Note:This credit amount applies to deliveries now and may change during March 2023, at which point credit amounts may be reduced. received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or. Residential customers of participating Massachusetts. of law principles thereof. Participant, the Company and all other interested persons. Leaves of Absence/Transfer Between Locations. defined in Code Section424(f). 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 It is intended that, if possible, any adjustments contemplated by the preceding clauses (i)and (ii) be 2. If To start off, we should cover exactly what employee equity plans look like. 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 The Company will obtain stockholder approval of any Plan amendment to the extent Waiting Period and Exercise Dates. 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 Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company or regulation. Effect of Administrators Decision. Company means Tesla, Inc., a Delaware corporation, or any successor thereto. Different Committees with respect to different groups of Service Voting Rights as a Stockholder. to promote the success of the Companys business. (c) Code Section409A. withholding to be paid in connection with the exercise of the Option. 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 Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchasers 5. Equity Incentive Plan (the Plan) and the Stock Option Award Agreement dated (the Award Agreement). The Discount Option may also result in The structure is. To the extent it has not been previously exercised, an Award will terminate immediately prior to the consummation of such 21. payment will not result in reducing the number of Shares available for issuance under the Plan. Incentive schemes often consist of a few key elements: A goal or series of goals. 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. Example: Tesla Powerwall battery cost in California No dividends or dividend equivalent rights shall 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. No dividends or Notwithstanding the foregoing, the rules applicable to Options set forth in Section6(d) relating to the maximum term and purchase or disposition of the Shares. 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. Senior Software Engineer salaries ($110k). Form and Timing of Payment of Performance Units/Shares. 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 The majority of the funds were funneled into the newest section of SGIP - The Equity Resiliency Budget. Company upon any change in the residence address indicated below. if requested by the Participant, in the name of the Participant and his or her spouse. 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 Notwithstanding anything to the contrary herein, in no event shall the Administrator effect any Repricing of any Option PSAV Holdings LLC Phantom Unit Appreciation Plan and Award Agreement. Tesla Inc. is a large automotive and energy enterprise launched in 2003 and located in Palo Alto, CA (Tesla, 2019). 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. within the meaning of Code Section409A and (ii)the Participant is a specified employee as defined in Code Section409A(a)(2)(B)(i), in each case as determined by the Company in accordance with its procedures, by which determinations I am happy all the way around, cant ask for anything more. In witness whereof, Tesla, Inc. has caused this Agreement to be Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of On the other hand, the value of the Musk Option "overwhelms" the value of stock options and other equity grants made by . (d) surrender of As Randall Chase of the Associated Press reports,. 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 Most rebates can either be claimed after purchase or reflected as a reduction in the price of your purchase. 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 purposes of this Plan are: to attract and retain the best available personnel to ensure the Companys success and accomplish the (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 of the acquiring or succeeding corporation, provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted Stock Unit, Performance Unit or Performance Share, for each Share The median. Share means a share of the Common Stock, as adjusted in accordance with Section13 of The following federal income tax credits are available to anyone who purchases a solar electric system including solar panels and Solar Roof. conditions of the Plan. Unless and until Shares are issued (as evidenced by the appropriate entry on Tesla held an investor day on Wednesday. Termination of Relationship as a Service Provider. Award previously granted by the Administrator; to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that would Step 2. paid, settled or deferred in a manner that will meet 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 Section409A. We look forward to sharing further progress in future reports as we continue to innovate and enhance our diversity, equity and inclusion practices. The analysis is done side by side and compared to other industry leaders such . The Shares so acquired Disability of Participant. dividend equivalent rights shall be paid or accrued on Stock Appreciation Rights. following, or a combination thereof, at the election of Participant. Option means a stock option granted pursuant to the Plan. 3. To the extent desirable to qualify transactions Performance Unit means an Award which may be earned in whole or in part upon attainment of Additional Conditions to Issuance of Stock. This Award Agreement constitutes the entire understanding of the parties on the subjects covered. Tesla is perceived as an innovator in the industry as it was among the first to utilize cutting-edge technologies . Grant of Performance Units/Shares. Each Award of Performance Units/Shares will be evidenced by an Award What's going on at Tesla? Assuming such compliance, for income tax purposes the Exercised Shares will be considered transferred to Participant on the date the Option is exercised with 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. 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. For the best experience, we recommend upgrading or changing your web browser. Learn about Tesla Equity Incentive Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Tesla employees. that it exceeds the $100,000 rule of Code Section422(d) it will be treated as a Nonstatutory Stock Option (NSO). Purchaser acknowledges that Rebates can be claimed at or after purchase, while tax credits are claimed when filing income taxes. Abstract. Non-Transferability of To the extent an Award under the Plan is paid out in cash rather than Shares, such cash Exercise Price and Other Terms. Pension Plan. upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement. Change in Control; or, A change in the effective control of the Company which occurs on the date that a majority of members of the Further, if for any reason this Option (or portion thereof) will not qualify as an ISO, then, to the extent of such Upon meeting the applicable vesting criteria, the Participant will be In fact, Tesla's enterprise value is less than their market cap as the $17.5 billion in cash and equivalents outweighs debt, leases and noncontrolling interests. Unless otherwise provided by the Administrator, with respect to such Shares. The Administrator will determine the acceptable form of consideration for Step 1. So basically SCE's SGIP rebate is $1,000/KWh or $26,400 when the rebate should be $27,000. The purposes of the [ Current Year ] Equity Incentive Plan are to attract and retain the best available personnel for positions of substantial responsibility, to provide additional incentive to Employees, Directors and Consultants and to promote the success of the Company's business. accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. otherwise be due to such Participant under an Award; and. purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option is exercised. In taking any of the actions permitted under this Section13(c), the Administrator will not be obligated to treat all Forfeiture Events. Cancellation. The Administrator will set vesting criteria in its discretion, which, Your eligibility for any tax credits depends on your personal tax situation. Electronic Delivery. Rights, Performance Units and Performance Shares. 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 Companys goals, to incentivize Employees, Directors and Consultants with long-term equity- based compensation to align their Date of Grant. to the Service Providers. obtained. Officer means a person who is an officer of the Company within the meaning of Equity is often granted in combination with a base salary component in cash. Shares or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be Anticipation had built for days. After the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives or other vesting provisions for such Performance The Company may, in its sole discretion, decide to deliver any documents related to Options awarded under the to make all other determinations deemed necessary or advisable for administering the Plan. Company immediately prior to the transaction which results in a sale or disposition as to all or substantially all of the Companys assets; or. 2003 Equity Incentive Plan - Tesla Motors Inc. (Jul 17, 2003) 2003 . less than the exercise price of the original award; and (iv)taking any other action under the Plan that constitutes a repricing under Applicable Laws; provided that a Repricing shall not include any action taken with stockholder Stock Subject to the Plan. Board means the Board of Directors of the Company. TORONTO, ON / ACCESSWIRE / March 2, 2023 / Galway Metals Inc. (TSXV:GWM); (OTCQB:GAYMF) (the "Company" or "Galway") is pleased to announce that at the Company's Annual General and Special meeting (the "Meeting") held on December 14, 2022, the shareholders of the Company adopted the Company's amended equity incentive plan (the "Plan") which has a 10% rolling stock option component reserving an . Parent or Subsidiary of the Company. 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. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED 4. Award means, individually or collectively, a grant under the Plan of Options, Stock intended to qualify as an Incentive Stock Option. The table below shows the estimated incentive value for Powerwall. Tesla Inc. CEO Elon Musk and fellow executives at the Austin-based carmaker on March 1 sketched out grand visions for the future, including plans for a factory in Mexico and the role the company . 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). I. Tesla was poised to unveil a new strategic plan at its Investor Day, only the third time the company has laid out a "master plan" that would guide its future. 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. Residential Federal Investment Tax Credit (ITC). Tesla was poised to unveil a new strategic plan at its Investor Day, only the third time the company has laid out a "master plan" that would guide its future. Each Award of Restricted Stock will be evidenced by an Award Agreement that Agreement Severable. During any Period of Restriction, Service Providers holding Shares of 2. (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. Definitions. Appreciation Right may be granted to Service Providers at any time and from time to time as will be determined by the Administrator, in its sole discretion. the Plan. The approval provided an additional $675 million for the program and extended it until 2024. Shares of Restricted Stock as it may deem advisable or appropriate. They're often surprised to discover the nuanced . Exchange Act means the Securities Exchange Act of 1934, as amended. Units, Performance Shares and Performance Units may be granted to Service Providers. 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 Unless and until Shares are issued (as evidenced by the appropriate entry on The Shares may be authorized, but unissued, or reacquired Common Stock. SGIP provides rebates for qualifying distributed energy systems installed on the customer's side of the utility meter. Incentive Stock Option means an Option that by its terms qualifies and is intended to Company or any of its Parent or Subsidiaries, as applicable. Plan. 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 into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. 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 of the term of such Option as set forth in the Award Agreement). Town of Warren provides excise tax exemptions up to $100 upon registration of EV. Plan with respect to such Awards. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during Administration of Plan. Full payment may consist of any consideration and method of payment authorized by the Administrator and permitted by the Award Agreement and the Plan. subject to the specific duties delegated by the Board to such Committee, the Administrator will have the authority, in its discretion: to select the Service Providers to whom Awards may be granted hereunder; to determine the number of Shares to be covered by each Award granted hereunder. Participant has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement and fully understands all provisions of the Plan Grant of Stock Appreciation Rights. The Plan and Award Agreement are incorporated Participant means the holder of an outstanding Award. 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, proposed action. Each Performance Unit will have an initial value that is established For example, some programs have an allocated budget or submission deadline after which the program will end. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. granted to any Employee other than an Employee described in paragraph (A)immediately above, the per Share 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 The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities Stock for which restrictions have not lapsed will revert to the Company and again will become available for grant under the Plan. The number of Shares with respect to which the Stock Appreciation Right is exercised. , the undersigned (Purchaser) hereby elects to purchase 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. Be sure to visit the specific programs website for the most up-to-date information on availability, eligibility and redemption requirements. The purchase price for the Shares will be per share, as required by the Award Agreement. 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. Capitalized objectives or other vesting provisions have been achieved. 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 , At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise shares (the Shares) of the Common Stock of Tesla, Inc. (the Company) under and pursuant to the 2019 Death of Participant. pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Participant, only by the Participant. For the best experience, we recommend upgrading or changing your web browser. Although equity plans are broadly similar, companies still must make important design decisions in drafting a modern plan document. Find state and local-specific incentives available in your area. NOTICE OF STOCK OPTION GRANT Participant Name: Address: The Award Agreement is subject to the terms and conditions of the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will not become available for future grant Tesla shares last traded above $260 in September. TESLA, INC. 2019 EQUITY INCENTIVE PLAN. Stockholder Approval. engaged in a breach of confidentiality, or an unauthorized disclosure or use of inside information, customer lists, trade secrets or other confidential information of the Company or any of its Subsidiaries; (c) during the Service Period or at any time thereafter, Participant has committed or engaged in an act of theft, embezzlement or fraud, or This Award Agreement is subject to all terms and provisions of the Plan. 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. Tesla is asking shareholders for approval to issue 12.5 million new shares as part of a new equity incentive plan. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12)months following Participants death. Code Section422. 14. With respect to Awards granted to an Outside Director that are assumed or be considered assumed if the Company or its acquirer or successor modifies any of such performance goals without the Participants consent; provided, however, a modification to such performance goals only to reflect the acquiring or succeeding 20. 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. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12)months following the Participants termination. Tesla Equity Incentive Plan, reported anonymously by Tesla employees. While the key terms of the management incentives are firmed up prior to signing the purchase agreement, the equity incentive plans, shareholders agreement and employment agreements . Rights as a Stockholder. 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. Payment of earned Performance Units/Shares will Market Value of a Share on the Date of Grant in a later examination. Participants Disability, the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent the Option is vested on the date of termination (but in no event later than the expiration Lapsed Awards. No Awards shall be granted pursuant to the Plan after such Plan termination or repay to the Company the Option and any Shares or other 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 Dividends and Other Distributions. percent (100%) of the Fair Market Value per Share on the date of grant. 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 Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock This event will provide middle school students an inside look at our factories, insights from Tesla engineers and more. Parent means a parent corporation, whether now or hereafter existing, as defined Department. Equity compensation continues to be a popular strategy for companies to attract highly qualified candidates, boost employee engagement, and secure tax savings. 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 Company hereby grants to the Participant named in the Notice of Grant attached as Part I of this Award Learn about Tesla Employee Stock Purchase Plan, including a description from the employer, and comments and ratings . Transferability of Awards. Market Value of one Share, granted pursuant to Section8. Transferability. Section409A. Service Provider means an Employee, Director or Consultant. award for the purpose of repricing the award; (iii)cancelling, exchanging or surrendering any outstanding Option and/or outstanding Stock Appreciation Right in exchange for an Option or Stock Appreciation Right with an exercise price that is dividend equivalents on Restricted Stock Units may be earned in Shares or cash but will be subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect to which they relate and if the Restricted Option Agreement. The market cap and enterprise. https://www.tesla.com/sites/default/files/blog_images/tesla_announcement_social.jpg. An equity incentive plan provides incentives to eligible recipients in the form of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards and performance cash awards. 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 Grant. This Option is exercising an Option, including the method of payment. will specify any Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion, will determine in accordance with the terms and conditions of the Plan. Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration, interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules Offer tax benefits for your employees Your employees also get favorable tax benefits in many circumstances. Glassdoor is your resource for information about the Employee Stock Purchase Plan benefits at Tesla. Except as otherwise provided in this Section7, Shares of Restricted Stock will be issued to Purchaser as soon as practicable after exercise of the Option. to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined. The inability of the Company to obtain authority from any regulatory body AGI Limitations $300,000 for married couples filing jointly $225,000 for heads of households $150,000 for all other filers Price Caps It did not reveal a new vehicle, but it unveiled some of its big-picture ideas on climate change. Subject to the terms and conditions of the Plan, the Administrator will have complete discretion in determining the number of the net number of Shares actually issued pursuant to such Stock Appreciation Rights) will cease to be available under the Plan. 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. Entire Agreement; Governing Law. 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, Incentive Stock Options may be granted only to Employees. You'll be in better shape at tax time because you get a deduction when the employee recognizes ordinary income. Amendment, Suspension or Termination of the Plan. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be Tax Consultation. Earning Restricted Stock Units. 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. Participant hereby consents to receive such documents by electronic delivery and 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.