Document:

Seventh Amended and Restated Investor's Rights Agreement

 Exhibit 4.4 

 
 SOLARCITY CORPORATION 

SEVENTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 
 February 24, 2012 
  

 SOLARCITY CORPORATION 

SEVENTH AMENDED AND RESTATED INVESTOR RIGHTS AGREEMENT 
 This Seventh Amended and Restated Investor Rights Agreement (the “Agreement”) is made as of February 24, 2012, by and among SolarCity Corporation, a Delaware corporation (the
“Company”) and the investors listed on Exhibit A hereto, each of which is herein referred to as an “Investor”. 
 This Agreement replaces and supersedes the Sixth Amended and Restated Investor Rights Agreement dated February 8, 2012 (as amended, the “Prior Agreement”), by and among the Company
and certain of the Investors. 
 RECITALS 
 A. The Company has sold Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, E-1 Preferred Stock,
Series F Preferred Stock and proposes to sell shares of its Series G Preferred Stock to certain Investors (the “Financing”) pursuant to the Series G Preferred Stock Purchase and Exchange Agreement, dated as of
February 24, 2012 (the “Purchase Agreement”). 
 B. In connection with the consummation of the Financing,
the Company and the Investors have agreed to provide for the future registration and/or conversion of their shares of the Company’s capital stock as set forth below. 
 C. The Company and those undersigned Investors holding the Company’s Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock,
Series E Preferred Stock, Series E-1 Preferred Stock and Series F Preferred Stock desire to grant such rights to certain holders of the Company’s Series G Preferred Stock by substituting this Agreement, to which certain
holders of the Company’s Series G Preferred Stock are a party, for the Prior Agreement. 
 AGREEMENT

 In consideration of the mutual promises, representations, warranties, covenants and conditions set forth in this
Agreement and in the Purchase Agreement, the parties mutually agree (i) that effective upon the closing of the sale and issuance of the Series G Preferred Stock pursuant to the Purchase Agreement, and execution of this Agreement by
(a) the Company, (b) Investors holding a majority of the Registrable Securities (as defined in the Prior Agreement) currently outstanding, (c) the holders of a majority of the Series E Preferred Stock, (d) the holders of a
majority of the Series E-1 Preferred Stock, and (e) Mayfield (as defined below), all provisions of, rights granted by, and covenants made in the Prior Agreement are hereby waived, released and terminated in their entirety and shall have no
further force or effect whatsoever, and (ii) as follows: 
 1. Registration Rights. The Company and the
Investors covenant and agree as follows: 

  
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 1.1 Definitions. For purposes of this Section 1: 

(a) The term “Form S-3” means such form under the Securities Act of 1933, as amended (the “Securities
Act”), as in effect on the date hereof or any successor form under the Securities Act that permits significant incorporation by reference of the Company’s subsequent public filings under the Securities Exchange Act of 1934, as amended
(the “Exchange Act”); 
 (b) The term “Holder” means any person owning or having the right to
acquire Registrable Securities or any assignee thereof in accordance with Section 1.12 of this Agreement; provided, however, that PG&E Corporation (“PG&E”) (or any assignee thereof in accordance with
Section 1.12 of this Agreement) shall not be a Holder for purposes of Section 2 of this Agreement; 
 (c) The term
“Qualified IPO” means the initial firm commitment underwritten public offering by the Company of shares of its Common Stock pursuant to a registration statement on Form S-1 under the Securities Act, in which the price at which
shares of the Company’s Common Stock are sold to the public in the public offering is at least $13.00 per share (as adjusted for stock splits, stock dividends, reclassification and the like) and which results in aggregate cash proceeds to the
Company of $50,000,000 (net of underwriting discounts and commissions); 
 (d) The terms “register,”
“registered,” and “registration” refer to a registration effected by preparing and filing a registration statement or similar document in compliance with the Securities Act, and the declaration or ordering of
effectiveness of such registration statement or document; 
 (e) The term “Registrable Securities” means
(i) the shares of Common Stock issuable or issued upon conversion of the Series A Preferred Stock, Series B Preferred Stock, Series C Preferred Stock, Series D Preferred Stock, Series E Preferred Stock, Series E-1
Preferred Stock, Series F Preferred Stock or Series G Preferred Stock, (ii) the shares of Common Stock issuable or issued upon the exercise of warrants issued to PG&E pursuant to that certain Warrant Purchase Agreement dated as of
December 17, 2009 (the “Warrant Agreement”) prior to the Series E Conversion Date (as defined in the Warrant Agreement), and (iii) any other shares of Common Stock of the Company issued as (or issuable upon the
conversion or exercise of any warrant, right or other security which is issued as) a dividend or other distribution with respect to, or in exchange for or in replacement of, the shares listed in (i) and (ii); provided, however,
that the foregoing definition shall exclude in all cases any Registrable Securities sold by a person in a transaction in which his or her rights under this Agreement are not assigned. Notwithstanding the foregoing, Common Stock or other securities
shall only be treated as Registrable Securities if and so long as they have not been (A) sold to or through a broker or dealer or underwriter in a public distribution or a public securities transaction, or (B) sold in a transaction exempt
from the registration and prospectus delivery requirements of the Securities Act under Section 4(1) thereof so that all transfer restrictions, and restrictive legends with respect thereto, if any, are removed upon the consummation of such sale;

  
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 (f) The number of shares of “Registrable Securities then outstanding”
shall be determined by the number of shares of Common Stock outstanding which are, and the number of shares of Common Stock issuable pursuant to then exercisable or convertible securities which are, Registrable Securities; 

(g) The term “SEC” means the Securities and Exchange Commission; 

(h) “Series A Preferred Stock” means the Company’s Series A Preferred Stock, par value $0.0001 per
share; 
 (i) “Series B Preferred Stock” means the Company’s Series B Preferred Stock, par
value $0.0001 per share; 
 (j) “Series C Preferred Stock” means the Company’s Series C
Preferred Stock, par value $0.0001 per share; 
 (k) “Series D Preferred Stock” means the Company’s
Series D Preferred Stock, par value $0.0001 per share; 
 (l) “Series E Preferred Stock” means the
Company’s Series E Preferred Stock, par value $0.0001 per share; 
 (m) “Series E-1 Preferred
Stock” means the Company’s Series E-1 Preferred Stock, par value $0.0001 per share; and 
 (n)
“Series F Preferred Stock” means the Company’s Series F Preferred Stock, par value $0.0001 per share. 

(o) “Series G Preferred Stock” means the Company’s Series G Preferred Stock, par value $0.0001 per share.

 1.2 Request for Registration. 
 (a) If the Company shall receive at any time after the earlier of (i) the third anniversary of the date hereof, or (ii) six months after the effective date of the first registration statement
for a public offering of securities of the Company (other than a registration statement relating either to the sale of securities to employees of the Company pursuant to a stock option, stock purchase or similar plan or an SEC Rule 145
transaction), a written request from (A) the Holders of a majority of the Registrable Securities then outstanding, (B) the Holders of a majority of the Series D Preferred Stock (or the Common Stock issued upon conversion thereof) then
outstanding, (C) the Holders of a majority of the Series E Preferred Stock (or the Common Stock issued upon conversion thereof) then outstanding, (D) the Holders of a majority of the Series E-1 Preferred Stock (or the Common
Stock issued upon conversion thereof) then outstanding or (E) the Holders of a majority of the Series G Preferred Stock (or any shares of capital stock issued upon conversion thereof, determined on an as converted to Common Stock basis)
then outstanding that the Company file a registration statement under the Securities Act covering the registration of Registrable Securities, then the Company shall, within ten days of the receipt thereof, give written notice of such request to all
Holders and shall, 

  
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subject to the limitations of subsection 1.2(b), use its best efforts to effect as soon as practicable, and in any event within 60 days of the receipt of such request, the registration under
the Securities Act of all Registrable Securities which the Holders request to be registered within 20 days of the mailing of such notice by the Company in accordance with Section 3.3. 

(b) If the Holders initiating the registration request hereunder (“Initiating Holders”) intend to distribute the
Registrable Securities covered by their request by means of an underwriting, they shall so advise the Company as a part of their request made pursuant to this Section 1.2 and the Company shall include such information in the written notice
referred to in subsection 1.2(a). The underwriter will be selected by a majority in interest of the Initiating Holders and shall be reasonably acceptable to the Company. In such event, the right of any Holder to include his Registrable
Securities in such registration shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting (unless otherwise mutually agreed by a majority in
interest of the Initiating Holders and such Holder) to the extent provided herein. All Holders proposing to distribute their securities through such underwriting shall (together with the Company as provided in Section 1.5(e)) enter into an
underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting. Notwithstanding any other provision of this Section 1.2, if the underwriter advises the Initiating Holders in writing that marketing
factors require a limitation of the number of shares to be underwritten, then the Initiating Holders shall so advise all Holders of Registrable Securities which would otherwise be underwritten pursuant hereto, and the number of shares of Registrable
Securities that may be included in the underwriting shall be allocated among all Holders thereof, including the Initiating Holders, in proportion (as nearly as practicable) to the amount of Registrable Securities of the Company owned by each Holder;
provided, however, that the number of shares of Registrable Securities to be included in such underwriting shall not be reduced unless all other securities are first entirely excluded from the underwriting. 

(c) Notwithstanding the foregoing, if the Company shall furnish to Holders requesting a registration pursuant to this Section 1.2,
a certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of the Company, it would be seriously detrimental to the Company and its stockholders for such registration statement to be filed
and it is therefore essential to defer the filing of such registration statement, the Company shall have the right to defer such filing for a period of not more than 120 days after receipt of the request of the Initiating Holders; provided,
however, that the Company may not utilize this right more than once in any twelve-month period, and provided, further, that the Company shall not register any securities for the account of itself or any other holder during such
120 day period. 
 (d) The Company shall not be obligated to effect, or to take any action to effect, any registration
initiated by the Holders of a majority of the Registrable Securities pursuant to Section 1.2(a)(ii)(A): 
 (i) After the
Company has effected two such registrations pursuant to Section 1.2(a)(ii)(A) and such registrations have been declared or ordered effective; 

  
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 (ii) During the period starting with the date 60 days prior to the Company’s good
faith estimate of the date of filing of, and ending on a date 180 days after the effective date of, a registration subject to Section 1.3 hereof; provided that the Company is actively employing in good faith all reasonable efforts to cause such
registration statement to become effective; or 
 (iii) If the Initiating Holders propose to dispose of shares of Registrable
Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 1.4 below. 

(e) The Company shall not be obligated to effect, or to take any action to effect, any registration initiated by the Holders of a
majority of the Series D Preferred Stock (or the Common Stock issued upon conversion thereof) pursuant to Section 1.2(a)(ii)(B): 
 (i) After the Company has effected two such registrations pursuant to Section 1.2(a)(ii)(B) and such registrations have been declared or ordered effective; 

(ii) During the period starting with the date 60 days prior to the Company’s good faith estimate of the date of filing of, and
ending on a date 180 days after the effective date of, a registration subject to Section 1.3 hereof; provided that the Company is actively employing in good faith all reasonable efforts to cause such registration statement to become effective;
or 
 (iii) If the Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered
on Form S-3 pursuant to a request made pursuant to Section 1.4 below. 
 (f) The Company shall not be obligated to
effect, or to take any action to effect, any registration initiated by the Holders of a majority of the Series E Preferred Stock (or the Common Stock issued upon conversion thereof) pursuant to Section 1.2(a)(ii)(C): 

(i) After the Company has effected two such registrations pursuant to Section 1.2(a)(ii)(C) and such registrations have been
declared or ordered effective; 
 (ii) During the period starting with the date 60 days prior to the Company’s good faith
estimate of the date of filing of, and ending on a date 180 days after the effective date of, a registration subject to Section 1.3 hereof; provided that the Company is actively employing in good faith all reasonable efforts to cause such
registration statement to become effective; or 
 (iii) If the Initiating Holders propose to dispose of shares of Registrable
Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 1.4 below. 

(g) The Company shall not be obligated to effect, or to take any action to effect, any registration initiated by the Holders of a
majority of the Series E-1 Preferred Stock (or the Common Stock issued upon conversion thereof) pursuant to Section 1.2(a)(ii)(D): 

  
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 (i) After the Company has effected two such registrations pursuant to
Section 1.2(a)(ii)(D) and such registrations have been declared or ordered effective; 
 (ii) During the period starting
with the date 60 days prior to the Company’s good faith estimate of the date of filing of, and ending on a date 180 days after the effective date of, a registration subject to Section 1.3 hereof; provided that the Company is actively
employing in good faith all reasonable efforts to cause such registration statement to become effective; or 
 (iii) If the
Initiating Holders propose to dispose of shares of Registrable Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 1.4 below. 

(h) The Company shall not be obligated to effect, or to take any action to effect, any registration initiated by the Holders of a
majority of the Series G Preferred Stock (or the capital stock issued upon conversion thereof, determined on an as converted to Common Stock basis) pursuant to Section 1.2(a)(ii)(E): 

(i) After the Company has effected two such registrations pursuant to Section 1.2(a)(ii)(E) and such registrations have been
declared or ordered effective; 
 (ii) During the period starting with the date 60 days prior to the Company’s good faith
estimate of the date of filing of, and ending on a date 180 days after the effective date of, a registration subject to Section 1.3 hereof; provided that the Company is actively employing in good faith all reasonable efforts to cause such
registration statement to become effective; or 
 (iii) If the Initiating Holders propose to dispose of shares of Registrable
Securities that may be immediately registered on Form S-3 pursuant to a request made pursuant to Section 1.4 below. 

1.3 Company Registration. If (but without any obligation to do so) the Company proposes to register (including for this
purpose a registration effected by the Company for stockholders other than the Holders) any of its stock under the Securities Act in connection with the public offering of such securities solely for cash (other than a registration relating solely to
the sale of securities to participants in a Company stock plan or a transaction covered by Rule 145 under the Securities Act, a registration in which the only stock being registered is Common Stock issuable upon conversion of debt securities
which are also being registered, or any registration on any form which does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities), the Company
shall, at such time, promptly give each Holder written notice of such registration. Upon the written request of each Holder given within 20 days after mailing of such notice by the Company in accordance with Section 3.3, the Company shall,
subject to the provisions of Section 1.8, cause to be registered under the Securities Act all of the Registrable Securities that each such Holder has requested to be registered. 

1.4 Form S-3 Registration. In case the Company shall receive from any Holder or Holders of not less than 10% of the
Registrable Securities then outstanding a written 

  
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request or requests that the Company effect a registration on Form S-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such
Holder or Holders, the Company will: 
 (a) promptly give written notice of the proposed registration, and any related
qualification or compliance, to all other Holders; and 
 (b) as soon as practicable, effect such registration and all such
qualifications and compliances as may be so requested and as would permit or facilitate the sale and distribution of all or such portion of such Holder’s or Holders’ Registrable Securities as are specified in such request, together with
all or such portion of the Registrable Securities of any other Holder or Holders joining in such request as are specified in a written request given within 15 days after receipt of such written notice from the Company; provided,
however, that the Company shall not be obligated to effect any such registration, qualification or compliance, pursuant to this Section 1.4: (i) if Form S-3 is not available for such offering by the Holders; (ii) if the
Holders, together with the holders of any other securities of the Company entitled to inclusion in such registration, propose to sell Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any
underwriters’ discounts or commissions) of less than $1,000,000; (iii) if the Company shall furnish to the Holders a certificate signed by the President of the Company stating that in the good faith judgment of the Board of Directors of
the Company, it would be seriously detrimental to the Company and its stockholders for such Form S-3 Registration to be effected at such time, in which event the Company shall have the right to defer the filing of the Form S-3 registration
statement for a period of not more than 120 days after receipt of the request of the Holder or Holders under this Section 1.4; provided, however, that the Company shall not utilize this right more than once in any twelve month
period; (iv) if the Company has, within the 12 month period preceding the date of such request, already effected two registrations on Form S-3 for the Holders pursuant to this Section 1.4; (v) in any particular jurisdiction in
which the Company would be required to qualify to do business or to execute a general consent to service of process in effecting such registration, qualification or compliance; or (vi) during the period ending 180 days after the effective date
of a registration statement subject to Section 1.3. 
 (c) Subject to the foregoing, the Company shall file a registration
statement covering the Registrable Securities and other securities so requested to be registered as soon as practicable after receipt of the request or requests of the Holders. Registrations effected pursuant to this Section 1.4 shall not be
counted as demands for registration or registrations effected pursuant to Sections 1.2 or 1.3, respectively. 
 1.5
Obligations of the Company. Whenever required under this Section 1 to effect the registration of any Registrable Securities, the Company shall, as expeditiously as reasonably possible: 

(a) Prepare and file with the SEC a registration statement with respect to such Registrable Securities and use its best efforts to cause
such registration statement to become effective, and, upon the request of the Holders of a majority of the Registrable Securities registered thereunder, keep such registration statement effective for up to 120 days. 

  
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 (b) Prepare and file with the SEC such amendments and supplements to such registration
statement and the prospectus used in connection with such registration statement as may be necessary to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration statement for up
to 120 days. 
 (c) Furnish to the Holders such numbers of copies of a prospectus, including a preliminary prospectus, in
conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. 

(d) Use its best efforts to register and qualify the securities covered by such registration statement under such other securities or
Blue Sky laws of such jurisdictions as shall be reasonably requested by the Holders, provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business or to file a general consent to
service of process in any such states or jurisdictions. 
 (e) In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement, in usual and customary form, with the managing underwriter of such offering. Each Holder participating in such underwriting shall also enter into and perform its obligations under such an
agreement. 
 (f) Notify each Holder of Registrable Securities covered by such registration statement at any time when a
prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material
fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances then existing, such obligation to continue for 120 days, and following such
notification promptly prepare and furnish to such seller a reasonable number of copies of a supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers of such shares, such prospectus shall
not include an untrue statement of material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading or incomplete in light of the circumstances then existing. 

(g) Cause all such Registrable Securities registered pursuant hereunder to be listed on each securities exchange on which similar
securities issued by the Company are then listed. 
 (h) Provide a transfer agent and registrar for all Registrable Securities
registered pursuant hereunder and a CUSIP number for all such Registrable Securities, in each case not later than the effective date of such registration. 
 (i) Use its best efforts to furnish, at the request of any Holder requesting registration of Registrable Securities pursuant to this Section 1, on the date that such Registrable Securities are
delivered to the underwriters for sale in connection with a registration pursuant to this Section 1, if such securities are being sold through underwriters, or, if such securities are not being sold through underwriters, on the date that the
registration statement with 

  
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respect to such securities becomes effective, (i) an opinion, dated such date, of the counsel representing the Company for the purposes of such registration, in form and substance as is
customarily given to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting registration of Registrable Securities and (ii) a letter dated such date, from the independent certified
public accountants of the Company, in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and to the Holders requesting
registration of Registrable Securities. 
 (j) Otherwise use commercially reasonable efforts to comply with all applicable
rules and regulations of the SEC, and make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve months, but not more than eighteen months, beginning with the first month
after the effective date of the Registration Statement, which earnings statement shall satisfy the provisions of Section 11(a) of the Securities Act. 
 (k) In connection with an underwritten offering pursuant to a registration statement filed pursuant to Section 1.2 or 1.4 hereof, enter into an underwriting agreement in form reasonably necessary to
effect the offer and sale of Common Stock, provided that such underwriting agreement contains reasonable and customary provisions, and provided, further, that each Holder participating in such underwriting shall also enter into and
perform its obligations under such an agreement. 
 1.6 Furnish Information. It shall be a condition precedent to
the obligations of the Company to take any action pursuant to this Section 1 with respect to the Registrable Securities of any selling Holder that such Holder shall furnish to the Company such information regarding itself, the Registrable
Securities held by it, and the intended method of disposition of such securities as shall be required to effect the registration of such Holder’s Registrable Securities. The Company shall have no obligation with respect to any registration
requested pursuant to Section 1.2 or Section 1.4 of this Agreement if, as a result of the application of the preceding sentence, the number of shares or the anticipated aggregate offering price of the Registrable Securities to be included
in the registration does not equal or exceed the number of shares or the anticipated aggregate offering price required to originally trigger the Company’s obligation to initiate such registration as specified in subsection 1.2(a) or
subsection 1.4(b)(ii), whichever is applicable. 
 1.7 Expenses of Registration. 

(a) Demand Registration. All expenses other than underwriting discounts and commissions incurred in connection with
registrations, filings or qualifications pursuant to Section 1.2, including (without limitation) all registration, filing and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company, and the
reasonable fees and disbursements of one counsel for the selling Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company; provided, however, that the
Company shall not be required to pay for any expenses of any registration proceeding begun pursuant to Section 1.2 if (i) the registration request was initiated by the Holders of a majority of the Registrable Securities and the

  
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registration request is subsequently withdrawn at the request of the Holders of a majority of the Registrable Securities to be registered (in which case all participating Holders shall bear such
expenses in proportion to the number of Registrable Securities proposed to be registered), unless the Holders of a majority of the Registrable Securities agree to forfeit their right to one demand registration pursuant to Section 1.2(a)(ii)(A);
(ii) the registration request was initiated by the Holders of a majority of the Series D Preferred Stock (or the Common Stock issued upon conversion thereof) and the registration request is subsequently withdrawn at the request of the
Holders of a majority of the Series D Preferred Stock (or the Common Stock issued upon conversion thereof) to be registered (in which case all participating Holders shall bear such expenses in proportion to the number of Registrable Securities
proposed to be registered), unless the Holders of a majority of the Series D Preferred Stock (or the Common Stock issued upon conversion of thereof) agree to forfeit their right to one demand registration pursuant to Section 1.2(a)(ii)(B);
(iii) the registration request was initiated by the Holders of a majority of the Series E Preferred Stock (or the Common Stock issued upon conversion thereof) and the registration request is subsequently withdrawn at the request of the
Holders of a majority of the Series E Preferred Stock (or the Common Stock issued upon conversion thereof) to be registered (in which case all participating Holders shall bear such expenses in proportion to the number of Registrable Securities
proposed to be registered), unless the Holders of a majority of the Series E Preferred Stock (or the Common Stock issued upon conversion thereof) agree to forfeit their right to one demand registration pursuant to Section 1.2(a)(ii)(C);
(iv) the registration request was initiated by the Holders of a majority of the Series E-1 Preferred Stock (or the Common Stock issued upon conversion thereof) and the registration request is subsequently withdrawn at the request of the
Holders of a majority of the Series E-1 Preferred Stock (or the Common Stock issued upon conversion thereof) to be registered (in which case all participating Holders shall bear such expenses in proportion to the number of Registrable
Securities proposed to be registered), unless the Holders of a majority of the Series E-1 Preferred Stock (or the Common Stock issued upon conversion thereof) agree to forfeit their right to one demand registration pursuant to
Section 1.2(a)(ii)(D); or (v) the registration request was initiated by the Holders of a majority of the Series G Preferred Stock (or the capital stock issued upon conversion thereof, determined on an as converted to Common Stock
basis) and the registration request is subsequently withdrawn at the request of the Holders of a majority of the Series G Preferred Stock (or the capital stock issued upon conversion thereof, determined on an as converted to Common Stock basis)
to be registered (in which case all participating Holders shall bear such expenses in proportion to the number of Registrable Securities proposed to be registered), unless the Holders of a majority of the Series G Preferred Stock (or the
capital stock issued upon conversion thereof, determined on an as converted to Common Stock basis) agree to forfeit their right to one demand registration pursuant to Section 1.2(a)(ii)(E), provided further, however, that if at the time
of such withdrawal, the Holders have learned of a material adverse change in the condition, business, or prospects of the Company from that known to the Holders at the time of their request and have withdrawn the request with reasonable promptness
following disclosure by the Company of such material adverse change, then the Holders shall not be required to pay any of such expenses and shall retain their rights pursuant to Section 1.2(a)(ii)(A), (B), (C), (D) or (E), as applicable.

 (b) Company Registration. All expenses other than underwriting discounts and commissions incurred in
connection with registrations, filings or qualifications of Registrable Securities pursuant to Section 1.3, including (without limitation) all registration, 

  
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filing, and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling
Holder or Holders selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company. 
 (c) Registration on Form S-3. All expenses other than underwriting discounts and commissions incurred in connection with a registration requested pursuant to Section 1.4, including
(without limitation) all registration, filing, and qualification fees, printers’ and accounting fees, fees and disbursements of counsel for the Company and the reasonable fees and disbursements of one counsel for the selling Holder or Holders
selected by them with the approval of the Company, which approval shall not be unreasonably withheld, shall be borne by the Company. 
 1.8 Underwriting Requirements. In connection with any offering involving an underwriting of shares of the Company’s capital stock, the Company shall not be required under
Section 1.3 to include any of the Holders’ securities in such underwriting unless they accept the terms of the underwriting as agreed upon between the Company and the underwriters selected by it (or by other persons entitled to select the
underwriters), and then only in such quantity as the underwriters determine in their sole discretion will not jeopardize the success of the offering by the Company. If the total amount of securities, including Registrable Securities, requested by
stockholders to be included in such offering exceeds the amount of securities sold other than by the Company that the underwriters determine in their sole discretion is compatible with the success of the offering, then the Company shall be required
to include in the offering only that number of such securities, including Registrable Securities, which the underwriters determine in their sole discretion will not jeopardize the success of the offering (the securities so included to be apportioned
pro rata among the selling stockholders according to the total amount of securities entitled to be included therein owned by each selling stockholder or in such other proportions as shall mutually be agreed to by such selling stockholders) but in no
event shall (i) the amount of securities of the selling Holders included in the offering be reduced below ten percent of the total amount of securities included in such offering, unless such offering is the initial public offering of the
Company’s securities, in which case, the selling stockholders may be excluded if the underwriters make the determination described above and no other stockholder’s securities are included or (ii) any securities held by a Founder (as
defined in the Sixth Amended and Restated Right of First Refusal and Co-Sale Agreement of even date herewith) be included if any securities held by any selling Holder are excluded. For purposes of the preceding parenthetical concerning
apportionment, for any selling stockholder which is a holder of Registrable Securities and which is a partnership or corporation, the partners, retired partners and stockholders of such holder, or the estates and family members of any such partners
and retired partners and any trusts for the benefit of any of the foregoing persons shall be deemed to be a single “selling stockholder,” and any pro-rata reduction with respect to such “selling stockholder” shall be based
upon the aggregate amount of shares carrying registration rights owned by all entities and individuals included in such “selling stockholder,” as defined in this sentence. 

1.9 Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying
any such registration as the result of any 

  
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controversy that might arise with respect to the interpretation or implementation of this Section 1. 
 1.10 Indemnification. In the event any Registrable Securities are included in a registration statement under this Section 1: 

(a) To the extent permitted by law, the Company will indemnify and hold harmless each Holder, each Holder’s officers, directors,
constituent partners, managers, members and employees (the “Holder Representatives”), any underwriter (as defined in the Securities Act) for such Holder and each person, if any, who controls such Holder or underwriter within the
meaning of the Securities Act or the Exchange Act, against any losses, claims, damages, or liabilities (joint or several) to which they may become subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages, or liabilities (or actions in respect thereof) arise out of or are based upon any of the following statements, omissions or violations (collectively a “Violation”): (i) any untrue statement or alleged
untrue statement of a material fact contained in such registration statement, including any preliminary prospectus or final prospectus contained therein or any amendments or supplements thereto, any issuer information (as defined in Rule 433 of
the Securities Act) filed or required to be filed pursuant to Rule 433(d) under the Securities Act or any other document incident to such registration prepared by or on behalf of the Company or used or referred to by the Company, (ii) the
omission or alleged omission to state therein a material fact required to be stated therein, or necessary to make the statements therein not misleading, or (iii) any violation or alleged violation by the Company of the Securities Act, the
Exchange Act, any state securities law or any rule or regulation promulgated under the Securities Act, the Exchange Act or any state securities law; and the Company will pay to each such Holder, Holder Representative, underwriter or controlling
person, as incurred, any legal or other expenses reasonably incurred by them in connection with investigating or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in
this subsection 1.10(a) shall not apply to amounts paid in settlement of any such loss, claim, damage, liability, or action if such settlement is effected without the consent of the Company (which consent shall not be unreasonably withheld),
nor shall the Company be liable to any Holder, Holder Representative, underwriter or controlling person for any such loss, claim, damage, liability, or action to the extent that it arises out of or is based upon a Violation which occurs in reliance
upon and in conformity with written information furnished expressly for use in connection with such registration by any such Holder, Holder Representative, underwriter or controlling person. 

(b) To the extent permitted by law, each selling Holder will, severally but not jointly, indemnify and hold harmless the Company, each
of its directors, each of its officers who has signed the registration statement, each person, if any, who controls the Company within the meaning of the Securities Act, any underwriter, any other Holder selling securities in such registration
statement and any controlling person of any such underwriter or other Holder, against any losses, claims, damages, or liabilities (joint or several) to which any of the foregoing persons may become subject, under the Securities Act, the Exchange Act
or other federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs in
reliance upon and in conformity with written information furnished by such Holder expressly for use in connection with such registration; and each such 

  
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Holder will pay, as incurred, any legal or other expenses reasonably incurred by any person intended to be indemnified pursuant to this subsection 1.10(b), in connection with investigating
or defending any such loss, claim, damage, liability, or action; provided, however, that the indemnity agreement contained in this subsection 1.10(b) shall not apply to amounts paid in settlement of any such loss, claim, damage,
liability or action if such settlement is effected without the consent of the Holder, which consent shall not be unreasonably withheld; provided, that in no event shall any indemnity under this subsection 1.10(b) exceed the net proceeds from
the offering received by such Holder, except in the case of willful fraud by such Holder. 
 (c) Promptly after receipt by an
indemnified party under this Section 1.10 of notice of the commencement of any action (including any governmental action), such indemnified party will, if a claim in respect thereof is to be made against any indemnifying party under this
Section 1.10, deliver to the indemnifying party a written notice of the commencement thereof and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly noticed, to assume the defense thereof with counsel mutually satisfactory to the parties; provided, however, that an indemnified party (together with all other indemnified parties which may be represented
without conflict by one counsel) shall have the right to retain one separate counsel, with the reasonable fees and expenses to be paid by the indemnifying party, if representation of such indemnified party by the counsel retained by the indemnifying
party would be inappropriate due to actual or potential differing interests between such indemnified party and any other party represented by such counsel in such proceeding. The failure to deliver written notice to the indemnifying party within a
reasonable time of the commencement of any such action, if prejudicial to its ability to defend such action, shall relieve such indemnifying party of any liability to the indemnified party under this Section 1.10, but the omission so to deliver
written notice to the indemnifying party will not relieve it of any liability that it may have to any indemnified party otherwise than under this Section 1.10. No indemnifying party, in the defense of any such claim or litigation, shall, except
with the consent of each indemnified party, consent to entry of any judgment or enter into any settlement that does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all
liability in respect to such claim or litigation. 
 (d) If the indemnification provided for in this Section 1.10 is held
by a court of competent jurisdiction to be unavailable to an indemnified party with respect to any loss, liability, claim, damage or expense referred to therein, then the indemnifying party, in lieu of indemnifying such indemnified party hereunder,
shall contribute to the amount paid or payable by such indemnified party as a result of such loss, liability, claim, damage, or expense in such proportion as is appropriate to reflect the relative fault of the indemnifying party on the one hand and
of the indemnified party on the other in connection with the statements or omissions that resulted in such loss, liability, claim, damage or expense as well as any other relevant equitable considerations; provided, that in no event shall any
contribution by a Holder under this Subsection 1.10(d), when combined with the amounts paid or payable by such Holder pursuant to Section 1.10(b), exceed the net proceeds from the offering received by such Holder, except in the case of
willful fraud by such Holder. The relative fault of the indemnifying party and of the indemnified party shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a material fact or the omission to
state a material fact relates to information supplied by the indemnifying party or by the indemnified party and the parties’ 

  
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relative intent, knowledge, access to information, and opportunity to correct or prevent such statement or omission. 
 (e) Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in the underwriting agreement entered into in connection with the underwritten public
offering are in conflict with the foregoing provisions, the provisions in the underwriting agreement shall control. 
 (f) The
obligations of the Company and Holders under this Section 1.10 shall survive the completion of any offering of Registrable Securities in a registration statement under this Section 1, and otherwise. 

1.11 Reports Under Exchange Act. With a view to making available to the Holders the benefits of Rule 144 promulgated
under the Securities Act and any other rule or regulation of the SEC that may at any time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form S-3, the Company agrees to:

 (a) make and keep public information available, as those terms are understood and defined in SEC Rule 144, at all times
after 90 days after the effective date of the first registration statement filed by the Company for the offering of its securities to the general public so long as the Company remains subject to the periodic reporting requirements under
Sections 13 or 15(d) of the Exchange Act; 
 (b) take such action, including the voluntary registration of its Common
Stock under Section 12 of the Exchange Act, as is necessary to enable the Holders to utilize Form S-3 for the sale of their Registrable Securities, such action to be taken as soon as practicable after the end of the fiscal year in which
the first registration statement filed by the Company for the offering of its securities to the general public is declared effective; 
 (c) file with the SEC in a timely manner all reports and other documents required of the Company under the Securities Act and the Exchange Act; and 

(d) furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) a written statement by
the Company that it has complied with the reporting requirements of SEC Rule 144 (at any time after 90 days after the effective date of the first registration statement filed by the Company), the Securities Act and the Exchange Act (at any time
after it has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form S-3 (at any time after it so qualifies), (ii) a copy of the most recent annual or quarterly
report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC which permits the selling of any
such securities without registration or pursuant to such form. 
 1.12 Assignment of Registration Rights. The
rights to cause the Company to register Registrable Securities pursuant to this Section 1 may be assigned (but only with all related obligations) by a Holder to (i) a transferee or assignee of at least 250,000 shares of such securities
(subject to adjustment for stock splits, stock dividends, reclassification or the like), (ii) a transferee or assignee of all of such Registrable Securities held by such transferring Holder,

  
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if less than 250,000 shares, (iii) a partner, member or affiliate of the transferring Holder (including, but not limited to, an affiliated fund or entity of such Holder), (iv) a
transferee or assignee who is a Holder’s child, stepchild, Grandchild, parent, stepparent, Grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law (such a relation, a
Holder’s “Immediate Family Member”, which term shall include adoptive relationships), or (v) a transferee or assignee that is a trust for the benefit of an individual Holder or such Holder’s Immediate Family Member,
provided the Company is, within a reasonable time after such transfer, furnished with written notice of the name and address of such transferee or assignee and the securities with respect to which such registration rights are being assigned;
and provided, further, that such assignment shall be effective only if immediately following such transfer the further disposition of such securities by the transferee or assignee is restricted under the Securities Act. For the
purposes of determining the number of shares of Registrable Securities held by a transferee or assignee, the holdings of transferees and assignees of (x) a partnership who are partners or retired partners of such partnership or (y) a
limited liability company who are members or retired members of such limited liability company (including Immediate Family Members of such partners or members who acquire Registrable Securities by gift, will or intestate succession) shall be
aggregated together and with the partnership or limited liability company; provided that all assignees and transferees who would not qualify individually for assignment of registration rights shall have a single attorney-in-fact for the purpose of
exercising any rights, receiving notices or taking any action under Section 1. 
 1.13 Limitations on Subsequent
Registration Rights. From and after the date of this Agreement, the Company shall not, without the prior written consent of (i) the Holders of a majority of the outstanding Registrable Securities; (ii) the Holders of a majority of
the shares of Series D Preferred Stock (or shares of the Common Stock issued upon conversion thereof) then outstanding; (iii) the Holders of a majority of the shares of Series E Preferred Stock (or shares of the Common Stock issued
upon conversion thereof) then outstanding; (iv) the Holders of a majority of the shares of Series E-1 Preferred Stock (or shares of the Common Stock issued upon conversion thereof) then outstanding and (v) the Holders of a majority of
the shares of Series G Preferred Stock (or shares of the capital stock issued upon conversion thereof, determined on an as converted to Common Stock basis) then outstanding, enter into any agreement with any holder or prospective holder of any
securities of the Company which would allow such holder or prospective holder (a) to include such securities in any registration filed under Section 1.2 hereof, unless under the terms of such agreement, such holder or prospective holder
may include such securities in any such registration only to the extent that the inclusion of his securities will not reduce the amount of the Registrable Securities of the Holders which is included or (b) to make a demand registration which
could result in such registration statement being declared effective prior to the earlier of either of the dates set forth in subsection 1.2(a) or within 120 days of the effective date of any registration effected pursuant to Section 1.2.

 1.14 “Market Stand-Off” Agreement. 

(a) Market-Standoff Period; Agreement. In connection with the initial public offering of the Company’s securities and
upon request of the Company or the underwriters managing such offering of the Company’s securities, each Holder agrees not to sell, make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of
the Company, however or whenever acquired (other than those included in the 

  
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registration) without the prior written consent of the Company or such underwriters, as the case may be, for such period of time (not to exceed 180 days, subject to potential extensions to comply
with the restrictions contained in FINRA Rule 2711(f)(4) or NYSE Rule 472(f)(4)) from the effective date of such registration as may be requested by the Company or such managing underwriters and to execute an agreement reflecting the
foregoing as may be requested by the underwriters at the time of the Company’s initial public offering. The obligations of the Holders under this Section 1.14(a) shall be conditioned upon similar agreements being in effect with each Holder
that qualifies as a Major Investor (as defined below). 
 (b) Stop-Transfer Instructions. In order to enforce the
foregoing covenants, the Company may impose stop-transfer instructions with respect to the securities of each Holder (and the securities of every other person subject to the restrictions in Section 1.14(a)). 

(c) Transferees Bound. Each Holder agrees that it will not transfer securities of the Company unless each transferee
agrees in writing to be bound by all of the provisions of this Section 1.14. 
 1.15 Termination of Registration
Rights. No Holder shall be entitled to exercise any right provided for in this Section 1 after the earlier of (i) five years following the consummation of a Qualified IPO or (ii) such time as Rule 144 or another similar
exemption under the Securities Act is available for the sale of all of such Holder’s shares during a three month period without registration, except if such Holder holds at least two percent of the outstanding voting stock of the Company.

 2. Covenants of the Company. 
 2.1 Delivery of Financial Statements. The Company shall deliver to each Major Investor, as defined in Section 2.3 below: 

(a) as soon as practicable, but in any event within 30 days after the end of each fiscal year of the Company, preliminary and unaudited
income statement for such fiscal year, a preliminary and unaudited balance sheet of the Company and statement of stockholder’s equity as of the end of such year, and a preliminary and unaudited statement of cash flows for such year, such
year-end financial reports to be in reasonable detail, prepared in accordance with generally accepted accounting principles (“GAAP”). 
 (b) within five days of availability, an income statement for such fiscal year, a balance sheet of the Company and statement of stockholder’s equity as of the end of such year, and a statement of
cash flows for such year, such year-end financial reports to be in reasonable detail, prepared in accordance with GAAP, and audited and certified by an independent public accounting firm of nationally recognized standing selected by the Company;

 (c) within five days of availability, but in any event within 15 days after the end of each of the first three quarters of
each fiscal year of the Company and within five days of availability, an unaudited profit or loss statement, a statement of cash flows for such fiscal quarter and an unaudited balance sheet as of the end of such fiscal quarter; 

  
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 (d) as soon as practicable, but in any event within five days before the end of the fiscal
year, a budget and business plan for the next fiscal year, prepared on a monthly basis; and 
 (e) with respect to the
financial statements called for in subsection (b) of this Section 2.1, an instrument executed by the Chief Financial Officer or President of the Company and certifying that such financials were prepared in accordance with GAAP consistently
applied with prior practice for earlier periods (with the exception of footnotes that may be required by GAAP) and fairly present the financial condition of the Company and its results of operation for the period specified, subject to year-end audit
adjustment, provided that the foregoing shall not restrict the right of the Company to change its accounting principles consistent with GAAP, if the Board of Directors determines that it is in the best interest of the Company to do so. 

2.2 Inspection. The Company shall permit each Major Investor, as defined in Section 2.3 below, at such Major
Investor’s expense, to visit and inspect the Company’s properties, to examine its books of account and records and to discuss the Company’s affairs, finances and accounts with its officers, all at such reasonable times as may be
requested by the Major Investor; provided, however, that the Company shall not be obligated pursuant to this Section 2.2 to provide access to any information which it reasonably considers to be a trade secret or similar
confidential information. 
 2.3 Right of First Offer. Subject to the terms and conditions specified in this
Section 2.3, the Company hereby grants to each Major Investor (as hereinafter defined) a right of first offer with respect to future issuances by the Company of its Shares (as hereinafter defined). A “Major Investor” shall mean
(a) any person who holds at least 1,000,000 shares in the aggregate of the Company’s Preferred Stock (or the Common Stock issued upon conversion thereof, and subject to adjustment for stock splits, stock dividends, reclassifications or the
like), (b) Mayfield XIII, a Cayman Islands Exempted Limited Partnership (together with its affiliates, “Mayfield”), for so long as Mayfield shall hold at least 600,000 shares of Series E-1 Preferred Stock (or the
Common Stock issued upon conversion thereof, and subject to adjustment for stock splits, stock dividends, reclassifications or the like), (c) Silver Lake Kraftwerk Fund, L.P. (together with its affiliates, “Silver Lake”), for
so long as Silver Lake shall hold at least 431,214 shares of Preferred Stock of the Company (or the Common Stock issued upon conversion thereof, and subject to adjustment for stock splits, stock dividends, reclassifications or the like),
(d) Valor Solar Holdings, LLC (together with its affiliates, “Valor”), for so long as Valor shall hold at least 392,013 shares of Preferred Stock of the Company (or the Common Stock issued upon conversion thereof, and subject
to adjustment for stock splits, stock dividends, reclassifications or the like), and (d) Tao LLC (together with its affiliates, “Tao”), for so long as Tao shall hold at least 156,805 shares of Preferred Stock of the Company (or
the Common Stock issued upon conversion thereof, and subject to adjustment for stock splits, stock dividends, reclassifications or the like). For purposes of this Section 2, a Major Investor includes any general partners, members and affiliates
of a Major Investor. A Major Investor who chooses to exercise the right of first offer may designate as purchasers under such right itself or its partners, members or affiliates in such proportions as it deems appropriate. 

  
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 Each time the Company proposes to offer any shares of, or securities convertible into or
exercisable for any shares of, any class of its capital stock (“Shares”), the Company shall first make an offering of such Shares to each Major Investor in accordance with the following provisions: 

(a) The Company shall deliver a notice by certified mail (“Notice”) to the Major Investors stating (i) its bona
fide intention to offer such Shares, (ii) the number of such Shares to be offered, and (iii) the price and terms, if any, upon which it proposes to offer such Shares. 

(b) Within 15 calendar days after delivery of the Notice, the Major Investor may elect to purchase or obtain, at the price and on the
terms specified in the Notice, up to that portion of such Shares which equals the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held,
by such Major Investor bears to the total number of shares of Common Stock then outstanding (assuming full conversion and exercise of all outstanding convertible or exercisable securities) (the “Pro-Rata Amount”). The Company shall
promptly, in writing, inform each Major Investor that purchases or obtains all the shares available to it (each, a “Fully-Exercising Investor”) of any other Major Investor’s failure to do likewise, and in such notice the
Company shall inform each Fully-Exercising Investor of the Fully-Exercising Investors’ Pool (as defined below). The “Fully-Exercising Investors’ Pool” shall mean the total investment amount that shall be
available to be purchased by the Fully-Exercising Investors as determined unanimously by the Company’s Board of Directors; provided, however, such investment amount shall at least be equal to the aggregate Pro-Rata Amount for all
of the Fully-Exercising Investors. During the ten day period commencing after receipt of such information, each Fully-Exercising Investor shall be entitled to purchase that portion of the excess of the amount of the Fully-Exercising
Investors’ Pool over the aggregate Pro-Rata Amount for all of the Fully-Exercising Investors (such excess, the “Available Unsubscribed Shares”) that is equal to the proportion that the number of shares of Common Stock issued
and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held, by such Fully-Exercising Investor bears to the total number of shares of Common Stock issued and held, or issuable upon conversion and
exercise of all convertible or exercisable securities then held, by all Fully-Exercising Investors who wish to purchase such Available Unsubscribed Shares. Such purchase shall be completed at the same closing as that of any third party
purchasers or at an additional closing thereunder. 
 (c) The Company may, during the 45-day period following the expiration of
the period provided in subsection 2.3(b) hereof, offer the remaining unsubscribed portion of the Shares to any person or persons at a price not less than, and upon terms no more favorable to the offeree than those specified in the Notice. If
the Company does not enter into an agreement for the sale of the Shares within such period, or if such agreement is not consummated within 60 days of the execution thereof, the right provided hereunder shall be deemed to be revived and such Shares
shall not be offered unless first reoffered to the Major Investors in accordance herewith. 
 (d) The right of first offer in
this paragraph 2.3 shall not be applicable (i) to the issuance or sale of Common Stock (or options therefor) to employees, consultants and 

  
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directors, of the Company pursuant to plans or agreements approved by the Board of Directors for the primary purpose of soliciting or retaining their services, (ii) to or after consummation
of a Qualified IPO, (iii) to the issuance of securities pursuant to the conversion or exercise of convertible or exercisable securities outstanding as of the date of this Agreement or securities issued pursuant to the conversion or exercise of
convertible or exercisable securities issued after the date of this Agreement, so long as the rights established by this Section 2.3 were complied with, waived or were inapplicable pursuant to any provision of this Section 2.3(d) with
respect to the initial sale or grant by the Company of such convertible or exercisable securities, (iv) stock splits, stock dividends or like transactions, (v) to the issuance of shares of Series F Preferred Stock pursuant to
Section 6.2 of the Purchase Agreement, or (vi) to the issuance of securities that, with unanimous approval of the Board of Directors of the Company and a majority of the outstanding Preferred Stock voting together as a single class on an
as converted to Common Stock basis, are not offered to any existing stockholder of the Company. In addition to the foregoing, the right of first offer in this paragraph 2.3 shall not be applicable with respect to any Major Investor and any
subsequent securities issuance, if (i) at the time of such subsequent securities issuance, the Major Investor is not an “accredited investor,” as that term is then defined in Rule 501(a) under the Securities Act, and
(ii) such subsequent securities issuance is otherwise being offered only to accredited investors. 
 (e) Notwithstanding
anything to the contrary contained herein, in the event that the right of first offer contained in this paragraph 2.3 is not applicable to an issuance or sale of securities by operation of subsection 2.3(d)(vi) above or is otherwise waived on behalf
of all Major Investors hereunder, then the Company shall offer each Major Investor the opportunity to purchase any securities that the Company proposes to issue that are not proposed to be purchased by the lead investor in such transaction (the
“Non-Lead Investor Shares”) in accordance with the procedures set forth in subsections 2.3(a), (b) and (c) above, provided, however, that each Major Investor shall have the right to elect to purchase or
obtain up to that portion of such Non-Lead Investor Shares which equals the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held, by
such Major Investor bears to the total number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held, by all Major Investors; and provided, further,
however, that any Fully-Exercising Investor shall be entitled to purchase or obtain that portion of the Non-Lead Investor Shares for which Major Investors were entitled to subscribe under this subsection 2.3(e) but which were not subscribed for
by the Major Investors that is equal to the proportion that the number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held, by such Major Investor bears to the
total number of shares of Common Stock issued and held, or issuable upon conversion and exercise of all convertible or exercisable securities then held, by all Fully-Exercising Major Investors who wish to purchase such unsubscribed Non-Lead Investor
Shares. 
 2.4 Stock Vesting. Unless otherwise approved by the Board of Directors of the Company or its
Compensation Committee, all stock, stock options and other stock equivalents issued after the date of this Agreement to officers and employees shall be subject to vesting as follows: (a) twenty-five percent (25%) of such stock shall vest
at the end of the first year following the earlier of the date of issuance or such person’s services commencement date with the Company and (b) seventy-five percent (75%) of such stock shall vest in equal monthly

  
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installments over the remaining three (3) years. With respect to any shares of stock purchased by any such person still subject to vesting, the Company’s repurchase option shall provide
that upon such person’s termination of employment or service with the Company, with or without cause, the Company or its assignee shall have the option to purchase at cost any unvested share of stock held by such person. 

2.5 Business Licenses. The Company shall use commercially reasonable efforts to renew each of its business licenses prior
to their expiration, or, with respect to any business licenses that have expired as of the date of this Agreement, as soon as practicable, and in any case within 60 days from the date of this Agreement, and to maintain such business licenses in full
force and effect. 
 2.6 Blue Sky Filings. As soon as practicable, and in any case within 30 days from the date of
this Agreement, the Company shall obtain all Blue Sky law permits and qualifications and complete any filings required by any governmental authority in connection with any past issuances of securities for which such permits, qualifications or
filings have not yet been obtained or made. 
 2.7 Affiliate Transactions. If the Company proposes to enter into
an Affiliate Transaction (as defined below) and if there is one or more members of the Board of Directors that are “disinterested” (as such term is used in Section 144 of the Delaware General Corporation Law) with respect to such
Affiliate Transaction, then the Company shall not enter into such Affiliate Transaction without first obtaining the consent of a majority of such “disinterested” directors. For purposes of this Section 2.7, “Affiliate
Transaction” shall mean a transaction that would be required to be disclosed by the Company pursuant to Item 404(a) of Regulation S-K if the Company was subject to the periodic reporting requirements of Section 13 of the Exchange Act.

 2.8 Directors’ and Officers’ Liability Insurance. The Company shall use commercially reasonable
efforts to maintain in effect a directors’ and officers’ liability insurance policy from an insurer satisfactory to the Board of Directors in an amount of no less than $3,000,000. 

2.9 Termination of Covenants. 
 (a) The covenants set forth in Sections 2.1 through 2.8 shall terminate as to each Holder and be of no further force or effect immediately prior to the consummation of a Qualified IPO. 

(b) The covenants set forth in Sections 2.1 and 2.2 shall terminate as to each Holder and be of no further force or effect when the
Company first becomes subject to the periodic reporting requirements of Sections 13 or 15(d) of the Exchange Act, if this occurs earlier than the events described in Section 2.9(a) above. 

3. Miscellaneous. 
 3.1 Successors and Assigns. Except as otherwise provided in this Agreement, the terms and conditions of this Agreement shall inure to the benefit of and be

  
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binding upon the respective permitted successors and assigns of the parties (including transferees of any of the Preferred Stock or any Common Stock issued upon conversion thereof). Nothing in
this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as
expressly provided in this Agreement. 
 3.2 Amendments and Waivers. Any term of this Agreement may be amended or
waived only with the prior written consent of (i) the Company and (ii) the holders of a majority of the Registrable Securities then outstanding; provided, however, that Investors purchasing shares of Series G Preferred
Stock under the Purchase Agreement after the Initial Closing (as defined in the Purchase Agreement) may become parties to this Agreement without any amendment of this Agreement pursuant to this paragraph or any consent or approval of any other
party; provided further that any amendment or waiver of Sections 1.1(e), 1.2, 1.4, 1.7, 1.13, 2.1, 2.3, 2.7, 2.9 and 3.2 shall require the prior written consent of the holders of a majority of the Series E Preferred Stock (as adjusted
for stock splits, stock dividends, reclassification and the like); provided further that any amendment or waiver of Sections 1.1(e), 1.2, 1.4, 1.7, 1.13, 2.1, 2.3, 2.7, 2.9 and 3.2 shall require the prior written consent of the holders
of a majority of the Series E-1 Preferred Stock (as adjusted for stock splits, stock dividends, reclassification and the like); provided further that any amendment or waiver of Sections 1.1(e), 1.2, 1.4, 1.7, 1.13, 2.1, 2.3, 2.7,
2.9 and 3.2 shall require the prior written consent of the holders of a majority of the Series G Preferred Stock (or any shares of capital stock issued upon conversion thereof, determined on an as converted to Common Stock basis, and as
adjusted for stock splits, stock dividends, reclassification and the like), provided further that any amendment to (A) the definition of “Major Investor” in this Agreement, or (B) this Section 3.2 shall require the
prior written consent of Mayfield so long as Mayfield holds at least 600,000 shares of Series E-1 Preferred Stock (or the Common Stock issued upon conversion thereof, and subject to adjustment for stock splits, stock dividends, reclassification
and the like); provided further that any amendment which adversely effects Silver Lake to (A) the definition of “Major Investor” in this Agreement, or (B) this Section 3.2 shall require the prior written consent of
Silver Lake so long as Silver Lake holds at least 431,214 shares of Preferred Stock of the Company (or the Common Stock issued upon conversion thereof, and subject to adjustment for stock splits, stock dividends, reclassification and the like);
provided further that any amendment which adversely effects Valor to (A) the definition of “Major Investor” in this Agreement, or (B) this Section 3.2 shall require the prior written consent of Valor so long as Valor
holds at least 392,013 shares of Preferred Stock of the Company (or the Common Stock issued upon conversion thereof, and subject to adjustment for stock splits, stock dividends, reclassification and the like); and provided further that any
amendment which adversely effects Tao to (A) the definition of “Major Investor” in this Agreement, or (B) this Section 3.2 shall require the prior written consent of Tao so long as Tao holds at least 156,805 shares of
Preferred Stock of the Company (or the Common Stock issued upon conversion thereof, and subject to adjustment for stock splits, stock dividends, reclassification and the like). Any amendment or waiver effected in accordance with this paragraph shall
be binding upon each party to the Agreement, whether or not such party has signed such amendment or waiver, each future holder of all such Registrable Securities, and the Company; provided, however, that any amendment which treats any holder
of Registrable Securities in an adverse manner different from other holders of Registrable Securities shall require the consent of the holder(s) of a majority of the Registrable Securities so adversely affected. 

  
 -21-

 3.3 Notices. Unless otherwise provided, any notice required or permitted by
this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by telegram or fax, or forty-eight (48) hours after being deposited in the U.S. mail, as certified or
registered mail, with postage prepaid, and addressed to the party to be notified at such party’s address or fax number as set forth on Exhibit A hereto or as subsequently modified by written notice. 

3.4 Severability. If one or more provisions of this Agreement are held to be unenforceable under applicable law, the
parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement,
(b) the balance of the Agreement shall be interpreted as if such provision were so excluded and (c) the balance of the Agreement shall be enforceable in accordance with its terms. 

3.5 Governing Law. This Agreement and all acts and transactions pursuant hereto shall be governed, construed and
interpreted in accordance with the laws of the State of California, without giving effect to principles of conflicts of laws. 

3.6 Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original,
but all of which together shall constitute one and the same instrument. 
 3.7 Titles and Subtitles. The titles
and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement. 
 3.8 Aggregation of Stock. All shares of the Preferred Stock held or acquired by affiliated entities or persons shall be aggregated together for the purpose of determining the availability of
any rights under this Agreement. 
 3.9 Voting as Converted. All references to any series or class of capital
stock of the Company voting on an as converted to Common Stock basis, or similar language, shall mean as such series or class may be directly converted into Common Stock of the Company at the time of such vote in accordance with the Company’s
certificate of incorporation, as may be amended from time to time. 
 [Signature Page Follows] 

  
 -22-

 The parties have executed this Seventh Amended and Restated Investor Rights Agreement as of
the date first above written. 
 COMPANY: 
 SolarCity Corporation 
  

					
	By:	 	 /s/ Lyndon Rive
	 	
		 	Lyndon Rive	 	
		 	President & CEO                         
   	 	

 Signature Page to Seventh Amended and Restated Investors’ Rights Agreement 

 The parties have executed this Seventh Amended and Restated Investor Rights Agreement as of
the date first above written. 
 INVESTORS: 
  

					
	MAYFIELD XIII,	  	
	a Cayman Islands Exempted Limited Partnership	  	
			
	By:	 	 MAYFIELD XIII MANAGEMENT (EGP), L.P.,
 a Cayman Islands Exempted Limited Partnership
	  	
	Its:	 	General Partner	  	
			
	By:	 	MAYFIELD XIII MANAGEMENT (UGP),	  	
		 	LTD., a Cayman Islands Exempted Company	  	
	Its:	 	General Partner	  	
			
	By:	 		  	
		 		  	
	 /s/ Navin Chaddha
	  	
	Name: Navin Chaddha	  	
	Title:   Authorized Signatory	  	

 [signatures continue] 
 Signature Page to Seventh Amended and Restated Investors’ Rights Agreement 

 The parties have executed this Seventh Amended and Restated Investor Rights Agreement as of
the date first above written. 
 INVESTORS: 
  

					
	DBL EQUITY FUND - BAEF II, L.P.	 	
			
	By:	 	DBL Equity Fund Managers L.L.C.	 	
	Its:	 	General Partner	 	
			
	By:	 	 /s/ Nancy E. Pfund
	 	
	Name: Nancy E. Pfund	 	
	Title: Managing Member	 	
		
	BAY AREA EQUITY FUND I, L.P.	 	
			
	By:	 	Bay Area Equity Fund Managers I, L.L.C.,	 	
	Its General Partner	 	
			
	By:	 	H&Q Venture Management L.L.C.,	 	
	Its Managing Member	 	
			
	By:	 	 Nancy E. Pfund
	 	
		 	Nancy Pfund	 	
			
		 	Its: Managing Member	 	

 [signatures continue] 
 Signature Page to Seventh Amended and Restated Investors’ Rights Agreement 

 The parties have executed this Seventh Amended and Restated Investor Rights Agreement as of
the date first above written. 
 INVESTORS: 
  

					
	GENERATION IM CLIMATE SOLUTIONS FUND, L.P.
	 BY: GENERATION INVESTMENT MANAGEMENT LLP, ON BEHALF OF

GENERATION IM CLIMATE SOLUTIONS GP, LTD.

			
	By:	 	 /s/ Hans A. Mehn
	  	
		 	Name: Hans A. Mehn	  	
		 	Title: Partner	  	
			
	By:	 	 /s/ P. Harris
	  	
		 	Name: P. Harris	  	
		 	Title: Partner	  	

 [signatures continue] 
 Signature Page to Seventh Amended and Restated Investors’ Rights Agreement 

 The parties have executed this Seventh Amended and Restated Investor Rights Agreement as of
the date first above written. 
 INVESTORS: 
  

					
	DRAPER FISHER JURVETSON FUND IX, L.P.	 	
			
	 By:
	 	 John Fisher
	 	
	 Name: John Fisher
	 	
	 Title: Managing Director
	 	
		
	DRAPER FISHER JURVETSON PARTNERS IX, LLC	 	
			
	 By:
	 	 John Fisher
	 	
	 Name: John Fisher
	 	
	 Title: Managing Member
	 	
		
	DRAPER FISHER JURVETSON FUND X, L.P.	 	
			
	 By:
	 	 John Fisher
	 	
	 Name: John Fisher
	 	
	 Title: Managing Director
	 	
		
	DRAPER FISHER JURVETSON PARTNERS X, LLC	 	
			
	 By:
	 	 John Fisher
	 	
	 Name: John Fisher
	 	
	 Title: Managing Member
	 	

 [signatures continue] 
 Signature Page to Seventh Amended and Restated Investors’ Rights Agreement 

 The parties have executed this Seventh Amended and Restated Investor Rights Agreement as of
the date first above written. 
 INVESTORS: 
  

					
	DRAPER ASSOCIATES, L.P.	 	
			
	By:	 	 /s/ Timothy C. Draper
	 	
	Name: Timothy C. Draper	 	
	Title: General Partner	 	

					
		
	Address: 2882 Sand Hill Road, Suite 150	 	
	               Menlo Park, CA 94025	 	
	Telephone: (650) 233-9000	 	
	Fax: (650) 233-9233	 	
		
	DRAPER FISHER JURVETSON GROWTH FUND 2006, L.P.	 	
		
	By: Draper Fisher Jurvetson Growth Fund 2006 Partners, L.P.	 	
	Its:  General Partner	 	
		
	By: DFJ Growth Fund 2006, Ltd.	 	
	Its:  General Partner	 	

					
			
	By:	 	 /s/ John Fisher
	 	

					
	Name: John Fisher	 	
	Title:  Director	 	
		
	DRAPER FISHER JURVETSON PARTNERS GROWTH FUND 
2006, LLC	 	

					
			
	By:	 	 /s/ John Fisher
	 	
	Name: John Fisher	 	
	Title:  Authorized Member	 	
		
	Address: 2882 Sand Hill Road, Suite 150	 	
	               Menlo Park, CA 94025	 	
	Telephone: (650) 233-9000	 	
	Fax: (650) 233-9233	 	

 [signatures continue] 
 Signature Page to Seventh Amended and Restated Investors’ Rights Agreement 

 The parties have executed this Seventh Amended and Restated Investor Rights Agreement as of
the date first above written. 
 INVESTORS: 
  

					
	DRAPER ASSOCIATES RISKMASTERS FUND, LLC
			
	 By:
	 	 /s/ Timothy C. Draper
	 	
	 Name: Timothy C. Draper
	 	
	 Title: Managing Member
	 	
		
	 Address: 2882 Sand Hill Road, Suite 150
	 	
	                Menlo Park, CA
94025
	 	
		
	 Telephone: (650) 233-9000
	 	
	 Fax: (650) 233-9233
	 	

 [signatures continue] 
 Signature Page to Seventh Amended and Restated Investors’ Rights Agreement 

 The parties have executed this Seventh Amended and Restated Investor Rights Agreement as of
the date first above written. 
 INVESTORS: 
  

					
	ELON MUSK, AS TRUSTEE OF THE ELON MUSK
REVOCABLE TRUST DATED JULY 22, 2003
		 		 	
	By:	 	 /s/ Elon Musk
	 	
		 	Elon Musk, Trustee	 	

 [signatures continue] 
 Signature Page to Seventh Amended and Restated Investors’ Rights Agreement 

 The parties have executed this Seventh Amended and Restated Investor Rights Agreement as of
the date first above written. 
 INVESTORS: 
  

					
	SILVER LAKE KRAFTWERK FUND, L.P.	 	
		
	By: Silver Lake Technology Associates Kraftwerk, L.P., its general partner	 	

					
			
	By:	 	 /s/ Adam Grosser
	 	
		 	Name: Adam Grosser	 	
		 	Title: Managing Director and Group Head	 	

 [signatures continue] 
 Signature Page to Seventh Amended and Restated Investors’ Rights Agreement 

 The parties have executed this Seventh Amended and Restated Investor Rights Agreement as of
the date first above written. 
 INVESTORS: 
  

			
	VALOR SOLAR HOLDINGS, LLC
		
	By:	 	 /s/ Jonathan Shulkin

		 	Name: Jonathan Shulkin
		 	Title: CFO
	
	TAO, LLC
		
	By:	 	 /s/ Thomas Dykstra

	Name: Thomas Dykstra
	Title: Vice President

 [signatures continue] 
 Signature Page to Seventh Amended and Restated Investors’ Rights Agreement 

 The parties have executed this Seventh Amended and Restated Investor Rights Agreement as of
the date first above written. 
 INVESTORS: 
  

			
	Shea Ventures Opportunity Fund A, LLC
		
	By:	 	SVO GP, LLC
	Its:	 	Manager
	By:	 	 /s/ Kevin Dunlap

	Name:	 	Kevin Dunlap
	Title:	 	Managing Director

 [signatures conclude] 
 Signature Page to Seventh Amended and Restated Investors’ Rights AgreementForm of Indemnification Agreement for directors and executive officers

 Exhibit 10.1 
 SOLARCITY CORPORATION 
 INDEMNIFICATION AGREEMENT 

This Indemnification Agreement (this “Agreement”) is dated as of [insert date], and is
between SolarCity Corporation, a Delaware corporation (the “Company”), and [insert name of indemnitee] (“Indemnitee”). 
 RECITALS 

A.        Indemnitee’s service to the Company substantially benefits the
Company. 
 B.        Individuals are reluctant to serve as directors or
officers of corporations or in certain other capacities unless they are provided with adequate protection through insurance or indemnification against the risks of claims and actions against them arising out of such service. 

C.        Indemnitee does not regard the protection currently provided by
applicable law, the Company’s governing documents and any insurance as adequate under the present circumstances, and Indemnitee may not be willing to serve as a director or officer without additional protection. 

D.        In order to induce Indemnitee to continue to provide services to the
Company, it is reasonable, prudent and necessary for the Company to contractually obligate itself to indemnify, and to advance expenses on behalf of, Indemnitee as permitted by applicable law. 

E.        This Agreement is a supplement to and in furtherance of the
indemnification provided in the Company’s certificate of incorporation and bylaws, and any resolutions adopted pursuant thereto, and this Agreement shall not be deemed a substitute therefor, nor shall this Agreement be deemed to limit, diminish
or abrogate any rights of Indemnitee thereunder. 

[F.        Indemnnitee has certain rights to indemnification and/or insurance
provided by [fund investor] (“[fund investor]”) which Indemnitee and [fund investor] intend to be secondary to the primary obligation of the Company to indemnify Indemnitee as provided herein, with the Company’s
acknowledgement and agreement to the foregoing being a material condition to Indemnitee’s willingness to [continue to] provide services to the Company.] 
 The parties therefore agree as follows: 

1.        Definitions. 

(a)        A “Change in Control” shall be deemed to occur
upon the earliest to occur after the date of this Agreement of any of the following events: 

(i)        Acquisition of Stock by Third Party. Any Person (as defined
below) is or becomes the Beneficial Owner (as defined below), directly or indirectly, of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then outstanding securities;

 (ii)    Change in Board Composition. During any
period of two consecutive years (not including any period prior to the execution of this Agreement), individuals who at the beginning of such period constitute the Company’s board of directors, and any new directors (other than a director
designated by a person who has entered into an agreement with the Company to effect a transaction described in Sections 1(a)(i), 1(a)(iii) or 1(a)(iv)) whose election by the board of directors or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of the period or whose election or nomination for election was previously so approved, cease for any reason
to constitute at least a majority of the members of the Company’s board of directors; 

(iii)    Corporate Transactions. The effective date of a merger or consolidation of the
Company with any other entity, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or
by being converted into voting securities of the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at
least a majority of the board of directors or other governing body of such surviving entity; 

(iv)    Liquidation. The approval by the stockholders of the Company of a complete
liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets; and 
 (v)    Other Events. Any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any
similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended, whether or not the Company is then subject to such reporting requirement. 

For purposes of this Section 1(a), the following terms shall have the following meanings: 

(1)    “Person” shall have the meaning as set forth in Sections 13(d)
and 14(d) of the Securities Exchange Act of 1934, as amended; provided, however, that “Person” shall exclude (i) the Company, (ii) any trustee or other fiduciary holding securities under an employee benefit
plan of the Company, and (iii) any corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company. 

(2)    “Beneficial Owner” shall have the meaning given to such term in
Rule 13d-3 under the Securities Exchange Act of 1934, as amended; provided, however, that “Beneficial Owner” shall exclude any Person otherwise becoming a Beneficial Owner by reason of (i) the stockholders of
the Company approving a merger of the Company with another entity or (ii) the Company’s board of directors approving a sale of securities by the Company to such Person. 

(b)    “Corporate Status” describes the status of a person who is or was a
director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise. 
 (c)    “DGCL” means the General Corporation Law of the State of Delaware. 

(d)    “Disinterested Director” means a director of the Company who is not
and was not a party to the Proceeding in respect of which indemnification is sought by Indemnitee. 

  
 -2-

 (e)    “Enterprise” means the
Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, trustee, general partner,
managing member, officer, employee, agent or fiduciary. 

(f)    “Expenses” include all reasonable attorneys’ fees, retainers,
court costs, transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types
customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be a witness in, or otherwise participating in, a Proceeding or responding to, or objecting to, a request to
provide discovery in any Proceeding. Expenses also include (i) Expenses incurred in connection with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs relating to any cost bond,
supersedeas bond or other appeal bond or their equivalent, and (ii) for purposes of Section 12(d), Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of Indemnitee’s rights under this
Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 (g)    “Independent Counsel” means a law firm, or a partner or
member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any matter material to either such party (other than
as Independent Counsel with respect to matters concerning Indemnitee under this Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving rise to a claim for indemnification
hereunder. Notwithstanding the foregoing, the term “Independent Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in
representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. The Company agrees to pay the reasonable fees of the Independent Counsel referred to above and to fully indemnify such counsel
against any and all Expenses, claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 
 (h)    “Proceeding” means any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or proceeding or any other actual, threatened, or completed proceeding, whether brought in the right of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, including any
appeal therefrom and including without limitation any such Proceeding pending as of the date of this Agreement, in which Indemnitee was, is or will be involved as a party, a potential party, a non-party witness or otherwise by reason of (i) the
fact that Indemnitee is or was a director or officer of the Company, (ii) any action taken by Indemnitee or any action or inaction on Indemnitee’s part while acting as a director or officer of the Company, or (iii) the fact that he or
she is or was serving at the request of the Company as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise, in each case whether or not serving in such capacity at the
time any liability or Expense is incurred for which indemnification or advancement of expenses can be provided under this Agreement. 
 (i)    Reference to “other enterprises” shall include employee benefit plans; references to “fines” shall include any excise taxes
assessed on a person with respect to any employee benefit plan; references to “serving at the request of the Company” shall include any service as a director, officer, employee or agent of the Company which imposes duties on,
or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to be in the best
interests of the participants 

  
 -3-

 
and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner “not opposed to the best interests of the Company” as referred to in this
Agreement. 
 2.        Indemnity in Third-Party Proceedings. The
Company shall indemnify Indemnitee in accordance with the provisions of this Section 2 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to
procure a judgment in its favor. Pursuant to this Section 2, Indemnitee shall be indemnified to the fullest extent permitted by applicable law against all Expenses, judgments, penalties, fines and amounts paid in settlement actually and
reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best
interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct was unlawful. 
 3.        Indemnity in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the provisions of this
Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified to the
fullest extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith
and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. If applicable law so provides, no indemnification for Expenses shall be made under this Section 3 in respect of any claim, issue or
matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding was brought shall
determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the Delaware Court of Chancery or such
other court shall deem proper. 
 4.        Indemnification for
Expenses of a Party Who is Wholly or Partly Successful. To the extent that Indemnitee is a party to or a participant in and is successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter therein, the
Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith. To the extent permitted by applicable law, if Indemnitee is not wholly successful in such
Proceeding but is successful, on the merits or otherwise, in defense of one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all Expenses actually and reasonably incurred by
Indemnitee or on Indemnitee’s behalf in connection with each successfully resolved claim, issue or matter. For purposes of this section, and without limitation, the termination of any claim, issue or matter in such a Proceeding by
dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter. 
 5.        Indemnification for Expenses of a Witness. To the extent that Indemnitee is, by reason of his or her Corporate Status, a witness, or is made (or
asked) to respond to discovery requests, in any Proceeding to which Indemnitee is not a party, Indemnitee shall be indemnified to the extent permitted by applicable law against all Expenses actually and reasonably incurred by Indemnitee or on
Indemnitee’s behalf in connection therewith. 

6.        Additional Indemnification. 

(a)        Notwithstanding any limitation in Sections 2, 3 or 4, the Company
shall indemnify Indemnitee to the fullest extent permitted by applicable law if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or in the right of the Company to

  
 -4-

 
procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with
the Proceeding or any claim, issue or matter therein. 
 (b)        For
purposes of Section 6(a), the meaning of the phrase “to the fullest extent permitted by applicable law” shall include, but not be limited to: 

(i)        the fullest extent permitted by the provision of the DGCL that
authorizes or contemplates additional indemnification by agreement, or the corresponding provision of any amendment to or replacement of the DGCL; and 
 (ii)        the fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement that increase the
extent to which a corporation may indemnify its officers and directors. 

7.        Exclusions. Notwithstanding any provision in this Agreement, the
Company shall not be obligated under this Agreement to make any indemnity in connection with any Proceeding (or any part of any Proceeding): 
 (a)        for which payment has actually been made to or on behalf of Indemnitee under any statute, insurance policy, indemnity provision, vote or otherwise,
except with respect to any excess beyond the amount paid; 

(b)        for an accounting or disgorgement of profits pursuant to
Section 16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of federal, state or local statutory law or common law, if Indemnitee is held liable therefor; 

(c)        for any reimbursement of the Company by Indemnitee of any bonus or
other incentive-based or equity-based compensation or of any profits realized by Indemnitee from the sale of securities of the Company, as required in each case under the Securities Exchange Act of 1934, as amended (including any such reimbursements
that arise from an accounting restatement of the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits arising from the purchase and sale
by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if Indemnitee is held liable therefor; 
 (d)        initiated by Indemnitee and not by way of defense, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company
or its directors, officers, employees, agents or other indemnitees, unless (i) the Company’s board of directors authorized the Proceeding (or the relevant part of the Proceeding) prior to its initiation, (ii) the Company provides the
indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law, (iii) otherwise authorized in Section 12(d) or (iv) otherwise required by applicable law; or 

(e)        if prohibited by applicable law. 

8.        Advances of Expenses. 

(a)        The Company shall advance the Expenses incurred by Indemnitee in
connection with any Proceeding prior to its final resolution, and such advancement shall be made as soon as reasonably practicable, but in any event no later than 30 days, after the receipt by the Company of a written statement or statements
requesting such advances from time to time (which shall include invoices received by Indemnitee in 

  
 -5-

 
connection with such Expenses but, in the case of invoices in connection with legal services, any references to legal work performed or to expenditure made that would cause Indemnitee to waive
any privilege accorded by applicable law shall not be included with the invoice). Advances shall be unsecured and interest free and made without regard to Indemnitee’s ability to repay such advances. Indemnitee hereby undertakes to repay any
advance to the extent that it is ultimately determined that Indemnitee is not entitled to be indemnified by the Company. This Section 8 shall not apply to the extent advancement is prohibited by law and shall not apply to any Proceeding for
which indemnity is not permitted under this Agreement, but shall apply to any Proceeding referenced in Section 7(b) or 7(c) prior to a determination that Indemnitee is not entitled to be indemnified by the Company. 

9.        Procedures for Notification and Defense of Claim. 

(a)         It is the intent of this Agreement to secure for Indemnitee rights of
indemnification that are as favorable as may be permitted under the DGCL and public policy of the State of Delaware. Indemnitee shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or
advancement of Expenses as soon as reasonably practicable following the receipt by Indemnitee of notice thereof. The written notification to the Company shall include, in reasonable detail, a description of the nature of the Proceeding and the facts
underlying the Proceeding. The failure by Indemnitee to notify the Company will not relieve the Company from any liability which it may have to Indemnitee hereunder or otherwise than under this Agreement, except to the extent that such failure or
delay materially prejudices the Company. 
 (b)        If, at the time
of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors’ and officers’ liability insurance in effect, the Company shall give prompt notice of the commencement of the Proceeding to the insurers in
accordance with the procedures set forth in the applicable policies. The Company shall thereafter take all commercially-reasonable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as a result of such Proceeding in
accordance with the terms of such policies. 
 (c)        In the event
the Company may be obligated to make any indemnity in connection with a Proceeding, the Company shall be entitled to assume the defense of such Proceeding with counsel approved by Indemnitee, which approval shall not be unreasonably withheld. After
the retention of such counsel by the Company, the Company will not be liable to Indemnitee for any fees or expenses of counsel subsequently incurred by Indemnitee with respect to the same Proceeding. Notwithstanding the Company’s assumption of
the defense of any such Proceeding, the Company shall be obligated to pay the fees and expenses of Indemnitee’s separate counsel to the extent (i) the employment of separate counsel by Indemnitee is authorized by the Company,
(ii) counsel for the Company or Indemnitee shall have reasonably concluded that there is a conflict of interest between the Company and Indemnitee in the conduct of any such defense such that Indemnitee needs to be represented separately from
the Company, (iii) the Company is not financially or legally able to perform its indemnification obligations, or (iv) the Company shall not have retained, or shall not continue to retain, such counsel to defend such Proceeding. In the
event (x) the Indemnitee is entitled, pursuant to the preceding sentence, to engage separate counsel at the Company’s expense to defend a Proceeding, and (y) there are other directors, officers, employees or agents of the Company who
are also defending the same Proceeding and who are also entitled to engage separate counsel at the Company’s expense pursuant indemnification agreements or otherwise, then the Company will only be obligated to pay for one counsel to represent
all such indemnitees jointly, subject to the proviso that if counsel for the indemnitees shall have reasonably concluded that there is a conflict of interest between or among the indemnitees in the conduct of their defense such that one or more of
the indemnitees must be represented separately from the other indemnitees, then the Company shall be obligated to pay the fees and expenses of such separate representation. The Company shall have the right to conduct such defense as it sees fit in
its sole discretion. Regardless of any 

  
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provision in this Agreement, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee’s personal expense. The Company shall not be entitled, without the consent of
Indemnitee, to assume the defense of any claim brought by or in the right of the Company. 

(d)        Indemnitee shall give the Company such information and cooperation in
connection with the Proceeding as may be reasonably appropriate. 

(e)        The Company shall not be liable to indemnify Indemnitee for any
settlement of any Proceeding (or any part thereof) without the Company’s prior written consent, which shall not be unreasonably withheld. 
 (f)        The Company shall not settle any Proceeding (or any part thereof) in a manner that imposes any penalty or liability on Indemnitee without
Indemnitee’s prior written consent, which may be withheld by Indemnitee in Indemnitee’s sole discretion. 
 10.        Procedures upon Application for Indemnification. 
 (a)        To obtain indemnification, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation and information as
is reasonably available to Indemnitee and as is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification following the final disposition of the Proceeding. Any delay in providing the request will not
relieve the Company from its obligations under this Agreement, except to the extent such failure is materially prejudicial. 
 (b)        Upon written request by Indemnitee for indemnification pursuant to Section 10(a), a determination with respect to Indemnitee’s entitlement
thereto shall be made in the specific case (i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Company’s board of directors, a copy of which shall be delivered to Indemnitee or (ii) if a
Change in Control shall not have occurred, if required by applicable law (A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Company’s board of directors, (B) by a committee of Disinterested
Directors designated by a majority vote of the Disinterested Directors, even though less than a quorum of the Company’s board of directors, (C) if there are no such Disinterested Directors or, if such Disinterested Directors so direct, by
Independent Counsel in a written opinion to the Company’s board of directors, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Company’s board of directors, by the stockholders of the Company. If it is
determined that Indemnitee is entitled to indemnification, payment to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or entity making the determination with respect to
Indemnitee’s entitlement to indemnification, including providing to such person, persons or entity upon reasonable advance request any documentation or information that is not privileged or otherwise protected from disclosure and that is
reasonably available to Indemnitee and reasonably necessary to such determination. Any costs or expenses (including attorneys’ fees and disbursements) reasonably incurred by Indemnitee in so cooperating with the person, persons or entity making
such determination shall be borne by the Company, to the extent permitted by applicable law. 

(c)        In the event the determination of entitlement to indemnification is
to be made by Independent Counsel pursuant to Section 10(b), the Independent Counsel shall be selected as provided in this Section 10(c). If a Change in Control shall not have occurred, the Independent Counsel shall be selected by the
Company’s board of directors, and the Company shall give written notice to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred, the Independent Counsel shall be
selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Company’s board of directors, in which event the preceding sentence shall apply), and Indemnitee

  
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shall give written notice to the Company advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may be, may, within ten days
after such written notice of selection shall have been given, deliver to the Company or to Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may be asserted only on the ground
that the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such
objection is withdrawn or a court has determined that such objection is without merit. If, within 20 days after the later of (i) submission by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof and
(ii) the final disposition of the Proceeding, the parties have not agreed upon an Independent Counsel, either the Company or Indemnitee may petition a court of competent jurisdiction for resolution of any objection which shall have been made by
the Company or Indemnitee to the other’s selection of Independent Counsel and for the appointment as Independent Counsel of a person selected by the court or by such other person as the court shall designate, and the person with respect to whom
all objections are so resolved or the person so appointed shall act as Independent Counsel under Section 10(b) hereof. Upon the due commencement of any judicial proceeding or arbitration pursuant to Section 12(a) of this Agreement, the
Independent Counsel shall be discharged and relieved of any further responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing). The Company shall pay the reasonable fees and expenses of any
Independent Counsel. 
 11.        Presumptions and Effect of Certain
Proceedings. 
 (a)        In making a determination with respect
to entitlement to indemnification hereunder, the person, persons or entity making such determination shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement, and the Company
shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption. 

(b)        The termination of any Proceeding or of any claim, issue or matter
therein, by judgment, order, settlement or conviction, or upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself create a presumption that Indemnitee did not act in
good faith and in a manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was
unlawful. 
 (c)        Neither the knowledge, actions nor failure to
act of any other director, officer, agent or employee of the Enterprise shall be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. 

12.        Remedies of Indemnitee. 

(a)        Subject to Section 12(e), in the event that (i) a
determination is made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 or 12(d) of this Agreement,
(iii) no determination of entitlement to indemnification shall have been made pursuant to Section 10 of this Agreement within 90 days after the later of the receipt by the Company of the request for indemnification or the final disposition
of the Proceeding, (iv) payment of indemnification pursuant to this Agreement is not made (A) within ten days after a determination has been made that Indemnitee is entitled to indemnification or (B) with respect to indemnification
pursuant to Sections 4, 5 and 12(d) of this Agreement, within 30 days after receipt by the Company of a written request therefor, or (v) the Company or any other person or entity takes or

  
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threatens to take any action to declare this Agreement void or unenforceable, or institutes any litigation or other action or proceeding designed to deny, or to recover from, Indemnitee the
benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an adjudication by a court of competent jurisdiction of his or her entitlement to such indemnification or advancement of Expenses. Alternatively,
Indemnitee, at his or her option, may seek an award in arbitration with respect to his or her entitlement to such indemnification or advancement of Expenses, to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules of the
American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this
Section 12(a); provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce his or her rights under Section 4 of this Agreement. The Company shall not oppose
Indemnitee’s right to seek any such adjudication or award in arbitration in accordance with this Agreement. 
 (b)        Neither (i) the failure of the Company, its board of directors, any committee or subgroup of the board of directors, Independent Counsel or
stockholders to have made a determination that indemnification of Indemnitee is proper in the circumstances because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the Company, its board of directors,
any committee or subgroup of the board of directors, Independent Counsel or stockholders that Indemnitee has not met the applicable standard of conduct, shall create a presumption that Indemnitee has or has not met the applicable standard of
conduct. In the event that a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced pursuant to this Section 12 shall
be conducted in all respects as a de novo trial, or arbitration, on the merits, and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration commenced pursuant to this
Section 12, the Company shall, to the fullest extent not prohibited by law, have the burden of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. 

(c)        To the fullest extent not prohibited by law, the Company shall be
precluded from asserting in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable and shall stipulate in any such court or
before any such arbitrator that the Company is bound by all the provisions of this Agreement. If a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is entitled to indemnification, the Company shall be
bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statements not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law. 

(d)        To the extent not prohibited by law, the Company shall indemnify
Indemnitee against all Expenses that are incurred by Indemnitee in connection with any action for indemnification or advancement of Expenses from the Company under this Agreement or under any directors’ and officers’ liability insurance
policies maintained by the Company to the extent Indemnitee is successful in such action, and, if requested by Indemnitee, shall (as soon as reasonably practicable, but in any event no later than 60 days, after receipt by the Company of a written
request therefor) advance such Expenses to Indemnitee, subject to the provisions of Section 8. Such advances shall be subject to Indemnitee’s agreement to repay the sums advanced if the court (or arbitrator) finds that each material
argument or defense advanced by Indemnitee in such action or arbitration was either frivolous or not made in good faith. 
 (e)        Notwithstanding anything in this Agreement to the contrary, no determination as to entitlement to indemnification shall be required to be made prior to
the final disposition of the Proceeding. 

  
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 13.        Contribution.

 (a)        Without diminishing or impairing the obligations of the
Company set forth in the preceding subparagraph, if, for any reason, Indemnitee shall elect or be required to pay all or any portion of any judgment or settlement in any threatened, pending or completed action, suit or proceeding in which the
Company is jointly liable with Indemnitee (or would be if joined in such action, suit or proceeding), the Company shall contribute to the amount of Expenses, judgments, fines and amounts paid in settlement actually and reasonably incurred and paid
or payable by Indemnitee in proportion to the relative benefits received by the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action,
suit or proceeding), on the one hand, and Indemnitee, on the other hand, from the transaction or events from which such action, suit or proceeding arose; provided, however, that the proportion determined on the basis of relative benefit may, to the
extent necessary to conform to law, be further adjusted by reference to the relative fault of the Company and all officers, directors or employees of the Company other than Indemnitee who are jointly liable with Indemnitee (or would be if joined in
such action, suit or proceeding), on the one hand, and Indemnitee, on the other hand, in connection with the transaction or events that resulted in such expenses, judgments, fines or settlement amounts, as well as any other equitable considerations
which applicable law may require to be considered. The relative fault of the Company and all officers, directors or employees of the Company, other than Indemnitee, who are jointly liable with Indemnitee (or would be if joined in such action, suit
or proceeding), on the one hand, and Indemnitee, on the other hand, shall be determined by reference to, among other things, the degree to which their actions were motivated by intent to gain personal profit or advantage, the degree to which their
liability is primary or secondary and the degree to which their conduct is active or passive. 

(b)        To the fullest extent permissible under applicable law, if the
indemnification provided for in this Agreement is unavailable to Indemnitee, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee, whether for Expenses, judgments, fines or amounts paid or to be
paid in settlement, in connection with any claim relating to an indemnifiable event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding in order to reflect (i) the
relative benefits received by the Company and Indemnitee as a result of the events and transactions giving rise to such Proceeding; and (ii) the relative fault of Indemnitee and the Company (and its other directors, officers, employees and
agents) in connection with such events and transactions. 

(c)        The Company hereby agrees to fully indemnify and hold Indemnitee
harmless from any claims of contribution which may be brought by officers, directors or employees of the Company, other than Indemnitee, who may be jointly liable with Indemnitee. 

14.        Non-exclusivity. The rights of indemnification and to receive
advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled under applicable law, the Company’s certificate of incorporation or bylaws, any agreement, a
vote of stockholders or a resolution of directors, or otherwise. To the extent that a change in Delaware law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded currently under
the Company’s certificate of incorporation and bylaws and this Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions
expressly set forth herein or therein. Except as expressly set forth herein, no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every
other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. Except as expressly set forth herein, the assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other right or remedy. 

  
 -10-

 15.        No Duplication of
Payments. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received
payment for such amounts under any insurance policy, contract, agreement or otherwise. 

16.        Insurance. To the extent that the Company maintains an
insurance policy or policies providing liability insurance for directors, trustees, general partners, managing members, officers, employees, agents or fiduciaries of the Company or any other Enterprise, Indemnitee shall be covered by such policy or
policies to the same extent as the most favorably-insured persons under such policy or policies in a comparable position. 
 17.        [Indemnitor of First Resort. The Company hereby acknowledges that Indemnitee has certain rights to indemnification, advancement of expenses and/or
insurance provided by [fund investor] and certain of its affiliates (collectively, the “Fund Indemnitors”). The Company hereby agrees (i) that it is the indemnitor of first resort (i.e., its obligations to
Indemnitee are primary and any obligation of the Fund Indemnitors to advance expenses or to provide indemnification for the same expenses or liabilities incurred by Indemnitee are secondary), (ii) that it shall be required to advance the full
amount of expenses incurred by indemnitee and shall be liable for the full amount of all Expenses, judgments, penalties, fines and amounts paid in settlement to the extent legally permitted and as required by the terms of this Agreement and the
certificate of incorporation or bylaws of the Company (or any other agreement between the Company and Indemnitee), without regard to any rights Indemnitee may have against the Fund Indemnitors, and, (iii) that it irrevocably waives,
relinquishes and releases the Fund Indemnitors from any and all claims against the Fund Indemnitors for contribution, subrogation or any other recovery of any kind in respect thereof, but only to the extent not in contradiction of or prohibited by
any of the Company’s applicable D&O insurance policies. The Company further agrees that no advancement or payment by the Fund Indemnitors on behalf of Indemnitee with respect to any claim for which Indemnitee has sought indemnification from
the Company shall affect the foregoing and the Fund Indemnitors shall have a right of contribution and/or be subrogated to the extent of such advancement or payment to all of the rights of recovery of Indemnitee against the Company. The Company and
Indemnitee agree that the Fund Indemnitors are express third party beneficiaries of the terms of this Section 17.] 
 18.        Subrogation. In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary to enable the Company to bring suit to enforce such rights. 

19.        Services to the Company. Indemnitee agrees to serve as a
director or officer of the Company or, at the request of the Company, as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of another Enterprise, for so long as Indemnitee is duly elected or appointed or
until Indemnitee tenders his or her resignation or is removed from such position. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed by operation of law), in
which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and
Indemnitee. Indemnitee specifically acknowledges that any employment with the Company (or any of its subsidiaries or any Enterprise) is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, with or without
notice, except as may be otherwise expressly provided in any executed, written employment contract between Indemnitee and the Company (or any of its subsidiaries or any Enterprise), any existing formal severance policies adopted by the
Company’s board of directors or, with respect to service as a director or officer of the Company, the 

  
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Company’s certificate of incorporation or bylaws or the DGCL. No such document shall be subject to any oral modification thereof. 

20.        Duration. This Agreement shall continue until and terminate
upon the later of (a) ten years after the date that Indemnitee shall have ceased to serve as a director or officer of the Company or as a director, trustee, general partner, managing member, officer, employee, agent or fiduciary of any other
Enterprise, as applicable; or (b) one year after the final termination of any Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses hereunder and of any
proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto. 

21.        Successors. This Agreement shall be binding upon the Company
and its successors and assigns, including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially all of the business or assets of the Company, and shall inure to the benefit of Indemnitee and
Indemnitee’s heirs, executors and administrators. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business or assets of the
Company, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if no such succession had taken place. 

22.        Severability. Nothing in this Agreement is intended to require
or shall be construed as requiring the Company to do or fail to do any act in violation of applicable law. The Company’s inability, pursuant to court order or other applicable law, to perform its obligations under this Agreement shall not
constitute a breach of this Agreement. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the remaining provisions
of this Agreement (including without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not in any way be
affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (ii) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect to
the intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal
or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested thereby. 
 23.        Enforcement. The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby in
order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director or officer of the Company. 

24.        Entire Agreement. This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided,
however, that this Agreement is a supplement to and in furtherance of the Company’s certificate of incorporation and bylaws and applicable law. 
 25.        Modification and Waiver. No supplement, modification or amendment to this Agreement shall be binding unless executed in writing by the parties
hereto. No amendment, alteration or repeal of this Agreement shall adversely affect any right of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment,
alteration or repeal. No 

  
 -12-

 
waiver of any of the provisions of this Agreement shall constitute or be deemed a waiver of any other provision of this Agreement nor shall any waiver constitute a continuing waiver. 

26.        Notices. All notices and other communications required or
permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, or otherwise delivered by hand, messenger or courier service addressed: 

(a)        if to Indemnitee, to Indemnitee’s address, as shown on the
signature page of this Agreement or in the Company’s records, as may be updated in accordance with the provisions hereof; or 
 (b)        if to the Company, to the attention of the Chief Executive Officer or Chief Financial Officer of the Company at 3055 Clearview Way, San Mateo, California
94402, or at such other current address as the Company shall have furnished to Indemnitee, with a copy (which shall not constitute notice) to Steven V. Bernard, Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto,
California 94304. 
 Each such notice or other communication shall for all purposes of this Agreement be treated
as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service, freight prepaid, specifying next-business-day delivery, one
business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle for the deposit of the United States mail,
addressed and mailed as aforesaid. 
 27.        Applicable Law and
Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with
respect to any arbitration commenced by Indemnitee pursuant to Section 12(a) of this Agreement, or except as mutually agreed by the parties in writing, the Company and Indemnitee hereby irrevocably and unconditionally (i) agree that any
action or proceeding arising out of or in connection with this Agreement shall be brought only in the Delaware Court of Chancery, and not in any other state or federal court in the United States of America or any court in any other country,
(ii) consent to submit to the exclusive jurisdiction of the Delaware Court of Chancery for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent such party is not otherwise
subject to service of process in the State of Delaware, The Corporation Trust Company, Wilmington, Delaware as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any such action or
proceeding against such party with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court of
Chancery, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the Delaware Court of Chancery has been brought in an improper or inconvenient forum. 

28.        Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile signature and in counterparts, each
of which shall for all purposes be deemed to be an original but all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs to be produced to evidence
the existence of this Agreement. 
 29.        Captions. The
headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement or to affect the construction thereof. 

(signature page follows) 

  
 -13-

 The parties are signing this Indemnification Agreement as of the date stated
in the introductory sentence. 
  

			
	
	 SOLARCITY CORPORATION
  

 

	(Signature)
		
		 	  

	(Print name)
		
		 	  

	(Title)
	
	[INSERT INDEMNITEE NAME]
		
		 	  

	(Signature)
		
		 	  

	(Print name)
		
		 	  

	(Street address)
		
		 	  

	(City, State and ZIP)

 [SolarCity Corporation Indemnification Agreement]

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