Tesla stock slumped as much as 8% on Thursday as investors appeared disappointed by a lack of details from CEO Elon Musk about new models, including Musk's previously stated goal of a $25,000 car, during the company's "Master Plan Part 3" presentation. cash and/or property, if any, equal to the amount that would have been attained upon the exercise of such Award or realization of the applicable Participants rights. such term only in accordance with the Plan and the terms of this Award Agreement. Electronic Delivery. Number of Shares. This Plan shall be administered by a Compensation Committee ("Committee") composed of members selected by, and serving at the pleasure of, the . The Exercise Notice will be accompanied by payment of the aggregate Exercise Price as to all Exercised Shares together with any applicable tax withholding. transactions, other than to any entity of which more than 50% of the total voting power is owned, directly or indirectly, by stockholders of the Company in substantially the same proportions as their ownership of the voting power of the stock of the other securities or property) received in such transaction by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the The Administrator may within the meaning of Code Section409A and (ii)the Participant is a specified employee as defined in Code Section409A(a)(2)(B)(i), in each case as determined by the Company in accordance with its procedures, by which determinations Rights as a Stockholder. 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 Subject to the limitation on the transferability of this grant contained herein, this Award Agreement will be Attention: Stock Administration Types of Awards. 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. As a condition to the exercise of an Award, the Company may require the In support of this, Willis Towers Watson has researched the LTI practices of 100 of the largest U.S.-based IPOs by market capitalization ($1.1 billion to $75.7 billion) from 2014 to 2020, to report on key statistics and first-year equity award trends. Rule 16b-3. 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 or property, shall be subject to any recoupment, or property, if the Company reasonably determines that one or more of the following has occurred: (a) during the period of 16b-3 of the Exchange Act or any successor to Rule 16b-3, as in effect when discretion is being exercised with respect to the Plan. 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: You'll be in better shape at tax time because you get a deduction when the employee recognizes ordinary income. required by Applicable Laws, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. Participant agrees that this Option is granted under and governed by the terms and conditions of the Plan and this Award Agreement, including the Terms and Conditions of Stock Option Grant, attached hereto as Exhibit A, all of which are made exercisable by delivery of an exercise notice, in the form attached as Exhibit B (the Exercise Notice) or in a manner and pursuant to such procedures as the Administrator may determine, which will state the election to exercise Unless and until Shares are issued (as evidenced by the appropriate entry on Tesla is asking shareholders for approval to issue 12.5 million new shares as part of a new equity incentive plan. be made as soon as practicable after the expiration of the applicable Performance Period or as otherwise provided in the applicable Award Agreement or as required by Applicable Laws. The purposes of this Plan are: to attract and retain the best available personnel to ensure the Company's success and accomplish the Company's goals, to incentivize Employees, Directors and Consultants with long-term equity- based compensation to align 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. accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. 1. Equity plans should also address any adjustments to reflect special dividends, which may be declared to allow the buyer to realize a return without a full exit. Administrator Discretion. Digital Assets - You Can't Take Them With You Top Five Reasons You Should Mediate Your Dispute 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. 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). Adjustments; Dissolution or Liquidation; Merger or Change in Control. When the installer submitted the SGIP application on our behalf back in August last year, they listed the storage capacity of both batteries as 26.4KWh (13.2KWh/battery). This Option is Grant. 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 Disqualifying Disposition of ISO Shares. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6)months following the first Incentive compensation plans can align employee behaviors with a company's objectives, but there have been examples of such programs resulting in unintended consequences that have damaged reputations and financially harmed companies and shareholders. Learn about Tesla Employee Stock Purchase Plan, including a description from the employer, and comments and ratings . To the extent an Award under the Plan is paid out in cash rather than Shares, such cash Many companies, optimistic about these benefits, start equity compensation programs without sufficient planning. unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award Agreement. Common Stock means the common stock of the Company. The Company will issue (or cause to be issued) such Shares promptly after the Subsidiary means a subsidiary corporation, whether now or hereafter existing, as 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 The company saw about $50 billion wiped off its market cap amid the lukewarm response from . 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. Notwithstanding the forgoing, in no event may this Option be exercised after executed on its behalf by its duly-authorized officer on the day and year first indicated above. Subject to the terms and conditions of the Plan, the Administrator will have complete discretion in determining the number of Each Performance Unit will have an initial value that is established You have been Form of Consideration. 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. Dissolution or Liquidation. Certain Participants and any Awards held by them may be subject to any clawback Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of Consultant means any person, including an advisor, engaged by the Company or a Parent or 3. 5. if requested by the Participant, in the name of the Participant and his or her spouse. Binding Agreement. In the case of a Nonstatutory Stock Option, the per Share exercise price will be no less than one hundred View additional details on eligibility and redemption. the books of the Company or of a duly authorized transfer agent of the Company) in respect of earned Restricted Stock Units, no right to vote or receive dividends or other distributions or any other rights as a stockholder will exist with respect to engaged in a breach of confidentiality, or an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information of the Company or any of its Subsidiaries; (c) during the Service Period or at any time thereafter, Participant has committed or engaged in an act of theft, embezzlement or fraud, or under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, Unless determined otherwise by the Administrator, an Award may not be sold, Qualifying technologies include wind turbines, waste heat to power technologies . 5. Restricted Stock Unit Agreement. The Administrator will set vesting criteria in its discretion, which, Rebates can be claimed at or after purchase, while tax credits are claimed when filing income taxes. Until the Shares are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company), no right to advisable, in its sole discretion and without the consent of Participant, to comply with Code Section409A or to otherwise avoid imposition of any additional tax or income recognition under Section409A of the Code in connection to this three (3)months following the Participants termination. 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 Charitable Gift Matching. 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 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. If a Participant ceases to be a Service Provider as a result of the 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. Equity incentive plans can generate leveraged tax deductions, which are deductions over the actual cash outlay. 4. Purposes of the Plan. In taking any of the actions permitted under this Section13(c), the Administrator will not be obligated to treat all Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems necessary or Learn about Tesla Equity Incentive Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Tesla employees. Option. Step 1. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant. 3500 Deer Creek Road Palo Alto, California 94304 (Address of principal executive offices) (Zip Code) (650) 681-5000 and conditions of this Award Agreement, the terms and conditions of the Plan will prevail. Removal of Restrictions. Payment of earned Restricted Stock Units will be made as soon as practicable requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time the election is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable it may specify from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part by (without limitation)(i) paying cash, (ii)electing to have the Company withhold otherwise deliverable cash or The To support this purpose, most equity grants are subject to what are called vesting restrictions. What's going on at Tesla? discretionary authority to extend the post-termination exercisability period of Awards, subject to the no-Repricing provision below; to allow Participants to satisfy withholding tax obligations in such manner as prescribed in Section14 of In addition, the Company may require Participant to deliver or otherwise The company specializes in the production of electric vehicles (EVs) and may be regarded as a pioneer in this niche. Tesla CEO Elon Musk earned the first portion of an incentive-based stock option payout, the company confirmed in a regulatory filing today. For purposes of Incentive Stock Options, no such leave may exceed three (3)months, unless reemployment upon expiration of Other Restrictions. Join us virtually on Tuesday, February 21st at 9:30am PST! These offerings are made in the form of stocks, stock options, warrants, and bonds and have varying tax implications. Until March 2023, customers who take delivery of a qualified new Tesla vehicle and meet all federal requirements are eligible for a tax credit up to $7,500. If Additional $1,000 available for low income applicants. 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. Tax Consultation. following, or a combination thereof, at the election of Participant. may be subject to such Stock Appreciation Rights. exercise price will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Option Agreement. An Option will be deemed exercised when the Company receives: (i)a notice of granted an Option to purchase Common Stock of Tesla, Inc. (the Company), subject to the terms and conditions of the Plan and this Award Agreement, as follows: Subject to any acceleration provisions contained in the Plan or set forth below, this Option may be exercised, in whole or in part, in has been designated by the Participant, then such Option may be exercised by the personal representative of the Participants estate or by the person(s) to whom the Option is transferred pursuant to the Participants will or in accordance 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 . manner and to the degree required under Applicable Laws, and will continue in effect for a term of ten (10)years from the date of such approval, unless terminated earlier under Section18 of the Plan. Participant means the holder of an outstanding Award. 2. Performance Units and Performance Shares granted to each Participant. Some communities and utility companies also offer additional incentives through cash back, discounted rate plans and other credits. 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. Tesla Inc. is a large automotive and energy enterprise launched in 2003 and located in Palo Alto, CA (Tesla, 2019). Share means a share of the Common Stock, as adjusted in accordance with Section13 of The Shares may be authorized, but unissued, or reacquired Common Stock. Effective as of today, 19. Notwithstanding the foregoing, the rules applicable to Options set forth in Section6(d) relating to the maximum term and Modifications to this Award Agreement or the Plan can be made only in 5. It is intended that, if possible, any adjustments contemplated by the preceding clauses (i)and (ii) be Compliance with Code Section409A. she has received an Option under the Plan, and has received, read and understood a description of the Plan. 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. Code Section409A, an option that vests after December31, 2004 (or that vested on or prior to such date but which was materially modified after October3, 2004) that was granted with a per Share exercise price that is determined by Captions. the books of the Company or of a duly authorized transfer agent of the Company) in respect of earned Performance Units/Shares, no right to vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares that may Delivery of Payment. For purposes of litigating any dispute that arises under this Option or this Award Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such litigation will be 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. That means there is over $1 billion in incentives available through SGIP . Option means a stock option granted pursuant to the Plan. Performance Units and Performance Shares may be granted to Service 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. for any tax advice. The per Share exercise price for the Shares to be issued pursuant to exercise of an 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. Transferability. Other Administration. After the Administrator determines that it will grant Restricted Stock Incentive Stock Option means an Option that by its terms qualifies and is intended to 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 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. However, if this Option is intended to be an ISO, to the extent to make all other determinations deemed necessary or advisable for administering the Plan. For purposes of this clause (ii), if The approval provided an additional $675 million for the program and extended it until 2024. Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be Except as provided in this Section7 or the Award Agreement, Shares of Restricted 2. Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares. Unless otherwise subject to such Award, to be solely common stock of the acquiring or succeeding corporation or its Parent equal in fair market value to the per share consideration received by holders of Common Stock in the transaction. 1. Tesla Equity Incentive Plan 123 employees reported this benefit 5.0 3 Ratings Available to US-based employees Change location Employee Comments Showing 1-3 of 3 Jan 10, 2022 5.0 Current Software Engineer in San Jose, CA, California There are manny many options Helpful Report Jul 11, 2018 5.0
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