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Table of Contents

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-K

Amendment No. 1

(Mark One)

 

x ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2013

Or

 

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                                to                                 

Commission file number: 001-35758

 

 

SolarCity Corporation

(Exact name of registrant as specified in its charter)

 

Delaware   02-0781046

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification Number)

3055 Clearview Way

San Mateo, California 94402

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (650) 638-1028

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Name of each exchange on which registered

Common Stock, par value $0.0001 per share   The NASDAQ Stock Market LLC

Securities registered pursuant to Section 12(g) of the Act:

None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    Yes  x No ¨

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934 (the “Exchange Act”).    Yes  ¨ No x

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x No  ¨

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).    Yes  x No ¨

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405 of Regulation S-K (§229.405 of this chapter) is not contained herein, and will not be contained, to the best of registrant’s knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K or any amendment to this Form 10-K. ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

 

Large accelerated filer  x      Accelerated filer  ¨
Non-accelerated filer  ¨     (Do not check if a smaller reporting company)    Smaller reporting company  ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes  ¨ No  x

As of June 28, 2013 (the last business day of the registrant’s most recently completed second fiscal quarter), the aggregate market value of voting stock held by non-affiliates of the registrant based on the closing price of $37.749 for shares of the registrant’s common stock as reported by the NASDAQ Global Market, was approximately $778.0 million.

On March 13, 2014, 91,503,673 shares of the registrant’s common stock, $0.0001 par value, were outstanding.

 

 

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the information called for by Part III of this Form 10-K is hereby incorporated by reference from the definitive Proxy Statement for our annual meeting of stockholders, which was filed with the Securities and Exchange Commission on April 23, 2014.

 

 

 


Table of Contents

TABLE OF CONTENTS

 

         Page  

PART IV

     3   

Item 15.

  Exhibits and Financial Statement Schedules      3   

Signatures

     4   

 

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Explanatory Note

This Amendment No. 1 (“Amendment”) on Form 10-K/A amends the annual report on Form 10-K of SolarCity Corporation (the “Company”) for the period ended December 31, 2013, as filed with the Securities and Exchange Commission (the “Commission”) on March 18, 2014 (the “Form 10-K”).

This Amendment is an exhibit-only filing solely for the purpose of filing revised Exhibits 10.10e and 10.12a in connection with the conclusion of the confidential treatment process. No revisions are being made to the Company’s financial statements and this Amendment does not reflect events occurring after the filing of the Form 10-K, or modify or update those disclosures that may be affected by subsequent events, and no other changes are being made to any other disclosure contained in the Form 10-K.

 

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PART IV

ITEM 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

3.        Exhibits

The exhibits listed in the accompanying “Index to Exhibits” are filed or incorporated by reference as part of this Amendment.

 

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SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on September 4, 2014.

 

SOLARCITY CORPORATION
By:  

/s/ Lyndon R. Rive

  Lyndon R. Rive
  Chief Executive Officer

 

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Signature

  

Title

 

Date

/s/ Lyndon R. Rive

Lyndon R. Rive

   Founder, Chief Executive Officer and Director (Principal Executive Officer)   September 4, 2014

/s/ Brad Buss

Brad Buss

   Chief Financial Officer (Principal Accounting and Financial Officer)   September 4, 2014

/s/ Peter J. Rive*

Peter J. Rive

   Founder, Chief Operations Officer, Chief Technology Officer and Director   September 4, 2014

/s/ Elon Musk*

Elon Musk

   Chairman of the Board of Directors   September 4, 2014

/s/ John H. N. Fisher*

John H. N. Fisher

   Director   September 4, 2014

/s/ Antonio J. Gracias*

Antonio J. Gracias

   Director   September 4, 2014

/s/ Donald R. Kendall, Jr.*

Donald R. Kendall, Jr.

   Director   September 4, 2014

/s/ Nancy E. Pfund*

Nancy E. Pfund

   Director   September 4, 2014

/s/ Jeffrey B. Straubel*

Jeffrey B. Straubel

   Director   September 4, 2014

/s/ Bennet Van de Bunt*

Bennet Van de Bunt

   Director   September 4, 2014

* By /s/ Lyndon R. Rive

Lyndon R. Rive, Attorney-in-Fact

    

 

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EXHIBIT INDEX

 

Exhibit
Number

 

Exhibit Description

   Form    File No.    Incorporated by
Reference
   Exhibit Filing Date
    2.1   Asset Purchase Agreement, dated as of August 13, 2013, by and among the Registrant, Poppy Acquisition LLC, Paramount GR Holdings, LLC and Paramount Energy Solutions, LLC    8-K    001-35758    2.1    August 19, 2013
    2.2   Agreement and Plan of Merger, dated as of October 8, 2013, by and among the Registrant, Zoom Acquisition Corporation, Zoom Acquisition LLC, Zep Solar, Inc., Shareholder Representative Services LLC and U.S. Bank National Association, as Escrow Agent    8-K    001-35758    2.1    October 10, 2013
    3.1   Amended and Restated Certificate of Incorporation of the Registrant    10-K    001-35758    3.1    March 27, 2013
    3.2   Amended and Restated Bylaws of the Registrant    10-K    001-35758    3.2    March 27, 2013
    4.1   Form of Common Stock Certificate of the Registrant    S-1/A    333-184317    4.1    November 27, 2012
    4.2   Form of Warrant    S-1    333-184317    4.2    October 5, 2012
    4.3   Seventh Amended and Restated Investor’s Rights Agreement by and among the Registrant and certain stockholders of the Registrant, dated February 24, 2012    S-1    333-184317    4.4    October 5, 2012
    4.4   Indenture, dated as of October 21, 2013, by and between the Registrant and Wells Fargo Bank National Association, including the form of senior convertible notes contained therein    8-K    001-35758    4.1    October 21, 2013
  10.1*   Form of Indemnification Agreement for directors and executive officers    S-1    333-184317    10.1    October 5, 2012
  10.2*   2007 Stock Plan and form of agreements used thereunder    S-1    333-184317    10.2    October 5, 2012
  10.3*   2012 Equity Incentive Plan and form of agreements used thereunder    S-1    333-184317    10.3    October 5, 2012
  10.4*   2012 Employee Stock Purchase Plan and form of agreements used thereunder    S-1    333-184317    10.4    October 5, 2012
  10.5   Office Lease Agreement, between Locon San Mateo, LLC and the Registrant, dated as of July 30, 2010    S-1    333-184317    10.5    October 5, 2012
  10.5a   First Amendment to Lease, between Locon San Mateo, LLC and the Registrant, dated as of November 15, 2010    S-1    333-184317    10.5a    October 5, 2012
  10.5b   Second Amendment to Lease, between Locon San Mateo, LLC and the Registrant, dated as of March 31, 2011    S-1    333-184317    10.5b    October 5, 2012
  10.9*   Offer Letter between the Registrant and Robert D. Kelly, dated October 6, 2011    S-1    333-184317    10.9    October 5, 2012
  10.10**   Credit Agreement among the Registrant, Bank of America, N.A. and other banks and financial institutions party thereto, dated as of September 10, 2012    S-1    333-184317    10.10    October 5, 2012
  10.10a   Amendment to Credit Agreement, dated as of October 12, 2012, among the Registrant, Bank of America, N.A., as Administrative Agent and the lenders party thereto    8-K    001-35758    10.10a    June 24, 2013
  10.10b   Amendment to Credit Agreement, dated as of November 9, 2012, among the Registrant, Bank of America, N.A., as Administrative Agent and the lenders party thereto    8-K    001-35758    10.10b    June 24, 2013

 

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Exhibit
Number

 

Exhibit Description

   Form    File No.    Incorporated by
Reference
   Exhibit Filing Date
  10.10c   Amendment to Credit Agreement, dated as of December 31, 2012, among the Registrant, Bank of America, N.A., as Administrative Agent and the lenders party thereto    8-K    001-35758    10.10c    June 24, 2013
  10.10d   Amendment Number One to Credit Agreement, dated as of June 18, 2013, among the Registrant, Bank of America, N.A., as Administrative Agent and the lenders party thereto    8-K    001-35758    10.10d    June 24, 2013
  10.10e**   Amended and Restated Credit Agreement among the Registrant, Bank of America, N.A. and other banks and financial institutions party thereto, dated as of November 1, 2013            
  10.11**   Loan Agreement between City UB Solar, LLC (an indirect wholly owned subsidiary of the Registrant) and Union Bank, N.A., dated as of February 8, 2013    10-Q    001-35758    10.11    May 15, 2013
  10.12**   Loan Agreement among AU Solar 1, LLC (an indirect wholly owned subsidiary of the Registrant), as borrower, Credit Suisse Securities (USA) LLC, ING Capital LLC and Rabobank, N.A., as joint lead arrangers, Credit Suisse AG, Cayman Islands Branch, as collateral agent and administrative agent, and the lenders parties thereto, dated as of June 7, 2013    10-Q    001-35758    10.12    August 9, 2013
  10.12a**   Amendment No. 1 to Loan Agreement among AU Solar 1, LLC (an indirect wholly owned subsidiary of the Registrant), as borrower, Credit Suisse Securities (USA) LLC, ING Capital LLC and Rabobank, N.A., as joint lead arrangers, Credit Suisse AG, Cayman Islands Branch, as collateral agent and administrative agent, and the lenders parties thereto, dated as of December 6, 2013            
  10.13*   Zep Solar, Inc. 2010 Equity Incentive Plan and form of agreements used thereunder    S-8    333-192996    4.5    December 20, 2013
  21.1   List of Subsidiaries    10-K    001-35758    21.1    March 18, 2014
  23.1   Consent of Independent Registered Public Accounting Firm    10-K    001-35758    23.1    March 18, 2014
  24.1   Power of Attorney (contained in the signature page to this Annual Report on Form 10-K)    10-K    001-35758    24.1    March 18, 2014
  31.1   Certification of the Chief Executive Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002    10-K    001-35758    31.1    March 18, 2014
  31.2   Certification of the Chief Financial Officer pursuant to Section 302(a) of the Sarbanes-Oxley Act of 2002    10-K    001-35758    31.2    March 18, 2014
  32.1†   Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002            
  32.2†   Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002            

 

* Indicates a management contract or compensatory plan or arrangement.
** Registrant has omitted portions of the relevant exhibit and filed such exhibit separately with the Securities and Exchange Commission pursuant to a request for confidential treatment under Rule 406 under the Securities Act of 1933, as amended.

 

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The certifications attached as Exhibit 32.1 and 32.2 that accompany this Annual Report on Form 10-K are not deemed filed with the Securities and Exchange Commission and are not to be incorporated by reference into any filing of SolarCity Corporation under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, whether made before or after the date of this Form 10-K, irrespective of any general incorporation language contained in such filing.

 

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