Multiple Administrative Bodies. Then, in 2018, Tesla announced it was planning to cut another 9% of its 46,000-person workforce, citing the "normal ebb and flow of hiring and firing in a business." Tesla stands out amongst its tech star peers for a less cushy approach to performance management process. Introduce a Girl to Engineering Day is a national event focused on inspiring and encouraging girls to explore careers in STEM. Anticipation had built for days. PDF Tesla, Inc. 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). (a) Withholding Taxes. These awards can represent a significant part of your total compensationand should be taken into consideration as you build your overall financial plan. Each Performance Unit will have an initial value that is established Board is replaced during any twelve (12)month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election. the Participant (through accepting the Award) agrees that he or she is bound, such portion of the payment, compensation or other benefit shall not be paid before the day that is six months plus one day after the date of separation from of law principles thereof. The purchase price for the Shares will be per share, as required by the Award Agreement. transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid, and if such Shares of Restricted Stock are forfeited to the Company, such dividends or other distributions shall also be forfeited. be paid or accrued on Options. Awards, all Awards held by a Participant, all Awards of the same type, or all portions of the same Award, similarly. 5. Restricted Stock Unit means a bookkeeping entry representing an amount equal to the Fair Modifications to this Award Agreement or the Plan can be made only in Participant means the holder of an outstanding Award. Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock To the extent desirable to qualify transactions After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company other such incentives. Exercising an Option in any manner will decrease the number of Shares thereafter available, both for , the undersigned (Purchaser) hereby elects to purchase The median. The amount of the withholding Each Stock Appreciation Right grant will be evidenced by an Award Other than as provided above, the Plan will be administered by (A)the Board, The inability of the Company to obtain authority from any regulatory body 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. Award previously granted by the Administrator; to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that would 1. person exercising such Award to represent and warrant at the time of any such exercise that the Shares are being purchased only for investment and without any present intention to sell or distribute such Shares if, in the opinion of counsel for the or will be, granted under the Plan. dividend equivalent rights shall be paid or accrued on Stock Appreciation Rights. 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 Performance Units and Performance Shares granted to each Participant. otherwise be due to such Participant under an Award; and. If the Administrator makes Step 1. according to the terms of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement. Tesla Equity Incentive Plan, reported anonymously by Tesla employees. service (as determined under Code Section409A) (the New Payment Date), except as Code Section409A may then permit. The approval provided an additional $675 million for the program and extended it until 2024. 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 Mexico's President Andrs Manuel Lpez Obrador announces Tesla's plan Tesla Employee Benefit: Equity Incentive Plan | Glassdoor 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. Reference to a specific section of 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. PSAV Holdings LLC Phantom Unit Appreciation Plan and Award Agreement. The Company may, in its sole discretion, decide to deliver any documents related to Options awarded under the Status. 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. Waiting Period and Exercise Dates. hereunder. View additional details on eligibility and redemption. 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, Voting Rights as a Stockholder. During any Period of Restriction, Service Providers holding Shares of At the time an Option is granted, the Administrator will fix the materially breached any agreement to which Participant is a party with the Company or any of its Subsidiaries. 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 will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met, unless specifically provided otherwise under the applicable Award Agreement or other written agreement between the Participant and the Grant of Stock Appreciation Rights. Notwithstanding the foregoing, the rules applicable to Options set forth in Section6(d) relating to the maximum term and Stock Appreciation Right means an Award, granted alone or in connection with an Option, that 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. Removal of Restrictions. They're often surprised to discover the nuanced . These programs are subject to change or end at any time, and are outside of Teslas control. Administrator Authority. Purposes of the Plan. 7. All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon 1. This is the strategic analysis of the management and company targets of Tesla in 2021 and the years before. 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 PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED Otherwise, the Incentive Pay: What is it & Examples | Payscale Section409A, except as otherwise determined in the sole discretion of the Administrator. Purchaser acknowledges that exercise (in such form as the Administrator may specify from time to time) from the person entitled to exercise the Option, and (ii)full payment for the Shares with respect to which the Option is exercised (together with applicable withholding For purposes of Incentive Stock Options, no such leave may exceed three (3)months, unless reemployment upon expiration of Method of Payment. Restricted Stock means Shares issued pursuant to a Restricted Stock award under As equity compensation is growing to be more popular, restricted stocks and stock options are being offered to hundreds of thousands of employees every year. Administration of 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"). 20. 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. Termination of the Plan will not affect the The Administrator, in its 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 For example, some programs have an allocated budget or submission deadline after which the program will end. Expiration of Stock Appreciation Rights. To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section409A the Award will be granted, paid, settled or deferred in a manner that will meet 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 Section409A. Employer Identification No.) The Company, during the term of this Plan, will at all times reserve and keep available Amendment, Suspension or Termination of the Plan. on Performance Units/Shares may be earned in Shares or cash but will be subject to the same restrictions on transferability and forfeitability as the Performance Units/Shares with respect to which they relate, and if the Performance Units/Shares are such number of Shares as will be sufficient to satisfy the requirements of the Plan. Disability of Participant. If so accelerated, such Option will be considered as having vested as of the date specified by the Administrator. 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. Except as provided in this Section7 or the Award Agreement, Shares of Restricted will be entitled to receive payment from the Company in an amount determined by multiplying: The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; times. Notwithstanding any other provision herein, the Option and any Shares or other When the Company grants a Restricted Stock Award (discussed below) it will need to: (a) take a Board Action; (b) enter into a Restricted Stock Agreement and (c) provide a Notice of Restricted Stock Grant. Prior to July 1, 2022, RSUs vested over a three year period, with 1/3 vesting on each grant anniversary date.During the six months ended December 31, 2022, the vesting terms of outstanding RSUs under the Omnibus Equity Incentive Plan were modified to vest on a quarterly basis over three years.. Basics of Equity Compensation Programs | Moss Adams covered by each Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of any Period of Restriction or at such other time as the Administrator may determine. No Effect on Employment or Service. Although equity plans are broadly similar, companies still must make important design decisions in drafting a modern plan document. will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price. 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 By Reduces employee turnover Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. Tesla Employee Benefit: Employee Stock Purchase Plan | Glassdoor NOTICE OF STOCK OPTION GRANT Participant Name: Address: 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, 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 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 Withholding Requirements. Option. any restriction or limitation regarding any Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine; to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan; to prescribe, amend and rescind rules and regulations relating to the Plan, including rules and regulations 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. If a Participant dies while a Service Provider, the Option may be exercised 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. Cancellation. Termination of Relationship as a Service Provider. The Administrator will determine the acceptable form of consideration for Shares will not be issued pursuant to the exercise of an Award unless the exercise of accordance with the following schedule: This Option will be exercisable for three (3)months after the Participant ceases to be a Service Provider, unless such termination is due acting as a group (Person), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty percent (50%) of the total voting power of the stock of the Company; Participant, the Company and all other interested persons. Grant of Option. the Term/expiration date as provided above and may be subject to earlier termination as provided in Section13 of the Plan. Definitions. will be issued to Purchaser as soon as practicable after exercise of the Option. A merger, consolidation or similar transaction directly or indirectly involving the Company in which 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 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 Compliance with Code Section409A. To the extent determined appropriate by the Company in its discretion, it will have the right (but not the obligation) to satisfy any tax withholding obligations by reducing the number of Shares otherwise deliverable to The purposes of the [ Current Year ] Equity Incentive Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to Employees, Directors and Consultants and to promote the success of the Company's business. to participants death or Disability, in which case this Option will be exercisable for twelve (12)months after the Participant ceases to be a Service Provider. 6 employee stock plan mistakes to avoid - Retirement Plans, Investing 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. Purposes of the Plan. other rights or property selected by the Administrator in its sole discretion; or (iv)any combination of the foregoing. TERMS AND CONDITIONS OF STOCK OPTION GRANT. Energy Incentives | Tesla Support Glassdoor is your resource for information about the Employee Stock Purchase Plan benefits at Tesla. Tesla held an investor day on Wednesday. Parent means a parent corporation, whether now or hereafter existing, as defined require such Participants to forfeit, return or reimburse to the Company all or a portion of their Awards and any amounts paid thereunder pursuant to the terms of the Clawback Policy or as necessary or appropriate to comply with Applicable Laws. 3. In taking any of the actions permitted under this Section13(c), the Administrator will not be obligated to treat all (b) Method of Exercise. faith by the Administrator. It is currently around $52 billion. amount of the payment to be issued upon exercise of a Stock Appreciation Right will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Some communities and utility companies also offer additional incentives through cash back, discounted rate plans and other credits. At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise In fact, Tesla's enterprise value is less than their market cap as the $17.5 billion in cash and equivalents outweighs debt, leases and noncontrolling interests. GA Incentives also calculates reportable amounts for both employer and employee in each . 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. While workers still get a monthly salary, they may accept less pay than usual because they recognize the value of having equity in the company instead. 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. Tesla's Stock Option Grant to Elon Musk: Part 2 Options will be taken into account in the order in which they were granted, the Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted and calculation will be performed in accordance with The table below shows the estimated incentive value for Powerwall. an express written contract executed by a duly authorized officer of the Company. The per share exercise price for the Shares that will determine the Purchaser herewith delivers to the Company the full purchase price of the Shares and any required tax of the term of such Option as set forth in the Award Agreement). An Option will be deemed exercised when the Company receives: (i)a notice of Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date of grant. 21. unvested Performance Units/Shares will be forfeited to the Company, and again will be available for grant under the Plan. Subject to Section18 of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms Payment of earned Performance Units/Shares will Musk will receive no other compensation for. Company or any of its Parent or Subsidiaries, as applicable. Tesla, Inc. 2019 Equity Incentive Plan Restricted Stock Unit Agreement 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 Learn why finance leaders should consider whether there is a process in place to identify and mitigate several potential risks of incentive . Estimated Rebate Value. less than the exercise price of the original award; and (iv)taking any other action under the Plan that constitutes a repricing under Applicable Laws; provided that a Repricing shall not include any action taken with stockholder On the other hand, the value of the Musk Option "overwhelms" the value of stock options and other equity grants made by . Market Value of one Share, granted pursuant to Section8. determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions, if any, on such Shares have lapsed. Amendment and Termination.
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