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Company or any Security Registrar), for the purpose of receiving payment of or on account of the principal of, and interest on this Note and for all other purposes; and neither the Company or the Trustee nor any Authenticating Agent, Paying Agent or any Security Registrar shall be affected by any notice to the contrary.  All such payments so made to the registered holder for the time being, or upon the registered holder’s orders, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon this Note.

No recourse for the payment of the principal of or interest on this Note, or for any claim based hereon or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or any supplemental indenture or in any Note, or because of the creation of any indebtedness represented hereby, shall be had against any incorporator, stockholder, partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Company or any of the Company’s subsidiaries or of any successor thereto, either directly or through the Company or any of the Company’s subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note.

In the case of any conflict between the provisions of this Note and the Indenture, the provisions of the Indenture shall control. The Indenture and this Note shall be governed by, and construed in accordance with, the laws of the State of New York.

A-6

 

Schedule of Increases and Decreases in Global Note

 

SOLARCITY CORPORATION
1.60% Solar Bonds, Series 2015/C58-1

The following increases or decreases in this Note have been made:

 

	
Date of Increase or Decrease
	
Amount of Increase in Principal Amount of This Note
	
Amount of Decrease in Principal Amount of This Note
	
Principal Amount of This Note Following Such Increase or Decrease
	
Signature of Authorized Signatory of Trustee or Security Custodian

	
 
	
 
	
 
	
 
	
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A-7

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned assigns and transfers this Note to:

 

________________________________________________________________________

 

________________________________________________________________________

(Insert assignee’s social security or tax identification number)

 

 

________________________________________________________________________

 

________________________________________________________________________

 

________________________________________________________________________

(Insert address and zip code of assignee)

 

and irrevocably appoints ____________________________ as agent to transfer this Note on the Security Register.  The agent may substitute another to act for him or her.

 

 

		
	
Dated: 
	
Signature:

	
 
	
 

	
 
	
Signature Guarantee:

 

(Sign exactly as your name appears on the other side of this Note)

 

Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Security Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended.

 

A-8

 

FORM OF NOTICE OF ELECTION TO EXERCISE SURVIVOR’S OPTION

 

By checking this box, the undersigned represents that:  (1) it is the authorized representative of the deceased beneficial owner identified below; (2) (a) the deceased was the beneficial owner of the principal amount of the SolarCity Corporation 1.60% Solar Bonds, Series 2015/C58-1 (the “Notes”) listed below at the date of his or her death and the Notes have been held by the deceased beneficial owner or his or her estate for at least six-months, (b) the death of the beneficial owner listed below has occurred and (c) the undersigned representative has authority to act on behalf of the deceased beneficial owner; (3) it hereby elects to tender the principal amount of Notes set forth below for repayment by SolarCity Corporation for a price equal to 100% (or such lesser amount as may be accepted for payment) of the principal amount of the beneficial interest of the deceased owner plus accrued interest to the date of repayment; and (4) it acknowledges that SolarCity Corporation’s acceptance of the election submitted hereby is subject to, in SolarCity Corporation’s sole discretion, certain aggregate limitations on the amount of Notes that shall be accepted by SolarCity Corporation from authorized representatives of all deceased beneficial owners in any calendar year.

 

The deceased beneficial owner held the principal amount of Notes to be tendered as (check one):

 

___ a sole beneficial owner, a joint tenant or a tenant by the entirety with another or others, a tenant in common with a spouse or an individual entitled to substantially all of the beneficial interest

___ a tenant in common with another (other than a spouse).  If applicable, please provide the amount of interest held by the deceased beneficial owner.  $_______________________

 

Full Name of deceased beneficial owner (please attach death certificate):

 

_____________________________________________________________________________

 

 

If applicable, full name of the nominee of the deceased beneficial owner (please attach a certificate attesting to the deceased’s ownership of the beneficial interest in the notes):

 

_____________________________________________________________________________

 

 

Signature Guarantee: ___________________________________________________________

 

Participant in a recognized Signature Guarantee

Medallion Program (or other signature guarantor

program reasonably acceptable to the Trustee and SolarCity Corporation)

 

Principal amount of Notes being tendered for repayment (only principal amounts of $1,000 and integral multiples of $1,000):  $__________________________________________________________

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SolarCity Corporation may, in its sole discretion, limit the aggregate principal amount of Notes that shall be accepted by it from authorized representatives of all deceased beneficial owners in any calendar year to an amount equal to the greater of $1,000,000 or 1% of the principal amount of all the Solar Bonds outstanding as of the end of the most recent calendar year.  SolarCity Corporation also has the discretionary right to limit to $250,000 in any calendar year the aggregate principal amount of Solar Bonds as to which exercises of the Survivor’s Option shall be accepted by us from the authorized representative of any individual deceased beneficial owner of Solar Bonds in such calendar year.  Additional tender limitations and terms of acceptance are also applicable and are more fully described in the Seventy-Seventh Supplemental Indenture dated June 29, 2015 and the Program Supplement dated March 9, 2015 to the Prospectus dated October 15, 2014.  The Trustee, on behalf of and at the direction of SolarCity Corporation, has the right to reject tenders of Notes if a properly executed election is not submitted or if it fails to receive any tax or additional information that is required to document adherence to any conditions precedent, ownership or authority to make the election.

THIS NOTICE OF ELECTION MAY NOT BE WITHDRAWN

 

 

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