Vivint Solar, Inc. (NYSE:VSLR) Files An 8-K Entry into a Material Definitive Agreement

Vivint Solar, Inc. (NYSE:VSLR) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01

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Entry into a Material Definitive Agreement.

On August 16, 2017, a wholly-owned subsidiary of Vivint Solar, Inc. (the “Company”) and Vivint, Inc., the sister company of Vivint Solar, Inc., entered into a sales dealer agreement, to which each party will act as a non-exclusive dealer for the other party to market, promote and sell each other’s products. The agreement will have a two-year term, which will be automatically renewed for successive one-year terms unless written notice of termination is provided by one of the parties to the other no less than 90 days prior to the end of the then current term. The products, territories and consideration that is payable by each party to the other will be determined in accordance with the agreement. The sales dealer agreement replaces substantially all of the activities being undertaken under the parties’ marketing and customer relations agreement.

Contemporaneously with the execution of the sales dealer agreement, the Company and Vivint, Inc. agreed to extend the term of the non-solicitation provisions under their non-competition agreement to be coterminous with the term of the sales dealer agreement.

The description of the sales dealer agreement, marketing and customer relations agreement and non-competition agreement are qualified by reference to the forms of the agreements that, in the case of the sales dealer agreement, will be filed with the SEC as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ending September 30, 2017, and, in the cases of the marketing and customer relations agreement and the non-competition agreement, were filed with the SEC on August 26, 2014 as exhibits to the Company’s Registration Statement on Form S-1.

About Vivint Solar, Inc. (NYSE:VSLR)

Vivint Solar, Inc. primarily offers distributed solar energy, which is electricity generated by a solar energy system installed at or near customers’ locations to residential customers based on over 20-year contracts. The Company operates through two operating segments: Residential, and commercial and industrial market (C&I). Through its investment funds, the Company owns an interest in the solar energy systems the Company installs, and ownership of the solar energy systems allows it and the other fund investors to benefit from various local, state and federal incentives. The Company has a process that enables it to design and install a custom solar energy system that delivers customer savings. The Company is a licensed contractor in the markets the Company serves and is responsible for each customer installation. Upon completion, the Company schedules the required inspections and arranges for interconnection to the power grid.

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