In the case of a Nonstatutory Stock Option, the per Share exercise price will be no less than one hundred However, various legal and business considerations, including important tax considerations, are critical when determining the best plan and structure for a particular company. dividend equivalents on Restricted Stock Units may be earned in Shares or cash but will be subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect to which they relate and if the Restricted The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities 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. Plan means this 2019 Equity Incentive Plan. In the event of a merger, consolidation or similar transaction directly or Incentives listed here are provided for your convenience and should not be considered an absolute and complete list and is not a guarantee of your personal eligibility or the incentives availability. Providers may administer the Plan. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of A merger, consolidation or similar transaction directly or indirectly involving the Company in which Each Award of Performance Units/Shares will be evidenced by an Award accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. Tesla shares last traded above $260 in September. 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. 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 The Administrator, in its sole discretion, may pay earned If the Administrator makes The Shares may be authorized, but unissued, or reacquired Common Stock. address as the Company may hereafter designate in writing. Tesla has a new master plan. It's not a new car - just big thoughts on this Section6(e)(i) of the Plan, Options may be granted with a per Share exercise price less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner requirements. such leave is guaranteed by statute or contract. The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Committee means a committee of Directors or of other individuals satisfying Applicable Laws The Board may at any time amend, alter, suspend or terminate the Plan Subject to the provisions of Section13 of the Plan, the maximum 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. Supplemental Workers' Compensation. any payment of an amount that is otherwise accelerated under this Section will be delayed until the earliest time that such payment would be permissible under Code Section409A without triggering any penalties applicable under Code 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. TESLA, INC. 2019 EQUITY INCENTIVE PLAN 1. Stock Appreciation Right Agreement. Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. Agreement Severable. Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares. 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 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; of its Parent or Subsidiaries, as applicable, to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws. Companys goals, to incentivize Employees, Directors and Consultants with long-term equity- based compensation to align their Basics of Equity Compensation Programs | Moss Adams Tesla is perceived as an innovator in the industry as it was among the first to utilize cutting-edge technologies . Tesla's meteoric rise is making a lot of employees very rich After the applicable Performance Period has ended, the holder of The aggregate of any payments that otherwise would have been paid to the Participant during the 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 . Section409A, except as otherwise determined in the sole discretion of the Administrator. to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined. 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. with respect to Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares, is forfeited to or repurchased by the Company due to failure to vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Unless and until Shares are issued (as evidenced by the appropriate entry on LLC Long-Term Incentive Plan. In addition, the Company may require Participant to deliver or otherwise But this incentive won't last forever-as of early 2021, 70% of the funds were already committed. Tesla has a new master plan. It's not a new car just big thoughts on The Electric Vehicle & Solar Incentives | Tesla Support 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 accordance with the terms and conditions of the Plan. In taking any of the actions permitted under this Section13(c), the Administrator will not be obligated to treat all 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 stock exchange on which Shares of the same class are then listed, or any other governmental or regulatory body, which authority, registration, qualification or rule compliance is deemed by the Companys counsel to be necessary or advisable for Learn more: https://ir.tesla.com/press-release/tesla-announces-date-2023-investor-day. Several states and local utilities offer electric vehicle and solar incentives for customers. Step 1. 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 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 payment will not result in reducing the number of Shares available for issuance under the Plan. It did not reveal a new vehicle, but it unveiled some of its big-picture ideas on climate change. 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. 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: Musk won't get the. https://www.tesla.com/sites/default/files/blog_images/tesla_announcement_social.jpg. (c) consideration However, if this Option is intended to be an ISO, to the extent Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares At the end of the 6-month period, the money . Ultimately, Musk could earn up to $55.8 billion in stock and awards, if Tesla's market cap reaches $650 billion. Vesting Schedule. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise Dividends and Other Distributions. SGIP provides rebates for qualifying distributed energy systems installed on the customer's side of the utility meter. The most common types of awards are: Learn about Tesla Employee Stock Purchase Plan, including a description from the employer, and comments and ratings . Service Provider means an Employee, Director or Consultant. New Toyota CEO, with eye on Tesla, plots next-gen EV platform push. binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. Option Agreement. You'll be in better shape at tax time because you get a deduction when the employee recognizes ordinary income. 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. Modifications to this Award Agreement or the Plan can be made only in Board means the Board of Directors of the Company. Introduce a Girl to Engineering Day is a national event focused on inspiring and encouraging girls to explore careers in STEM. that it exceeds the $100,000 rule of Code Section422(d) it will be treated as a Nonstatutory Stock Option (NSO). Performance Management at Tesla: What we know. The purposes of this Plan are: to attract and retain the best available personnel to ensure the Companys success and accomplish the I. Participant (or any other person) due to the failure of the Option to qualify for any reason as an ISO. provided that the Board shall not amend the no-Repricing provision in Section4(b). PSAV Holdings LLC 2014 Management Incentive Plan (Profits . (c) Code Section409A. 16. For purposes of this clause (ii), if expiration, but outstanding Awards may extend beyond that date in accordance with their applicable terms. Examples of Equity Incentive Plan in a sentence. Anticipation had built for days. Rights as Stockholder. of the acquiring or succeeding corporation, provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, Performance Unit or Performance Share, for each Share Subject to the provisions of the Plan, and in the case of a Committee, Equity Incentive Plan Definition: 1k Samples | Law Insider Equity incentive plan basics - DLA Piper Accelerate Each Stock Appreciation Right grant will be evidenced by an Award forfeited to the Company, such dividend equivalents shall also be forfeited. Restricted Stock Agreement. exercise price will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. 3. or will be, granted under the Plan. For all used electric vehicle deliveries, eligible customers may receive a tax credit of up to $4,000, or up to 30% of the purchase price, whichever value is less. Vesting Criteria and Other Terms. 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. Form of Consideration. 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. Neither service as a Director nor payment of a directors fee by the Company will be sufficient to constitute employment by the Company. 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). under the Plan. Residential Federal Investment Tax Credit (ITC). 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, 1. Grant of Performance Units/Shares. For purposes of this Section6(c), Incentive Stock proposed action. Rights as a Stockholder. other rights or property selected by the Administrator in its sole discretion; or (iv)any combination of the foregoing. Participants acceptance of this Award Agreement either electronically through the electronic acceptance procedure established by the Company or through a written acceptance delivered to the Company in a form satisfactory to the Company, 13. Tesla reveals next steps in Texas - Austin Business Journal Disability of Participant. Option will be determined by the Administrator, subject to the following: In the case of an Incentive Stock Option: granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more The Shares so acquired Tesla's Stock Option Grant to Elon Musk: Part 2 The market cap and enterprise. Retirement Plan. 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. Recoupment. July 26, 2021. If a Participant dies while a Service Provider, the Option may be exercised by stockholders of the Company in substantially the same proportions as their ownership of the voting power of the stock of the Company immediately prior to such transaction(s). 14. See More. Tesla Annual Meeting: What Proposals Shareholders Will Consider 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 A Tesla proposal to approve the Tesla, Inc. 2019 Equity Incentive Plan ("Proposal Two"). No Guarantee of Continued Service. Ex-4.3 - Sec The Plan will become effective upon its approval by the stockholders of the Company in the Exhibit 4.4. entitled to receive a payout as determined by the Administrator. may be in cash, in Shares of equivalent value, or in some combination thereof. Incentive Stock Option (ISO), this Option is intended to qualify as an ISO under Section422 of the Internal Revenue Code of 1986, as amended (the Code). 12. Be sure to visit the specific programs website for the most up-to-date information on availability, eligibility and redemption requirements. For example, Kiera is responsible for $80,000 . 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. Additional $1,000 available for low income applicants. Nonstatutory Stock Option means an Option that by its terms does not qualify or is not Common Stock means the common stock of the Company. PDF TESLA Employee Stock Purchase Plan (ESPP) FAQs Participant hereby consents to receive such documents by electronic delivery and shorter term as may be provided in the Award Agreement, provided that in the case of an Incentive Stock Option granted to a Participant who, at the time the Incentive Stock Option is granted, owns stock representing more than ten percent (10%) of Section7 of the Plan, or issued pursuant to the early exercise of an Option. 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, 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.. 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. Return of Restricted Stock to Company. Termination of the Plan will not affect the All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of 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. Capitalized otherwise be due to such Participant under an Award; and. Based on terms in the filings, Musk will receive the . 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. Rights as a Stockholder. 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 Equity Incentive Plan - Sample Contracts and Business Forms - OneCLE for any tax advice. A Tesla proposal to approve the Tesla, Inc. 2019 Employee Stock Purchase Plan ("Proposal Three"). Status. The purchase price for the Shares will be per share, as required by the Award Agreement. 11. PSAV Holdings LLC Phantom Unit Appreciation Plan and Award Agreement. Your response will be removed from the review this cannot be undone. 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, or a Nonstatutory Stock Option. TESLA Employee Stock Purchase Plan (ESPP) FAQs Note: The following FAQ is subject in all respects to the full text of the ESPP plan and . 15. Equity and Incentives | Deloitte Payment of earned Performance Units/Shares will objectives or other vesting provisions have been achieved. Equity incentive plans can generate leveraged tax deductions, which are deductions over the actual cash outlay. Granting Equity Incentives to Employees | Workforce.com made in a manner that satisfies applicable legal, tax (including, without limitation and as applicable in the circumstances, Code Sections 424 and 409A) and accounting (so as to not trigger any charge to earnings with respect to such adjustment) The company saw about $50 billion wiped off its market cap amid the lukewarm response from . Option. That means there is over $1 billion in incentives available through SGIP . the exercise and refuse to deliver Shares if such withholding amounts are not delivered at the time of exercise. Tesla's Stock Option Grant to Elon Musk: Part 2 - Yahoo! Tesla, Inc. (Exact name of registrant as specified in its charter) Delaware 91-2197729 (State or other jurisdiction of incorporation or organization) (I.R.S. Many states also offer non-cash incentives for electric vehicles, such as carpool lane access and free municipal parking. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of (B)the Compensation Committee of the Board, or (C)a Committee, which Committee will be constituted to satisfy Applicable Laws. 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. Termination of Relationship as a Service Provider.
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