Exhibit 10.2

EIGHTH AMENDMENT TO CREDIT AGREEMENT

EIGHTH AMENDMENT TO CREDIT AGREEMENT (this “Amendment”), dated as of March 12,
2018, in respect of the ABL Credit Agreement, dated as of June 10, 2015 (as
amended, supplemented or otherwise modified prior to the date hereof, the
“Credit Agreement”), among Tesla, Inc. (the “Company”, and together with each
Wholly-Owned Domestic Subsidiary of the Company that becomes a U.S. Borrower
pursuant to the terms of the Credit Agreement, collectively, the “U.S.
Borrowers”), Tesla Motors Netherlands B.V. (“Tesla B.V.”, and together with each
Wholly-Owned Dutch Subsidiary of Tesla B.V. that becomes a Dutch Borrower
pursuant to the terms of the Credit Agreement, collectively, the “Dutch
Borrowers”; and the Dutch Borrowers, together with the U.S. Borrowers,
collectively, the “Borrowers”), the lenders from time to time party thereto (the
“Lenders”), Deutsche Bank AG New York Branch, as administrative agent and
collateral agent (in such capacities, the “Administrative Agent”) and as
Collateral Agent, and the other agents party thereto.

RECITALS:

WHEREAS, the Company has requested an amendment to the Credit Agreement;

WHEREAS, pursuant to Section 13.12 of the Credit Agreement, the Credit Agreement
may be amended with the written consent of the Required Lenders and each Credit
Party thereto; and

WHEREAS, the parties now wish to amend the Credit Agreement in certain respects.

AGREEMENT:

NOW, THEREFORE, in consideration of the premises and mutual covenants contained
herein, the parties hereto agree as follows:

Section 1.Defined Terms.  Unless otherwise specifically defined herein, each
term used herein (including in the recitals above) has the meaning assigned to
such term in the Credit Agreement.

Section 2.Amendments to Credit Agreement.

(a)Amendment to definition of Change of Control.  The definition of Change of
Control in Section 1.01 of the Credit Agreement shall be amended by adding the
text “and in connection with such “change of control” or similar event, the
Company shall be obligated to repurchase or offer to repurchase all of the
affected Permitted Convertible Notes or Permitted Additional Indebtedness” at
the end of clause (iii) thereof.

(b)Amendment to Section 10.04(f) of the Credit Agreement.  Section 10.04(f) of
the Credit Agreement shall be amended by deleting the words “in the ordinary
course of business” at the end of clause (i) thereof.

(c)Amendment to Section 10.04(o) of the Credit Agreement.  Section 10.04(o) of
the Credit Agreement shall be amended and restated in its entirety to read as
follows:

“(o)          if no Default or Event of Default then exists or would result
therefrom, additional Indebtedness incurred by any Subsidiary that is not a
Credit Party (which Indebtedness may be (A) unsecured or secured and (B)
guaranteed (x) on a like basis by any other Subsidiaries that are not Credit
Parties or (y) on an unsecured basis by any U.S. Borrower pursuant to Section
10.04(f)(i)) in an aggregate principal amount, together with Indebtedness
incurred and

--------------------------------------------------------------------------------

outstanding pursuant to Section 10.04(n)(vii)(y), not to exceed $1,000,000,000
at any time outstanding; provided that if such Indebtedness is secured it shall
only be secured by assets or property of Subsidiaries that are not Credit
Parties (all Indebtedness incurred or issued under this clause (o) is referred
to as “Permitted Non-Credit Party Indebtedness”);”

(d)Amendment to Section 10.04 of the Credit Agreement.  Section 10.04 of the
Credit Agreement shall be amended by (i) deleting the word “and” at the end of
clause (w) thereof, (ii) deleting the “.” at the end of clause (x) thereof and
substituting in lieu thereof the text “; and” and (iii) inserting the following
new clause (y) after clause (x):

“(y)unsecured Indebtedness of the Company and its Subsidiaries that does not at
any time exceed $125,000,000 in aggregate principal amount; provided that the
net cash proceeds of any Indebtedness incurred pursuant to this Section 10.04(y)
may not be deposited or maintained in any Core Deposit Account.”

(e)Amendment to Section 10.14(a) of the Credit Agreement.  Section 10.14(a) of
the Credit Agreement shall be amended and restated in its entirety to read as
follows:

“(a)the Company and its Subsidiaries shall not (subject to the Consent Letter)
guarantee or otherwise become directly liable for any Indebtedness of SolarCity
or any of its Subsidiaries (it being understood and agreed that this Section
10.14(a) shall not restrict or prohibit (i) any guarantee by a Subsidiary of
Indebtedness of the Company and/or its Subsidiaries that is also guaranteed by a
SolarCity Guarantee and (ii) any unsecured guarantee by the Company or its
Subsidiaries of Indebtedness of SolarCity or any of its Subsidiaries with
respect to letters of credit, bankers’ acceptances, bank guarantees, performance
bonds, surety bonds, appeal bonds, customs bonds or similar instruments required
in the ordinary course of business or in connection with the enforcement of
rights or claims of SolarCity or any of its Subsidiaries or in connection with
judgments that do not result in an Event of Default);”

(f)Amendment to Section 11.04 of the Credit Agreement.  Section 11.04 of the
Credit Agreement shall be amended by adding “or any payment on demand in respect
of Indebtedness incurred under Section 10.04(y) in accordance with the terms of
such Indebtedness and not as a result of a default thereunder,” to clause (x)
thereof immediately after the phrase “prior to the stated maturity thereof,”.

Section 3.Conditions. This Amendment shall become effective on the date on which
the following conditions precedent have been satisfied or waived (the date on
which such conditions shall have been so satisfied or waived, the “Amendment
Effective Date”):

(a)The Administrative Agent shall have received a counterpart of this Amendment,
executed and delivered by the Credit Parties, the Administrative Agent and the
Required Lenders.

(b) Each of the representations and warranties made by the Credit Parties in or
pursuant to the Credit Agreement or in or pursuant to the other Credit Documents
shall be true and correct in all material respects (except that any
representation and warranty that is qualified or subject to “materiality”,
“Material Adverse Effect” or similar language shall be true and correct in all
respects) on and as of the Amendment Effective Date as if made on and as of such
date except for such representations and warranties expressly stated to be made
as of an earlier date (in which case such representations and warranties shall
be true and correct in all material respects as of such earlier date).

(c)No Default or Event of Default shall exist on the Amendment Effective Date.

--------------------------------------------------------------------------------

(d)The Administrative Agent shall have received an officer’s certificate from an
Authorized Officer of the Company and dated as of the Amendment Effective Date,
certifying that each condition set forth in Sections 3(b) and (c) hereof have
been satisfied on and as of the Amendment Effective Date.

Section 4.Representations and Warranties, etc.  The Borrowers hereby confirm,
reaffirm and restate that each of the representations and warranties made by any
Credit Party in the Credit Documents is true and correct in all material
respects on and as of the Amendment Effective Date (it being understood and
agreed that (x) any representation or warranty which by its terms is made as of
a specified date shall be required to be true and correct in all material
respects only as of such specified date and (y) any representation or warranty
that is qualified by “materiality”, “Material Adverse Effect” or similar
language shall be true and correct in all respects).  The Borrowers represent
and warrant that, immediately after giving effect to the occurrence of the
Amendment Effective Date, no Default or Event of Default has occurred and is
continuing.  The Borrowers represent and warrant that each Credit Party (i) has
the Business power and authority to execute, deliver and perform the terms and
provisions of this Amendment and has taken all necessary Business action to
authorize the execution, delivery and performance by such Credit Party thereof
and (ii) has duly executed and delivered this Amendment, and that this Amendment
constitutes a legal, valid and binding obligation of the Borrowers enforceable
against each Borrower in accordance with its terms, except as enforceability may
be limited by applicable bankruptcy, insolvency, reorganization, moratorium or
similar laws affecting the enforcement of creditors’ rights generally and by
general equitable principles (whether enforcement is sought by proceedings in
equity or at law).

Section 5.Reaffirmation. Each Guarantor and each Credit Party hereby agrees that
(i) all of its Obligations under the Credit Documents shall remain in full force
and effect on a continuous basis after giving effect to this Amendment and (ii)
each Credit Document is ratified and affirmed in all respects.

Section 6.Governing Law. This Amendment and the rights of the parties hereunder
shall be governed by and construed in accordance with the laws of the State of
New York (without regard to conflicts of law principles that would result in the
application of any law other than the law of the State of New York).

Section 7.Effect of This Amendment. Except as expressly set forth herein, this
Amendment shall not by implication or otherwise limit, impair, constitute a
waiver of or otherwise affect the rights and remedies of any Lender or Agent
under the Credit Agreement or any other Credit Document, and shall not alter,
modify, amend or in any way affect any of the terms, conditions, obligations,
covenants or agreements contained in the Credit Agreement or any other Credit
Document, all of which are ratified and affirmed in all respects and shall
continue in full force and effect.  Nothing herein shall be deemed to entitle
any party to a consent to, or a waiver, amendment, modification or other change
of, any of the terms, conditions, obligations, covenants or agreements contained
in the Credit Agreement or any other Credit Document in similar or different
circumstances.  

Section 8.Counterparts. This Amendment may be signed in any number of
counterparts, each of which shall be an original, with the same effect as if the
signatures thereto and hereto were upon the same instrument.  Delivery of an
executed signature page of this Amendment by facsimile transmission or
electronic transmission (e.g., “pdf” or “tif”) shall be effective as delivery of
a manually executed counterpart hereof.

Section 9.Miscellaneous. This Amendment shall constitute a Credit Document for
all purposes of the Credit Agreement. The Borrowers shall pay all reasonable
fees, costs and expenses of the

--------------------------------------------------------------------------------

Administrative Agent incurred in connection with the negotiation, preparation
and execution of this Amendment and the transactions contemplated hereby.

[remainder of page intentionally left blank]

--------------------------------------------------------------------------------

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly
executed as of the date first above written.

 

TESLA, INC.

 

 

 

By:

/s/ Deepak Ahuja
Name: Deepak Ahuja
Title: Chief Financial Officer

 

 

TESLA MOTORS NETHERLANDS B.V.

 

 

 

By:

/s/ Marc Cerda
Name: Marc Cerda
Title: Managing Director

 

 

 

 

[Eighth Amendment – Signature Page]

--------------------------------------------------------------------------------

 

 

DEUTSCHE BANK AG NEW YORK BRANCH, as Administrative Agent, Collateral Agent,
Swingline Lender and a Lender

By:

/s/ Alicia Schug

Name: Alicia Schug

Title: Vice President

 

By:

/s/ Marguerite Sutton

Name: Marguerite Sutton

Title: Vice President

 

 

[Eighth Amendment – Signature Page]

--------------------------------------------------------------------------------

 

GOLDMAN SACHS BANK USA, as a Lender

 

 

 

 

By:

/s/ Chris Lam
Name: Chris Lam
Title: Authorized Signatory

[Eighth Amendment – Signature Page]

--------------------------------------------------------------------------------

BARCLAYS BANK PLC, as a Lender

 

 

 

 

By:

/s/ Nick Guzzardo
Name: Nick Guzzardo
Title: Assistant Vice President

[Eighth Amendment – Signature Page]

--------------------------------------------------------------------------------

CITIBANK, N.A.,

as Issuing Lender

 

 

 

 

By:

/s/ David G. Foster
Name: David G. Foster
Title: Attorney in Fact

 

 

 

[Eighth Amendment – Signature Page]

--------------------------------------------------------------------------------

Morgan Stanley Senior Funding, as a Lender

 

 

 

 

By:

/s/ Brian Rossi
Name: Brian Rossi
Title: Vice President

[Eighth Amendment – Signature Page]

--------------------------------------------------------------------------------

Morgan Stanley Bank NA, as a Lender

 

 

 

 

By:

/s/ Brian Rossi
Name: Brian Rossi
Title: Authorized Signatory

[Eighth Amendment – Signature Page]

--------------------------------------------------------------------------------

ROYAL BANK OF CANADA, as a Lender

 

 

 

 

By:

/s/ Philippe Pepin
Name: Philippe Pepin
Title: Authorized Signatory

[Eighth Amendment – Signature Page]

--------------------------------------------------------------------------------

Bank of America, N.A., as an Issuing Lender and a Lender

 

 

 

 

By:

/s/ Robert M. Dalton
Name: Robert M. Dalton
Title: Senior Vice President

[Eighth Amendment – Signature Page]

--------------------------------------------------------------------------------

SOCIETE GENERALE, as a Lender

 

 

 

 

By:

/s/ Richard Bernal
Name: Richard Bernal
Title: Managing Director

[Eighth Amendment – Signature Page]

--------------------------------------------------------------------------------

WELLS FARGO BANK, N.A., as a Lender

 

 

 

 

By:

/s/ Krista Mize
Name: Krista Mize
Title: Authorized Signatory

 

 

 

 

 

 

[Eighth Amendment – Signature Page]