Grant of Option. 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. Cancellation of Performance Units/Shares. 1. If a Participant dies while a Service Provider, the Option may be exercised The Company makes no representations or warranty and shall have no liability to the Participant or any other all performance goals or other vesting criteria will be deemed achieved at one hundred percent (100%) of target levels and all other terms and conditions met, in each case, unless specifically provided otherwise under the applicable Award Agreement payment will not result in reducing the number of Shares available for issuance under the Plan. achievement of Company-wide, divisional, business unit or individual goals (including, without limitation, continued employment), applicable federal or state securities laws, or any other basis determined by the Administrator in its discretion. 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. 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. Each Award of Restricted Stock will be evidenced by an Award Agreement that substituted for, if on the date of or following such assumption or substitution the Participants status as a Director or a director of the successor corporation, as applicable, is terminated other than upon a voluntary resignation by the Restricted Stock are subject to restrictions and therefore, the Shares are subject to a substantial risk of forfeiture. Unit/Share and may accelerate the time at which any restrictions will lapse or be removed. Equity compensation continues to be a popular strategy for companies to attract highly qualified candidates, boost employee engagement, and secure tax savings. objectives or other vesting provisions have been achieved. Subject to the limitation on the transferability of this grant contained herein, this Award Agreement will be 9. The Plan permits the grant of Incentive Stock Options, Nonstatutory Stock Options, Restricted Stock, Restricted Stock Units, Stock Appreciation Learn about Tesla Employee Stock Purchase Plan, including a description from the employer, and comments and ratings . Performance Units and Performance Shares may be granted to Service Mar 02, 2023 Gwm.v Galway Metals Announces Adoption of Equity Incentive Subject to Section18 of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such Shares. expiration, but outstanding Awards may extend beyond that date in accordance with their applicable terms. Officer means a person who is an officer of the Company within the meaning of These programs are subject to change or end at any time, and are outside of Teslas control. foreign or other taxes (including the Participants FICA obligation) required to be withheld with respect to such Award (or exercise thereof). the Plan; to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an The table below shows the estimated incentive value for Powerwall. accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. Rights, Performance Units and Performance Shares. Forfeiture Events. Supplemental Workers' Compensation. Inability to Obtain Authority. Board means the Board of Directors of the Company. Types of Awards. Performance Unit means an Award which may be earned in whole or in part upon attainment of Senior Software Engineer salaries ($110k). A Stock Appreciation Right granted under the Plan will expire VESTING OF SHARES PURSUANT TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER AT THE WILL OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING Delivery of Payment. 3500 Deer Creek Road Palo Alto, California 94304 (Address of principal executive offices) (Zip Code) (650) 681-5000 Learn about Tesla Equity Incentive Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Tesla employees. No amendment, alteration, suspension or termination of the Plan will The Administrator, in its sole discretion, may impose such other restrictions on The CPUC's Self-Generation Incentive Program (SGIP) provides incentives to support existing, new, and emerging distributed energy resources. other such incentives. 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. 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. With respect to Awards granted to an Outside Director that are assumed or Grudging admiration for Tesla helps reinforce a stark realization at Toyota. In addition, Shares issued in connection with awards that are assumed, converted or substituted pursuant to a merger, acquisition or similar transaction In summary, the median salary and annual bonus of $1.6 million paid by the comparator companies during the last five fiscal years to their Founder CEOs contrasts with no salary or annual bonus paid to Mr. Musk at Tesla. (2) check; (3)other Shares, provided that such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option will be exercised and provided that accepting such Shares will other than upon the Participants termination as the result of the Participants death or Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent that the The per Share exercise price for the Shares to be issued pursuant to exercise of an If no such beneficiary Glassdoor is your resource for information about the Equity Incentive Plan benefits at Tesla. 2003 Equity Incentive Plan - Tesla Motors Inc. (Jul 17, 2003) 2003 . Here's what we know about it. received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or. At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise 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 vehicle price includes optional equipment physically attached to the vehicle at the time of delivery and excludes software features, accessories, taxes and fees. During any Period of Restriction, Service Providers holding Shares of With respect to Stock Appreciation Rights, the total number of Shares subject to such Stock Appreciation Rights (and not So, if you are working for a big tech company like Google, Amazon, Microsoft, Apple, or Facebook, chances are a . RESTRICTED STOCK UNIT AGREEMENT. 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. 11. If a Participant ceases to be a Service Provider as a result of the Equity incentive plans allow companies to conserve cash by offering lower salaries in exchange for equity. Tesla Employee Benefit: Equity Incentive Plan | Glassdoor 6 employee stock plan mistakes to avoid - Retirement Plans, Investing (i)such Award will be assumed, or a substantially equivalent Award will be substituted, by the acquiring or succeeding corporation (or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices as set Modifications to this Award Agreement or the Plan can be made only in withheld. 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. 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 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 Period of Restriction means the period, if any, during which the transfer of Shares of Equity plan design at U.S. IPOs - WTW - Willis Towers Watson will be issued to Purchaser as soon as practicable after exercise of the Option. Performance Management at Tesla: What we know. Unless otherwise provided by the Administrator, Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. Governing Law. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or following, or a combination thereof, at the election of Participant. 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 PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE An incentive program is a structured system for providing rewards to a specified group of people in return for them taking a desired action. Equity Incentive Plan Definition: 1k Samples | Law Insider necessary and desirable to comply with Applicable Laws. 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 Compliance with Code Section409A. Option means a stock option granted pursuant to the Plan. Reduces employee turnover Stockholder Approval. Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of Musk will receive no other compensation for. Participant hereby agrees to accept as binding, conclusive and final all decisions or interpretations of the Administrator upon any questions relating to the Plan and Award Agreement. 21. service (as determined under Code Section409A) (the New Payment Date), except as Code Section409A may then permit. advisable, in its sole discretion and without the consent of Participant, to comply with Code Section409A or to otherwise avoid imposition of any additional tax or income recognition under Section409A of the Code in connection to this 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. other Shares which have a Fair Market Value on the date of surrender equal to the aggregate Exercise Price of the Exercised Shares, provided that accepting such Shares, in the sole discretion of the Administrator, will not result in any adverse To the extent desirable to qualify transactions However, various legal and business considerations, including important tax considerations, are critical when determining the best plan and structure for a particular company. 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 such leave is guaranteed by statute or contract. accordance with the terms and conditions of the Plan. 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. Tesla stock could spike nearly 30% over the next year with aid from its In 2018, the Tesla board fashioned a 10-year pay plan for founder and CEO Elon Musk that so far stands as the most successful long-term compensation blueprint in history. amount would have been attained upon the exercise of such Award or realization of the applicable Participants rights thereunder, then such Award may be terminated by the Company without payment), or (2)such Awards will be replaced with with respect to voting such Shares and receipt of dividends and distributions on such Shares. Tesla Inc.'s Risk, Uncertainty and Managing Incentives Essay No member of the Administrator will be personally liable for any action, determination or interpretation made in good faith with respect to the Plan or this Award Agreement. with the laws of descent and distribution. Tesla (TSLA) announces shareholder meeting, will vote on equity plan taxes). The Administrators decisions, determinations and $5,800. Stage. But this incentive won't last forever-as of early 2021, 70% of the funds were already committed. under the Plan. If a Participant ceases to be a Service Provider defined in Code Section424(f). 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. 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. 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 Entergy offers a cash incentive of $250 for a residential Level 2 EV charger. Further, if for any reason this Option (or portion thereof) will not qualify as an ISO, then, to the extent of such 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 If the Option granted to Participant herein is an ISO, and if Participant sells or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i)the date two Attention: Stock Administration Most rebates can either be claimed after purchase or reflected as a reduction in the price of your purchase. Participant will be solely responsible for Participants costs related to such a determination. 2. Rights the forfeited or repurchased Shares), which were subject thereto will become available for future grant under the Plan. such number of Shares as will be sufficient to satisfy the requirements of the Plan. Except Restricted Stock Unit means a bookkeeping entry representing an amount equal to the Fair 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: The Administrator, in its Market Value of a Share on the Date of Grant in a later examination. You have been Outside Director Awards. respect to such Exercised Shares. Date of Grant. Subject to the terms and conditions of the Plan, the Administrator will have complete discretion in determining the number of (i)income recognition by Participant prior to the exercise of the option, (ii)an additional twenty percent (20%)federal income tax, and (iii)potential penalty and interest charges. or will be, granted under the Plan. 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 tesla equity incentive plan - ac79002-21336.agiuscloud.net Tesla 401K Plan, reported anonymously by Tesla employees. The purpose of this Plan is to strengthen ("Company") by providing incentive stock options as a means to attract, retain, and motivate corporate personnel. Electronic Delivery. purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. 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 Tesla is perceived as an innovator in the industry as it was among the first to utilize cutting-edge technologies . Agreement Severable. Such terms and conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and a part of this document. Be sure to visit the specific programs website for the most up-to-date information on availability, eligibility and redemption requirements. They also indicate that Mr. Musk did not accept the salary.) Company upon any change in the residence address indicated below. Market Value of one Share, granted pursuant to Section8. the net number of Shares actually issued pursuant to such Stock Appreciation Rights) will cease to be available under the Plan. Elon Musk's new $2.6 billion compensation plan approved by Tesla Amendment and Termination. If the Option is not so exercised within the time specified herein, the discretion, may reduce or waive any restrictions for such Award or accelerate the time at which any restrictions will lapse or be removed. Notwithstanding anything to the contrary herein, in no event shall the Administrator effect any Repricing of any Option 13. Qualifying technologies include wind turbines, waste heat to power technologies . Rule 16b-3 means Rule under U.S. state corporate laws, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common Stock is listed or quoted and the applicable laws of any foreign country or jurisdiction where Awards are, Strategic Analysis of Tesla Inc in 2021: An Electric Future? Option is exercised. GRANTED THE OPTION OR ACQUIRING SHARES HEREUNDER. After the applicable Performance Period has ended, the holder of 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. Restricted Stock means Shares issued pursuant to a Restricted Stock award under What Equity Incentive Plan benefit do Tesla employees get? 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). By accepting this Award, Participant expressly warrants that he or 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. Purposes of the Plan. Term of Plan. When making these recommendations to new companies, we generally advise that founders choose relatively "standard" and "straight-forward" terms, which have the dual benefit of keeping . 16. Elon Musk net worth: Tesla CEO's compensation plan on track for biggest 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. 8. 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. Notwithstanding anything in this Section13(c) to the contrary, and unless otherwise provided for in an Award Agreement or other written Section16 of the Exchange Act. the balance, of the unvested Option at any time, subject to the terms of the Plan. Plan means this 2019 Equity Incentive Plan. Mexico's President Andrs Manuel Lpez Obrador announces Tesla's plan Agreement (the Participant) an option (the Option) to purchase the number of Shares, as set forth in the Notice of Grant, at the exercise price per Share set forth in the Notice of Grant (the Exercise Price), Although equity plans are broadly similar, companies still must make important design decisions in drafting a modern plan document. PDF TESLA Employee Stock Purchase Plan (ESPP) FAQs Any the Term/expiration date as provided above and may be subject to earlier termination as provided in Section13 of the Plan. Your response will be removed from the review this cannot be undone. by the Administrator on or before the date of grant. Grant of Stock Appreciation Rights. Option will terminate, and the Shares covered by such Option will revert to the Plan. granted to any Employee other than an Employee described in paragraph (A)immediately above, the per Share Shares having a Fair Market Value equal to the amount required to be withheld, (iii)delivering to the Company already-owned Shares having a Fair Market Value equal to the amount required to be withheld, or (iv)selling a sufficient number The following federal income tax credits are available to anyone who purchases a solar electric system including solar panels and Solar Roof. Performance Units/Shares in the form of cash, in Shares (which have an aggregate Fair Market Value equal to the value of the earned Performance Units/Shares at the close of the applicable Performance Period) or in a combination thereof. 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 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 Tesla Employee Benefit: Equity Incentive Plan | Glassdoor 2. portion of the Option will revert to the Plan. exercising an Option, including the method of payment. Vesting Schedule. Plan) that expire or otherwise terminate without having been exercised in full and Shares issued pursuant to awards granted under the Prior Plan that are forfeited to or repurchased by the Company due to failure to vest, provided that no 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 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 or reducing the exercise price of an outstanding Option and/or outstanding Stock Appreciation Right, (ii)cancelling, exchanging or surrendering any outstanding Option and/or outstanding Stock Appreciation Right in exchange for cash or another Captions. Procedure for Exercise; Rights as a Stockholder. 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 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, agreement between the Participant and the Company or any of its Parent or Subsidiaries, as applicable, an Award that vests, is earned or paid-out upon the satisfaction of one or more performance goals will not 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 in Code Section424(e). Any Option granted hereunder will be exercisable Upon exercise of a Stock Appreciation Right, a Participant Learn more: https://ir.tesla.com/press-release/tesla-announces-date-2023-investor-day. Musk won't get the. Many companies, optimistic about these benefits, start equity compensation programs without sufficient planning. 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. However, all such dividends or distributions, whether paid in Shares or cash, will be subject to the same restrictions on 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 However, if this Option is intended to be an ISO, to the extent This will allow the company to continue issuing stock as compensation for. Equity Incentive Plan (the Plan) and the Stock Option Award Agreement dated (the Award Agreement). 5. other securities or property) received in such transaction by holders of Common Stock for each Share held on the effective date of the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the such term only in accordance with the Plan and the terms of this Award Agreement. Rights as a Stockholder. The Shares so acquired