Document:

EX-10.5

 Exhibit 10.5 

DISTRIBUTION SERVICES AGREEMENT 

DISTRIBUTION SERVICES AGREEMENT dated as of January     , 2015 (this “Agreement”) among
PowerShares DB US Dollar Index Trust, a Delaware statutory trust organized in series (the “Trust”), each series of the Trust as set forth on Schedule A attached hereto, and as it may be amended from time-to-time
(individually, each a “Fund” and collectively, the “Funds”), ALPS Distributors, Inc., a Colorado corporation and a registered broker-dealer under the Securities Exchange Act of 1934 (the
“Distributor”), and Invesco PowerShares Capital Management LLC, a Delaware limited liability company (the “Managing Owner”). Capitalized terms used but not defined in this Agreement shall have the meaning ascribed
thereto in the Trust’s Prospectus included in its corresponding Registration Statement as referenced in the attached Schedule C. 

WHEREAS, the Managing Owner serves as the sole managing owner of each Fund; and 

WHEREAS, each Fund and the Managing Owner wish to employ Distributor in connection with the performance of the services listed in Schedule
B and additional services as may be agreed to from time-to-time. 
 NOW, THEREFORE, in consideration of the mutual promises and
undertakings herein contained, the parties agree as follows: 
 1. Documents — The Trust has furnished or will furnish, upon request, the
Distributor with copies of the Trust’s or, as applicable, each Fund’s Amended and Restated Declaration of Trust, advisory agreement, custodian agreement, transfer agency agreement, administration agreement, current prospectus, and
statement of additional information, and all forms relating to any plan, program or service offered by each Fund. The Trust shall, on behalf of each Fund, furnish, within a reasonable time period, to the Distributor a copy of any amendment or
supplement to any of the above-mentioned documents. Upon request, the Trust, on behalf of each Fund, shall furnish promptly to the Distributor any additional documents necessary or advisable to perform its functions hereunder. As used in this
Agreement the terms “registration statement,” “prospectus” and “statement of additional information” shall mean any registration statement, prospectus and statement of additional information filed by the Trust and each
Fund with the Securities and Exchange Commission (“SEC”) and any amendments and supplements thereto that are filed with the SEC. 
 2.
Authorized Representations — The Distributor is not authorized by the Trust or any Fund to give any information or to make any representations other than those contained in the registration statement or prospectus and statement of
additional information, or contained in shareholder reports or other material that may be prepared by or on behalf of the Trust or any Fund for the Distributor’s use. Consistent with the foregoing, the Distributor may prepare and distribute
sales literature or other material as it may deem appropriate in consultation with the Trust and the Managing Owner, provided such sales literature is approved in accordance with Paragraph 8 below and complies with applicable law and regulations.

 3. Registration of Shares — The Trust agrees that it will take all action necessary to register the Shares of each Fund under the Securities
Act of 1933 (the “Securities Act”) (subject to the necessary approval of its shareholders). The Trust shall make available to the Distributor, at the Distributor’s expense, such number of copies of its prospectus and statement of
additional information as the Distributor may reasonably request. The Trust shall furnish to the Distributor copies of all information, financial statements and other papers related to the Funds, which the Distributor may reasonably request for use
in connection with the distribution of Shares of each Fund. 

 4. Fees and Fund Expenses — (a) In consideration of the services to be performed for each Fund
by the Distributor hereunder as set forth on Schedule B attached hereto and as it may be amended from time-to-time, the Managing Owner (and not the Trust or any Fund) will pay the Distributor a fee in an amount set forth in Schedule C
hereto, subject to any limitation imposed by any law, rule or regulation applicable to any of the parties hereto. 
 (b) The Managing Owner
shall reimburse the Distributor for any reasonable fees or disbursements incurred by the Distributor in connection with the performance by the Distributor of its duties under and pursuant to this Agreement with the prior written consent of the
Managing Owner. Further, unless otherwise agreed to by the parties hereto in writing, the Distributor shall not be responsible for fees and expenses in connection with (a) filing of any registration statement, printing and the distribution of
any prospectus and statement of additional information under the Securities Act and amendments prepared for use in connection with the offering of Shares for sale to the public, preparing, setting in type, printing and mailing the prospectus,
statement of additional information and any supplements thereto sent to existing shareholders, (b) preparing, setting in type, printing and mailing any report (including annual and semi-annual reports) or other communication to shareholders of
the Funds, and (c) the Blue Sky registration and qualification of Shares for sale in the various states in which the officers of each Fund shall determine it advisable to qualify such Shares for sale (including registering the Trust or any Fund
as a broker or dealer or any officer of the Trust or any Fund as agent or salesman in any state). 
 (c) The Managing Owner, on behalf of
each Fund, and the Distributor will monitor compensation received in connection with the Trust to determine if the payments described hereunder must be limited, when combined with selling commissions charged by other FINRA members, in order to
comply with the 10% limitation on total underwriters’ compensation pursuant to FINRA Rule 2310. 
 5. Use of the Distributor’s Name —
Neither the Trust nor any Fund shall use the name of the Distributor, or any of its affiliates, in any prospectus or statement of additional information, sales literature, and other material relating to the Funds in any manner without the prior
written consent of the Distributor (which shall not be unreasonably withheld); provided, however, that the Distributor hereby approves all lawful uses of the names of the Distributor and its affiliates in the prospectus and statement
of additional information of each Fund and in all other materials which merely refer to accurate terms to their appointment hereunder or which are required by the SEC, FINRA, OCC, CFTC, NFA or any state securities authority. 

6. Use of the Trust’s and Funds’ Name — Neither the Distributor nor any of its affiliates shall use the name of the Trust or any Fund in
any publicly disseminated materials, including sales literature in any manner without the prior consent of the Trust and/or the applicable Fund (which shall not be unreasonably withheld); provided, however, that the Trust and each Fund
hereby approve all lawful uses of their respective names in any required regulatory filings of the Distributor which merely refer in accurate terms to the appointment of the Distributor hereunder, or which are required by the SEC, FINRA, OCC, CFTC,
NFA or any state securities authority. 
 7. Indemnification — Subject to the limitations set forth in Paragraph 12 below, each Fund agrees to
indemnify and hold harmless the Distributor and each of its directors and officers and each person, if any, who controls the Distributor within the meaning of Section 15 of the Securities Act, against any loss, liability, claim, damage or
expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damage or expense and reasonable counsel fees incurred in connection therewith) by reason of any person acquiring any Shares, based upon the
ground that the registration statement, prospectus, statement of additional information, shareholder reports or other information filed or made public by any Fund (as from time-to-time amended) included an untrue statement of a material fact or
omitted to state a material fact required to be stated or necessary in order to make the statements 

 
not misleading under the Securities Act or any other statute or the common law. However, each Fund does not agree to indemnify the Distributor or hold it harmless to the extent that the statement
or omission was made in reliance upon, and in conformity with, information furnished to it by or on behalf of the Distributor. In no case (i) is the indemnity of any Fund in favor of the Distributor or any person indemnified to be deemed to
protect the Distributor or any person against any liability to a Fund or its security holders to which the Distributor or such person would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of its
duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is a Fund to be liable under its indemnity agreement contained in this paragraph with respect to any claim made against the Distributor or
any person indemnified unless the Distributor or person, as the case may be, shall have notified the applicable Fund in writing of the claim promptly after the summons or other first written notification giving information of the nature of the
claims shall have been served upon the Distributor or any such person (or after the Distributor or such person shall have received notice of service on any designated agent). However, failure to notify a Fund of any claim shall not relieve that Fund
from any liability which it may have to any person against whom such action is brought otherwise than on account of its indemnity agreement contained in this paragraph. Each Fund shall be entitled to participate at its own expense in the defense,
or, if it so elects, to assume the defense of any suit brought to enforce any claims, and if a Fund elects to assume the defense, the defense shall be conducted by counsel chosen by such Fund. In the event a Fund elects to assume the defense of any
suit and retain counsel, the Distributor, officers or directors or controlling person(s) or defendant(s) in the suit, shall bear the fees and expenses of any additional counsel retained by them. If a Fund does not elect to assume the defense of any
suit, it will reimburse the Distributor, officers or directors or controlling person(s) or defendant(s) in the suit for the reasonable fees and expenses of any counsel retained by them. Each Fund agrees to notify the Distributor promptly of the
commencement of any litigation or proceeding against it or any of its officers in connection with the issuance or sale of any of the Shares. 
 The
Distributor also covenants and agrees to indemnify and hold harmless the Trust and each Fund, the Managing Owner, and each of their respective officers, representatives or agents and each person, if any, who controls the Trust and each Fund or the
Managing Owner within the meaning of Section 15 of the Securities Act (each, an “Indemnified Party”), against any loss, liability, claim, damage or expense (including the reasonable cost of investigating or defending any
alleged loss, liability, claim, damage or expense and reasonable counsel fees incurred in connection therewith) arising by reason of any person acquiring any Shares, based upon the Securities Act or any other statute or common law, alleging
(a) any wrongful act of the Distributor or any of its employees or (b) that any sales literature, advertisements, information, statements or representations used or made by the Distributor or any of its affiliates or employees or that the
registration statement, prospectus, statement of additional information, (as from time-to-time amended) included an untrue statement of a material fact or omitted to state a material fact required to be stated or necessary in order to make the
statements not misleading, insofar as the statement or omission was made in reliance upon, and in conformity with, information furnished to such Fund or Managing Owner by or on behalf of the Distributor. In no case (i) is the indemnity of the
Distributor in favor of any Indemnified Party to be deemed to protect any such party against any liability to which the Indemnified Party would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of its
duties or by reason of its reckless disregard of its obligations and duties under this Agreement, or (ii) is the Distributor to be liable under its indemnity agreement contained in this paragraph with respect to any claim made against any
Indemnified Party unless such Indemnified Party shall have notified the Distributor in writing of the claim promptly after the summons or other first written notification giving information of the nature of the claim shall have been served upon such
Indemnified Party (or after such Indemnified Party shall have received notice of service on any designated agent). However, failure to notify the Distributor of any claim shall not relieve the Distributor from any liability which it may have to the
Indemnified Party against whom the action is brought otherwise than on account of its indemnity agreement contained in this paragraph. In the case of any notice to the Distributor it shall be entitled to participate, at its own expense, in the
defense or, if it so elects, to assume the defense of any 

 
suit brought to enforce any claims, and if the Distributor elects to assume the defense, the defense shall be conducted by counsel chosen by it and satisfactory to the Indemnified Party, to its
officers and to any controlling person(s), or defendant(s) in the suit. In the event that the Distributor elects to assume the defense of any suit and retain counsel, the Indemnified Party or controlling person(s), defendant(s) in the suit, shall
bear the fees and expenses of any additional counsel retained by them. If the Distributor does not elect to assume the defense of any suit, it will reimburse the Indemnified Party, officers or controlling person(s) or defendant(s) in the suit for
the reasonable fees and expenses of any counsel retained by them. The Distributor agrees to notify the Indemnified Party promptly of the commencement of any litigation or proceeding against it in connection with the Indemnified Party and sale of any
of the Shares. 
 8. Supplemental Information — The Distributor and the Trust, on behalf of each Fund, shall regularly consult with each other
regarding the Distributor’s performance of its obligations under this Agreement. In connection therewith, the Trust, on behalf of each Fund shall submit to the Distributor at a reasonable time in advance of filing with the SEC reasonably final
copies of any amended or supplemented registration statement (including exhibits) under the Securities Act; provided, however, that nothing contained in this Agreement shall in any way limit the Trust’s or any Fund’s right to
file at any time such amendments to any registration statement and/or supplements to any prospectus or statement of additional information, of whatever character, as the Trust or such Fund may deem advisable, such right being in all respects
absolute and unconditional. 
 The Distributor acknowledges that the only information provided to it by the Trust and each Fund is that contained in the
registration statement, the prospectus, the statement of additional information and reports and financial information referred to herein. Neither the Distributor nor any other person is authorized by the Trust or any Fund to give any information or
to make any representations, other than those contained in such documents and any sales literature or advertisements specifically approved by appropriate representatives of the Trust, on behalf of each Fund. 

9. Term — This Agreement shall become effective as of the date first written above and shall continue until two years from such date and thereafter
shall continue automatically for successive annual periods, provided that such continuance is specifically approved (with respect to each individual Fund) at least annually by the Managing Owner. This Agreement is terminable, with respect to each
individual Fund, without penalty on sixty (60) days’ written notice by the Managing Owner or by the Distributor. This Agreement shall automatically terminate in the event of its assignment. 

Upon the termination of this Agreement by any one or more of the Funds, at the expense and direction of the applicable Fund, the Distributor shall transfer to
such successor, as the applicable Fund shall specify all relevant books, records and other data established or maintained by the Distributor for such Fund under this Agreement. 

10. Notice — Any notice required or permitted to be given by any party to another party shall be deemed sufficient if sent by (i) telecopier
(fax), (ii) email or (iii) registered or certified mail, postage prepaid, addressed by the party giving notice to the other party at the last address furnished by the other party to the party giving notice: 

 if to the Trust, any Fund or the Managing Owner, at: 

Invesco PowerShares Capital Management LLC 

3500 Lacey Road, Suite 700 

Downers Grove, IL 60515 
 Attn:
Head of Legal 
 if to the Distributor at: 

1290 Broadway, Suite 1100 

Denver, Colorado, 80203 
 Attn:
General Counsel 
 or such other telecopier (fax) number or email address as may be furnished by one party to the other. 

11. Confidential Information — The Distributor, its officers, directors, employees and agents will treat confidentially and as proprietary
information of each Fund, all records and other information relative to each Fund and to prior or present shareholders or to those persons or entities who respond to the Distributor’s inquiries concerning investment in a particular Fund, and
will not use such records and information for any purposes other than performance of its responsibilities and duties hereunder. If the Distributor is requested or required by, but not limited to, depositions, interrogatories, requests for
information or documents, subpoena, civil investigation, demand or other action, proceeding or process or as otherwise required by law, statute, regulation, writ, decree or the like to disclose such information, the Distributor will provide the
applicable Fund with prompt written notice of any such request or requirement so that particular Fund may seek an appropriate protective order or other appropriate remedy and/or waive compliance with this provision. If such order or other remedy is
not sought, or obtained, or waiver not received within a reasonable period following such notice, then the Distributor may without liability hereunder, disclose to the person, entity or agency requesting or requiring the information, that portion of
the information that is legally required in the reasonable opinion of the Distributor’s counsel. 
 12. Limitation of Liability —The
Distributor agrees that, pursuant to Section 3804(a) of the Delaware Statutory Trust Act, the liabilities of each Fund shall be limited such that (a) the debts, liabilities, obligations and expenses incurred, contracted for or otherwise
existing and relating to this Agreement with respect to a particular Fund shall be enforceable against the assets of that particular Fund only, and not against the assets of the Trust generally or the assets of any other Fund and (b) none of
the debts, liabilities, obligations and expenses incurred, contracted for, or otherwise existing and relating to this Agreement with respect to the Trust generally and any other Fund shall be enforceable against the assets of such particular Fund.
The Distributor further agrees that it shall not seek satisfaction of any such obligation from the shareholders, any individual shareholder, officer, representative or agent of the Trust or any Fund, nor shall the Distributor seek satisfaction of
any such obligation from the Managing Owner, its members, managers, directors or officers. 
 Obligations of the Trust or any Fund entered into in the name
or on behalf thereof by the Managing Owner, members managers, officers, representatives or agents are made not individually, but in such capacities, and are not binding upon any of the Managing Owner, members, managers, or officers, representatives
or agents personally, but bind only the property of a particular Fund party to said obligation, and all persons dealing with such Fund must look solely to that Fund’s property for the enforcement of any claims against that Fund. 

13. Miscellaneous — Each party agrees to perform such further acts and execute such further documents as are necessary to effectuate the purposes
hereof. Except with respect to Paragraph 12 above, which shall be construed, interpreted, and enforced in accordance with and governed by the laws of the 

 
State of Delaware, this Agreement shall be construed, interpreted, and enforced in accordance with and governed by the laws of the State of Colorado. The captions in this Agreement are included
for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect. This Agreement may not be changed, waived, discharged or amended except by written instrument that shall
make specific reference to this Agreement and which shall be signed by the party against which enforcement of such change, waiver, discharge or amendment is sought, provided, however, Schedule C to this Agreement may be unilaterally amended and
replaced by the Managing Owner at its discretion provided a copy of such revised Schedule C is provided to the Distributor. This Agreement may be executed simultaneously in two or more counterparts, each of which taken together shall constitute one
and the same instrument. 
 All activities by the Distributor and its agents and employees as distributor of the Shares shall comply with all applicable
laws, rules and regulations including, without limitation, all rules and regulations made or adopted by the SEC, CFTC or any securities association registered under the Exchange Act or futures association registered under the Commodity Exchange Act,
as amended. Should the Distributor, or any of its agents and employees, materially fail to maintain compliance with all applicable laws, rules and regulations to which it is subject, or otherwise lose its status as a registered broker-dealer in good
standing with the SEC, the Distributor agrees to promptly notify the Managing Owner. 
 The Distributor will promptly transmit any orders received by it for
purchase, redemption or exchange of the Shares to the Fund’s transfer agent. 
 Remainder of page intentionally left blank.
Signature page follows. 

 IN WITNESS WHEREOF, each of the undersigned have executed this instrument in its name and
behalf, and the Distributor has executed this instrument in its name and behalf, as of the date and year first above written. 
  

			
	POWERSHARES DB US DOLLAR INDEX TRUST
	 By: INVESCO POWERSHARES CAPITAL MANAGEMENT LLC,

	 as Managing Owner of PowerShares DB

US Dollar Index Trust

		
	By:	 	 
	 Name:
 Title:

		
	By:	 	 
	 Name:
 Title:

  

			
	POWERSHARES DB US DOLLAR INDEX TRUST WITH RESPECT ONLY TO POWERSHARES DB US DOLLAR INDEX BULLISH FUND
	 By: INVESCO POWERSHARES CAPITAL MANAGEMENT LLC,

	 as Managing Owner of PowerShares DB

US Dollar Index Bullish Fund

		
	By:	 	 
	 Name:
 Title:

		
	By:	 	 
	 Name:
 Title:

  

			
	POWERSHARES DB US DOLLAR INDEX TRUST WITH RESPECT ONLY TO POWERSHARES DB US DOLLAR INDEX BEARISH FUND
	 By: INVESCO POWERSHARES CAPITAL MANAGEMENT LLC

	 as Managing Owner of PowerShares DB

US Dollar Index Bearish Fund

		
	By:	 	 
	 Name:
 Title:

		
	By:	 	 
	 Name:
 Title:

  

			
	ALPS DISTRIBUTORS, INC.
		
	By:	 	 
	 Name: Jeremy O. May
 Title:
President

  

			
	INVESCO POWERSHARES CAPITAL MANAGEMENT LLC
		
	By:	 	 
	 Name:
 Title:

		
	By:	 	 
	 Name:
 Title:

 Schedule A 

List of Funds 
 Dated as of
January 1, 2015 
 PowerShares DB US Dollar Index Bullish Fund 

PowerShares DB US Dollar Index Bearish Fund 

 Schedule B 

List of Services for Each Fund 

Dated as of January 1, 2015 
  

	 	¡	 	Review distribution related legal documents and contracts. 

  

	 	¡	 	Consult with sponsor’s marketing staff on development of FINRA compliant marketing campaigns. 

  

	 	¡	 	Review and file all marketing materials (including internet sites) with FINRA. 

  

	 	¡	 	Consult with sponsor on marketing/sales strategy. 

  

	 	¡	 	800 line telephone servicing. 

  

	 	¡	 	Maintain certain books and records in respect of the Funds 

  

	 	¡	 	Perform such additional marketing and distribution related services as may be agreed among the parties from time-to-time. 

 Schedule C 

Pursuant to Section 4(a) 
 In
consideration of the services to be provided by the Distributor under and pursuant to this Agreement, Managing Owner shall pay to the Distributor the following: 

With respect to each of PowerShares DB US Dollar Index Bullish Fund and PowerShares DB US Dollar Index Bearish Fund—$25,000 per annum ($6,250 per
quarter), paid quarterly in arrears on the last business day of each calendar quarter and prorated for partial quarters in the event the Distribution Services Agreement becomes effective on a date that is not the first day of a calendar quarter or
is terminated on a date that is not the last day of a calendar quarter.EX-4.2

 Exhibit 4.2 
  

 
 SOLARCITY CORPORATION, as Issuer,

 -and- 
 U.S. BANK NATIONAL
ASSOCIATION, as Trustee 
  
  

FIFTH SUPPLEMENTAL INDENTURE 

Dated as of January 29, 2015 

to 
 INDENTURE 

Dated as of October 15, 2014 
  

 
 2.00% Solar
Bonds, Series 2015/1-1 
  
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	 ARTICLE 1

DEFINITIONS
	   

  

			
	SECTION 1.01	 	Scope of Supplemental Indenture	  	 	2	  
	SECTION 1.02	 	Definitions	  	 	2	  
	
	ARTICLE 2	  
	ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES	  
			
	SECTION 2.01	 	Title and Terms	  	 	3	  
	SECTION 2.02	 	Company Global Securities	  	 	3	  
	SECTION 2.03	 	Payments	  	 	4	  
	
	ARTICLE 3	  
	MISCELLANEOUS PROVISIONS	  
			
	SECTION 3.01	 	Trustee Acceptance	  	 	4	  
	SECTION 3.02	 	Governing Law	  	 	5	  
	SECTION 3.03	 	Trust Indenture Act	  	 	5	  
	SECTION 3.04	 	Execution in Counterparts	  	 	5	  
	SECTION 3.05	 	Severability	  	 	5	  
	SECTION 3.06	 	Appointment of Paying Agent and Security Registrar	  	 	5	  
	SECTION 3.07	 	Ratification of Original Indenture	  	 	5	  
	
	EXHIBIT	  
	Exhibit A	 	Form of Note	  	 	7	  

  
 i 

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

RECITALS OF THE COMPANY 

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

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

WHEREAS, the Board of Directors and the Offering Committee thereof have duly adopted resolutions authorizing the Company to execute and
deliver this Supplemental Indenture; 
 WHEREAS, pursuant to the terms of the Original Indenture, the Company desires to establish a new
series of its Securities to be known as its 2.00% Solar Bonds, Series 2015/1-1 (the “Notes”), the form and substance of such Notes and the terms, provisions and conditions thereof to be set forth as provided in the Original Indenture and
this Supplemental Indenture; 
 WHEREAS, the Form of Note contemplated under the terms of the Notes is to be substantially in the form
hereinafter provided; and 
 WHEREAS, the Company has requested that the Trustee execute and deliver this Supplemental Indenture, and all
requirements necessary to make (i) this Supplemental Indenture a valid instrument in accordance with its terms, and (ii) the Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of the
Company, in each case, have been performed, and the execution and delivery of this Supplemental Indenture have been duly authorized in all respects. 

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

 ARTICLE 1 

DEFINITIONS 
 SECTION 1.01
Scope of Supplemental Indenture. The changes, modifications and supplements to the Original Indenture effected by this Supplemental Indenture shall be applicable only with respect to, and shall only govern the terms of (and only the rights of
the Holders and the obligations of the Company with respect to), the Notes, which may be issued from time to time, and shall not apply to any other Securities that may be issued under the Original Indenture (or govern the rights of the Holders or
the obligations of the Company with respect to any other such Securities) unless a supplemental indenture with respect to such other Securities specifically incorporates such changes, modifications and supplements. The provisions of this
Supplemental Indenture shall supersede any corresponding or conflicting provisions in the Original Indenture. 
 SECTION 1.02
Definitions. For all purposes of the Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(i) the terms defined in this Article 1 shall have the meanings assigned to them in this Article 1 and include the plural as
well as the singular; 
 (ii) all words, terms and phrases defined in the Original Indenture (but not otherwise defined
herein) shall have the same meanings as in the Original Indenture; 
 (iii) all other terms used herein that are defined in
the Trust Indenture Act, either directly or by reference therein, shall have the meanings assigned to them in the Trust Indenture Act; 

(iv) all accounting terms not otherwise defined herein shall have the meanings assigned to them in accordance with generally
accepted accounting principles, and, except as otherwise herein expressly provided, the term “generally accepted accounting principles” with respect to any computation required or permitted hereunder shall mean such accounting principles
as are generally accepted at the date of this instrument; and 
 (v) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 

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

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

“Indenture” means the Original Indenture, as originally executed and as supplemented from time to time by one or more indentures
supplemental thereto, including this Supplemental Indenture, entered into pursuant to the applicable provisions of the Indenture, including, for all purposes of this instrument and any such supplemental indenture, the provisions of the Trust
Indenture Act that are deemed to be a part of and govern the Original Indenture and this Supplemental Indenture. 

  
 2 

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

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

“Issue Date” means, with respect to Notes owned by any Holder, the date upon which such Notes were originally issued to such Holder
(or transferor of such Holder), as set forth on the Security Register. 
 “Note” or “Notes” has the meaning specified in
the fourth paragraph of the recitals of this Supplemental Indenture, and shall include any Additional Notes issued pursuant to Section 2.01. 

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

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

“Regular Record Date” for the interest payable on any Interest Payment Date means the fifteenth day prior to such Interest Payment
Date (whether or not a Business Day). 
 “Stated Maturity” means, with respect to the payment of principal on the Notes,
January 29, 2016. 
 “Supplemental Indenture” has the meaning specified in the first paragraph hereof. 

ARTICLE 2 
 ISSUE,
DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF NOTES 
 SECTION 2.01 Title and Terms. There is hereby established a series of
Securities designated the “2.00% Solar Bonds, Series 2015/1-1”. The aggregate principal amount of the Notes shall not be limited and shall be initially authenticated and delivered from time to time upon delivery to the Trustee of the
documents required by Section 303 of the Indenture. The Notes shall be issued only in fully registered form, in denominations of $1,000 and any integral multiples thereof. 

SECTION 2.02 Company Global Securities. The Notes initially shall be represented by one or more permanent Company Global Securities.
The Form of Note shall be substantially as set forth in Exhibit A, which is incorporated into and shall be deemed a part of this Supplemental Indenture, with such appropriate insertions, omissions, substitutions and other variations as are
required or permitted by the Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may,
consistently herewith, be determined to be necessary or appropriate by the Officers of the Company executing such Notes, as evidenced by their execution of the Notes. 

  
 3 

 SECTION 2.03 Payments. 

The principal amount of Notes then Outstanding shall be payable at the Stated Maturity. Interest on the Notes shall accrue at a rate of
2.00% per annum, from and including the Issue Date with respect to such Notes, or from the most recent date on which interest has been paid or duly provided for with respect to such Notes, to, but excluding, the next Interest Payment Date,
until the principal thereof is paid or made available for payment. Interest shall be payable in arrears on each Interest Payment Date, beginning on February 15, 2015, to the Persons in whose name a Note is registered on the Security Register at
the Close of Business on the Regular Record Date immediately preceding the applicable Interest Payment Date. If any Stated Maturity or Maturity of, or any other day on which a payment is due shall be a day which is not a Business Day, then such
payment may be made on the next succeeding day that is a Business Day with the same force and effect as if made at the Stated Maturity or Maturity or on any such other payment date, as the case may be, and no interest shall accrue on the amount
payable on such date or at such time for the period from and after such Stated Maturity, Maturity or other payment date, as the case may be, to the next succeeding Business Day. Interest will be computed on the basis of twelve 30-day months and a
360-day year. The amount of interest payable for any period shorter than a full semi-annual interest period will be computed on the basis of the number of days elapsed in a 180-day semi-annual period of six 30-day months. Up to $10,000,000 aggregate
principal amount of Notes will be authenticated on the date of this Supplemental Indenture (the “Initial Notes”). 
 The Company
may, without the consent of the Holders of the Notes, hereafter issue additional Notes (“Additional Notes”) under the Indenture with the same terms and conditions, except for any difference in the issue price, Issue Date and interest
accrued prior to the issue date of the Additional Notes, as the Initial Notes, in an unlimited aggregate principal amount. Any such Additional Notes shall constitute a single series together with the Initial Notes for all purposes hereunder,
including, without limitation, for purposes of any waivers, supplements or amendments to the Indenture requiring the approval of Holders of the Notes and any offers to purchase the Notes. 

The Company shall pay the principal of and interest on any Note in immediately available funds to the Persons in whose name such Note is
registered in the Security Register, at the office or agency designated by the Company for that purpose. All payments on the Notes will be made in US. Dollars or in such other coin or currency of the United States of America as of the time of
payment is legal tender for the payment of public and private debts. 
 ARTICLE 3 

MISCELLANEOUS PROVISIONS 
 SECTION
3.01 Trustee Acceptance The Trustee has accepted the amendment of the Original Indenture effected by this Supplemental Indenture and agrees to execute the trust created by the Original Indenture as hereby amended, but only upon the terms and
conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and 

  
 4 

 
responsibilities of the Trustee, and without limiting the generality of the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect of any of the recitals or
statements contained herein, all of which recitals or statements are made solely by the Company, or for or with respect to (a) the validity or sufficiency of this Supplemental Indenture or any of the terms or provisions hereof, (b) the
proper authorization hereof by the Company by corporate action or otherwise, and (c) the due execution hereof by the Company. 

SECTION 3.02 Governing Law. This Supplemental Indenture and the Notes shall be governed by, and construed in accordance with, the laws
of the State of New York. 
 SECTION 3.03 Trust Indenture Act. This Supplemental Indenture will be subject to, and governed by, the
provisions of the Trust Indenture Act that are required to be part of this Supplemental Indenture and shall, to the extent applicable, be governed by such provisions. 

SECTION 3.04 Execution in Counterparts. This Supplemental Indenture may be executed in any number of counterparts, each of which shall
be an original, but such counterparts shall together constitute but one and the same instrument. 
 SECTION 3.05 Severability. In
case any provision in this Supplemental Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality and enforceability of the remaining provisions shall not in any way be
affected or impaired thereby. 
 SECTION 3.06 Appointment of Paying Agent and Security Registrar. The Company is hereby appointed to
act as Paying Agent and Security Registrar subject to and in accordance with the terms and conditions set forth herein and in the Original Indenture and shall have all of the rights, benefits and immunities of a Paying Agent and Security Registrar
as set forth herein and therein. 
 SECTION 3.07 Ratification of Original Indenture. The Original Indenture, as supplemented by this
Supplemental Indenture, is in all respects ratified and confirmed, and this Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein provided. For the avoidance of doubt, each of the
Company and each Holder of the Notes, by its acceptance of such Notes, acknowledges and agrees that all of the rights, privileges, protections, immunities and benefits afforded to the Trustee and the Agents under the Original Indenture are deemed to
be incorporated herein, and shall be enforceable by the Trustee and the Agents hereunder, as if set forth herein in full. 
 U.S. Bank,
National Association hereby accepts the trusts in this Supplemental Indenture declared and provided, upon the terms and conditions herein above set forth. 

[Remainder of the page intentionally left blank] 

  
 5 

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

			
	SOLARCITY CORPORATION
		
	By:		 /s/ Brad Buss

			Name: Brad Buss
			Title: Chief Financial Officer
	
	U.S. BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:		 /s/ K. Wendy Kumar

			Name: K. Wendy Kumar
			Title: Vice President

 Exhibit A 

Form of Note 

  
 7 

 NOTE 

SOLARCITY CORPORATION 
 2.00% SOLAR
BONDS, SERIES 2015/1-1 
 No. 1 

SolarCity Corporation, a Delaware corporation (herein called the “Company,” which term includes any successor Person under the
Indenture referred to on the reverse hereof), for value received hereby promises to pay to each of the Holders listed on Schedule A hereto, or their registered assigns, the principal sum set forth next to such Holder’s name on
Schedule A (the aggregate of which principal sums shall not exceed $10,000,000), on January 29, 2016 at the office or agency of the Company maintained for that purpose in accordance with the terms of the Indenture, in such coin or
currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, semiannually, on February 15 and August 15 of each year (each, an “Interest
Payment Date”), commencing on the Issue Date set forth set forth next to such Holder’s name on Schedule A, on said principal sum at said office or agency, in like coin or currency, at the rate per annum of 2.00%, from and including
the most recent Interest Payment Date in respect of which interest has been paid (or commencing on the Issue Date set forth set forth next to such Holder’s name on Schedule A if no interest has been paid hereon). If any Stated Maturity
or Maturity of, or any other day on which a payment is due shall be a day which is not a Business Day, then such payment may be made on the next succeeding day that is a Business Day with the same force and effect as if made at the Stated Maturity
or Maturity or on any such other payment date, as the case may be, and no interest shall accrue on the amount payable on such date or at such time for the period from and after such Stated Maturity, Maturity or other payment date, as the case may
be, to the next succeeding Business Day. Interest will be computed on the basis of twelve 30-day months and a 360-day year. The amount of interest payable for any period shorter than a full semi-annual interest period will be computed on the basis
of the number of days elapsed in a 180-day semi-annual period of six 30-day months. 
 Reference is made to the further provisions of this
Note set forth on the reverse hereof. Such further provisions shall for all purposes have the same effect as though fully set forth at this place. 

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

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

Dated: January 29, 2015 
  

			
	SOLARCITY CORPORATION
		
	By:		  

			Name: Brad Buss
			Title: Chief Financial Officer

  

			
	ATTEST:
		
	By		  

			Name: Seth Weissman
			Title: Secretary

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

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

 

			
	 U.S. BANK NATIONAL ASSOCIATION
 as
Trustee

		
	By:		  

			Authorized Signatory

 REVERSE OF NOTE 

SOLARCITY CORPORATION 
 2.00% SOLAR
BONDS, SERIES 2015/1-1 
 This note is one of a duly authorized issue of notes of the Company, designated as its “2.00% Solar Bonds,
Series 2015/1-1” (herein called the “Notes”), issued under and pursuant to an Indenture, dated as of October 15, 2014 (the “Original Indenture”), between the Company and U.S. Bank National Association, as trustee (in
such capacity, the “Trustee”), as supplemented with respect to the Notes by the Fifth Supplemental Indenture, dated as of January 29, 2015 (the “Supplemental Indenture,” and together with the Original Indenture, the
“Indenture”), between the Company, as issuer, paying agent and security registrar (herein called the “ Paying Agent and Security Registrar”), and the Trustee, as trustee, and as the authenticating agent (herein called the
“Authenticating Agent”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee,
Authenticating Agent, Paying Agent, Security Registrar, the Company and the Holders of the Notes. Capitalized terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the Indenture. 

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

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

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in
aggregate principal amount of the Notes at the time Outstanding, to execute supplemental indentures to modify provisions of the Indenture, subject to exceptions permitting the modification of the Indenture without the consent of any Holder of Notes
or requiring the consent of each Holder of a Note affected by such modification all as set forth in the Indenture. 
 The Notes are issuable
in fully registered form, without coupons, in denominations of $1,000 principal amount and any integral multiples thereof. The Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations, on the terms
and subject to the conditions and limitations set forth in the Indenture. 

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

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

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

 Schedule A 

SOLARCITY CORPORATION 
 2.00% SOLAR
BONDS, SERIES 2015/1-1 
  

					
	 Name of Holder
	  	Principal Amount	  	Issue Date

 Aggregate Principal Amount Outstanding:

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