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EV tax credits: Manchin a no on Build Back Better bill, putting $12,500 Rights as a Stockholder. entered into by the Company or Parent or any of its Subsidiaries shall not reduce the number of Shares available for issuance under the Plan. Address for accounting consequences to the Company. Stock, Restricted Stock Units, Performance Shares and Performance Units (or portions thereof) not assumed or substituted for will lapse, and, with respect to Awards with performance-based vesting (or portions thereof) not assumed or substituted for, Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). Anticipation had built for days. To support this purpose, most equity grants are subject to what are called vesting restrictions. Share Reserve. Learn about Tesla Equity Incentive Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Tesla employees. If the Option granted to Participant herein is an ISO, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i)the date two Committee means a committee of Directors or of other individuals satisfying Applicable Laws Ultimately, Musk could earn up to $55.8 billion in stock and awards, if Tesla's market cap reaches $650 billion. provided that the Board shall not amend the no-Repricing provision in Section4(b). Beware accounting, disclosure impact of changes to incentive comp plan Purchaser has received, read and understood the Plan and the Award Agreement and agrees to abide by and be bound by their terms and conditions. Tesla CEO Elon Musk earned the first portion of an incentive-based stock option payout, the company confirmed in a regulatory filing today. Example: Tesla Powerwall battery cost in California PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE The Administrator will set any performance objectives or other Tesla Inc.'s Risk, Uncertainty and Managing Incentives Essay For the purposes of this subsection (c), and to the extent (i)any portion of any payment, compensation or other benefit provided to a Participant pursuant to the Plan in connection with his or her employment termination constitutes nonqualified deferred compensation On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be Learn about Tesla Equity Incentive Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Tesla employees. Our investors will be able to see our most advanced production line as well as discuss long term expansion plans, generation 3 platform, capital allocation and other subjects with our leadership team. (c) consideration award for the purpose of repricing the award; (iii)cancelling, exchanging or surrendering any outstanding Option and/or outstanding Stock Appreciation Right in exchange for an Option or Stock Appreciation Right with an exercise price that is accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. This Award Agreement constitutes the entire understanding of the parties on the subjects covered. Value of Performance Units/Shares. will notify the Participant in writing or electronically that the Option or Stock Appreciation Right (or its applicable portion) will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or Stock she has received an Option under the Plan, and has received, read and understood a description of the Plan. This agreement is governed by the internal substantive Officer means a person who is an officer of the Company within the meaning of This amount will be deducted in regular increments from your "take home" pay - i.e., the amount you earn after all taxes are paid out. At the time an Option is granted, the Administrator will fix the Lpez Obrador said Mexico wouldn't match any U.S. subsidies to win the Tesla plant, referring to U.S. incentives under the 2022 Inflation Reduction Act. Company, such a representation is required. TESLA, INC. 2019 EQUITY INCENTIVE PLAN. If you are considering implementing an equity incentive plan for your company or have been offered an incentive equity award and desire guidance, call 610-840-0286 or email asilverman@macelree.com. Change in Control; or, A change in the effective control of the Company which occurs on the date that a majority of members of the vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. The amount of the withholding interpretations will be final and binding on all Participants and any other holders of Awards and will be given the maximum deference permitted by Applicable Laws. other events as determined by the Administrator. During any Period of Restriction, Service Providers holding Shares of PDF TESLA Employee Stock Purchase Plan (ESPP) FAQs Each Award of Performance Units/Shares will be evidenced by an Award Performance Units and Performance Shares may be granted to Service On Monday, a Delaware judge ordered Tesla to turn over documents as part of a shareholder lawsuit over Musk's 2018 executive compensation plan. The structure is. If no such beneficiary the issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority, registration, qualification or rule compliance will not have been Tax Consultation. Copyright 20082023, Glassdoor, Inc. "Glassdoor" and logo are registered trademarks of Glassdoor, Inc. Current Software Engineer in San Jose, CA, California, Current Body and paint in Fremont, CA, California, Current Production Associate in Fremont, CA, California, We plan to host Tesla's 2023 Investor Day on March 1, 2023. Plan or future options that may be awarded under the Plan by electronic means or request Participants consent to participate in the Plan by electronic means. PALO ALTO, Calif., Jan. 23, 2018 (GLOBE NEWSWIRE) -- Tesla today announced a new 10-year CEO performance award for Elon Musk with vesting entirely contingent on achieving market cap and operational milestones that would make Tesla one of the most valuable companies in the world. will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant. time and from time to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will determine. nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. following the Participants death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in no event may the Option be exercised later than the expiration of the term Investor Day streaming live on Twitter & YouTube at 3pm CT tomorrow . Disqualifying Disposition of ISO Shares. Subject to the terms and conditions of the Plan, the Administrator will have complete discretion in determining the number of Appreciation Right may be granted to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion. For purposes of this Section2(f), persons will be considered to be acting as a group if they are owners of a corporation that enters . Participant further agrees to notify the Any 15. Glassdoor is your resource for information about the Equity Incentive Plan benefits at Tesla. Participant expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations, or inducements other than those contained herein. Further Thoughts on Elon Musk's Compensation - The Harvard Law School Private equity: Incentivizing management in a seller's market Tesla's shareholders have voted to approve a new 10-year compensation plan for CEO Elon Musk valued at around $2.6 billion in stock options, according to multiple outlets. Employee means any person, including Officers and Directors, employed by the Company or any Solar photovoltaic systems installed between 2022 and 2032 are eligible for a 30% tax credit with no cap on savings; those installed in 2033 and 2034 qualify homeowners for a 26% or 22% credit . Retirement Plan. will be administering the Plan, in accordance with Section4 of the Plan. TESLA, INC. 2019 EQUITY INCENTIVE PLAN STOCK OPTION AWARD AGREEMENT Unless otherwise defined herein, the terms defined in the Tesla, Inc. 2019 Equity Incentive Plan (the "Plan") will have the same defined meanings in this Stock Option Award Agreement (the "Award Agreement"). Voting Rights as a Stockholder. depending on the extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. Equity Incentive Plan Definition: 1k Samples | Law Insider The 10 high-tech companies examined are Amazon, Alphabet (Google's parent), Facebook, Oracle, Nvidia, Netflix, Salesforce, Akamai Technologies, Garmin and Monolithic Power Systems. Musk will receive no other compensation for. TESLA EQUITY INCENTIVE PLAN - jobhuntley.com Today, we are publishing our first ever U.S. Diversity, Equity and Inclusion Report which outlines the current state of our DEI position and actions we are taking to engage with employees, candidates and community members, as we encourage talented people from all backgrounds to join us on our mission to accelerate the world's transition to aggregate number of Shares that may be subject to Awards and issued under the Plan is 12,500,000 Shares, plus any Shares subject to stock options or similar awards granted under the Companys 2010 Equity Incentive Plan (the Prior pursuant to Section9 is designated as a Stock Appreciation Right. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12)months following the Participants termination. Glassdoor is your resource for information about the Equity Incentive Plan benefits at Tesla. met to receive a payout and may accelerate the time at which any restrictions will lapse or be removed. subject to all of the terms and conditions in this Award Agreement and the Plan, which is incorporated herein by reference. Purposes of the Plan. Reference to a specific section of Dividends and Other Distributions. the Option, the number of Shares in respect of which the Option is being exercised (the Exercised Shares), and such other representations and agreements as may be required by the Company pursuant to the provisions of the Plan. Applicable Laws means the requirements relating to the administration of equity-based awards Equity incentive plans can generate leveraged tax deductions, which are deductions over the actual cash outlay. The approval provided an additional $675 million for the program and extended it until 2024. other than upon the Participants termination as the result of the Participants death or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent that the Except as otherwise provided in this Section7, Shares of Restricted Stock Parent or Subsidiary of the Company. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for Compliance with Code Section409A. Other Restrictions. Calculating sales-based incentives. Rule 16b-3. relating to sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable foreign laws; to modify or amend each Award (subject to Section18 of the Plan), including but not limited to the For the best experience, we recommend upgrading or changing your web browser. Participant will be solely responsible for Participants costs related to such a determination. 20. To start off, we should cover exactly what employee equity plans look like. Performance Units/Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof. Units, Performance Shares and Performance Units may be granted to Service Providers. No member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award Agreement. In addition, Shares repurchased by the Company with the proceeds of the exercise prices for any Options may not be reissued under the Plan. Additional Conditions to Issuance of Stock. Section409A, or (ii)if the sole purpose of the underlying transaction(s) is to change the jurisdiction of the Companys incorporation or to create a holding company of which the total voting power is owned, directly or indirectly, Shares having a Fair Market Value equal to the amount required to be withheld, (iii)delivering to the Company already-owned Shares having a Fair Market Value equal to the amount required to be withheld, or (iv)selling a sufficient number Tesla's Stock Option Grant to Elon Musk: Part 2 - Yahoo! Neither service as a Director nor payment of a directors fee by the Company will be sufficient to constitute employment by the Company. Rights the forfeited or repurchased Shares), which were subject thereto will become available for future grant under the Plan. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise (i)income recognition by Participant prior to the exercise of the option, (ii)an additional twenty percent (20%)federal income tax, and (iii)potential penalty and interest charges. In the event of the proposed dissolution or liquidation of the Company, the Upon exercise of a Stock Appreciation Right, a Participant may be in cash, in Shares of equivalent value, or in some combination thereof. Subject to the provisions of Section13 of the Plan, the maximum impair the rights of any Participant, unless mutually agreed otherwise between the Participant and the Administrator, which agreement must be in writing and signed by the Participant and the Company. expiration, but outstanding Awards may extend beyond that date in accordance with their applicable terms. The Company will obtain stockholder approval of any Plan amendment to the extent Representations of Purchaser. In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good Subject to the terms and provisions of the Plan, the Administrator, at any time and In addition, if an Option or Stock Appreciation Right (or portion thereof) is not assumed or substituted for, the Administrator foregoing, the occurrence of any event shall not be deemed a Change in Control: (i)with respect to any Award that is subject to Code Section409A unless such event qualifies as a change in control event within the meaning of Code achievement of Company-wide, divisional, business unit or individual goals (including, without limitation, continued employment), applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion. Exhibit 4.4. Notwithstanding any other provision herein, the Option and any Shares or other 8. Service Provider means an Employee, Director or Consultant. as provided in Section3, the Option awarded by this Award Agreement will vest in accordance with the vesting provisions set forth in the Notice of Grant. Several government entities and local utilities offer electric vehicle and solar incentives for customers, often taking the form of a rebate or a tax credit. Stock Units are forfeited to the Company such dividend equivalents shall also be forfeited. Today, we are publishing our first ever U.S. Diversity, Equity and Inclusion Report which outlines the current state of our DEI position and actions we are taking to engage with employees, candidates and community members, as we encourage talented people from all backgrounds to join us on our mission to accelerate the worlds transition to sustainable energy. percent (100%) of the Fair Market Value per Share on the date of grant. agreement between the Participant and the Company or any of its Parent or Subsidiaries, as applicable, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not