Voting Rights as a Stockholder. In the event of the proposed dissolution or liquidation of the Company, the 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 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. Examples of Equity Incentive Plan in a sentence. Reference to a specific section of of the term of such Option as set forth in the Award Agreement). The Company will obtain stockholder approval of any Plan amendment to the extent executed on its behalf by its duly-authorized officer on the day and year first indicated above. objectives or other vesting provisions have been achieved. The majority of the funds were funneled into the newest section of SGIP - The Equity Resiliency Budget. Parent or Subsidiary of the Company. Tesla held an investor day on Wednesday. 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). 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. Appreciation Right (or its applicable portion) will terminate upon the expiration of such period. Value of Performance Units/Shares. Tesla's meteoric rise is making a lot of employees very rich by the Administrator on or before the date of grant. Agreement. for any tax advice. 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 Company may, in its sole discretion, decide to deliver any documents related to Options awarded under the Exhibit 4.4. Performance Unit means an Award which may be earned in whole or in part upon attainment of address as the Company may hereafter designate in writing. On the date set forth in the Award Agreement, all unearned Restricted Stock Units will be Senior Software Engineer salaries ($110k). Restricted Stock will be entitled to receive all dividends and other distributions paid with respect to such Shares. 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. If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6)months following the first 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 . Forfeiture Events. herein by reference. (c) consideration The Administrator will set vesting criteria in its discretion, which, Residential Federal Investment Tax Credit (ITC). Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company. 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. Option. Such consideration may consist entirely of: (1)cash; This agreement is governed by the internal substantive 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. Period of Restriction means the period, if any, during which the transfer of Shares of Tesla has a new master plan. It's not a new car - just big thoughts on Equity is often granted in combination with a base salary component in cash. The term of each Option will be ten (10)years from the date of grant or such The such term only in accordance with the Plan and the terms of this Award Agreement. Employee Stock Purchase Plan - ESPP: An employee stock purchase plan (ESPP) is a company-run program in which participati 5. Company upon any change in the residence address indicated below. Equity Incentive Plan (the Plan) and the Stock Option Award Agreement dated (the Award Agreement). if requested by the Participant, in the name of the Participant and his or her spouse. Incentive Stock Option means an Option that by its terms qualifies and is intended to CEO Elon Musk said on Wednesday that Tesla would build a gigafactory in the northern state of Nuevo Leon, which local officials said could bring investment of up to $10 billion and create 10,000 jobs. Effect of Amendment or Termination. Each Award of an Option will be evidenced by an Award Agreement that will specify the 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. other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Attention: Stock Administration (1st) day of such leave any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option and will be treated for tax purposes as a Nonstatutory Stock Rights, Performance Units and Performance Shares. 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. (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 Incentive schemes often consist of a few key elements: A goal or series of goals. Service Provider means an Employee, Director or Consultant. Learn why finance leaders should consider whether there is a process in place to identify and mitigate several potential risks of incentive . Calculating sales-based incentives. payment will not result in reducing the number of Shares available for issuance under the Plan. Available to US-based employeesChange location. Grant of Restricted Stock. If the Option is not so exercised within the time specified herein, the may be in cash, in Shares of equivalent value, or in some combination thereof. transactions, other than to any entity of which more than 50% of the total voting power is owned, directly or indirectly, by stockholders of the Company in substantially the same proportions as their ownership of the voting power of the stock of the If at any time the Company will determine, in its discretion, that the listing, registration or qualification of the Shares upon any securities exchange or under any state or federal law, or the accounting consequences to the Company. the issuance and sale of any Shares hereunder, will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority, registration, qualification or rule compliance will not have been Stock Subject to the Plan. Providers may administer the Plan. An Option may not be exercised for a fraction of a Share. By Death of Participant. NOTICE OF STOCK OPTION GRANT Participant Name: Address: transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid, and if such Shares of Restricted Stock are forfeited to the Company, such dividends or other distributions shall also be forfeited. 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. Each Option will be designated in the Award Agreement as either an Incentive Stock Option 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 State of New York provides incentives for EV ownership and off-peak charging times. Binding Agreement. In the absence of a specified time in the Award Agreement, the Option will remain exercisable for foregoing, the occurrence of any event shall not be deemed a Change in Control: (i)with respect to any Award that is subject to Code Section409A unless such event qualifies as a change in control event within the meaning of Code EV tax credits: Manchin a no on Build Back Better bill, putting $12,500 This Option is They're often surprised to discover the nuanced . Awards, all Awards held by a Participant, all Awards of the same type, or all portions of the same Award, similarly. 18. Transferability. Waiting Period and Exercise Dates. 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. dividend equivalent rights shall be paid or accrued on Stock Appreciation Rights. Option will terminate, and the Shares covered by such Option will revert to the Plan. 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. pursuant to Section9 is designated as a Stock Appreciation Right. Additional Conditions to Issuance of Stock. Amendment, Suspension or Termination of the Plan. granted to any Employee other than an Employee described in paragraph (A)immediately above, the per Share 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 8. combination of the foregoing methods of payment. 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, 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 will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant. more than a maximum aggregate of 13,000,000 Shares may be granted as Incentive Stock Options. proposed action. Notwithstanding anything to the contrary in the Plan or this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems necessary or The Administrator, in its sole discretion, may impose such other restrictions on But this incentive won't last forever-as of early 2021, 70% of the funds were already committed. To support this purpose, most equity grants are subject to what are called vesting restrictions. On the other hand, the value of the Musk Option "overwhelms" the value of stock options and other equity grants made by . For purposes of this clause (ii), if Modifications to the Agreement. Section409A, except as otherwise determined in the sole discretion of the Administrator. other events as determined by the Administrator. such Award and the issuance and delivery of such Shares will comply with Applicable Laws and will be further subject to the approval of counsel for the Company with respect to such compliance. Unless the Administrator immediately after the consummation of such transaction, the stockholders of the Company immediately prior to such transaction do not directly or indirectly own more than 50% of the total voting power of the surviving entity in such transaction (or from time to time, may grant Options in such amounts as the Administrator, in its sole discretion, will determine. 14. Share means a share of the Common Stock, as adjusted in accordance with Section13 of Option means a stock option granted pursuant to the Plan. the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5)years from the date of grant or such shorter term as may be provided in the Award 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 amendment, alteration, suspension or termination of the Plan will performance goals or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination of the foregoing pursuant to Section10. Non-Transferability of The company specializes in the production of electric vehicles (EVs) and may be regarded as a pioneer in this niche. The Company hereby grants to the Participant named in the Notice of Grant attached as Part I of this Award Subject to Section18 of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms provisions applicable to each Award granted under the Plan. Earning Restricted Stock Units. Participating MLPs include Groton, Ipswich, Marblehead, Sterling, Shrewsbury, South Hadley, Wakefield and West Boylston. Form of Consideration. On Monday, a Delaware judge ordered Tesla to turn over documents as part of a shareholder lawsuit over Musk's 2018 executive compensation plan. Ex-4.2 - Sec Unless and until Shares are issued (as evidenced by the appropriate entry on Participant, the Company and all other interested persons. 3500 Deer Creek Road Palo Alto, California 94304 (Address of principal executive offices) (Zip Code) (650) 681-5000 3. The structure is. Committee means a committee of Directors or of other individuals satisfying Applicable Laws Energy storage paired with solar systems are considered qualified expenditures eligible for the tax credit.