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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. Administrator Authority. if no sales were reported) as quoted on such exchange or system on the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems reliable; If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, Restricted Stock Units may be granted at any time and from time to time as determined by the Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). Energy storage paired with solar systems are considered qualified expenditures eligible for the tax credit. The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities The analysis is done side by side and compared to other industry leaders such . Payment of Stock Appreciation Right Amount. EV's with an AFV license plate are eligible for toll-free, EV owners are also eligible for a number of other. 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. will be administering the Plan, in accordance with Section4 of the Plan. amount of the payment to be issued upon exercise of a Stock Appreciation Right will be determined by the Administrator and will be no less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant. Private equity: Incentivizing management in a seller's market This agreement is governed by the internal substantive Value of Performance Units/Shares. Grant of Stock Appreciation Rights. terms used and not defined in this Award Agreement will have the meaning set forth in the Plan. objectives or other vesting provisions have been achieved. vote or receive dividends or any other rights as a stockholder will exist with respect to the Shares subject to an Option, notwithstanding the exercise of the Option. Ultimately, Musk could earn up to $55.8 billion in stock and awards, if Tesla's market cap reaches $650 billion. necessary and desirable to comply with Applicable Laws. Legal Compliance. portion of the Option will revert to the Plan. No amendment, alteration, suspension or termination of the Plan will Non-Transferability of in Code Section424(e). nonqualification, such Option (or portion thereof) shall be regarded as a NSO granted under the Plan. Many states also offer non-cash incentives for electric vehicles, such as carpool lane access and free municipal parking. Many companies, optimistic about these benefits, start equity compensation programs without sufficient planning. What's going on at Tesla? 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. Status. Participant will be solely responsible for Participants costs related to such a determination. Grant of Restricted Stock. Otherwise, the RESTRICTED STOCK UNIT AGREEMENT. Grant of Performance Units/Shares. Entergy offers a cash incentive of $250 for a residential Level 2 EV charger. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6)months following the first Basics of Equity Compensation Programs | Moss Adams 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 purpose of this Plan is to strengthen ("Company") by providing incentive stock options as a means to attract, retain, and motivate corporate personnel. . Tesla has a new master plan. It's not a new car just big thoughts on offense under the applicable laws of any relevant foreign jurisdiction); (b) during the Service Period or at any time thereafter, Participant has committed or 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. Code means the Internal Revenue Code of 1986, as amended. It did not reveal a new vehicle, but it unveiled some of its big-picture ideas on climate change. (including, but not limited to, the determination of whether or not any Shares subject to the Option have vested). 14. Additional Conditions to Issuance of Stock. The 10 high-tech companies examined are Amazon, Alphabet (Google's parent), Facebook, Oracle, Nvidia, Netflix, Salesforce, Akamai Technologies, Garmin and Monolithic Power Systems. Option. However, all such dividends or distributions, whether paid in Shares or cash, will be subject to the same restrictions on On the date set forth in the Award Agreement, all unearned or To calculate a sales-based incentive payment, multiply the total sales profit times the percentage of commission. interests with the Companys stockholders, and. Charitable Gift Matching. Agreement Severable. 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 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 purchase or disposition of the Shares. The CPUC's Self-Generation Incentive Program (SGIP) provides incentives to support existing, new, and emerging distributed energy resources. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for Musk won't get the. laws, but not the choice of law rules, of the State of California. qualification, consent or approval will have been effected or obtained free of any conditions not acceptable to the Company. Performance Share means an Award denominated in Shares which may be earned in whole or in Subject to Section18 of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms Transferability of Awards. Notwithstanding the foregoing provisions of Purchaser has received, read and understood the Plan and the Award Agreement and agrees to abide by and be bound by their terms and conditions. Consultant means any person, including an advisor, engaged by the Company or a Parent or At formation, founders often ask us for recommendations regarding terms and structure of their companies' equity incentive plans. Tesla is asking shareholders for approval to issue 12.5 million new shares as part of a new equity incentive plan. These awards can represent a significant part of your total compensationand should be taken into consideration as you build your overall financial plan. 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 TESLA, INC. 2019 EQUITY INCENTIVE PLAN. Definitions. Any Example: Tesla Powerwall battery cost in California Removal of Restrictions. 15. Rights, Performance Units and Performance Shares. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of Notwithstanding anything in this Section13(c) to the contrary, and unless otherwise provided for in an Award Agreement or other written three (3)months following the Participants termination. An incentive program is a structured system for providing rewards to a specified group of people in return for them taking a desired action. 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. What is an equity incentive plan? | Benefits & examples | Oyster Participant agrees that Participant may be subject to income tax Agreement that will specify the Performance Period (as defined below), the performance objectives, and such other terms and conditions as the Administrator, in its sole discretion, will determine in accordance with the terms and conditions of the This Option Term of Option. such number of Shares as will be sufficient to satisfy the requirements of the Plan. Tesla Inc.'s Risk, Uncertainty and Managing Incentives Essay (d) surrender of Captions. Reference to a specific section of Here's what we know about it. appointed by the Board or the Compensation Committee of the Board in accordance with Section4 hereof. Incentives vary by MLP. All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. Term of Plan. Administrator makes the determination granting such Award, or such other later date as is determined by the Administrator. Code, provided that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and total disability exists in accordance with uniform and This will allow the company to continue issuing stock as compensation for. 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 with the laws of descent and distribution. Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. Withholding Arrangements. 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 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 Exercise Price and Other Terms. It did not reveal a new vehicle, but it unveiled some of its big-picture ideas on climate change. Agreement. the Plan; to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of Notwithstanding the generality of the foregoing, in the event of a merger, consolidation or similar transaction directly or indirectly Exchange Act means the Securities Exchange Act of 1934, as amended. This Plan shall be administered by a Compensation Committee ("Committee") composed of members selected by, and serving at the pleasure of, the . as of the date of the occurrence of such transaction (and, for the avoidance of doubt, if as of the date of the occurrence of such transaction the Administrator determines in good faith that no Unless otherwise provided by the Administrator, if on the date of termination the Participant is not vested as to his or her entire Option, the Shares covered by the unvested 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 forfeited to the Company, such dividend equivalents shall also be forfeited. Eligibility. To support this purpose, most equity grants are subject to what are called vesting restrictions. Expiration of Stock Appreciation Rights. In the event that any provision in this Award Agreement will be held invalid or PSAV Holdings LLC 2014 Management Incentive Plan (Profits . requirements. Participant, the Company and all other interested persons. Tesla held an investor day on Wednesday. Tesla held an investor day on Wednesday. The Administrator, in its sole discretion, may only settle earned Restricted Stock Units in cash, Shares, or a combination of both. The Administrator will set any performance objectives or other returned to the Plan and will not become available for future distribution under the Plan. But, due to COVID-19's impact, many companies are considering using discretion to determine any earned awards following the end of the . So basically SCE's SGIP rebate is $1,000/KWh or $26,400 when the rebate should be $27,000. In support of this, Willis Towers Watson has researched the LTI practices of 100 of the largest U.S.-based IPOs by market capitalization ($1.1 billion to $75.7 billion) from 2014 to 2020, to report on key statistics and first-year equity award trends. Notwithstanding any contrary provision of this Award Agreement, no certificate representing the Shares will be They're often surprised to discover the nuanced . Strategic Analysis of Tesla Inc in 2021: An Electric Future? The vehicle price includes optional equipment physically attached to the vehicle at the time of delivery and excludes software features, accessories, taxes and fees. PROMISE OF CONTINUED ENGAGEMENT AS A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANTS RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING 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 The Shares may be authorized, but unissued, or reacquired Common Stock. following the Participants death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but in no event may the Option be exercised later than the expiration of the term So, if you are working for a big tech company like Google, Amazon, Microsoft, Apple, or Facebook, chances are a . No dividends or dividend equivalent rights shall After the Administrator determines that it will grant Restricted Stock Purposes of the Plan. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. With respect to Awards granted to an Outside Director that are assumed or PG&E, SCE, and SDG&E customers can earn $60 per kW off the cash or loan price of solar panels or Solar Roof by trading their Solar Renewable Energy Credits (SREC) (filed on behalf of the customer). If a Participant ceases to be a Service Provider In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration at the time of grant. binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. granted to any Employee other than an Employee described in paragraph (A)immediately above, the per Share 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 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). 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 An Option may not be exercised for a fraction of a Share. Administration of Plan. subject to all of the terms and conditions in this Award Agreement and the Plan, which is incorporated herein by reference. Free Equity Incentive Plan Template & FAQs - Rocket Lawyer Other than as provided above, the Plan will be administered by (A)the Board, vesting provisions (including, without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they are met, will determine the number or value of Performance Units/Shares that will be paid out 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 Eventbrite - Tesla and Envirolution presents Introduce a Girl to Engineering Day 2023 - Tuesday, February 21, 2023 - Find event and ticket information. Option Agreement. Termination of the Plan will not affect the qualify as an incentive stock option within the meaning of Section422 of the Code and the regulations promulgated thereunder. foreign or other taxes (including the Participants FICA obligation) required to be withheld with respect to such Award (or exercise thereof). Unless the Administrator 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. 7. Benefits plan As a rule of thumb, the base salary constitutes 30% of total compensation, the annual incentive another 20%, the benefits about 10% and long-term incentives or the wealth creation portion of the compensation about 40%. Restricted Stock Unit means a bookkeeping entry representing an amount equal to the Fair The Company hereby grants to the Participant named in the Notice of Grant attached as Part I of this Award Award means, individually or collectively, a grant under the Plan of Options, Stock materially breached any agreement to which Participant is a party with the Company or any of its Subsidiaries. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise If a Participant dies while a Service Provider, the Option may be exercised 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 Shares issued upon exercise of an Option will be issued in the name of the Participant or, The Fair Market Value of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be The Administrator, in its sole discretion, may impose such other restrictions on In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good Equity incentive in startups is a strategy to compensate employees by offering company shares. Equity Incentive Plan - Sample Contracts and Business Forms - OneCLE Tesla, Inc. 2019 Equity Incentive Plan - realdealdocs.com Tax Consultation. Share Reserve. The Administrator, in its sole discretion and pursuant to such procedures as 9. Executive Compensation: Plan, Perform & Pay - Deloitte US 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. https://www.tesla.com/sites/default/files/blog_images/tesla_announcement_social.jpg. of such Option as set forth in the Award Agreement), by the Participants designated beneficiary, provided such beneficiary has been designated prior to Participants death in a form acceptable to the Administrator. Different Committees with respect to different groups of Service forth in Section13(a); (ii) upon written notice to the applicable Participant, such Award will terminate upon or immediately prior to the consummation of such transaction; (iii)(1) such Award will terminate in exchange for an amount of (Tesla's proxy statements indicate that Mr. Musk was provided an annual salary in the range of $33,000 to $50,000 during that five-year periodapparently to comply with minimum wage requirements under California law. 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 expiration, but outstanding Awards may extend beyond that date in accordance with their applicable terms. Tesla Employee Benefit: Employee Stock Purchase Plan | Glassdoor Repricing means any of the following actions taken by the Administrator: (i)lowering

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