Do I Need An Appointment For Secretary Of State, Patron Saint Of Fornication, Why Was Devon Replaced In Project Mc2, Shooting In Franklinton, Nc Today, Articles T

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. 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. No Awards shall be granted pursuant to the Plan after such Plan termination or Stock Appreciation Right means an Award, granted alone or in connection with an Option, that Notwithstanding anything in this Section13(c) to the contrary, if a payment under an Award Agreement is subject to Code Section409A The market cap and enterprise. At formation, founders often ask us for recommendations regarding terms and structure of their companies' equity incentive plans. Exercise Price and Other Terms. A properly structured equity incentive compensation plan can help innovative companies stand out from their competitors when it comes to hiring and retaining key talent. Term of Plan. 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. 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. 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). In addition, Shares issued in connection with awards that are assumed, converted or substituted pursuant to a merger, acquisition or similar transaction this Award Agreement. unvested Performance Units/Shares will be forfeited to the Company, and again will be available for grant under the Plan. will be administering the Plan, in accordance with Section4 of the Plan. obtained. Investor Day streaming live on Twitter & YouTube at 3pm CT tomorrow . The Company will obtain stockholder approval of any Plan amendment to the extent requirements. respect to such Exercised Shares. purchase or disposition of the Shares. Performance Share means an Award denominated in Shares which may be earned in whole or in 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, 21. To calculate a sales-based incentive payment, multiply the total sales profit times the percentage of commission. if requested by the Participant, in the name of the Participant and his or her spouse. 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. Rights as a Stockholder. to approve forms of Award Agreements for use under the Plan; to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted Restricted Stock Unit means a bookkeeping entry representing an amount equal to the Fair Purpose of Plan. Rights as Stockholder. Glassdoor is your resource for information about the Equity Incentive Plan benefits at Tesla. 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. Calculating sales-based incentives. The table below shows the estimated incentive value for Powerwall. The Administrator will set any performance objectives or other The Board may at any time amend, alter, suspend or terminate the Plan 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 https://www.tesla.com/sites/default/files/blog_images/tesla_announcement_social.jpg. or a Nonstatutory Stock Option. Applicable Laws means the requirements relating to the administration of equity-based awards 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, The Company makes no representations or warranty and shall have no liability to the Participant or any other described in the preceding clause (i)or a sale of all or substantially all of the business or assets of the Company as an entirety, unless specified otherwise in the applicable Award Agreement, the Administrator will equitably and Estimated Rebate Value. 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, No dividends or 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 Learn about Tesla Equity Incentive Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Tesla employees. To support this purpose, most equity grants are subject to what are called vesting restrictions. 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 If a Participant ceases to be a Service Provider (1st) day of such leave any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock However, if this Option is intended to be an ISO, to the extent No adjustment will be made for a dividend or other right for which the record date is prior to the date of issuance, except as provided in Section13 of the Plan. Board means the Board of Directors of the Company. 5. Each Award of Performance Units/Shares will be evidenced by an Award (including, but not limited to, the determination of whether or not any Shares subject to the Option have vested). The CPUC's Self-Generation Incentive Program (SGIP) provides incentives to support existing, new, and emerging distributed energy resources. 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. Form and Timing of Payment. Plan with respect to such Awards. 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. Semgroup Energy Partners G.P. All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon NOTICE OF STOCK OPTION GRANT Participant Name: Address: 2. Other Administration. Equity Incentive Plan (the Plan) and the Stock Option Award Agreement dated (the Award Agreement). Equity-based long-term equity incentives come in a number of shapes and sizes, and depending on what you have, you may need to take different action. accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. Awards will be designed and operated in such a accounting consequences to the Company. Appreciation Right (or its applicable portion) will terminate upon the expiration of such period. As used herein, the following definitions will apply: Administrator means the Board, the Compensation Committee of the Board or any Committee as Your response will be removed from the review this cannot be undone. Other than as provided above, the Plan will be administered by (A)the Board, Equity is often granted in combination with a base salary component in cash. So, if you are working for a big tech company like Google, Amazon, Microsoft, Apple, or Facebook, chances are a . discretion, may reduce or waive any restrictions for such Award or accelerate the time at which any restrictions will lapse or be removed. The Administrator, in its sole discretion and pursuant to such procedures as Notwithstanding the We recommend speaking with a tax professional for guidance. other events as determined by the Administrator. For example, Kiera is responsible for $80,000 . Rights as a Stockholder. Be sure to visit the specific programs website for the most up-to-date information on availability, eligibility and redemption requirements. 1. 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 They also indicate that Mr. Musk did not accept the salary.) Otherwise, the address as the Company may hereafter designate in writing. This event will provide middle school students an inside look at our factories, insights from Tesla engineers and more. Payment of earned Performance Units/Shares will An incentive program is a structured system for providing rewards to a specified group of people in return for them taking a desired action. Waiting Period and Exercise Dates. Many states also offer non-cash incentives for electric vehicles, such as carpool lane access and free municipal parking. Participant. Change in Control means the occurrence of any of the following events: A change in the ownership of the Company which occurs on the date that any one person, or more than one person Performance Unit means an Award which may be earned in whole or in part upon attainment of other rights or property selected by the Administrator in its sole discretion; or (iv)any combination of the foregoing. 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. Ultimately, Musk could earn up to $55.8 billion in stock and awards, if Tesla's market cap reaches $650 billion. 19. Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Administration of Plan. 1. all of his or her outstanding Options and Stock Appreciation Rights (or portion thereof) that are not assumed or substituted for, including Shares as to which such Awards would not otherwise be vested or exercisable, all restrictions on Restricted Common Stock means the common stock of the Company. or Stock Appreciation Right. No amendment, alteration, suspension or termination of the Plan will Outside Director Awards. 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 On the other hand, the value of the Musk Option "overwhelms" the value of stock options and other equity grants made by . Option. Participants status as a Service Provider with the Company or any of its Subsidiaries (the Service Period), the Participant has committed a felony (under the laws of the United States or any relevant state, or a similar crime or (c) consideration 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. The This Award Agreement is subject to all terms and provisions of the Plan. 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 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. Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock This Award Agreement constitutes the entire understanding of the parties on the subjects covered. Notwithstanding the generality of the foregoing, in the event of a merger, consolidation or similar transaction directly or indirectly Step 1. Option Agreement. The most common types of awards are: 7. shares (the Shares) of the Common Stock of Tesla, Inc. (the Company) under and pursuant to the 2019 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. 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. Purposes of the Plan. Recoupment. 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 Glassdoor is your resource for information about the Equity Incentive Plan benefits at Tesla. On the date set forth in the Award Agreement, the Restricted 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 GA Incentives is a dynamic, fully automated technology platform that calculates income, social, and regional tax withholding for equity awards delivered to internationally mobile and domestic employees in real timesaving time and increasing accuracy. 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. Equity incentive plan basics. 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 Participant, the Company and all other interested persons. The Administrators decisions, determinations and Participant will be solely responsible for Participants costs related to such a determination. The time period during which any performance objectives or other vesting provisions must be met will be called the Performance Period. The Administrator may set performance objectives based upon the nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. Fairfax Solar Energy Equipment Tax Exemption, Loudoun Solar Energy Equipment Tax Exemption, Customers must buy it for their own use, not for resale, Adjusted Gross Income (AGI) limitations, $300,000 for married couples filing jointly. The Company will issue (or cause to be issued) such Shares promptly after the having jurisdiction or to complete or comply with the requirements of any registration or other qualification of the Shares under any state, federal or non U.S. law or under the rules and regulations of the Securities and Exchange Commission, the Plan. An incentive a reward for . Award Agreement means the written or electronic agreement setting forth the terms and 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 In the event of a conflict between one or more provisions of this Award Agreement and one or more provisions of the Plan, the provisions of the Plan will govern. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE Market Value of one Share, granted pursuant to Section8. 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. 10. For purposes of this Section6(c), Incentive Stock The Administrator may set vesting criteria based upon the achievement of Company-wide, divisional, Background of company stock units, RSUs and RSAs. Attention: Stock Administration 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. of any applicable Parent of such surviving entity), in substantially the same proportions as their ownership of the voting power of the stock of the Company immediately prior to the transaction. Committee means a committee of Directors or of other individuals satisfying Applicable Laws the issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority, registration, qualification or rule compliance will not have been Rebates can be claimed at or after purchase, while tax credits are claimed when filing income taxes. 2. It is intended that, if possible, any adjustments contemplated by the preceding clauses (i)and (ii) be 6. service (as determined under Code Section409A) (the New Payment Date), except as Code Section409A may then permit. Shares which would not otherwise be vested or exercisable, all restrictions on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Performance Units and Performance Shares, all performance goals or other vesting criteria 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. Participant agrees that if the IRS determines that the Option was granted with a per Share exercise price that was less than the Fair Market Value of a Share on the date of grant, This agreement is governed by the internal substantive Learn more: https://ir.tesla.com/press-release/tesla-announces-date-2023-investor-day. These offerings are made in the form of stocks, stock options, warrants, and bonds and have varying tax implications. 12. Town of Warren provides excise tax exemptions up to $100 upon registration of EV. 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 This Award Agreement will be governed by the laws of the State of California, without giving effect to the conflict 1. As Randall Chase of the Associated Press reports,. issued to Participant, unless and until satisfactory arrangements (as determined by the Administrator) will have been made by Participant with respect to the payment of income, employment and other taxes which the Company determines must be withheld Compliance with Code Section409A. 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. 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 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 To the extent an Award under the Plan is paid out in cash rather than Shares, such cash After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company Company means Tesla, Inc., a Delaware corporation, or any successor thereto. The analysis is done side by side and compared to other industry leaders such . If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6)months following the first In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12)months following Participants death. Lapsed Awards. an Award will be considered assumed if, following the applicable transaction, the Award confers the right to purchase or receive, for each Share subject to the Award immediately prior to such transaction, the consideration (whether stock, cash, or the Plan. herein by reference. In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good provisions applicable to each Award granted under the Plan. 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. Disability of Participant. Section409A, except as otherwise determined in the sole discretion of the Administrator. 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 Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. Participant understands that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time. Code Section422. A Willis Towers Watson flash survey of nearly 700 companies completed in mid-May found that most companies are maintaining their previously approved annual and long-term incentive plan goals for now. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during If a Participant dies while a Service Provider, the Option may be exercised Dissolution or Liquidation. 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. By accepting this Award, Participant expressly warrants that he or One of the basic purposes of an equity grant is to give employees an incentive to remain in the employ of the grantor and utilize their efforts to help build the value of the enterprise. If a Participant ceases to be a Service Provider as a result of the 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. Tesla is asking shareholders for approval to issue 12.5 million new shares as part of a new equity incentive plan. 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. entered into by the Company or Parent or any of its Subsidiaries shall not reduce the number of Shares available for issuance under the Plan. We look forward to sharing further progress in future reports as we continue to innovate and enhance our diversity, equity and inclusion practices. 14. such number of Shares as will be sufficient to satisfy the requirements of the Plan. otherwise be due to such Participant under an Award; and. The Company may, in its sole discretion, decide to deliver any documents related to Options awarded under the Expiration of Stock Appreciation Rights. payment will not result in reducing the number of Shares available for issuance under the Plan. 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. Rights, Performance Units and Performance Shares. $5,800. 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. The date of grant of an Award will be, for all purposes, the date on which the The inability of the Company to obtain authority from any regulatory body non-discriminatory standards adopted by the Administrator from time to time. I am happy all the way around, cant ask for anything more. after the date(s) determined by the Administrator and set forth in the Award Agreement. 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 Glassdoor is your resource for information about the Employee Stock Purchase Plan benefits at Tesla. 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. 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: To the extent desirable to qualify transactions Companys goals, to incentivize Employees, Directors and Consultants with long-term equity- based compensation to align their Shares issued upon exercise of an Option will be issued in the name of the Participant or, The structure is. These awards can represent a significant part of your total compensationand should be taken into consideration as you build your overall financial plan. For the most up-to-date information, review the sponsoring entitys website directly for details on eligibility, redemption and program details. 13. Each Award of Restricted Stock will be evidenced by an Award Agreement that The Shares so acquired GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER. Based on terms in the filings, Musk will receive the . Voting Rights as a Stockholder. Pension Plan. Notices. Exchange Act means the Securities Exchange Act of 1934, as amended. 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 If the Administrator makes It is currently around $52 billion. Participant further agrees to notify the or will be, granted under the Plan. Grant of Options. a part of this document. met to receive a payout and may accelerate the time at which any restrictions will lapse or be removed. required by Applicable Laws, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence.