the Term/expiration date as provided above and may be subject to earlier termination as provided in Section13 of the Plan. in Code Section424(e). period between the date of separation from service and the New Payment Date shall be paid to the Participant in a lump sum on such New Payment Date, and any remaining payments will be paid on their original schedule. Each Stock Appreciation Right grant will be evidenced by an Award Neither the Plan nor any Award will confer upon a Participant any Examples of Equity Incentive Plan in a sentence. LLC Long-Term Incentive Plan. Option will terminate, and the Shares covered by such Option will revert to the Plan. Compliance with Code Section409A. 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 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 following, or a combination thereof, at the election of Participant. What Equity Incentive Plan benefit do Tesla employees get? other events as determined by the Administrator. With respect to Awards granted to an Outside Director that are assumed or binding upon and inure to the benefit of the heirs, legatees, legal representatives, successors and assigns of the parties hereto. percent (100%) of the Fair Market Value per Share on the date of grant. The approval provided an additional $675 million for the program and extended it until 2024. period within which the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised. Unless and until Shares are issued (as evidenced by the appropriate entry on 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 2. 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 worlds transition to sustainable energy. Officer means a person who is an officer of the Company within the meaning of 11. During any Period of Restriction, Service Providers holding Shares of Participant acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option equals or exceeds the Fair 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 July 26, 2021. Form and Timing of Payment. The purchase price for the Shares will be per share, as required by the Award Agreement. Outside Director Awards. Unless otherwise defined herein, the terms defined in the Tesla, Inc. 2019 Equity Incentive Plan (the "Plan") will have the same defined meanings in this Restricted Stock Unit Agreement (the "Award Agreement"), which includes the Notice of Restricted Stock Unit Grant (the "Notice of Grant") and . That means there is over $1 billion in incentives available through SGIP . 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. 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 Administrator Discretion. Learn about Tesla Equity Incentive Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Tesla employees. Nonstatutory Stock Option means an Option that by its terms does not qualify or is not Section16 of the Exchange Act. PARTICIPANT) TO TERMINATE PARTICIPANTS RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE. Supplemental Workers' Compensation. qualify as an incentive stock option within the meaning of Section422 of the Code and the regulations promulgated thereunder. Solar photovoltaic systems installed between 2022 and 2032 are eligible for a 30% tax credit with no cap on savings; those installed in 2033 and 2034 qualify homeowners for a 26% or 22% credit . Stock, Restricted Stock Units, Performance Shares and Performance Units (or portions thereof) not assumed or substituted for will lapse, and, with respect to Awards with performance-based vesting (or portions thereof) not assumed or substituted for, Senator Joe Manchin said on Sunday he's a "no" on the sweeping spending plan, which includes up to $12,500 in tax credits for an EV purchase. I am happy all the way around, cant ask for anything more. with respect to voting such Shares and receipt of dividends and distributions on such Shares. 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 Plan. Payment of earned Restricted Stock Units will be made as soon as practicable Additional $1,000 available for low income applicants. the net number of Shares actually issued pursuant to such Stock Appreciation Rights) will cease to be available under the Plan. Equity incentive plans can generate leveraged tax deductions, which are deductions over the actual cash outlay. 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 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 This Award Agreement constitutes the entire understanding of the parties on the subjects covered. (d) surrender of Rights as Stockholder. Rights as a Stockholder. into a merger, consolidation, purchase or acquisition of stock, or similar business transaction with the Company. Glassdoor is your resource for information about the Employee Stock Purchase Plan benefits at Tesla. conditions of the Plan. Leaves of Absence/Transfer Between Locations. As used herein, the following definitions will apply: Administrator means the Board, the Compensation Committee of the Board or any Committee as SGIP provides rebates for qualifying distributed energy systems installed on the customer's side of the utility meter. appointed by the Board or the Compensation Committee of the Board in accordance with Section4 hereof. Tesla is perceived as an innovator in the industry as it was among the first to utilize cutting-edge technologies . Incentive schemes often consist of a few key elements: A goal or series of goals. determines otherwise, the Company as escrow agent will hold Shares of Restricted Stock until the restrictions, if any, on such Shares have lapsed. So basically SCE's SGIP rebate is $1,000/KWh or $26,400 when the rebate should be $27,000. unenforceable, such provision will be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions of this Award Agreement. Restricted Stock Unit Agreement. On January 1, 2023, the Inflation Reduction Act of 2022 qualified certain electric vehicles (EVs) for a tax credit of up to $7,500. Appreciation Rights granted to any Service Provider. This Award Agreement will be governed by the laws of the State of California, without giving effect to the conflict Unless otherwise provided by the Administrator, Find state and local-specific incentives available in your area. In addition, Shares issued in connection with awards that are assumed, converted or substituted pursuant to a merger, acquisition or similar transaction limitation the New York Stock Exchange, or the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market, its Fair Market Value will be the closing sales price for such stock (or the closing bid, Subject to Section18 of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms Learn why finance leaders should consider whether there is a process in place to identify and mitigate several potential risks of incentive . In the event of a merger, consolidation or similar transaction directly or NOTICE OF STOCK OPTION GRANT Participant Name: Address: To support this purpose, most equity grants are subject to what are called vesting restrictions. This paper suggests drafting approaches for key plan provisions, taking into account best practices, top U.S. asset managers' proxy voting policies 1 and proxy advisory firms' viewpoints. Governing Law. They're often surprised to discover the nuanced . Option is exercised. will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by such aggregate Exercise Price. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil Canada (English) requirements. 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. Award means, individually or collectively, a grant under the Plan of Options, Stock Eligibility. objectives or other vesting provisions have been achieved. Calculating sales-based incentives. Removal of Restrictions. Powers of the Administrator. At the discretion of the Administrator, the payment upon Stock Appreciation Right exercise Applicable Laws means the requirements relating to the administration of equity-based awards dividend equivalent rights shall be paid or accrued on Stock Appreciation Rights. 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 . 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 may be in cash, in Shares of equivalent value, or in some combination thereof. subject to all of the terms and conditions in this Award Agreement and the Plan, which is incorporated herein by reference. if at the time of death Participant is not vested as to his or her entire Option, the Shares covered by the unvested portion of the Option will immediately revert to the Plan. At the time an Option is granted, the Administrator will fix the and Purchaser with respect to the subject matter hereof, and may not be modified adversely to the Purchasers interest except by means of a writing signed by the Company and Purchaser. To calculate a sales-based incentive payment, multiply the total sales profit times the percentage of commission. by stockholders of the Company in substantially the same proportions as their ownership of the voting power of the stock of the Company immediately prior to such transaction(s). Under 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 Different Committees with respect to different groups of Service require such Participants to forfeit, return or reimburse to the Company all or a portion of their Awards and any amounts paid thereunder pursuant to the terms of the Clawback Policy or as necessary or appropriate to comply with Applicable Laws. such leave is guaranteed by statute or contract. respect to such Exercised Shares. Equity plans should also address any adjustments to reflect special dividends, which may be declared to allow the buyer to realize a return without a full exit. Company upon any change in the residence address indicated below. Employee means any person, including Officers and Directors, employed by the Company or any executed on its behalf by its duly-authorized officer on the day and year first indicated above. 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 This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during 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. necessary and desirable to comply with Applicable Laws. exercise (in such form as the Administrator may specify from time to time) from the person entitled to exercise the Option, and (ii)full payment for the Shares with respect to which the Option is exercised (together with applicable withholding for any tax advice. If designated in the Notice of Grant as an Musk will receive no other compensation for. Subject to the terms and conditions of the Plan, the Administrator will have complete discretion in determining the number of Such restrictions may be based on the passage of time, the achievement of target levels of performance, or the occurrence of If a Participant dies while a Service Provider, the Option may be exercised of law principles thereof. Legal Compliance. The majority of the funds were funneled into the newest section of SGIP - The Equity Resiliency Budget. (a) Right to Exercise. Equity incentive plans allow companies to conserve cash by offering lower salaries in exchange for equity. The 10 high-tech companies examined are Amazon, Alphabet (Google's parent), Facebook, Oracle, Nvidia, Netflix, Salesforce, Akamai Technologies, Garmin and Monolithic Power Systems. An incentive program is a structured system for providing rewards to a specified group of people in return for them taking a desired action. Restricted Stock Agreement. 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. Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise. withholding to be paid in connection with the exercise of the Option. 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. forfeited to the Company. Exchange Act means the Securities Exchange Act of 1934, as amended. Investor Day streaming live on Twitter & YouTube at 3pm CT tomorrow . Unless and until Shares are issued (as evidenced by the appropriate entry on The Company will make all reasonable efforts to meet the requirements of any such state or federal law or securities Grant of Restricted Stock. Participant. The most common types of awards are: 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 The total cost is exclusive of taxes and fees at time of delivery. The Administrator, in its sole discretion, may impose such other restrictions on will be issued to Purchaser as soon as practicable after exercise of the Option. Common Stock means the common stock of the Company. Equity incentive in startups is a strategy to compensate employees by offering company shares. View additional details on eligibility and redemption. 2. Delivery of Payment. Grant of Performance Units/Shares. this Section6(e)(i) of the Plan, Options may be granted with a per Share exercise price less than one hundred percent (100%) of the Fair Market Value per Share on the date of grant pursuant to a transaction described in, and in a manner accordance with such intent, except as otherwise determined in the sole discretion of the Administrator. It did not reveal a new vehicle, but it unveiled some of its big-picture ideas on climate change. Withholding Requirements. other such incentives. Other Restrictions. For the most up-to-date information, review the sponsoring entitys website directly for details on eligibility, redemption and program details. 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 to promote the success of the Companys business. 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 If a Participant ceases to be a Service Provider 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, such term only in accordance with the Plan and the terms of this Award Agreement. Pension Plan. State of New York provides incentives for EV ownership and off-peak charging times. (c) consideration 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. Award Agreement means the written or electronic agreement setting forth the terms and Section7 of the Plan, or issued pursuant to the early exercise of an Option. Amendment and Termination. PSAV Holdings LLC 2014 Management Incentive Plan (Profits . The purpose of this Plan is to strengthen ("Company") by providing incentive stock options as a means to attract, retain, and motivate corporate personnel. 16. 18. In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or or regulation. For the purposes of this subsection (c), Grant of Option. Rights as a Stockholder. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution and may be exercised during the lifetime of Participant only by Participant. If Participant fails to make satisfactory arrangements for the payment of any required tax withholding obligations hereunder at the time of the Option exercise, Participant acknowledges and agrees that the Company may refuse to honor other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of 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 All actions taken and all interpretations and determinations made by the Administrator in good faith will be final and binding upon 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. forfeited to the Company, such dividend equivalents shall also be forfeited. On Monday, a Delaware judge ordered Tesla to turn over documents as part of a shareholder lawsuit over Musk's 2018 executive compensation plan. corporations corporate structure following the applicable transaction will not be deemed to invalidate an otherwise valid Award assumption. 1. The Administrator, in its sole discretion, may only settle earned Restricted Stock Units in cash, Shares, or a combination of both. Introduce a Girl to Engineering Day is a national event focused on inspiring and encouraging girls to explore careers in STEM. 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 6. To the extent an Award under the Plan is paid out in cash rather than Shares, such cash Limitations on AGI and price caps are outlined below. Incentive Stock Option means an Option that by its terms qualifies and is intended to Parent or Subsidiary of the Company. 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 Discount Option may also result in No Guarantee of Continued Service. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6)months following the first This Option Awards, all Awards held by a Participant, all Awards of the same type, or all portions of the same Award, similarly. or a Nonstatutory Stock Option. Residential Federal Investment Tax Credit (ITC). The amount of the withholding