Document:

Addendum to ZEV Credits Agreement - dated February 20, 2009

 Exhibit 10.32A 

 

			
	[Tesla Logo]	 	[Honda Logo]

 Addendum to ZEV
Credits Agreement 
 This Addendum to the ZEV Credits Agreement (“Agreement”) (“Addendum”) is made this
20th day of February 2009, between and American Honda Co., Inc., with its principal offices at 1919 Torrance Boulevard, Torrance, California 90501-1486 (“Honda”) and Tesla Motors, Inc., with its principal offices at 1050 Bing Street,
San Carlos, California 94070 (“Tesla”) (Honda and Tesla are individually a “Party” and together the “Parties”). All defined terms in the Agreement have the same meaning in this Addendum. 

BACKGROUND AND PURPOSE 
  

	1.	The Parties have entered into the Agreement to transfer certain ZEV Credits earned, or to be earned, by Tesla to Honda. 

 

	2.	In the Agreement the Parties anticipate that certain confidential information may be disclosed to their respective employees, contractors, professional advisors,
consultants, or prospective investors. 

  

	3.	In order to ensure that any disclosed information remains confidential, the Parties have agreed that their respective employees, contractors, professional advisors,
consultants, and prospective investors shall have previously executed a document in which such persons have agreed to abide by confidentiality provisions prohibiting the disclosure of confidential information, 

AGREEMENT 

NOW THEREFORE, in consideration of the mutual promises contained herein and in the Agreement, and for other good and valuable
consideration, the sufficiency of which is hereby 
 Prior to disclosing to any of their employees, contractors, professional
advisors, consultants, or prospective investors (i) the terms of the Agreement, or (ii) any information submitted under a grant of confidentiality (whether express, implied, or pursuant to statute or regulation) to ARB or any ZEV Agency
pursuant to the terms of the Agreement, each Party shall confirm that each such person who is expected to receive the confidential information to be disclosed has previously executed a written agreement which prohibits disclosure of such information
to any other person. 
  

									
				
	American Honda Co., Inc.	 		 		 	
					
	 By:
	 	 /s/ Chester Hale
	 		 	Date:	 	 2/20/2009

					
	 Name:
	 	 Chester Hale
	 		 		 	
					
	 Title:
	 	Executive Vice President, Product Regulatory Office	 		 		 	
				
	 Tesla Motors, Inc.
	 		 		 	
					
	 By:
	 	 /s/ Craig Harding
	 		 	Date:	 	 2/20/2009

					
	Name:	 	Craig Harding	 		 		 	
					
	Title:	 	General Counsel and Secretary	 		 		 	

  

					
		  	Page 1 of 1Supplemental ZEV Credits Agreement - dated March 20, 2009

 Exhibit 10.32B 

Confidential Treatment Requested by Tesla Motors, Inc. 

 

			
		
	[Tesla Logo]	  	[Honda Logo]

 Supplemental
ZEV Credits Agreement 
 This Supplemental ZEV Credits Agreement (“Supplemental Agreement”) is made as of
the 20th day of March 2009, between American Honda Motor Co., Inc., with its principal offices at 1919 Torrance Boulevard, Torrance, California 90501-1486 (“Honda”) and Tesla Motors, Inc., with its principal offices at 1050
Bing Street, San Carlos, California 94070 (“Tesla”) (Honda and Tesla are individually a “Party” and together the “Parties”). 

BACKGROUND AND PURPOSE 
  

	1.	The Parties have entered into a ZEV Credits Agreement, dated 12 February 2009, as well as an Addendum to the ZEV Credits Agreement, dated 20 February 2009,
(collectively, the “Agreement”) to transfer to Honda certain credits earned, or to be earned, by Tesla for the production and sale of model year 2009 Tesla zero emission vehicles. Unless otherwise specified herein, the terms defined in the
Agreement shall have the same meaning in this Supplemental Agreement. 

  

	2.	The Parties have now agreed that Tesla will offer to transfer to Honda, on a non-exclusive basis, and Honda may purchase from Tesla, certain credits earned, or to be
earned, by Tesla for the production and sale of model year 2008 Tesla zero emission vehicles. 

  

	3.	For the purposes of this Supplemental Agreement, “ZEV” means a zero emission vehicle as defined by 13 CCR Section 1962, Zero-Emission Vehicle Standards
for 2005 through 2008 Model Year Passenger Cars, Light-Duty Trucks, and Medium-Duty Vehicles; and “Tesla ZEV” means any model year 2008 vehicle produced by Tesla in calendar year 2008 (i.e., with a manufacture date on or before
December 31, 2008) that is capable of earning a Type II ZEV Credit. 

 AGREEMENT 

NOW THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, the sufficiency
of which is hereby acknowledged, Honda and Tesla agree as follows: 
  

	I.	ZEV Credit Generation; Offer to Sell and Buy ZEV Credits. 

  

	 	A.	Tesla agrees to offer to sell and transfer to Honda, on a non-exclusive basis, certain ZEV Credits, including all associated rights and benefits, that Tesla earns from
delivering for sale and/or placing into service Tesla ZEVs in California or any ZEV State during the period from January 1, 2008 and June 30, 2009, and Honda agrees that if it shall accept any such offer from Tesla, such credits shall be
bought, sold, and transferred on the terms and conditions set forth in the Agreement, except as otherwise set forth in this Supplemental Agreement. 

  

	 	(i)	The provisions of paragraphs I.A and I.B and subparagraph I.C(2) of the Agreement shall not apply to the sale, purchase, or transfer of ZEV Credits under this
Supplemental Agreement. 

  

 Page 1 of 2 
  

	[***]	Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential Treatment has been requested with respect to the omitted
portions. 

 Confidential Treatment Requested by Tesla Motors, Inc. 

 

	 	(ii)	The [***] ZEV Credit trigger set forth in paragraph II.A of Exhibit B to the Agreement shall include any ZEV Credits that Tesla offers to Honda and Honda agrees to
purchase pursuant to this Supplemental Agreement, and the procedures set forth in the balance of sections II and III of Exhibit B to the Agreement shall also apply to the sale, purchase, and transfer of ZEV Credits under this Supplemental Agreement.

  

	B.	 In return for the transfer to Honda under this Supplemental Agreement of ZEV Credits Tesla earns and receives associated with the delivery and
placement into service of a model year 2008 Tesla ZEV in California or a ZEV State, Honda will pay Tesla $[***] per ZEV Credit earned and received by Tesla for each Tesla ZEV sold or placed into service in California or a ZEV
State.1 

 

									
			
	American Honda Motor Co., Inc.	 		 	
					
	By: 	 	/s/ Chester Hale	 		 	Date:	 	3/30/09
					
	Name: 	 	Chester Hale	 		 		 	
					
	Title: 	 	Executive Vice President, Product Regulatory Office	 		 		 	
			
	Tesla Motors, Inc.	 		 	
					
	By: 	 	/s/ Craig Harding	 		 	Date:	 	March 30, 2009
					
	Name: 	 	Craig Harding	 		 		 	
					
	Title: 	 	General Counsel, Secretary	 		 		 	

  
  

 
  

1
 It is the Parties’ understanding that for each model year 2008 Tesla ZEV delivered for sale and placed into service in California or a ZEV State, Tesla will earn [***] ZEV Credits per
Roadster, and [***] ZEV Credits per vehicle for “Advanced Technology Demonstration” Roadsters. 
  

 Page 2 of 2 
  

	[***]	Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential Treatment has been requested with respect to the omitted
portions.Second Supplemental ZEV Credits Agreement - dated February 8, 2010

 Exhibit 10.32C 

Confidential Treatment Requested by Tesla Motors, Inc. 

 

			
	 [Tesla Logo]
	  	[Honda Logo]

 Second
Supplemental ZEV Credits Agreement 
 This Second Supplemental ZEV Credits Agreement (“Second Supplemental
Agreement”) is made this 8th day of February, 2010, between American Honda Co., Inc., with its principal offices at 1919 Torrance Boulevard, Torrance, California 90501-1486 (“Honda”) and Tesla Motors, Inc., with its
principal offices at 1050 Bing Street, San Carlos, California 94070 (“Tesla”) (Honda and Tesla are individually a “Party” and together the “Parties”). 

BACKGROUND AND PURPOSE 
  

	1.	The Parties have entered into a ZEV Credits Agreement, dated 12 February 2009, an Addendum to the ZEV Credits Agreement, dated 20 February 2009 (collectively,
the “Agreement”), and a Supplemental ZEV Credits Agreement, dated 30 March 2009 (the “Supplemental Agreement”) to transfer to Honda certain credits earned, or to be earned, by Tesla for the production and sale of certain
model year 2008 and 2009 Tesla zero emission vehicles. Unless otherwise specified herein, the terms defined in the Agreement shall have the same meaning in this Second Supplemental Agreement. 

 

	2.	The Parties have now agreed that Tesla will offer to transfer to Honda, on an exclusive basis, and Honda agrees to purchase from Tesla, certain credits earned, or to be
earned, by Tesla for the production and sale of model year 2010 and model year 2011 Tesla zero emission vehicles. 

  

	3.	For the purposes of this Second Supplemental Agreement, “ZEV” means a zero emission vehicle as defined by 13 CCR Section 1962.1, Zero-Emission Vehicle
Standards for 2009 and Subsequent Model Year Passenger Cars, Light-Duty Trucks, and Medium-Duty Vehicles; and “Tesla ZEV” means any model year 2010 or model year 2011 vehicle produced by Tesla that is capable of earning a Type II or Type
III ZEV Credit. 

 AGREEMENT 

NOW THEREFORE, in consideration of the mutual promises contained herein, and for other good and valuable consideration, the sufficiency
of which is hereby acknowledged, Honda and Tesla agree as follows: 
  

	I.	ZEV Credit Generation; Offer to Sell and Buy ZEV Credits. 

  

	 	A.	Tesla agrees to offer to sell and transfer to Honda, on an exclusive basis, and Honda agrees to buy from Tesla, the first [***] ZEV Credits, including all associated
rights and benefits, that Tesla earns from delivering for sale and/or placing into service Model Year 2010 Tesla ZEVs in California or any ZEV State during the period from January 1, 2010 and June 30, 2011, and the first [***] ZEV Credits,
including all associated rights and benefits, that Tesla earns from delivering for sale and/or placing into service Model Year 2011 Tesla ZEVs in California or any ZEV State during the period from January 1, 2011 and June 30, 2012. Honda
agrees that it shall purchase from Tesla all such ZEV Credits (1,500 ZEV Credits in the aggregate), and these credits shall be bought, sold, and transferred on the terms and conditions set forth in the Agreement, except as otherwise set forth in
this Supplemental Agreement. 

  

	 	(i)	The provisions of paragraphs I.A and I.B and subparagraph I.C(2) of the Agreement shall not apply to the sale, purchase, or transfer of ZEV Credits under this Second
Supplemental Agreement. 

  
  Page
 1
 of 2 
  

	[***]	Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted
portions. 

 Confidential Treatment Requested by Tesla Motors, Inc. 

 

	 	B.	In return for the transfer to Honda under this Second Supplemental Agreement of the 1,500 ZEV Credits described above that Tesla earns and receives associated with the
delivery and placement into service of a Tesla ZEV in California or a ZEV State, Honda will pay Tesla $[***] per ZEV Credit transferred to Honda as set forth
above.1 

 

	II.	Expiration. 

  

	 	A.	The first sentence of Section IV(A) of the Agreement is replaced with the following: “This Agreement will expire at 11:59 p.m. on June 30, 2012.”

 All other terms of the Agreement (as amended and supplemented) will remain in effect. 

 

									
	 American Honda Motor Co., Inc.
	 		 	
					
	By:	 	/s/ Chester Hale	 		 	Date:	 	2/8/10
					
	Name:	 	Chester Hale	 		 		 	
					
	Title:	 	Executive Vice President, Product Regulatory Office	 		 		 	
			
	Tesla Motors, Inc.	 		 	
					
	By:	 	/s/ Diarmuid O’Connell	 		 	Date:	 	2/8/10
					
	Name:	 	Diarmuid O’Connell	 		 		 	
					
	Title:	 	Vice President, Business Development	 		 		 	

  

	1
	It is the Parties’ understanding that for each model year 2010 or 2011 Tesla Type III ZEV delivered for sale and placed into service in California or a ZEV State,
Tesla will earn [***] ZEV Credits per vehicle leased or sold, and [***] ZEV Credits per vehicle used in an “Advanced Technology Demonstration”. It is the Parties’ understanding that for each model year 2010 or 2011 Tesla Type II ZEV
delivered for sale and placed into service in California or a ZEV State, Tesla will earn [***] ZEV Credits per vehicle leased or sold, and [***] ZEV Credits per vehicle used in an “Advanced Technology Demonstration”. CAFE Credits will be
excluded from this Agreement. 

  
  Page
 2
 of 2 
  

	[***]	Information has been omitted and filed separately with the Securities and Exchange Commission. Confidential treatment has been requested with respect to the omitted
portions.

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