SEC Contract Filing

Filing Date: 2018-05-08

Document Content:
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>vslr-ex103_241.htm
<DESCRIPTION>EX-10.3
<TEXT>
<!DOCTYPE HTML PUBLIC "-//W3C//DTD HTML 4.01 Transitional//EN" "http://www.w3.org/TR/html4/loose.dtd">
<html>
<head>
<title>
vslr-ex103_241.htm
</title>
</head>
<!-- NG Converter v4.0.8.21 -->
<body>

<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.3</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">EXECUTION VERSION</p>
<p style="text-align:center;margin-bottom:12pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">EXECUTIVE EMPLOYMENT AGREEMENT</font></p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">THIS EXECUTIVE EMPLOYMENT AGREEMENT (&#8220;<font style="font-weight:bold;font-style:italic;">Agreement</font>&#8221;) dated as of May 7, 2018 (the &#8220;<font style="font-weight:bold;font-style:italic;">Effective Date</font>&#8221;), is made by and between Vivint Solar, Inc., a Delaware corporation (together with any successor thereto, the &#8220;<font style="font-weight:bold;font-style:italic;">Company</font>&#8221;) and Dana C. Russell (the &#8220;<font style="font-weight:bold;font-style:italic;">Executive</font>&#8221;).</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company and the Executive have entered into an Amended and Restated Involuntary Termination Protection Agreement, dated May 12, 2016, and confirmatory offer letter, dated September 8, 2014 (together, the &#8220;<font style="font-weight:bold;font-style:italic;">Prior Agreements</font>&#8221;) and the Executive has been and is currently employed by the Company;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company desires to continue to employ the Executive, and the Executive desires to be employed by the Company, on the terms herein provided; and</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company and the Executive desire to terminate the Prior Agreements and replace and supersede the Prior Agreements in their entirety with this Agreement;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and agreements set forth below the parties hereto agree as follows:</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;">Certain Definitions.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a) <font style="margin-left:36pt;">&#8220;</font><font style="font-weight:bold;font-style:italic;">Board</font>&#8221; shall mean the Board of Directors of the Company.</p>
<p style="margin-bottom:12pt;text-align:justify;margin-top:0pt;text-indent:7.69%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b) <font style="margin-left:36pt;">&#8220;</font><font style="font-weight:bold;font-style:italic;">Cause</font>&#8221; for the Company to terminate the Executive&#8217;s employment hereunder shall exist upon the occurrence of any of the following during Executive&#8217;s employment by the Company (except with respect to clause (v) below): (i) material personal dishonesty by Executive involving Company business or participation in a fraud against the Company, or Executive&#8217;s breach of Executive&#8217;s fiduciary duty to Company; (ii) Executive&#8217;s indictment or conviction of a felony or other crime involving moral turpitude or dishonesty; (iii) Executive&#8217;s willful material refusal to comply with the lawful requests made of Executive by the Board reasonably related to Executive&#8217;s employment by the Company and the performance of Executive&#8217;s duties with respect thereto (but which shall not include a request to waive or amend any portion of this Agreement or terminate this Agreement or to consent to an action that would result in Executive's loss of a right under this Agreement); (iv) Executive&#8217;s material violation of the Company&#8217;s policies, after written notice to Executive and an opportunity to be heard by the Board and Executive's failure to fully cure such violations within a reasonable period of time of not less than thirty (30) days after such hearing; (v) Executive&#8217;s threats or acts of violence in the workplace; (vi) Executive's unlawful harassme