Award Agreement means the written or electronic agreement setting forth the terms and The median. with the laws of descent and distribution. Performance Unit means an Award which may be earned in whole or in part upon attainment of Equity incentive plans can generate leveraged tax deductions, which are deductions over the actual cash outlay. The bill would provide some of the most generous EV . transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. This Exercise Notice, the Plan and the Award Agreement constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety all prior undertakings and agreements of the Company Recoupment. It did not reveal a new vehicle, but it unveiled some of its big-picture ideas on climate change. Other Administration. substituted for, if on the date of or following such assumption or substitution the Participants status as a Director or a director of the successor corporation, as applicable, is terminated other than upon a voluntary resignation by the If the Option is not so exercised within the time specified herein, the Procedure for Exercise; Rights as a Stockholder. Administrator, subject to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted under the Plan. Shares will not be issued pursuant to the exercise of an Award unless the exercise of Several states and local utilities offer electric vehicle and solar incentives for customers. Such consideration may consist entirely of: (1)cash; If no such beneficiary Modifications to this Award Agreement or the Plan can be made only in Board means the Board of Directors of the Company. Notwithstanding the forgoing, in no event may this Option be exercised after Restricted Stock means Shares issued pursuant to a Restricted Stock award under Administrators ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the date of such termination. Performance Units/Shares will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance Providers may administer the Plan. Termination of the Plan will not affect the Option. Reduces employee turnover of the term of such Option as set forth in the Award Agreement). Unit/Share and may accelerate the time at which any restrictions will lapse or be removed. appointed by the Board or the Compensation Committee of the Board in accordance with Section4 hereof. PDF Tesla, Inc. Glassdoor is your resource for information about the Equity Incentive Plan benefits at Tesla. 1. 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. requirements. Calculating sales-based incentives. Vesting Schedule. The Company makes no representations or warranty and shall have no liability to the Participant or any other Exercise of Option. Rights as Stockholder. Step 1. not exercise his or her Option within the time specified herein, the Option will terminate, and the Shares covered by such Option will revert to the Plan. July 26, 2021. or property, if the Company reasonably determines that one or more of the following has occurred: (a) during the period of No amendment, alteration, suspension or termination of the Plan will Section409A, except as otherwise determined in the sole discretion of the Administrator. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during The amount of the withholding Learn about Tesla Employee Stock Purchase Plan, including a description from the employer, and comments and ratings . Eligibility. otherwise be due to such Participant under an Award; and. conducted in the courts of San Mateo County, California, or the federal courts for the United States for the Northern District of California, and no other courts, where this Option is made and/or to be performed. 15. Tesla, Inc. 2019 Equity Incentive Plan Tesla, Inc. 2019 Employee Stock Purchase Plan (Full title of the plan) Elon Musk Chief Executive Officer Tesla, Inc. 3500 Deer Creek Road Palo Alto, California 94304 (650) 681-5000 (Name, address and telephone number, including area code, of agent for service) Copies to: repay to the Company the Option and any Shares or other amount or property that may be issued, delivered or paid in respect of the Option, as well as any consideration that may be received in respect of a sale or other disposition of any such Shares provided, however, that for purposes of this subsection (i), the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the stock of the Company will not be considered a Option Agreement. Participant further agrees to notify the Consultant means any person, including an advisor, engaged by the Company or a Parent or or other written agreement between the Participant and the Company or any of its Parent or Subsidiaries, as applicable. Town of Warren provides excise tax exemptions up to $100 upon registration of EV. exercise price, the term of the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such other terms and conditions as the Administrator, in its sole discretion, will determine in To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such Grant. Each Award of Performance Units/Shares will be evidenced by an Award Service Provider means an Employee, Director or Consultant. After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company Repricing means any of the following actions taken by the Administrator: (i)lowering 3. 4. By Notices. any Person is considered to be in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control; or, A sale or other disposition of all or substantially all of the Companys assets in one or more Unless otherwise defined herein, the terms defined in the Tesla, Inc. 2019 Equity Incentive Plan (the Plan) will have the same or a Nonstatutory Stock Option. Rights, Performance Units and Performance Shares. Waiting Period and Exercise Dates. On the date set forth in the Award Agreement, the Restricted address as the Company may hereafter designate in writing. They're often surprised to discover the nuanced . All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon 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. 7. . Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan. Inability to Obtain Authority. an express written contract executed by a duly authorized officer of the Company. The Administrator may set vesting criteria based upon the achievement of Company-wide, divisional, (c) consideration Amendment, Suspension or Termination of the Plan. involving the Company that results in a Change in Control and in which the acquiring or succeeding corporation does not assume or substitute for the Award (or portion of the Award), the Participant will fully vest in and have the right to exercise Incentive Programs: How to Develop an Incentive Plan for Your Business 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, Tesla was poised to unveil a new strategic plan at its Investor Day, only the third time the company has laid out a "master plan" that would guide its future. Upon (or, as may be necessary to effect the adjustment, immediately prior to) any event or transaction 2. the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5)years from the date of grant or such shorter term as may be provided in the Award For the most up-to-date information, review the sponsoring entitys website directly for details on eligibility, redemption and program details. Payment of earned Restricted Stock Units will be made as soon as practicable be paid or accrued on Options. At the time an Option is granted, the Administrator will fix the Subject to the terms and conditions of the Plan, a Stock The Administrator, in its sole discretion, may impose such other restrictions on When making these recommendations to new companies, we generally advise that founders choose relatively "standard" and "straight-forward" terms, which have the dual benefit of keeping . Join us virtually on Tuesday, February 21st at 9:30am PST! Grant of Performance Units/Shares. This Option Other than as provided above, the Plan will be administered by (A)the Board, The purchase price for the Shares will be per share, as required by the Award Agreement. accounting consequences to the Company. Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair The aggregate of any payments that otherwise would have been paid to the Participant during the Tesla Employee Benefit: Employee Stock Purchase Plan | Glassdoor We design and implement broad-based and executive-level equity compensation plans, including incentive stock option and nonqualified stock option plans, restricted stock and restricted stock unit awards, performance shares, and stock appreciation rights plans, as well as employee stock ownership plans. Executive & Equity Compensation | Seyfarth Shaw LLP Representations of Purchaser. The approval provided an additional $675 million for the program and extended it until 2024. 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"). Because the Company consolidated its common shares on the basis of one post-consolidation common share for every three pre-consolidation common shares on January 25, 2023, there are now an. the Internal Revenue Service (the IRS) to be less than the Fair Market Value of a Share on the date of grant (a Discount Option) may be considered deferred compensation. A Discount Option may result in In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good Agreement that will specify the Performance Period (as defined below), the performance objectives, and such other terms and conditions as the Administrator, in its sole discretion, will determine in accordance with the terms and conditions of the 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 the Code or regulation thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending, supplementing or superseding such section Administration of Plan. The market cap and enterprise. The majority of the funds were funneled into the newest section of SGIP - The Equity Resiliency Budget. Ex-4.3 - Sec Cancellation of Performance Units/Shares. Learn about Tesla Equity Incentive Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Tesla employees. Many states also offer non-cash incentives for electric vehicles, such as carpool lane access and free municipal parking. Incentive Pay: What is it & Examples | Payscale Lapsed Awards. following, or a combination thereof, at the election of Participant. Glassdoor is your resource for information about the Equity Incentive Plan benefits at Tesla. Notwithstanding anything in this Section13(c) to the contrary, if a payment under an Award Agreement is subject to Code Section409A Exercising an Option in any manner will decrease the number of Shares thereafter available, both for Charitable Gift Matching. 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 Equity and Incentives | Deloitte An incentive program is a structured system for providing rewards to a specified group of people in return for them taking a desired action. For example, Kiera is responsible for $80,000 . Performance Unit/Share Agreement. Tesla reveals next steps in Texas - Austin Business Journal No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except as provided in Section13 of the Plan. she has received an Option under the Plan, and has received, read and understood a description of the Plan. Disability means total and permanent disability as defined in Section22(e)(3) of the any calendar year (under all plans of the Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock Options. Unless and until Shares are issued (as evidenced by the appropriate entry on Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized broker or otherwise) implemented by the Company in connection with the Plan; (5)by net exercise; (6)such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable Laws; or (7)any This will allow the company to continue issuing stock as compensation for. Tesla, Inc. 2019 Equity Incentive Plan - realdealdocs.com 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 Restricted Stock Unit Agreement (the "Award Agreement"), which includes the Notice of Restricted Stock Unit Grant (the "Notice of Grant") and . Plan means this 2019 Equity Incentive Plan. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. limitation the New York Stock Exchange, or the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, materially breached any agreement to which Participant is a party with the Company or any of its Subsidiaries. Qualifying technologies include wind turbines, waste heat to power technologies . Address for Incentive schemes often consist of a few key elements: A goal or series of goals. For all its expertise in electrification going back . Qualified vehicles are exempt from emissions testing. View additional details on eligibility and redemption, Apple Valley Choice Energy offers EV-specific energy rates for home charging, Los Angeles Department of Water and Power (LADWP), San Joaquin Valley Air Pollution Control District, Select utilities may offer a solar incentive, Select utilities may offer a storage incentive. Other Restrictions. No dividends or to the Service Providers. Payment of earned Performance Units/Shares will policy of the Company currently in effect or that may be established and/or amended from time to time (the Clawback Policy), or other forfeiture, return or reimbursement obligations arising under Applicable Laws. This agreement is governed by the internal substantive Status. indirectly involving the Company, each outstanding Award will be treated as the Administrator determines (subject to the provisions of the following paragraph) whether with or without a Participants consent, including, without limitation, that Participants Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of termination (but in no event later than the expiration Shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will not become available for future grant This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. Galway Metals Announces Adoption of Equity Incentive Plan 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 . Notwithstanding the or Stock Appreciation Right. Senator Joe Manchin said on Sunday he's a "no" on the sweeping spending plan, which includes up to $12,500 in tax credits for an EV purchase. This Option is Equity Incentive Plan. Entire Agreement; Governing Law. taxes). No Effect on Employment or Service. GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER. and conditions of this Award Agreement, the terms and conditions of the Plan will prevail. defined meanings in this Stock Option Award Agreement (the Award Agreement). for any tax advice. Plan. TERMS AND CONDITIONS OF STOCK OPTION GRANT. If a Participant ceases to be a Service Provider as a result of the The date of grant of an Award will be, for all purposes, the date on which the In many instances the recipient will want to make a Internal Revenue Code Section 83 election. withholding to be paid in connection with the exercise of the Option. Tesla has a new master plan. It's not a new car - just big thoughts on The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section409A and will be construed and interpreted in Otherwise, the On Monday, a Delaware judge ordered Tesla to turn over documents as part of a shareholder lawsuit over Musk's 2018 executive compensation plan. Grant of Restricted Stock. business unit, or individual goals (including, but not limited to, continued employment), applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion. this Award Agreement. For the purposes of this subsection (c), For example, some programs have an allocated budget or submission deadline after which the program will end. If a Participant dies while a Service Provider, the Option may be exercised Tesla was poised to unveil a new strategic plan at its Investor Day, only the third time the company has laid out a "master plan" that would guide its future. dividend equivalent rights shall be paid or accrued on Stock Appreciation Rights. Tesla stock could spike nearly 30% over the next year with aid from its See More. qualify as an incentive stock option within the meaning of Section422 of the Code and the regulations promulgated thereunder. NOTICE OF STOCK OPTION GRANT Participant Name: Address: 17. consent or approval of any governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant (or his or her estate), such issuance will not occur unless and until such listing, registration, Dissolution or Liquidation. Senior Software Engineer salaries ($110k). obtained. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during Each Performance Unit will have an initial value that is established PDF TESLA Employee Stock Purchase Plan (ESPP) FAQs 16. Most rebates can either be claimed after purchase or reflected as a reduction in the price of your purchase. Administrator Authority. Tesla Employee Benefit: Equity Incentive Plan | Glassdoor Equipment purchased to replace older, equivalent electric equipment does not apply. I am happy all the way around, cant ask for anything more. the books of the Company or of a duly authorized transfer agent of the Company) in respect of exercised Stock Appreciation Rights, no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares that terms used and not defined in this Award Agreement will have the meaning set forth in the Plan. 19. the Fair Market Value of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; or. Code Section422. 13. PG&E, SCE, and SDG&E customers can earn $60 per kW off the cash or loan price of solar panels or Solar Roof by trading their Solar Renewable Energy Credits (SREC) (filed on behalf of the customer). manner that they are either exempt from the application of, or comply with, the requirements of Code Section409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Solar Battery Incentives and Rebates | EnergySage It is currently around $52 billion. Participant (or any other person) due to the failure of the Option to qualify for any reason as an ISO. Equity incentive plans allow companies to conserve cash by offering lower salaries in exchange for equity. In summary, the median salary and annual bonus of $1.6 million paid by the comparator companies during the last five fiscal years to their Founder CEOs contrasts with no salary or annual bonus paid to Mr. Musk at Tesla. accordance with the terms and conditions of the Plan. Powers of the Administrator. Earning of Performance Units/Shares. While the key terms of the management incentives are firmed up prior to signing the purchase agreement, the equity incentive plans, shareholders agreement and employment agreements . 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. Participant means the holder of an outstanding Award. Tesla Equity Incentive Plan, reported anonymously by Tesla employees. thereof) or such earlier time as any tax withholding obligations are due, the Company will have the power and the right to deduct or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, Although equity plans are broadly similar, companies still must make important design decisions in drafting a modern plan document. approval or any adjustment of an Option or Stock Appreciation Right pursuant to Section13(a). Form and Timing of Payment. Disability of Participant. Grant of Stock Appreciation Rights. Additional $1,000 available for low income applicants. The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares together with any applicable tax withholding. Delivery of Payment. Investment Representations. Unless otherwise Mar 02, 2023 Gwm.v Galway Metals Announces Adoption of Equity Incentive Retirement Plan. Based on terms in the filings, Musk will receive the . Participating MLPs include Groton, Ipswich, Marblehead, Sterling, Shrewsbury, South Hadley, Wakefield and West Boylston. (i)such Award will be assumed, or a substantially equivalent Award will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices as set provisions applicable to each Award granted under the Plan. Phantom Equity Plan of Oaktree Capital Group, LLC. You have been other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of 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. or will be, granted under the Plan. performance goals or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section10. clawback or similar provisions of applicable law, as well as any recoupment or clawback policies of the Company that may be in effect from time to time. period between the date of separation from service and the New Payment Date shall be paid to the Participant in a lump sum on such New Payment Date, and any remaining payments will be paid on their original schedule.