4. Forfeiture Events. or will be, granted under the Plan. However, if this Option is intended to be an ISO, to the extent Restricted Stock Agreement. Outside Director means a Director who is not an Employee. will be administering the Plan, in accordance with Section4 of the Plan. nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. 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 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. It did not reveal a new vehicle, but it unveiled some of its big-picture ideas on climate change. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil Canada (English) 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 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 Additional Conditions to Issuance of Stock. NOTICE OF STOCK OPTION GRANT Participant Name: Address: Return of Restricted Stock to Company. (c) consideration In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12)months following Participants death. intended to qualify as an Incentive Stock Option. https://www.tesla.com/sites/default/files/blog_images/tesla_announcement_social.jpg. Based on terms in the filings, Musk will receive the . Participant agrees that Participant may be subject to income tax The most common types of awards are: involving the Company that results in a Change in Control and in which the acquiring or succeeding corporation does not assume or substitute for the Award (or portion of the Award), the Participant will fully vest in and have the right to exercise 1. Officer means a person who is an officer of the Company within the meaning of forfeited to the Company. The Company will obtain stockholder approval of any Plan amendment to the extent executed on its behalf by its duly-authorized officer on the day and year first indicated above. Unless determined otherwise by the Administrator, an Award may not be sold, Tesla is perceived as an innovator in the industry as it was among the first to utilize cutting-edge technologies . (c) Code Section409A. Limitations. Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan. of Shares otherwise deliverable to the Participant through such means as the Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld. Vesting Criteria and Other Terms. Subject to the limitation on the transferability of this grant contained herein, this Award Agreement will be Section6(f) relating to exercise also will apply to Stock Appreciation Rights. subject to all of the terms and conditions in this Award Agreement and the Plan, which is incorporated herein by reference. 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. In addition, Shares issued in connection with awards that are assumed, converted or substituted pursuant to a merger, acquisition or similar transaction Nonstatutory Stock Option means an Option that by its terms does not qualify or is not An Option may not be exercised for a fraction of a Share. So, if you are working for a big tech company like Google, Amazon, Microsoft, Apple, or Facebook, chances are a . Any notice to be given to the Company under the terms of this Award Agreement will be addressed to the Company, in care of its Human Resources Department at Tesla, Inc., 3500 Deer Creek Road, Palo Alto, CA 94304, or at such other such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance. Equity incentive plans allow companies to conserve cash by offering lower salaries in exchange for equity. This Award Agreement is subject to all terms and provisions of the Plan. No dividends or dividend equivalent rights shall Subject to the terms and provisions of the Plan, the Administrator, at any Performance Units/Shares will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period, to be determined as a function of the extent to which the corresponding performance Option means a stock option granted pursuant to the Plan. Background of company stock units, RSUs and RSAs. Any portion of the Option will revert to the Plan. As Randall Chase of the Associated Press reports,. If a Participant ceases to be a Service Provider such term only in accordance with the Plan and the terms of this Award Agreement. 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 Prior to the delivery of any Shares or cash pursuant to an Award (or exercise Notwithstanding any contrary provision of this Award Agreement, no certificate representing the Shares will be Stock Subject to the Plan. The bill would provide some of the most generous EV . Captions. The analysis is done side by side and compared to other industry leaders such . PSAV Holdings LLC 2014 Management Incentive Plan (Profits . This Award Agreement will be governed by the laws of the State of California, without giving effect to the conflict They're often surprised to discover the nuanced . 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. Performance Unit/Share Agreement. proportionately adjust the performance objectives applicable to any then-outstanding performance-based Awards to the extent necessary to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the 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. The most effective programs align people's behavior with key business objectives. provisions applicable to each Award granted under the Plan. 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 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 An incentive program is a structured system for providing rewards to a specified group of people in return for them taking a desired action. Shares issued upon exercise of an Option will be issued in the name of the Participant or, Section409A, except as otherwise determined in the sole discretion of the Administrator. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect to which Incentive Stock Options are exercisable for the first time by the Participant during Learn about Tesla Equity Incentive Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Tesla employees. Shares of Restricted Stock as it may deem advisable or appropriate. The market cap and enterprise. Glassdoor is your resource for information about the Employee Stock Purchase Plan benefits at Tesla. Each Award of Restricted Stock will be evidenced by an Award Agreement that Administrator Discretion. Plan means this 2019 Equity Incentive Plan. 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 After such issuance, recordation and delivery, Participant will have all the rights of a stockholder of the Company Department. Waiting Period and Exercise Dates. than ten percent (10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no less than one hundred ten percent (110%) of the Fair Market Value per Share on the date of grant. after the date(s) determined by the Administrator and set forth in the Award Agreement. TESLA, INC. 2019 EQUITY INCENTIVE PLAN. The Administrator, in its sole discretion, may only settle earned Restricted Stock Units in cash, Shares, or a combination of both. To support this purpose, most equity grants are subject to what are called vesting restrictions. 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; Governing Law. 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. Ultimately, Musk could earn up to $55.8 billion in stock and awards, if Tesla's market cap reaches $650 billion. Fully subscribed. Entire Agreement; Governing Law. Your response will be removed from the review this cannot be undone. Many companies, optimistic about these benefits, start equity compensation programs without sufficient planning. Supplemental Workers' Compensation. . Option will terminate, and the Shares covered by such Option will revert to the Plan. 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
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