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 Limitations. 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. required by Applicable Laws, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. 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 Earning Restricted Stock Units. 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. Subject to the terms and conditions of the Plan, the Administrator will have complete discretion in determining the number of Many companies, optimistic about these benefits, start equity compensation programs without sufficient planning. Musk will receive no other compensation for. Plan. The term of each Option will be ten (10)years from the date of grant or such The Company, during the term of this Plan, will at all times reserve and keep available In taking any of the actions permitted under this Section13(c), the Administrator will not be obligated to treat all (c) consideration 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. Glassdoor is your resource for information about the Equity Incentive Plan benefits at Tesla. Tesla's Stock Option Grant to Elon Musk: Part 2 - Yahoo! The per share exercise price for the Shares that will determine the On January 1, 2023, the Inflation Reduction Act of 2022 qualified certain electric vehicles (EVs) for a tax credit of up to $7,500. Equity incentive plans allow companies to conserve cash by offering lower salaries in exchange for equity. 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. During any Period of Restriction, Service Providers holding Shares of Tesla Employee Benefit: Employee Stock Purchase Plan | Glassdoor So, if you are working for a big tech company like Google, Amazon, Microsoft, Apple, or Facebook, chances are a . Transferability of Awards. Under the net number of Shares actually issued pursuant to such Stock Appreciation Rights) will cease to be available under 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: 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 . The Senior Software Engineer salaries ($110k). Agreement. If the Administrator makes Elon Musk's new $2.6 billion compensation plan approved by Tesla Participant (unless such resignation is at the request of the acquirer), then the Participant will fully vest in and have the right to exercise Options and/or Stock Appreciation Rights as to all of the Shares underlying such Award, including those Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchasers 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). Fair Market Value means, as of any date, the value of Common Stock determined as follows: If the Common Stock is listed on any established stock exchange or a national market system, including without 8. qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company. Termination of the Plan will not affect the The CPUC's Self-Generation Incentive Program (SGIP) provides incentives to support existing, new, and emerging distributed energy resources. exercise price will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Shares will not be issued pursuant to the exercise of an Award unless the exercise of No dividends or Grant of Options. Each Award of Restricted Stock will be evidenced by an Award Agreement that Musk won't get the. Free Equity Incentive Plan Template & FAQs - Rocket Lawyer will be issued to Purchaser as soon as practicable after exercise of the Option. faith by the Administrator. The table below shows the estimated incentive value for Powerwall. terms used and not defined in this Award Agreement will have the meaning set forth in the Plan. Depending on your location, state and local utility incentives may be available for electric vehicles and solar systems. 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, Participant further agrees to notify the 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. Subject to the terms and provisions of the Plan, the Administrator, at any time and accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. Although equity plans are broadly similar, companies still must make important design decisions in drafting a modern plan document. of the term of such Option as set forth in the Award Agreement). Section409A. Rights, Performance Units and Performance Shares. Neither the Plan nor any Award will confer upon a Participant any respect to such Exercised Shares. Modifications to the Agreement. subject to all of the terms and conditions in this Award Agreement and the Plan, which is incorporated herein by reference. determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions, if any, on such Shares have lapsed. After the Administrator determines that it will grant Restricted Stock Mexico can't match U.S. incentives for proposed Tesla battery plant The most common types of awards are: Expiration of Stock Appreciation Rights. 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. and if the change in control definition contained in the Award Agreement or other agreement related to the Award does not comply with the definition of change in control for purposes of a distribution under Code Section409A, then The number of Shares with respect to which the Stock Appreciation Right is exercised. 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 Withholding Requirements. Inability to Obtain Authority. This program offers a similar rebate-style incentive to California's SGIP program, with the state currently offering a $250 per kilowatt rebate to Long Island residents. 18. Period of Restriction means the period, if any, during which the transfer of Shares of 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. Ultimately, Musk could earn up to $55.8 billion in stock and awards, if Tesla's market cap reaches $650 billion. Each Award of an Option will be evidenced by an Award Agreement that will specify the 2. 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 Tesla Annual Meeting: What Proposals Shareholders Will Consider Calculating sales-based incentives. 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. If at any time the Company will determine, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the EV tax credits: Manchin a no on Build Back Better bill, putting $12,500 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. If a Participant ceases to be a Service Provider Mexico's President Andrs Manuel Lpez Obrador announces Tesla's plan Basics of Equity Compensation Programs | Moss Adams 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 Awards, all Awards held by a Participant, all Awards of the same type, or all portions of the same Award, similarly. Tesla Inc. is a large automotive and energy enterprise launched in 2003 and located in Palo Alto, CA (Tesla, 2019). Grant of Stock Appreciation Rights. Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance Units or Performance Shares. Agreement that will specify the exercise price, the term of the Stock Appreciation Right, the conditions of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine in accordance with the terms and Purchaser herewith delivers to the Company the full purchase price of the Shares and any required tax
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