Document:

EX-10.5

 Exhibit 10.5 

FORM OF 
 313 Acquisition
LLC Unit Plan 
 SECTION 1. Purpose. The purpose of this 313 Acquisition LLC Unit Plan (the “Plan”) is to promote the
interests of 313 Acquisition LLC, a Delaware limited liability company (the “Company”) and its Subsidiaries, and their respective Affiliates, by (i) attracting and retaining exceptional officers and other employees,
non-employee directors and consultants of the Company and its Subsidiaries and (ii) enabling such individuals to acquire an equity interest in and participate in the long-term growth and financial success of the Company. 

SECTION 2. Definitions. Capitalized terms used in this Plan but not expressly defined in this Plan shall have the respective meanings
ascribed such terms in the LLC Agreement (as defined below). As used in this Plan, the following terms shall have the meanings set forth below: 

“Award” shall mean the grant of the right to purchase and/or acquire Class A Units and/or Class B Units. 

“Company” has the meaning specified in the Section 1 hereof. 

“Effective Date” shall mean November [—], 2012, which is the date on
which this Plan was initially adopted by the Board. 
 “LLC Agreement” shall mean the Amended and Restated Limited
Liability Company Agreement of the Company, dated as of November [—], 2012, as may be amended, modified or supplemented from time to time. 

“Participant” shall mean any officer or other employee, non-employee director or consultant of the Company or its
Subsidiaries eligible for an Award under Section 5 and selected by the Board to receive an Award under this Plan. 

“Plan” has the meaning specified in the Section 1 hereof. 

“Securityholders Agreement” means the Securityholders Agreement, dated as of November
[—], 2012, by and among the Company and each of the Members party thereto, as it may be amended or supplemented from time to time. 

“Subscription Agreement” shall mean any written agreement, contract, or other instrument or document (which may include
provisions of an employment agreement to which the Company is a party) evidencing any Award granted hereunder. 
 SECTION 3. Units
Subject to this Plan. The total number of Units that may be issued pursuant to Awards under this Plan is [—], allocated among the classes of Units as follows: 

(a) 300,000,000 purchased or granted Class A Units; and 

 (b) [—]1 purchased or granted Class B Units. 
 Units which are subject to Awards which terminate or lapse without
any payment in respect thereof may be granted again under this Plan. 
 SECTION 4. Administration. 

(a) This Plan shall be administered by the Board. Subject to the terms of this Plan and applicable law, and in addition to other express
powers and authorizations conferred on the Board by this Plan, the Board shall have full power and authority to: (i) designate Participants; (ii) determine the number and/or class of Units to be covered by an Award; (iii) determine
the terms and conditions of any Award; (iv) determine whether, to what extent, and under what circumstances Awards may be settled, exercised, canceled, forfeited, or suspended; (v) interpret, administer, reconcile any inconsistency,
correct any default and/or supply any omission in this Plan and any instrument or agreement relating to an Award made under this Plan; (vi) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem
appropriate for the proper administration of this Plan; and (vii) make any other determination and take any other action that the Board deems necessary or desirable for the administration of this Plan. 

(b) All designations, determinations, interpretations, and other decisions under or with respect to this Plan or any Award shall be within the
sole discretion of the Board, may be made at any time and shall be final, conclusive, and binding upon all persons, including the Company, any Subsidiary, any Participant, any holder or beneficiary of any Award, and any member of the Company. 

SECTION 5. Eligibility. Any officer or other employee, non-employee director or consultant to the Company or any of its Subsidiaries
(including any prospective officer, employee, non-employee director or consultant) shall be eligible to be designated a Participant. 

SECTION 6. Awards. 
 (a)
Grant. Subject to the provisions of this Plan, the Board shall have sole and complete authority to determine the Participants to whom Awards shall be granted, the purchase price, if any, of an Award, the number and class or classes of Units
to be covered by each Award and the conditions and restrictions applicable to the Award. 
 (b) Subject to LLC Agreement/Securityholders
Agreement. As a condition to the grant of an Award, the Participant will be required to become a party to a Subscription Agreement, the LLC Agreement, and the Securityholders’ Agreement. All Awards granted hereunder and Units acquired will
be held subject to the terms and conditions of the LLC Agreement, the Securityholders Agreement, and the applicable Subscription Agreement. 

 

	1 	A number equal to 15% of the fully diluted units of the Company. 

  
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 (c) Adjustments. Notwithstanding any other provisions in the LLC Agreement to the
contrary, in the event of any change in the outstanding Units after the Effective Date by reason of any equity dividend or split, reverse equity split, reorganization, recapitalization, reclassification, merger, consolidation, spin-off, combination,
or transaction or exchange of Units or other corporate exchange, or any distribution to Members of equity or cash (other than regular cash distributions) or any transaction similar to the foregoing (regardless of whether outstanding Units are
changed), the Board in its sole discretion and without liability to any Person shall make such substitution or adjustment or proportionate adjustment, if any, as it deems to be equitable, as to (i) the vesting terms under any Subscription
Agreement, (ii) the distribution priorities contained in the LLC Agreement and/or (iii) any other affected terms of any Award. 

SECTION 7. Amendment and Termination. 

(a) Amendments to this Plan. The Board may amend, alter, suspend, discontinue, or terminate this Plan or any portion thereof at any
time; provided that any such amendment, alteration, suspension, discontinuance, or termination that would be reasonably expected to have a material adverse effect on the rights of any Participant or other holder of an Award theretofore
granted shall not be effective without the consent of the affected Participant. 
 (b) Amendments to Awards. The Board may waive any
conditions or rights under, amend any terms of, or alter, suspend, discontinue, cancel or terminate, any Award theretofore granted, prospectively or retroactively; provided that any such waiver, amendment, alteration, suspension, discontinuance,
cancellation or termination not expressly contemplated by this Plan that would be reasonably expected to have a material adverse effect on the rights of any outstanding Award shall not be effective without the consent of the affected Participant.

 SECTION 8. General Provisions. 

(a) No Rights to Awards. No person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment
of Participants or beneficiaries of Awards. The terms and conditions of Awards and the Board’s determinations and interpretations with respect thereto need not be the same with respect to each Participant (whether or not such Participants are
similarly situated). 
 (b) Certificates. All certificates, if any, evidencing Units or other securities of the Company or any
Subsidiary delivered under this Plan shall be subject to such stop transfer orders and other restrictions as the Board may deem advisable under this Plan or the rules, regulations, and other requirements of the Securities and Exchange Commission,
any stock exchange upon which such securities are then listed, and any applicable Federal or state laws, and the Board may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions. 

(c) Withholding. A Participant may be required to pay to the Company or any Subsidiary and the Company or any Subsidiary shall have the
right and is hereby authorized to withhold from any payment due or transfer made under any Award or under this Plan or from any compensation or other amount owing to a Participant the amount (in cash, securities, or other property) of any applicable
withholding taxes in respect of an Award or any payment or transfer under an Award or under this Plan and to take such other action as may be necessary in the opinion of the Company to satisfy all obligations for the payment of such taxes. 

  
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 (d) No Right to Employment. The grant of an Award shall not be construed as giving a
Participant the right to be retained in the employ of, or in any consulting relationship with, the Company or any Subsidiary. Further, the Company or a Subsidiary may at any time dismiss a Participant from employment or discontinue any consulting
relationship, free from any liability or any claim under this Plan, unless otherwise expressly provided in this Plan or in any Subscription Agreement. 

(e) Governing Law. The validity, construction, and effect of this Plan shall be determined in accordance with the laws of the State of
Delaware applicable to contracts made and to be performed therein. 
 (f) Severability. If any provision of this Plan or any Award is
or becomes or is deemed to be invalid, illegal, or unenforceable in any jurisdiction or as to any person or Award, or would disqualify this Plan or any Award under any law deemed applicable by the Board, such provision shall be construed or deemed
amended to conform the applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of this Plan or the Award, such provision shall be stricken as to such jurisdiction,
person or Award and the remainder of this Plan and any such Award shall remain in full force and effect. 
 SECTION 9. Term of this
Plan. 
 (a) Effective Date. This Plan shall be effective as of the Effective Date. 

(b) Expiration Date. No Award shall be granted under this Plan after the tenth anniversary of the Effective Date. Unless otherwise
expressly provided in this Plan or in an applicable Subscription Agreement, any Award granted hereunder may, and the authority of the Board to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or
rights under any such Award shall, continue after such date. 
 * * * 

  
 4EX-10.6

 Exhibit 10.6 

VIVINT SOLAR, INC. 

EXECUTIVE INCENTIVE COMPENSATION PLAN 

Adopted by the Board of Directors on June 24, 2014 

1. Purposes of the Plan. The Plan is intended to increase shareholder value and the success of the Company by motivating Employees to
(a) perform to the best of their abilities, and (b) achieve the Company’s objectives. 
 2. Definitions. 

(a) “Affiliate” means any corporation or other entity (including, but not limited to, partnerships and joint ventures)
controlled by the Company. 
 (b) “Actual Award” means as to any Performance Period, the actual award (if any) payable to a
Participant for the Performance Period, subject to the Committee’s authority under Section 3(d) to modify the award. 
 (c)
“Board” means the Board of Directors of the Company. 
 (d) “Bonus Pool” means the pool of funds available
for distribution to Participants. Subject to the terms of the Plan, the Committee establishes the Bonus Pool for each Performance Period. 

(e) “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation
thereunder will include such section or regulation, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section or regulation. 

(f) “Committee” means the committee appointed by the Board (pursuant to Section 5) to administer the Plan. Unless and
until the Board otherwise determines, the Board’s Compensation Committee will administer the Plan. 
 (g) “Company”
means Vivint Solar, Inc., a Delaware corporation, or any successor thereto. 
 (h) “Disability” means a permanent and total
disability determined in accordance with uniform and nondiscriminatory standards adopted by the Committee from time to time. 
 (i)
“Employee” means any executive, officer, or key employee of the Company or of an Affiliate, whether such individual is so employed at the time the Plan is adopted or becomes so employed subsequent to the adoption of the Plan. 

(j) “Participant” means as to any Performance Period, an Employee who has been selected by the Committee for participation in
the Plan for that Performance Period. 

 (k) “Performance Period” means the period of time for the measurement of the
performance criteria that must be met to receive an Actual Award, as determined by the Committee in its sole discretion. A Performance Period may be divided into one or more shorter periods if, for example, but not by way of limitation, the
Committee desires to measure some performance criteria over 12 months and other criteria over 3 months. 
 (l) “Plan” means
this Executive Incentive Compensation Plan, as set forth in this instrument and as hereafter amended from time to time. 
 (m)
“Target Award” means the target award, at 100% performance achievement, payable under the Plan to a Participant for the Performance Period, as determined by the Committee in accordance with Section 3(b). 

(n) “Termination of Service” means a cessation of the employee-employer relationship between an Employee and the Company or
an Affiliate for any reason, including, but not by way of limitation, a termination by resignation, discharge, death, Disability, retirement, or the disaffiliation of an Affiliate, but excluding any such termination where there is a simultaneous
reemployment by the Company or an Affiliate. 
 3. Selection of Participants and Determination of Awards. 

(a) Selection of Participants. The Committee, in its sole discretion, will select the Employees who will be Participants for any
Performance Period. Participation in the Plan is in the sole discretion of the Committee, on a Performance Period by Performance Period basis. Accordingly, an Employee who is a Participant for a given Performance Period in no way is guaranteed or
assured of being selected for participation in any subsequent Performance Period or Periods. 
 (b) Determination of Target Awards.
The Committee, in its sole discretion, will establish a Target Award for each Participant, which may be a percentage of a Participant’s base salary as of the beginning or end of the Performance Period or a fixed dollar amount. 

(c) Bonus Pool. Each Performance Period, the Committee, in its sole discretion, will establish a Bonus Pool, which pool may be
established before, during or after the applicable Performance Period. Actual Awards will be paid from the Bonus Pool. 
 (d) Discretion
to Modify Awards. Notwithstanding any contrary provision of the Plan, the Committee may, in its sole discretion and at any time, (i) increase, reduce or eliminate a Participant’s Actual Award, and/or (ii) increase, reduce or
eliminate the amount allocated to the Bonus Pool. The Actual Award may be below, at or above the Target Award, in the Committee’s discretion. The Committee may determine the amount of any reduction on the basis of such factors as it deems
relevant, and will not be required to establish any allocation or weighting with respect to the factors it considers. 
 (e) Discretion
to Determine Criteria. Notwithstanding any contrary provision of the Plan, the Committee will, in its sole discretion, determine the performance goals applicable to any Target Award which may include, without limitation, (i) attainment of
research and 

  
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development milestones, (ii) bookings, (iii) business divestitures and acquisitions, (iv) cash flow, (v) cash position, (vi) contract awards or backlog,
(vii) customer renewals, (viii) customer retention rates from an acquired company, subsidiary, business unit or division, (ix) earnings (which may include earnings before interest and taxes, earnings before taxes and net earnings),
(x) earnings per share, (xi) expenses, (xii) gross margin, (xiii) growth in stockholder value relative to the moving average of the S&P 500 Index or another index, (xiv) internal rate of return, (xv) inventory
turns, (xvi) inventory levels, market share, (xvii) net income, (xviii) net profit, (xix) net sales, (xx) new product development, (xxi) new product invention or innovation, (xxii) number of customers,
(xxiii) operating cash flow, (xxiv) operating expenses, (xxv) operating income, (xxvi) operating margin, (xxvii) overhead or other expense reduction, (xxviii) product defect measures, (xxix) product release
timelines, (xxx) productivity, (xxxi) profit, (xxxii) return on assets, (xxxiii) return on capital, (xxxiv) return on equity, (xxxv) return on investment, (xxxvi) return on sales, (xxxvii) revenue,
(xxxviii) revenue growth, (xxxix) sales results, (xl) sales growth, (xli) stock price, (xlii) time to market, (xliii) total stockholder return, (xliv) working capital, and individual objectives such as peer reviews
or other subjective or objective criteria. As determined by the Committee, the performance goals may be based on GAAP or Non-GAAP results and any actual results may be adjusted by the Committee for one-time items or unbudgeted or unexpected items
and/or payments of Actual Awards under the Plan when determining whether the performance goals have been met. The goals may be on the basis of any factors the Committee determines relevant, and may be on an individual, divisional, business unit or
Company-wide basis. The performance goals may differ from Participant to Participant and from award to award. Failure to meet the goals will result in a failure to earn the Target Award, except as provided in Section 3(d). 

4. Payment of Awards. 

(a) Right to Receive Payment. Each Actual Award will be paid solely from the general assets of the Company. Nothing in this Plan will
be construed to create a trust or to establish or evidence any Participant’s claim of any right other than as an unsecured general creditor with respect to any payment to which he or she may be entitled. 

(b) Timing of Payment. Payment of each Actual Award shall be made as soon as practicable after the end of the Performance Period during
which the Actual Award was earned and after the Actual Award is approved by the Committee, but in no event later than the fifteenth (15th) day of the third (3rd) month of the Fiscal Year following the date the Participant’s Actual
Award has been earned and is no longer subject to a substantial risk of forfeiture. Unless otherwise determined by the Committee, to earn an Actual Award a Participant must be employed by the Company or any Affiliate on the date the Actual Award is
paid. Accordingly, an Actual Award is not considered earned until paid. 
 It is the intent that this Plan be exempt from or in compliance
with the requirements of Code Section 409A so that none of the payments to be provided hereunder will be subject to the additional tax imposed under Code Section 409A, and any ambiguities herein will be interpreted to so comply. Each
payment under this Plan is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2). 

  
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 (c) Form of Payment. Each Actual Award will be paid in cash (or its equivalent) in a
single lump sum. 
 (d) Payment in the Event of Death or Disability. If a Participant dies or becomes Disabled prior to the payment
of an Actual Award earned by him or her prior to death or Disability for a prior Performance Period, the Actual Award will be paid to his or her estate or to the Participant, as the case may be, subject to the Committee’s discretion to reduce
or eliminate any Actual Award otherwise payable. 
 5. Plan Administration. 

(a) Committee is the Administrator. The Plan will be administered by the Committee. The Committee will consist of not less than two
(2) members of the Board. The members of the Committee will be appointed from time to time by, and serve at the pleasure of, the Board. 

(b) Committee Authority. It will be the duty of the Committee to administer the Plan in accordance with the Plan’s provisions. The
Committee will have all powers and discretion necessary or appropriate to administer the Plan and to control its operation, including, but not limited to, the power to (i) determine which Employees will be granted awards, (ii) prescribe
the terms and conditions of awards, (iii) interpret the Plan and the awards, (iv) adopt such procedures and subplans as are necessary or appropriate to permit participation in the Plan by Employees who are foreign nationals or employed
outside of the United States, (v) adopt rules for the administration, interpretation and application of the Plan as are consistent therewith, and (vi) interpret, amend or revoke any such rules. 

(c) Decisions Binding. All determinations and decisions made by the Committee, the Board, and any delegate of the Committee pursuant to
the provisions of the Plan will be final, conclusive, and binding on all persons, and will be given the maximum deference permitted by law. 

(d) Delegation by Committee. The Committee, in its sole discretion and on such terms and conditions as it may provide, may delegate all
or part of its authority and powers under the Plan to one or more directors and/or officers of the Company. 
 (e)
Indemnification. Each person who is or will have been a member of the Committee will be indemnified and held harmless by the Company against and from (i) any loss, cost, liability, or expense that may be imposed upon or reasonably
incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any action taken or failure to act under the Plan or any award,
and (ii) from any and all amounts paid by him or her in settlement thereof, with the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he
or she will give the Company an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification will not be exclusive of any other
rights of indemnification to which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold
them harmless. 

  
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 6. General Provisions. 

(a) Tax Withholding. The Company will withhold all applicable taxes from any Actual Award, including any federal, state and local taxes
(including, but not limited to, the Participant’s FICA and SDI obligations). 
 (b) No Effect on Employment or Service. Nothing
in the Plan will interfere with or limit in any way the right of the Company to terminate any Participant’s employment or service at any time, with or without cause. For purposes of the Plan, transfer of employment of a Participant between the
Company and any one of its Affiliates (or between Affiliates) will not be deemed a Termination of Service. Employment with the Company and its Affiliates is on an at-will basis only. The Company expressly reserves the right, which may be exercised
at any time and without regard to when during a Performance Period such exercise occurs, to terminate any individual’s employment with or without cause, and to treat him or her without regard to the effect that such treatment might have upon
him or her as a Participant. 
 (c) Participation. No Employee will have the right to be selected to receive an award under this
Plan, or, having been so selected, to be selected to receive a future award. 
 (d) Successors. All obligations of the Company under
the Plan, with respect to awards granted hereunder, will be binding on any successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation, or otherwise, of all or substantially
all of the business or assets of the Company. 
 (e) Beneficiary Designations. If permitted by the Committee, a Participant under the
Plan may name a beneficiary or beneficiaries to whom any vested but unpaid award will be paid in the event of the Participant’s death. Each such designation will revoke all prior designations by the Participant and will be effective only if
given in a form and manner acceptable to the Committee. In the absence of any such designation, any vested benefits remaining unpaid at the Participant’s death will be paid to the Participant’s estate. 

(f) Nontransferability of Awards. No award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated, other than by will, by the laws of descent and distribution, or to the limited extent provided in Section 6(e). All rights with respect to an award granted to a Participant will be available during his or her lifetime only to
the Participant. 
 7. Amendment, Termination, and Duration. 

(a) Amendment, Suspension, or Termination. The Board, in its sole discretion, may amend or terminate the Plan, or any part thereof, at
any time and for any reason. The amendment, suspension or termination of the Plan will not, without the consent of the Participant, alter or impair any rights or obligations under any Actual Award theretofore earned by such Participant. No award may
be granted during any period of suspension or after termination of the Plan. 
 (b) Duration of Plan. The Plan will commence on the
date specified herein, and subject to Section 7(a) (regarding the Board’s right to amend or terminate the Plan), will remain in effect thereafter. 

  
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 8. Legal Construction. 

(a) Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also will include the feminine;
the plural will include the singular and the singular will include the plural. 
 (b) Severability. In the event any provision of the
Plan will be held illegal or invalid for any reason, the illegality or invalidity will not affect the remaining parts of the Plan, and the Plan will be construed and enforced as if the illegal or invalid provision had not been included. 

(c) Requirements of Law. The granting of awards under the Plan will be subject to all applicable laws, rules and regulations, and to
such approvals by any governmental agencies or national securities exchanges as may be required. 
 (d) Governing Law. The Plan and
all awards will be construed in accordance with and governed by the laws of the State of Utah, but without regard to its conflict of law provisions. 

(e) Bonus Plan. The Plan is intended to be a “bonus program” as defined under U.S. Department of Labor regulation 2510.3-2(c)
and will be construed and administered in accordance with such intention. 
 (f) Captions. Captions are provided herein for
convenience only, and will not serve as a basis for interpretation or construction of the Plan. 

  
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