Document:

Modification to Terms and Conditions - BorgWarner TorqTransfer Systems, Inc.

 Exhibit 10.31 
 Confidential Treatment Requested by Tesla Motors, Inc. 
 September 22, 2008 
 BorgWarner 
 TorqTransfer Systems 
 Louis J. Bogart 
 Vice President 
 Sales & Marketing 
 Ms. Evelyn Chiang 
 Tesla Motors 
 1050 Bing Street 
 San Carlos, CA 94070 
 Re: Modification to Tesla Motors Terms &
Conditions of Purchase 
 Dear Ms. Chiang: 
 BorgWarner TorqTransfer Systems Inc. (“BW”) and Tesla Motors Inc. (“Tesla”) agree that the terms set forth below will apply to BW’s supply of parts to Tesla from and after the
date hereof (the “Parts”), notwithstanding anything to the contrary in Tesla’s standard contract documentation, including without limitation Tesla’s purchase orders, and Tesla’s Terms and Conditions of Purchase (“Tesla
Ts & Cs”), and any amendments to the foregoing. However, to the extent they are not inconsistent with the terms set forth below, the parties agree that the terms and provisions of such standard contract documentation, but excluding
BorgWarner Terms and Conditions of Sale (collectively, the “Contract Documents”) will apply. The parties agree as follows: 
 1. BW will supply to Tesla, and Tesla will purchase from BW, [***], or such lesser percentage as may be specified in the Contract Documents. Tesla will send releases to BW on a periodic basis, with such reasonable lead times as the parties
may mutually agree upon, or as specified in the Contract Documents. Tesla will notify BW in writing if Tesla requires Parts on a more expedited basis and BW will use its commercially reasonable efforts to comply with such revised schedule. Tesla
will be responsible for any increased costs due to expedited shipping methods necessary to comply with such revised schedule. 
 2. Tesla will be deemed to have accepted all Parts delivered to it unless Tesla notifies BW in writing of any non-conformance within 20 business days of Tesla’s receipt of such Parts. 
 3. BW and Tesla agree to quarterly price adjustments related to [***]. These adjustments will be based upon the average
cost of the mid-month of the previous quarter (e.g., April 1st adjustments will be based upon the average cost during February). [***] adjustments will be based upon [***]. [***] adjustments will be based upon the [***]. Appropriate [***] to be jointly determined by Tesla and BorgWarner. BorgWarner
will provide commodity weights and index baseline assumptions with each quotation. (These adjustments will not apply to the August 4, 2008 Purchase Order for [***] units.) BorgWarner reserves the right to re-quote should actual annual

  

	[***]	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. 
  

 
volumes fall [***] or more short of program expectations. Tesla may not offset or recoup any claim against amounts due BW from Tesla and BW does not agree to any automatic price discounts for
early payments. 
 4. For a period of [***] from the date of delivery by Tesla to the end user of the vehicle containing the
Parts, or [***] miles in service, whichever comes first, BW warrants that the Parts will be free from defects in design (to the extent designed by BW), material and workmanship under normal use, and will conform strictly to the specifications,
drawings and/or samples set forth in the Contract Documents, or as otherwise agreed in writing by BW and Tesla. BW’s sole liability for warranty claims hereunder is to repair or provide a replacement Part or allow a credit to Tesla’s
account, at BW’s sole option, for any Parts that BW determines to its reasonable satisfaction to be defective. Such credit will be in an amount equal to the original purchase price for the Part in question. Replaced Parts will be warranted in
time only through the remaining period of this warranty. BW will not warrant defects or damages which are a result of design defects (to the extent the Parts are designed according to specifications provided by Tesla), improper installation,
neglect, improper maintenance, handling or operation of products by Tesla or any third party. THE WARRANTIES SET FORTH HEREIN ARE EXCLUSIVE AND ARE IN LIEU OF ALL OTHER WARRANTIES, WHETHER STATUTORY, EXPRESS OR IMPLIED, INCLUDING IMPLIED WARRANTIES
OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE, AND WARRANTIES ARISING FROM COURSE OF DEALING OR USAGE OF TRADE. 
 5.
Neither party will be liable to the other under any circumstances for incidental, consequential, special, punitive or exemplary damages. 
 6. If Tesla cancels or terminates this agreement or an Order for convenience under either Section 20 or 21 of the Tesla Ts & Cs, BW shall have no liability to Tesla and Tesla will make the
following payments to BW promptly following the effective date of termination or cancellation: 
 (i) Payment for all Parts
previously delivered to Tesla and not yet paid for; 
 (ii) Payment for all finished Parts on hand, work-in-process, and raw
materials purchased to manufacture parts on order during the lead-time window specified on the BorgWarner quotation. (This clause will not apply to the August 4, 2008 Purchase Order for [***] units, as all [***] units are considered a firm
order.) Raw material exposure will be limited to the extent BW cannot recoup such cost by using those raw materials in connection with its other operations or by selling or otherwise disposing of those raw materials. Parts, work-in-process, and raw
materials will be shipped to Tesla following receipt of payment; and 
 (iii) BW’s unamortized capital, tooling and
engineering costs as of the effective date of termination in connection with the supply of Parts to Tesla. Detailed documentation to be provided by BW within 90 days of termination notice. Tesla to have 90 days from receipt of documentation to
verify claim via an on-site audit, (No claims under this clause will apply to the August 4, 2008 Purchase Order for [***] units.) 
 7. Tesla agrees that information related to the manufacture of the Parts is confidential information of BW and agrees not to disclose such information to a third party without written

  

	[***]	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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 Confidential Treatment Requested by Tesla Motors, Inc. 
  

 
permission from BW. Tesla agrees that BW does not grant any right or license to BW’s intellectual property rights that existed prior to BW’s supply of the Parts. BW shall not be liable
for alleged or actual charges of intellectual property infringement based on Tesla’s modifications to the Parts. 
 8. Any
amendment to the terms set forth in this letter must be in writing and signed by both parties. 
 9. The terms set forth in this
letter and all other documentation relating to BW’s supply of the Parts will be governed by the laws of the State of Michigan without regard to conflict of laws principles. 
 Please acknowledge and confirm Tesla’s agreement to the matters set forth above by countersigning and returning this letter. This
letter agreement will be effective upon execution by both parties. 
  

			
	Sincerely,
	
	BorgWarner TorqTransfer Systems Inc.
	
	 /s/ Louis J. Bogart

	By:	 	Louis J. Bogart
		
	Its:	 	Vice President, Sales and Marketing

  

			
	ACKNOWLEDGED AND AGREED
	
	Tesla Motors Inc.
		
	By:	 	 /s/ Evelyn Chiang

		
	Its:	 	 Director, Supply Chain

  

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

  

					
		 	-3-Supply Agreement - Panasonic Corporation

 Exhibit 10.33 
 Confidential Treatment Requested by Tesla Motors, Inc. 
 SUPPLY AGREEMENT 
 between 
 TESLA MOTORS, INC. 
 [Tesla Logo] 
 PANASONIC INDUSTRIAL COMPANY, DIVISION OF PANASONIC 
 CORPORATION OF NORTH AMERICA, 
 and 
 PANASONIC CORPORATION, 
 ACTING THROUGH ENERGY COMPANY. 
 [Panasonic Logo] 
 July 21, 2009 
  

	[***]	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. 
  

 THIS SUPPLY AGREEMENT is entered into as of this 21st day of July, 2009 (the
“Effective Date”) among: 
 Tesla Motors, Inc., a Delaware corporation, with its principal place of business at
1050 Bing St., San Carlos, California 94070, U.S.A. (“Tesla”); and 
 Panasonic Industrial Company, Division
of Panasonic Corporation of North America, a Delaware corporation, with its office located at Three Panasonic Way, Secaucus, New Jersey 07094 (“PIC”) and. 
 Panasonic Corporation, acting through Energy Company, a Japanese corporation, with its office located at 1-1 Matsushita-cho, Moriguchi-city, Osaka, Japan (“PEC”) (PIC and PEC shall
hereinafter be collectively referred to as “Panasonic”). 
 WHEREAS, Tesla intends to manufacture Li-Ion battery packs
(hereinafter called “Finished Products” defined in Section 1) with the Items (hereinafter defined in Section 1) supplied by Panasonic. 
 WHEREAS, Panasonic is willing to supply the Items to Tesla in accordance with this Agreement. 
 The Parties agree as follows: 
 1. Definitions. Unless defined additionally elsewhere in this Agreement, the following
capitalized terms shall have the meanings specified below: 
  

	 	a)	“Agreement” means (i) this Supply Agreement, (ii) all Attachments, and (iii) all Orders, as each may be amended from time to time.

  

	 	b)	“Attachment” means any document that is referenced in this Supply Agreement and attached hereto, All Attachments are deemed to be incorporated into this
Agreement by this reference. 

  

	 	c)	“DDP Point” means delivered duty paid (Incoterms 2000) at Panasonic’s receiving location(s) in California. 

  

	 	d)	“Finished Products” means Li-Ion battery packs and Modules assembled by Tesla and which incorporate items provided by Panasonic. 

  

	 	e)	“FOB Point” means free on board (Incoterms 2000) at Panasonic’s shipping location(s) in Japan. 

  

	 	f)	“Item” and “Items” means one (in its singular form) or more than one (in its plural form) Li-Ion battery cells which are manufactured by PEG and
which are supplied to Tesla by PIC as specified in (i) Attachment 1, or (ii) an Order. 

  

	 	g)	“Module” means smallest replaceable unit in a Tesla battery pack. In the case of the [***], the Module consists of [***] Items connected in a series/parallel
arrangement. 

  

	[***]	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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	 	h)	“Order’ means an order for Items communicated pursuant to this Agreement by Tesla to Panasonic via a purchase order whether in hardcopy or electronic form.
All Orders are deemed to be incorporated into this Agreement by this reference. 

  

	 	i)	“Parties” means Tesla and Panasonic. 

  

	 	j)	“Specification” means the specification and product requirements for each Item mutually agreed to by the parties. 

  

	 	k)	“Supplier” means Panasonic. 

  

	 	l)	“Tesla Application” means any product into which a Tesla battery pack is installed. A Tesla Roadster is an example of a Tesla Application.

 2. Scope of Agreement; Term. 
  

	 	a)	Scope of Agreement. This Agreement sets forth the terms and conditions governing the purchase and supply of items and the relationship between Tesla and
Panasonic in connection with the purchase and supply of Items. Tesla shall be entitled to purchase Items from Panasonic under this Agreement. Nothing in this Agreement shall prevent Tesla from engaging third parties other than Panasonic to provide
goods that are the same as, or similar to, the Items. Nothing in this Agreement shall prevent Panasonic from providing goods that are the same as, or similar to, the Items to third parties other than Tesla. 

  

	 	b)	Term. This Agreement shall commence on the Effective Date and, unless terminated as set forth in Section 15 (Termination), shall end on December 31, 2010.
This Agreement, however, shall be automatically extended from year to year for additional one (1) year periods, unless one Party gives a written notice of termination to the other Parties at least sixty (60) days before the expiration date
of the initial term or then current term. The effective period of this Agreement is referred to as the “Term.” 

 3.
Forecasts and Orders. 
  

	 	a)	 Monthly Forecasts and Orders. On or before the fifth (5th) day of each calendar month, Tesla will provide Panasonic with a good faith, rolling monthly forecast for
Tesla’s anticipated requirements of the Items for the next six (6) months, and issue firm and irrevocable Orders for (i) the first [***] for Orders which specify the DDP Point and will be shipped by boat; (ii) [***] for Orders
which specify the FOB Point; or (iii) [***] for Orders which specify the DDP Point and will be shipped by air. The scope of firm and irrevocable Orders may be discussed after the date of [***]. The Orders shall comply with applicable lead times
and shall be non-cancellable. Delivery of Orders shall not be permitted to be rescheduled without the prior written consent of Panasonic and the payment by Tesla of any rescheduling charges specified by Panasonic. The forecasts for the [***] (in
case of (ii) or (iii) above) [***] months will be non-binding and are for planning purposes only. 

  

	 	b)	Order Requirements. An Order shall (i) identify the Items requested and (ii) state the quantity, date, time, mode and place of delivery, and price of
the Items requested (unless previously specified in Attachment 1, which shall control in the event of a conflict with the Order). 

  

	[***]	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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	 	c)	Acceptance/Refection of Orders. Panasonic shall communicate to Tesla its acceptance or rejection of a forecast and related Order within seven (7) working
days of Panasonic’s receipt of the Order. Panasonic shall not, however, reject an Order for Items placed by Tesla pursuant to Section 3(a) within the [***] period set forth in Section 3(a) so long as the Order conforms to the terms
and conditions of this Agreement. Any notice of rejection shall state the specific grounds fore such rejection. If Panasonic fails to notify Tesla of its rejection of an Order within seven (7) working days of Panasonic’s receipt of the
Order, the Order shall be deemed accepted by Panasonic, Notwithstanding anything herein to the contrary, Panasonic shall not be obligated to accept a forecast for months one, two (in case of (ii) or (iii) in Section 3(a) above), and
three (in case of (i) in Section 3(a) above) or any Order based upon such forecast which contains forecasted quantities of the Items that are [***] greater or less than the quantities originally set forth in the forecast for such
quantities in months [***] (in case of (ii) or (iii) in Section 3(a) above) or [***] (in case of (i) in Section 3(a) above). 

  

	 	d)	Forecast Adjustments. Panasonic acknowledges that Tesla may be required to modify forecasts from time to time, but such modifications to the forecasts shall not
result in a change and/or cancellation of any firm and irrevocable Orders as described in Section 3(a). 

  

	 	e)	Purchases by Authorized Third Party. Items may be incorporated into Finished Products made for Tesla by a third party. Upon the mutual agreement of the Parties,
Tesla may designate the third party as authorized to purchase Items from Panasonic. Such third party shall meet Panasonic’s technical requirements for battery handling and battery pack assembly, purchasing requirements and credit terms as
established by Panasonic from time to time. Tesla shall cause such third party to enter into an agreement with Panasonic to purchase Items from Panasonic on terms and conditions substantially similar to the terms and conditions set forth in this
Agreement. 

  

	 	f)	Notwithstanding anything herein to the contrary, Panasonic shall not be obligated to deliver any Items to Tesla unless Tesla has issued an Order to Panasonic at least
[***] or [***] months (as set forth in Section 3(a)) prior to the expected delivery date for such Items. 

  

	 	g)	Minimum Purchase Commitment. Tesla expects to purchase the quantities of the Items set forth in Attachment 1, Tesla may buy goods from third parties that are
identical or similar to the Items. 

 4. Pricing. 
  

	 	a)	Contract Prices. “Contract Prices” means the domestic and/or export price in U.S. Dollars for an Item as set forth in Attachment 1.

  

	 	b)	Pricing Components. The Contract Prices, and any quotations for Items, shall include all finishing, testing, inspecting and packaging fees, applicable royalties
and all applicable taxes (excluding sales, use and similar taxes). Any quotations for Items shall include all costs relating to warranties. 

  

	 	c)	Transportation and Insurance Costs. One Contract Price shall be based on shipment to the DDP Point; an alternate Contract Price will be used in the event Tesla
takes delivery of the items at the FOB Point. 

  

	[***]	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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	 	d)	Taxes. Tesla will pay any applicable excise, sales, use or similar tax imposed in connection with the sale of Items to Tesla; provided that Panasonic shall not
charge or collect, and Tesla shall have no liability for, taxes on any sale of Items for which Tesla has provided Panasonic with an appropriate resale certificate or other documentation evidencing an exemption from such taxes. For all sales of Items
upon which tax reimbursement to Panasonic is applicable, Panasonic shall separately itemize all applicable taxes on invoices submitted to Tesla. All amounts payable under this Agreement are exclusive of Value Added Tax (VAT) which will be paid at
the date and in the manner for the time being prescribed by law. 

  

	 	e)	Recycling Fees. Tesla will pay any applicable recycling fees should it decide to recycle the Items and/or if any rules and regulations pertaining to battery
recycling change to require recycling of the Items. 

 5. Delivery of Items. 
  

	 	a)	Delivery Requirements. Panasonic shall meet the (i) negotiated lead time; (ii) order adjustment requirements as set forth in Section 3; and
(iii) time, date, location and other delivery requirements for Items as set forth in the Order. 

  

	 	b)	Remedies. If Panasonic fails to deliver any Items at the time and place set forth in the Order, and the Order is based on the agreed schedule and quantity, Tesla
shall have the right, at its sole option, to: (i) require Panasonic, at Panasonic’s expense, to use reasonable expedited delivery methods to complete and deliver the Items; or (ii) allocate or redirect Panasonic’s deliveries of
Items manufactured by Panasonic for Tesla pursuant to previously accepted Orders to certain Tesla designated locations. The foregoing shall constitute Tesla’s sole and exclusive remedy for any delayed deliveries of the Items by Panasonic.

  

	 	c)	Refusal of Delivery. If Tesla shall at any time wrongly refuse to accept delivery of any shipment of Items, such shipment, at Panasonic’s option, may be
held for Tesla’s account, and Panasonic may invoice, and Tesla shall promptly pay, for such shipment. Tesla may at any time thereafter and from time to time be invoiced by Panasonic, and Tesla agrees to promptly accept and pay each such
invoice, for any and all freight, handling, warehouse, labor and other costs incurred by Panasonic which arise from or which are in any way related to or associated with such wrongful refusal by Tesla to accept such shipment until such time as
delivery of such shipment is accepted by Tesla. 

 6. Shipping and Packaging Requirements. 
  

	 	a)	Panasonic will ship all items in accordance with the Transportation, Packaging and Labeling Specification set forth in Attachment 2. If Tesla specifies an authorized
shipping service level (such as ground, sea, air, second-day, next-day, etc.) in a specific Order and Panasonic has previously agreed that it can provide such shipping service level, Panasonic will ship such Items in accordance with the shipping
service level included in an Order; provided, however, that Tesla shall be responsible for any increased costs resulting from the use of such shipping service level. 

  

	 	b)	The Items shall be packaged, marked and labeled in accordance with mutually agreed upon specifications, In all events, Panasonic must include a valid packing slip
number or package ID on each package or shipment of Items. 

  

	[***]	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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 Confidential Treatment Requested by Tesla Motors, Inc. 
  

 7. Acceptance. 
  

	 	a)	Initial Inspection and Notification. Tesla will inspect the shipments of Items from Panasonic promptly upon delivery, but in any event within sixty
(60) days of delivery to the FOB Point, or thirty (30) days of delivery to the DDP Point, using such testing procedures as Tesla determines are appropriate to determine if the items conform to the mutually agreed upon inspection
specifications, and will include an OCV test and impedance test among others, Any claim by Tesla arising from such inspection that an Item fails to comply with the mutually agreed specifications must be made within sixty (60) days of delivery
to the FOB Point, or 30 days of the delivery of the Item to the DDP Point. Notification of non-conformity will be made in writing and supporting documentation will be provided to Panasonic. An item will be deemed automatically accepted by Tesla if
Panasonic does not receive a notification of non-conformity with sixty (60) days of delivery to the FOB Point, or 30 days of the delivery of the item to the DDP Point. 

  

	 	b)	Tesla shall promptly supply to Panasonic the detailed facts and additional supporting evidence with respect to the allegedly defective Items. 

 

	 	c)	If the cause of the defect is determined by the Parties to be solely attributable to Panasonic, Panasonic shall replace the Items found to be defective by Tesla: It has
been agreed between the Parties that such Items’ replacement shall constitute Tesla’s sole and exclusive remedy with respect to the subject defective Items. 

  

	 	d)	Upon written instruction from Panasonic, Tesla shall ship, at its expense, any allegedly defective Items to Panasonic for inspection and testing. Upon Panasonic’s
confirmation that the defect in the Items was caused solely by Panasonic, Panasonic shall reimburse Tesla for the reasonable transportation costs for shipping the Items to Panasonic for inspection and testing. If Panasonic instructs Tesla in writing
to destroy the allegedly defective Items, Panasonic shall reimburse Tesla for the reasonable cost of such destruction. 

 8.
Payment. 
  

	 	a)	Payment Terms. Payment by Tesla for Items shall be in United States Dollars and shall be made net [***] from the date of Panasonic’s invoice. Tesla is
authorized by Panasonic to make payments under this Agreement by either check or electronic funds transfer, and Panasonic shall provide Tesla with the information necessary for electronic funds transfer capability. With prior consultation with
Tesla, Panasonic reserves the right at any time to determine the payment terms and to decrease, eliminate or otherwise limit the amount or duration of credit extended to Tesla in general and/or with respect to any specific order.

  

	 	b)	Invoices. Panasonic will submit invoices to Tesla no earlier than when the Items are received at the FOB Point or the DDP Point. 

  

	 	c)	Title, Risk of Loss and No Right of Offset. Tesla will take title to and assume risk of loss for all Items at the FOB Point or the DDP Point. Tesla shall not
have the right to withhold payments to Panasonic or reduce the amount of payments owed to Panasonic under this Agreement for fees, claims, damages, expenses or other amounts owed, or alleged to be owed, to Tesla from Panasonic under this Agreement
or any other agreement. 

  

	[***]	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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 Confidential Treatment Requested by Tesla Motors, Inc. 
  

 9. Intentionally Left Blank. 
 10. Responsibility for the Quality of the Items and the Finished Products. 
  

	 	a)	Warranty. Panasonic represents and warrants to Tesla that for a period ending [***] from the date, of delivery of the Item to Tesla at the FOB Point or the DDP
Point (“Warranty Period”), the Item will be free from defects in workmanship and material and will comply with the Specifications. Tesla hereby acknowledges and agrees that if an Item is not defective and/or complies with its applicable
Specifications, it does not mean that a Tesla battery pack, Module and/or Finished Product cannot be defective for some other reason, including, without limitation, improper design or manufacturing by Tesla or a third party.

  

	 	b)	Warranty Exclusions. Notwithstanding anything herein to the contrary, Panasonic shall have no obligation to Tesla for (i) any defects relating to the design
and manufacture of the overall system, equipment and/or goods of which the Items are part; or (ii)any defects in the Items that have been caused by (a) Tesla’s shipment or storage of the Items, (b) articles not supplied by Panasonic,
including, without limitation, the goods or systems into which the Items are installed, (c) accident or act of God, or misuse, neglect, abuse, mishandling, misapplication, modification, alteration by Tesla or any third party, or improper
installation, service, operation testing, checkout or maintenance by Tesla or any third party, or (d) failure by Tesla or any third party to follow the instructions, cautions, warnings, and notes set forth in the Specification, and any other
direction from Panasonic. 

  

	 	c)	End User Return and Notification. Tesla shall agree to receive the Items that its end user customers return to Tesla. Tesla shall store and control those
returned Items from its end user customers and inspect the items to identify the cause of return. As a result of Tesla’s inspection under this Section 10(c), if the reason of return is solely attributable to a breach of the warranties set
forth in Section 10(a) and such return of each Item is done within the Warranty Period, Tesla shall communicate this in writing to Panasonic with supporting evidence, and shall return the Item(s) to Panasonic within 30 working days after Tesla
has received the returned Item(s). Panasonic shall be responsible for each Item only to the extent that, as a result of the re-inspection of each such returned Item, it is concluded pursuant to either Section 10(e) or Section 10(g) that
the cause of the return of the Item was due solely to a breach of the warranties in Section 10(a) resulting in an Item failure caused by: (1) a weak short of greater than [***]; (2) an internal cell short which leads to thermal
runaway in an Item (but not thermal runaway propagating or spreading from such Item to other Items, which shall be Tesla’s sole responsibility and liability); or (3) Panasonic’s non-compliance with the Specifications. If the cause of
end user return is not due to one of the above three failure modes resulting solely from the breach of the warranties in Section 10(a), then Tesla shall be responsible for the returned Item. In order to assist in verifying cause of cell
failure, Tesla shall monitor (i) the accumulated Wh; (ii) maximum temperature; (iii) minimum temperature; and (iv) maximum voltage of the battery pack. 

  

	 	d)	Notification of Defect. In the event an Item is returned to Tesla by an end user customer and the reason of return is solely attributable to the breach of the
warranties in Section 10(a) resulting in one or both of the failure modes described in Section 10(c) and such return of the Item is done within the Warranty Period, (a “Defect’ and an Item with a Defect a “Defective
Item”), then Tesla will promptly notify Panasonic in writing regarding such Defect, and will include with the notification all available information relating to the Defect. Tesla will cooperate with Panasonic in Panasonic’s verification of
such information. 

  

	[***]	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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	 	e)	Determination of Defect. For purposes of replacement of Items, the existence of a Defect will be established by Tesla in the first instance, subject to
Panasonic’s verification and right to dispute the existence of a Defect and to allow for determination by a third party of any such Defect as specified in Section 10(g) below. In the event of notification pursuant to Section 10(d),
then, subject to Panasonic’s verification and right to dispute the existence of a Defect, Panasonic shall, during the Warranty Period, replace the number of Items with a reported Defect with new Items. In the event that a Defective Item is in a
Module of a Tesla battery pack that is In a Tesla Application, and as a result of a Defect, Tesla in its sole discretion replaces a Module, Panasonic will, during the Warranty Period, replace the total number of Items contained in such Module with
new (and not refurbished) Items. Tesla will promptly notify Panasonic in writing regarding such Defect, and will include with the notification, all available information relating to the Defect. Tesla will cooperate with Panasonic in Panasonic’s
verification of such information. The replacement of Items pursuant to this Section 10(e) shall constitutes Tesla’s sole and exclusive remedy for any breach of the warranties set forth in Section 10(a). Under no circumstances shall
Panasonic be liable for any costs or expenses incurred by Tesla or any third party related to the installation, replacement and/or use of the replaced Item, including, without limitation, any labor costs or expenses or costs incurred for the
adjustment, modification and/or replacement of other equipment. 

  

	 	f)	Warranty Liability; Disclaimer. Panasonic’s sole, exclusive and full liability under its limited warranties set forth in Section 10(a) will be to
replace any Defective Item, or any Item that is installed in Module, as described in section 10(e) above. THE WARRANTIES SET FORTH IN THIS AGREEMENT ARE EXCLUSIVE AND ARE IN LIEU OF ALL OTHER WARRANTIES, WHETHER ARISING FROM A COURSE OF DEALING,
COURSE OF PERFORMANCE OR TRADE USAGE, OR WHETHER ORAL, WRITTEN, EXPRESS, IMPLIED OR STATUTORY, INCLUDING, BUT NOT LIMITED TO, THE WARRANTIES OF NON-INFRINGEMENT, MERCHANTABILITY, AND FITNESS FOR A PARTICULAR PURPOSE, ALL OF WHICH ARE HEREBY WAIVED
BY TESLA. THE EMPLOYEES AND AGENTS OF PANASONIC ARE NOT AUTHORIZED TO MAKE MODIFICATIONS TO SUCH WARRANTIES, OR ADDITIONAL WARRANTIES BINDING ON PANASONIC; ACCORDINGLY, ADDITIONAL STATEMENTS, WHETHER ORAL OR WRITTEN, DO NOT CONSTITUTE WARRANTIES AND
SHOULD NOT BE RELIED UPON BY TESLA, FOR THE AVOIDANCE OF DOUBT, TESLA UNDERSTANDS THAT THE ITEMS MAY MALFUNCTION OR BECOME UNSTABLE WHEN SUBJECTED TO (i) WET CONDITIONS, (ii) AN IMPACT FORCE OR SHOCK GREATER THAN THAT SET FORTH IN THE
SPECIFICATIONS, OR (iii) ANY OTHER CONDITIONS DIFFERENT FROM THOSE FOR WHICH THE ITEMS WERE ORIGINALLY DESIGNED, AND THAT TESLA SHOULD TAKE PROPER STEPS TO PROTECT THE MODULE AND ITEMS INSIDE THE MODULE FROM SUCH CONDITIONS. NO ACTION OR SUIT
SHALL BE BROUGHT ON AN ALLEGED BREACH OF THE WARRANTIES SET FORTH IN THIS AGREEMENT MORE THAN [***] FOLLOWING THE EXPIRATION OF THE APPLICABLE WARRANTY PERIOD. 

  

	 	g)	Third Party Determination. In the event of a disagreement or dispute as to the existence of a Defect, the parties will designate by mutual agreement a third
party that will make the technical determination of the existence of a Defect and whether such Defect resulted from a breach of Panasonic’s warranties as set forth in Section 10(a). 

  

	 	h)	 Quality Plan Requirements and Approval. Panasonic will supply Items according to the mutually agreed upon part approval quality plan therefor,
Only after the quality plan for the Items is submitted and approved by Tesla, shall the Items be allowed to be shipped

  

	[***]	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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 Confidential Treatment Requested by Tesla Motors, Inc. 
  

	 	 
for use in manufacturing the. Finished Products, Panasonic shall at Tesla’s costs and expenses submit a mutually agreed quantity of samples of a standard production run of the Items to Tesla
per a mutually agreed quality plan. Panasonic shall also provide Tesla with the following information regarding the Items: 

  

	 	a.	QC inspection process flowchart. 

  

	 	b.	[***]: 

  

	 	i.	[***] 

  

	 	ii.	[***] 

  

	 	iii.	[***] 

  

	 	iv.	[***] 

  

	 	i)	Tesla shall not repair, improve or modify the Items without the prior written approval of Panasonic. Tesla shall not include more than [***] Items in a Module without
obtaining Panasonic’s prior written consent. Tesla shall comply with the mutually agreed upon assembly and manufacturing instructions for battery packs and/or Modules which include Items. 

 11. Quality Control of the Finished Products. 
  

	 	a)	Tesla shall establish and maintain proper quality control and inspection systems at each stage of manufacturing, assembly, storage, inspection and shipping of the
Items. Tesla shall use its best efforts to prevent any and all cell propagation relating to the use of the Items by Tesla or any third party. Cell propagation includes, but shall not be limited to, the burning of an Item which spreads to one or more
Items. 

  

	 	b)	Panasonic may enter from time to time with reasonable advance notice into Tesla’s Finished Products assembly facility for the purpose of inspecting and examining
the quality control and inspection systems referred to in section 11(a). If appropriate, the Parties shall enter into a non-disclosure agreement in connection with such inspection and examination. Tesla reserves the right to shield particular
confidential areas of the Finished Products assembly facility or processes. 

  

	 	c)	Panasonic may from time to time give Tesla advice or instruction as to optimize the performance of Items in the Finished Products and/or the quality control and
inspection systems referred to in section 11(a) as Panasonic deems appropriate. Tesla may, upon receipt of such advice or instructions, comply with such advice or instructions if the advice is deemed reasonable by Tesla management and is within the
scope of Tesla business plans and objectives. 

  

	 	d)	Any advice or instructions given by Panasonic under Section 11(c) is not intended to indemnify Tesla for any acts or omissions for which it is responsible, nor
shall it create any warranty by Panasonic for the Finished Products Tesla manufactures. 

 12. Indemnification. 

 

	 	a)	 Indemnity by Tesla. Tesla acknowledges and agrees that any work conducted by Tesla with regard to the assembly, manufacture or placement (inside
a Tesla Application) of the Finished Products hereunder is Tesla’s sole and full responsibility. Except to the extent that a claim is solely attributable to Panasonic’s breach: of the warranty set forth in Section 10(a) above, Tesla
agrees, during the term of this Agreement and thereafter, to defend, indemnify and hold Panasonic, its divisions, parent, subsidiaries and affiliates,

  

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

  

					
		 	9	 	

 Confidential Treatment Requested by Tesla Motors, Inc. 
  

	 	 
and their respective officers and directors (collectively, the “Panasonic Parties”), harmless from any and all damages, claims, liabilities, injuries (including personal injuries and
death), losses, expenses (including attorneys’ fees and litigation expenses), and costs (collectively, “Claims”) arising out of or relating to Tesla battery packs, the Modules, Tesla Application and the Finished Products (including
circuit and equipment matching issues) and their respective assembly, manufacture or placement, sale, use, operation, storage, transportation, or otherwise, whether the claim is brought by Tesla, its customers or by third parties. Notwithstanding
anything herein to the contrary, Tesla shall be responsible for any and all Claims arising out of or relating to cell propagation involving the Items no matter how such cell propagation is caused. Tesla shall defend, indemnify and hold the Panasonic
Parties harmless from such Claims arising out of or relating to cell propagation involving the Items no matter how such cell propagation is caused. To the maximum extent permitted by law, Panasonic agrees to limit Tesla’s liability pursuant to
this Section 12(a) to a maximum of [***]. This limitation shall apply regardless of the cause of action or legal theory pled or asserted. Nothing herein to the contrary shall prevent any Panasonic Party from pursuing its remedies at law or in
equity against Tesla with respect to any Claim. 

  

	 	b)	Indemnity by Panasonic. At any time during the term of this Agreement and thereafter, Panasonic shall indemnify and hold Tesla, its divisions, parent,
subsidiaries and affiliates, and their respective officers and directors (collectively, the “Tesla Parties”), harmless from and against any and all Claims arising out of personal injury (including death) or property damage alleged to have
been solely caused by a breach of the warranties set forth in Section 10(a), unless Tesla was aware of or, in the exercise of reasonable care, should have been aware of the existence of such defect; provided, however, Panasonic shall have no
liability to Tesla with respect to any failure of the Items caused by the integration of the Items to make the Finished Products, any failure of circuit or equipment matching issues. To the maximum extent permitted by law, Tesla agrees to limit
Panasonic’s liability pursuant to this Section 12(b) to the lesser of (i) [***] and (ii) [***] of the total amounts paid by Tesla to Panasonic pursuant to this Agreement for the [***] period immediately preceding the date of the
event giving rise to the Claim. This limitation shall apply regardless of the cause of action or legal theory pled or asserted. Nothing herein to the contrary shall prevent any Tesla Party from pursuing its remedies at law or in equity against
Panasonic with respect to any Claim. 

  

	 	c)	Procedures. The Parties shall give each other prompt written notice of any Claim which is or may be subject to indemnification hereunder. The indemnifying Party
will be responsible for defending any and all such Claims hereunder. The indemnifying Party shall determine, in its sole and absolute discretion, the manner in which any Claim shall be handled or otherwise disposed of. The indemnified Party shall
cooperate fully with the indemnifying Party, including, but not limited to, complying with all reasonable requests for all relevant information and evidence. The indemnifying Party shall be responsible for all reasonable direct costs and expenses
incurred by the indemnified Party in connection with providing such cooperation, except for salaries of the employees of the indemnified Party and fees and expenses of any third party retained by the indemnified Party in the defense of any Claim. In
any action or proceeding the defense of which an indemnifying Party assumes, the indemnified Party will have the right to retain its own counsel and be represented in such litigation at the indemnified Party’s own expense, provided, however,
the indemnified Party shall not consent to any judgment or decree in any such suit or pay or agree to pay any sum of money or agree to do any other act in compromise of any such Claim of a third party without first obtaining the indemnifying
Party’s consent thereto in writing, 

  

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

  

					
		 	10	 	

 Confidential Treatment Requested by Tesla Motors, Inc. 
  

 13. Limitation of Liability; Insurance; Environmental Claims. 
  

	 	a)	EXCEPT FOR EACH PARTIES OBLIGATIONS SET FORTH IN SECTION 12 AND TESLA’S OBLIGATIONS SET FORTH IN SECTION 13(d), NEITHER PARTY SHALL BE LIABLE OR RESPONSIBLE TO THE
OTHER PARTY FOR ANY SPECIAL, INDIRECT, INCIDENTAL, EXEMPLARY, CONSEQUENTIAL OR PUNITIVE DAMAGES ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, INCLUDING, WITHOUT LIMITATION, ANY WORK DELAYS, LOST GOODWILL, PROFIT, REVENUE OR SAVINGS, LOSS OF
USE, COST OF CAPITAL, COST OF SUBSTITUTE EQUIPMENT, FACILITIES OR SERVICES, OR DOWNTIME COSTS, EVEN IF SUCH PARTY HAS BEEN ADVISED OR IS AWARE OF THE POSSIBILITY OF SUCH DAMAGES. EXCEPT FOR EACH PARTIES OBLIGATIONS SET FORTH IN SECTION 12 AND
TESLA’S OBLIGATIONS SET FORTH IN SECTION 13(d), NEITHER PARTY’S LIABILITY FOR MONETARY DAMAGES TO THE OTHER PARTY UNDER THIS AGREEMENT SHALL EXCEED THE TOTAL AMOUNTS PAID BY TESLA TO PANASONIC PURSUANT TO THIS AGREEMENT FOR THE [***]
PERIOD IMMEDIATELY PRECEDING THE DATE OF THE EVENT GIVING RISE TO THE CLAIM. 

  

	 	b)	Insurance. 

  

	 	i)	Tesla agrees to maintain in full force and effect at all times while it has any obligations remaining under this agreement, policies of insurance written as primary
coverage and not contributing with or in excess of any coverage which Panasonic may carry. These policies will be issued by an insurance carrier acceptable to Panasonic with a Best’s rating of at least A, X which affords the following.

  

	 	(a)	Commercial General Liability Insurance, including coverage for Bodily injury, Property Damage, Personal Injury, Contractual Liability, Products and Completed Operations
in an amount not less than $1,000,000 per occurrence. Products and Completed operations coverage will be continued for two (2) years following the expiration of the Term. Tesla’s products liability policy is written on a claims made basis.
If products liability coverage, or any other coverages, are written on a claims made basis, Tesla will evidence that any retroactive date applicable to coverage under the policy precedes the effective date of this Agreement, and that continuous
coverage will be maintained or an extended discovery period will be exercised for a period of not less than 5 years beginning from the time that final delivery of the product or Item is made. 

  

	 	(b)	Workers’ Compensation Insurance in Statutory amounts and Employers Liability Insurance in an amount not less than $500,000 per occurrence.

  

	 	(c)	Umbrella Excess Liability Insurance in an amount not less than $10,000,000 per occurrence, Combined Single Limit. 

  

	 	ii)	 Tesla shall deliver to Panasonic within ten (10) days of the date of this Agreement and annually thereafter, Certificates of Insurance evidencing
the above coverage’s with limits not less than those specified above. Such Certificates of Insurance, with the exception of Workers’ Compensation Insurance, will confirm that each policy has been endorsed to name Panasonic, its officers,
directors and employees as additional named insured and contain a Waiver of Subrogation under the Workers’ Compensation, Commercial General Liability and Policies in favor of Panasonic. All

  

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

  

					
		 	11	 	

 Confidential Treatment Requested by Tesla Motors, Inc. 
  

	 	 
Certificates of insurance shall state that the carrier will endeavor to provide 30 day notice in the event of cancellation and 10 day notice in the event of cancellation due to non-payment.
Failure by Panasonic to receive or request such Certificates of Insurance does not represent a waiver of the requirements for insurance coverage noted above. 

  

	 	iii)	The limits of insurance required shall not limit the Tesla’s liability under its Indemnification obligations set forth herein. 

  

	 	c)	Tesla agrees to manufacture, assemble, sell and/or dispose of the Finished Products in compliance with the laws and regulations related to health and safety of workers
and general public, and environmental protection in the countries where the Finished Products are manufactured, handled, or sold. 

  

	 	d)	Tesla shall be solely responsible for all health, safety and environmental matters arising from the manufacture, assembly, sales, use, operation, storage,
transportation, and/or disposal of the Finished Products, and shall, during the Term and thereafter, defend, indemnify, and hold Panasonic, its divisions, parent, subsidiaries and affiliates, and their respective officers and directors harmless from
and against any and ail claims, demands, suits, actions, liabilities, judgments, losses or costs (including reasonable attorneys’ fees and costs of litigation), with respect to any pollution, threat and/or damage to the environment, or death,
disease, incapacity or injury to any person or damage to any property resulting, directly or indirectly, from the manufacture, assembly, purchase, sales, use, operation, storage, transportation, or disposal of the battery packs, the Modules and/or
the Finished Products; except to the extent that Tesla shall be exempted from such obligation if and so long as the cause of such damage is solely attributable to Panasonic’s breach of the warranty in Section 10(a). With respect to the
foregoing indemnity, the Parties shall follow the procedures set forth in Section 12(c), 

 14. Intentionally Left
Blank 
 15. Termination. 
  

	 	a)	If either Party defaults in the performance of any material terms and conditions of this Agreement and fails to cure the default within thirty (30) days after
receipt of a written notice given by the non-defaulting Party demanding remedy of such default, the non- defaulting Party may terminate this Agreement by giving written notice thereof. 

  

	 	b)	This Agreement may be terminated by either Party effective immediately upon written notice to the other Party upon or after the filing of a petition by or against the
other Party for the reorganization, liquidation, dissolution, or similar relief under any present or future federal or state statute, law or regulation, or the entry of a decree or order by a court having competent jurisdiction in respect of any
such petition, which decree or order is unstayed and in effect for a period of thirty (30) consecutive days, or the appointment, with or without the consent of the other Party, of any receiver, liquidator, custodian, assignee, trustee,
sequestrator or other similar official of such Party or of any substantial part of its property, or the making by the other Party of an assignment for the benefit of creditors, or the admission by the other Party in writing of its inability to pay
its debts generally as they become due, or the taking of action by the other Party in furtherance of any such action. 

  

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

  

					
		 	12	 	

 Confidential Treatment Requested by Tesla Motors, Inc. 
  

	 	c)	Except as expressly provided herein, the expiration or termination of this Agreement shall not affect or impair the rights, liabilities and obligations of either Party
to the other Party as provided pursuant to this Agreement existing prior to such expiration or termination, nor shall such expiration or termination relieve either Party of any obligation or liability accrued under this Agreement prior to such
expiration or termination. 

 16. Import and Export Requirements. 
  

	 	a)	Upon written request from Tesla, Panasonic will provide Tesla with any and all information that may be required to comply with export laws, including applicable
“Export Control Classification Numbers,” and documentation substantiating U.S. and foreign regulatory approvals for the items. All required export information shall be sent to the attention of: Manager, Compliance, Tesla Motors, 1050 Bing
Street, San Carlos, CA 94070; or any agent so designated by Tesla in writing. 

  

	 	b)	In case Tesla would export the items and/or the Finished Products from any country, Tesla shall comply with applicable export control laws and regulations in such
country and export them only after taking adequate proceedings required under such laws and regulations. 

  

	 	c)	Country of Manufacture. Items shall be marked with the country of origin as required by the U.S. import laws. Panasonic shall provide Tesla with a written
statement identifying for each Items delivered: (i) the Tesla part number; and (ii) the country of manufacture. 

 17.
Miscellaneous. 
  

	 	a)	Assignment. Neither this Agreement nor any right hereunder shall be assignable and transferable to any third party or parties by either of the Parties without
the prior written consent of the other Party. Tesla may assign this Agreement to a successor in interest without the prior written consent of Panasonic in connection with a sale of all of the issued and outstanding shares of capital stock of Tesla
or all or substantially all of its assets, provided such successor in interest is an automotive OEM. Either PIC or PEG may assign this Agreement without the prior written consent of Tesla to an affiliate or to a successor in interest in connection
with a sale of all of its issued and outstanding shares of capital stock or all or substantially all of its assets. If either Party assigns or transfers this Agreement, any right or obligation hereunder to any third party or parties with or without
the prior written consent of the other Party as set forth above, such Party which attempts such assignment shall make such assignee agree to succeed to and comply with all terms set forth herein. This Agreement shall be binding upon the
parties’ successors and permitted assigns. 

  

	 	b)	Waiver. If either Party fails to insist on performance of any term or condition, or fails to exercise any right or privilege hereunder, such failure shall not
constitute a waiver of such term, condition, right or privilege. 

  

	 	c)	Survival of Obligations. Termination or expiration of this Agreement will not relieve either Party of its obligations under Sections 8(c), 10, 11(a), 12,
13, 15(c), 17(g), 17(i), 17(o) and this Section 17(c). 

  

	 	d)	Severability. Any provision of this Agreement that is held unenforceable or invalid for any reason by a court of competent jurisdiction shall be reformed to
reflect the true intent of the Parties, and the remainder of the Agreement shall continue in effect. 

  

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

  

					
		 	13	 	

 Confidential Treatment Requested by Tesla Motors, Inc. 
  

	 	e)	No Gratuity. Neither Party will offer or give any gratuity to induce any person or entity to enter into, execute or perform the Agreement or any other agreement
between the Parties. 

  

	 	f)	Enforceability. The invalidity or unenforceability of any term or condition of this Agreement pursuant to any applicable law shall not affect the validity or
enforceability of the remaining provisions hereof, but this Agreement shall be construed as if not containing the provision held invalid or unenforceable in the jurisdiction in which so held unless, in the reasonable opinion of either Party hereto,
such invalid or unenforceable provisions comprise an integral part of, or are otherwise inseparable from the remainder of, this Agreement, in which case this Agreement, in such jurisdiction, shall immediately terminate and be of no further force and
effect. 

  

	 	g)	Governing Law. The Agreement and any dispute arising out of or in connection with the Agreement or the Parties’ relationship shall be interpreted, enforced
and governed by the laws of the State of New York, excluding its choice of law rules. The parties hereby agree that any and all causes of action arising under this Agreement shall be brought only in the United States Federal District Court for the
Southern District of New York or, if the United States Federal District Court does not have jurisdiction, the Supreme Court of New York County, and the parties hereby submit to the jurisdiction of said Court, and agree not to object to the venue nor
the convenience of the forum. The parties agree that the 1980 United Nations Convention on Contracts for the International Sales of Goods, as amended to date, shall not apply to this Agreement. 

  

	 	h)	Force Majeure. If and to the extent that a Party’s performance of any of its obligations pursuant to this Agreement is prevented, hindered or delayed by
fire, flood, earthquake, elements of nature or acts of God, acts of war, terrorism, riots, civil disorders, rebellions, revolutions, strikes, labor disputes or any other similar cause beyond the reasonable control of such Party (each, a “Force
Majeure Event”), then the non-performing, hindered or delayed Party shall be excused for such non-performance, hindrance or delay, as applicable, of those obligations affected by the Force Majeure Event for as long as such Force Majeure Event
continues; provided, that such Party notified the other Party of such event in accordance with this Agreement, no later than five business (5) days after its occurrence and continues to use commercially reasonable efforts to recommence
performance whenever and to whatever extent possible without delay, including through the use of alternate sources, workaround plans or other commercially reasonable means. Either Party shall have the option to terminate this Agreement, should the
Parties not have been able to find a solution to resolve the Force Majeure Event within one hundred eighty (180) days after the occurrence and notification of such Force Majeure Event, 

  

	 	i)	 Confidentiality, Press Releases and Publicity. Panasonic and Tesla agree to keep the terms and conditions of this Agreement confidential and not
disclose them to any third party, unless such terms and conditions are generally known or available other than as a result of the breach of this Agreement. If either Party is legally required to disclose the terms and conditions of this Agreement by
law or pursuant to the order of a court or a governmental agency, such Party shall, unless legally prohibited, promptly notify the other Party to that effect, and seek appropriate protection of the terms and conditions of this Agreement. Such
required disclosure shall not be construed as a breach of this Agreement. Panasonic and Tesla will not issue any press release, advertising, publicity or public statement or in any way engage in any other form of public disclosure that refers to the
relationship between the Parties or in any way relates to the terms and conditions of this Agreement without the prior written approval of the other Party. Any mutual

  

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

  

					
		 	14	 	

 Confidential Treatment Requested by Tesla Motors, Inc. 
  

	 	 
undertaking of Panasonic and Tesla for the purposes of publicity does not require prior written agreements. Each Party may disclose the terms and conditions of this Agreement to its parent,
wholly-owned subsidiaries, accountants, attorneys, members of its Board of Directors, and as may be required by applicable law and securities regulations. 

  

	 	j)	Foreign Translation. This Agreement is written in the English language. The English text of this Agreement shall prevail over any translation thereof.

  

	 	k)	Entire Agreement. 

 This
Agreement, including its Attachments, sets forth the entire understanding and agreement of the Parties as to the subject matter of this Agreement, and supersedes all prior agreements, understandings, proposals and representations, oral or written,
between the Parties as to the subject matter, except for non-disclosure agreements. During the term of this Agreement, all agreements between Tesla and Panasonic for the purchase and sale of the Items shall include and be governed exclusively by the
terms and conditions set forth in this Agreement, except as the parties may otherwise agree in a writing executed by their respective duly authorized representatives. In the event of any conflict between or among any documents that are part of this
Agreement, the following order of precedence shall apply: (i) Supply Agreement; (ii) Attachment 1; (iii) other Attachments; (iv) Order. Any printed terms of any purchase order of Tesla, or acknowledgment of Panasonic, and any
other terms, provisions or conditions in any purchase order of Tesla, or acknowledgment of Panasonic, which vary from, or are inconsistent with, contrary to or in addition to the terms, provisions and conditions of this Agreement, shall be null and
void. 
  

	 	l)	Independent Contractor. Each party acknowledges and agrees that the other party is an independent contractor and is not an employee, agent or partner of the
other party. The parties do not intend to form a partnership or joint venture. No party is granted any right or authority to assume or create any obligation or responsibility, express or implied, on behalf of, or in the name of, the other party, or
to bind the other party in any matter or thing whatsoever, 

  

	 	m)	Headings. The section headings used herein do not form a part of this Agreement but are for convenience only and shall not limit or be deemed or construed in any
way to affect or limit the meaning of the language of the sections herein contained. 

  

	 	n)	Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be an original, and all of which, taken together, shall constitute
one and the same Agreement. 

  

	 	o)	Notices. Any notice, request, consent, demand or other communication given or required to be given under this Agreement shall be effective only if in writing and
shall be deemed to have been given when either mailed by first class registered or certified mail, postage prepaid, return receipt requested, or sent by a reputable express courier, addressed to the parties as follows: 

  

					
	To Tesla:	  	With a copy of all legal notices to:
		  	General Counsel
		  	Tesla Motors, Inc.
		  	1050 Bing St
		  	San Carlos, CA 94070 USA

  

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

  

					
		 	15	 	

 Confidential Treatment Requested by Tesla Motors, Inc. 
  

					
	To PIC:	  	Panasonic Industrial Company,
		  	Division of Panasonic Corporation of North America
		  	Three Panasonic Way
		  	Secaucus, New Jersey 07094
		  	Attention: President
		
		  	With a copy of all legal notices to:
		
		  	General Counsel
		  	Panasonic Corporation of North America
		  	One Panasonic Way, 3B-6
		  	Secaucus, New Jersey 07094
		
	To PEC:	  	Panasonic Corporation, acting through Energy Company
		  	1-1 Matsushita-cho, Moriguchi City, Osaka, 570-8511 Japan
		  	Attention:	  	Hiroshi Kato,
		  		  	 Industrial Battery Marketing & Sales. Office,
 Corporate Industrial Marketing and Sales Division

	
	 Or to such other addresses as may hereafter be designated by like notice.

  

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

  

					
		 	16	 	

 Confidential Treatment Requested by Tesla Motors, Inc. 
  

 IN WITNESS WHEREOF, the Parties have caused three (3) sets of this Agreement to be
executed as of the date first above written by their duly authorized representatives. 
  

	
	Tesla Motors, Inc.
	
	By: /s/ JB Straubel
	
	Printed name: JB Straubel
	
	Title: Chief Technical Officer
	
	Date: July 21, 2009
	
	Panasonic Industrial Company,
	Division of Panasonic Corporation of North America
	
	By: /s/ Thomas A. Gebhardt
	
	Printed name: Thomas A. Gebhardt
	
	Title: President
	
	Date: 7/21/09
	
	Panasonic Corporation, Energy Company
	
	By: /s/ Naoto Noguchi
	
	Printed name: Naoto Noguchi
	
	Title: President
	
	Date: July 21, 2009

  

	[***]	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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 Confidential Treatment Requested by Tesla Motors, Inc. 
  

 Table of Attachments 
  

			
	 No
	  	 Name

	 1
	  	List of Items, Pricing Mechanism, and Lead Times
	 2
	  	Transportation, Packaging and Labeling Specification
	 3
	  	Invoicing Requirements
	 4
	  	Nominated Representatives
	 5
	  	Leveraging Tesla Brand Marketing

  

	[***]	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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 Confidential Treatment Requested by Tesla Motors, Inc. 
  

 Attachment 1 
 List of Items, Pricing Mechanism, and Lead Times 
 Item:
Lithium Ion Cells, Part Number: [***] 
 Contract Prices: Either (I) US$[***] per Item delivered to the FOB Point;
(ii) US$[***] per Item delivered to the DDP Point provided that the shipping container is completely full with Items; or (iii) US$[***] per Item delivered by air to the DDP Point. The foregoing Contract Prices are conditioned upon Tesla
meeting the minimum purchase expectations below. If Tesla does not meet such expectation or other circumstances change, Panasonic may change the foregoing Contract Prices. The foregoing Contract Prices shall be valid from the Effective Date to
[***]. The foregoing Contract Prices are not for customized Items but are for Items that conform to Panasonic’s standard specifications. 
 Refrigerator Containers: If Tesla requests Panasonic to ship Items via a refrigerated container, Tesla acknowledges and agrees that the refrigerated container must be completely full with Items. 
 Minimum Purchase Expectations: Tesla expects to purchase at least [***] Items during the period from Effective Date to [***]. Tesla expects to
purchase at least [***] Items during the period from [***]. Tesla will use commercially reasonable efforts to purchase such amounts of Items. 
 Lead-time: [***] after receipt of order (as set forth in Section 3(a)). 
 Additional Items and associated prices, price
adjustments, minimum purchase commitments and lead times may be added to this Attachment 1 from time to time upon the mutual agreement of Tesla and Panasonic. 
  

	[***]	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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 Confidential Treatment Requested by Tesla Motors, Inc. 
  

 Attachment 2 
 Transportation, Packaging and Labeling Specification 
 Transportation, Packaging and Labeling Specification shall be mutually agreed upon by Tesla and Panasonic and shall be made a part of and attached to this Agreement as Attachment 2 upon such mutual agreement. 
  

	[***]	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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 Confidential Treatment Requested by Tesla Motors, Inc. 
  

 Attachment 3 
 Invoicing Requirements 
  

	1	All invoices shall be sent to the attention of Tesla’s assigned buyer who issued the Order. 

  

	2	All invoices shall include the following: 

  

	 	(a)	Date of Invoice, 

  

	 	(b)	Ship To Designee, 

  

	 	(c)	Ship To Address, 

  

	 	(d)	Bill To: Tesla Motors, Inc. 

  

	 	(e)	Bill To Address: 1050 Bing Street, San Carlos, California, 94070, U.S. A. 

  

	 	(f)	Tesla Buyer Name 

  

	 	(g)	Purchase Order Number, 

  

	 	(h)	Item Number(s), 

  

	 	(i)	item Description(s), which is/are consistent with all other commercial invoices and documents, 

  

	 	(j)	Ship To Quantity, 

  

	 	(k)	Ship To Date(s) or Collection Date(s), 

  

	 	(l)	Costs (Items only), 

  

	 	(m)	Shipping & Handling (only if applicable), 

  

	 	(n)	Tax & Duty (only if applicable), 

  

	 	(o)	Payment Term (“[***]”), and 

  

	 	(p)	INCOTERM (only if applicable). 

  

	3	All drop-ship related invoices (for example, those for overseas shipment for ASO) shall include the following additional information: 

  

	 	(a)	Harmonized Tariff Schedule (“HIS”) Codes, 

  

	 	(b)	Number of Cartons or Crates Shipped, 

  

	 	(c)	Weight of Cartons or Crates Shipped, 

  

	 	(d)	A Copy of Weigh Bill Information per carrier, 

  

	 	(e)	Any Special Information Specified in the Order, and 

  

	 	(f)	Value of Rejected Part(s), only if Applicable. 

  

	[***]	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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 Confidential Treatment Requested by Tesla Motors, Inc. 
  

 Attachment 4 
 Nominated Representatives 
  

	1	The following listed names are the nominated representatives by Panasonic and Tesla, who shall be authorized to make decisions relating to the Items and who shall be
responsible for organizing all meetings and actions provided for in this Agreement, 

  

	2	Any notice, consent or approval required or permitted under this Agreement shall be sent to in writing to the following representatives: 

  

	 	(a)	Notices to Tesla: 

 Evelyn
Chiang 
 Tesla Motors, Inc. 
 1050 Bing Street 
 San Carlos, CA 94070 
 Fax: (850) 413-4099 
 E-mail: evelyn@teslamotors.com 
  

	 	(b)	Notices to Panasonic: 

 Bob Rauh 
 Director Battery Sales Group 
 Panasonic Industrial Company, Division of 
 Panasonic Corporation of North America

 5201 Tollview Drive, EIF-3 
 Rolling Meadows, Illinois 60008 
 Telephone: (847) 637-4615 
 Facsimile: (847) 637-4658 
 E-mail: rauhb@us.panasonic.com 
  

	[***]	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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 Attachment 5 
 Leveraging Tesla Brand Marketing 
 1. Definitions: In this
Attachment 5, the following capitalized terms shall have the meanings specified below. 
 (a) “Tesla Marketing
Materials” means all marketing materials that promote Tesla’s 
 (b) products and vehicles that include, but
are not limited to: (A) Tesla’s trademarks, service marks, photographs, or images in promotional, advertising, instructional, or reference materials, or on its web sites, products, labels, or packaging; (B) marketing merchandise,
props, posters, banners, toys, gifts, mugs, etc.; (C) links to or from Tesla’s web sites to various third party sites, including Suppliers; and (D) display or demonstration of Tesla vehicles, sub-systems, parts, models, or replicas in
show rooms, conventions, or marketing events. 
 2. Reasonable guidelines shall be provided by Tesla in the event that Supplier wishes to use
Tesla Marketing Materials. 
 3. The goodwill derived from using any part of a Tesla trademark exclusively inures to the benefit of and belongs
to Tesla. Except for the limited right to use as expressly permitted under these Guidelines, no other rights of any kind are granted hereunder, by implication or otherwise. 
 4. Authorized Use of Tesla Trademarks. 
 (a) Advertising, Promotional,
and Sales Materials. Only Tesla and its authorized licensees may use the Tesla Marketing Materials in advertising, promotional, and sales materials. Supplier may use the Tesla Marketing Materials only as specified in this Attachment 

(b) Word mark. Supplier may use Tesla word mark in a referential phrase on promotional/advertising materials, provided they comply
with the following requirements. 
 (i) The Tesla word mark is not part of the product name. 
 (ii) The Tesla word mark appears less prominent than the product name. 
 (iii) The reference to Tesla does not create a sense of endorsement, sponsorship, or false association with Tesla or Tesla products or
services. 
 (iv) The use does not show Tesla or its products in a false or derogatory light. 
 (c) Publications, Seminars, and Conferences. Supplier may use a Tesla word mark in connection with book titles, magazines,
periodicals, seminars, or conferences provided Supplier comply with the following requirements: 
 (i) The use is referential and
less prominent than the rest of the title. 
 (ii) The use reflects favorably on both Tesla and Tesla products or technology.

 (iii) Supplier’s name and logo appear more prominent than the Tesla word mark on all printed materials related to the
publication, seminar or conference. 
  

	[***]	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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 Confidential Treatment Requested by Tesla Motors, Inc. 
  

 (iv) The Tesla Marketing Materials or any other Tesla-owned graphic symbol, logo, icon
or image does not appear on or in the publication or on any materials related to the publication, seminar, or conference without express written permission from Tesla. 
 (v) A disclaimer of sponsorship, affiliation, or endorsement by Tesla, similar to the following, is included on the publication and on all related printed materials; “(Title) is an independent
(publication) and has not been authorized, sponsored, or otherwise approved by Tesla Motors, Inc.” 
 (vi) A trademark
attribution notice is included in the credit section giving notice of Tesla’s ownership of its trademark(s). 
 (d) Web
Sites. Web sites may use the appropriate Tesla word mark, provided such use complies with the guidelines set forth in Sections 7(a) to (c) above, 
 5. Unauthorized Use of Tesla Trademarks. 
 (a) Supplier shall not use or
register, in whole or in part, Tesla trademark, including Tesla-owned graphic symbols, logos, icons, or an alteration thereof, as or as part of a company name, trade name, product name, or service name except as specifically noted in these
guidelines. 
 (b) Supplier shall not use the Tesla Marketing Materials or any other Tesla-owned graphic symbol, logo, or icon
on or in connection with web sites, products, packaging, manuals, promotional/advertising materials, or for any other purpose except pursuant to an express written trademark license from Tesla. 
 (c) Supplier shall not use an image of other variation of the Tesla Marketing Materials for any purpose. Third parties cannot use a
variation, phonetic equivalent, foreign language equivalent, takeoff, or abbreviation of a Tesla trademark for any purpose. 
 (d) Supplier shall not use a Tesla trademark or any other Tesla-owned graphic symbol, logo, or icon in a disparaging manner. 
 (e) Supplier shall not use a Tesla trademark, including Tesla-owned graphic symbols/logos, or icons, in a manner that would imply Tesla’s affiliation with or endorsement, sponsorship, or support of a third party product or service.

 (f) Supplier shall not manufacture, sell or give away merchandise items, such as T-shirts and mugs, bearing Tesla trademark,
including symbols, logos, or icons, except pursuant to an express written trademark license from Tesla. 
 (g) Supplier shall
not imitate the distinctive Tesla packaging, web site design, logos, or typefaces. 
 (h) Supplier shall not use or imitate a
Tesla’s slogan or tagline, 
 (i) Supplier shall not use an identical or virtually identical Tesla trademark as a second
level domain name. 
  

	[***]	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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 Confidential Treatment Requested by Tesla Motors, Inc. 
  

 6. Proper Use of Tesla Trademarks. 
 (a) Trademarks are adjectives used to modify nouns; the noun is the generic name of a product or service, Trademarks may not be used in the
plural or possessive form. 
 (b) Spell and capitalize Tesla’s trademarks exactly as intended by Tesla. No shortened or
abbreviated Tesla product names or made-up names that contain Tesla trademarks shall be allowed. 
 7. Compensation. In return for using
Tesla Marketing Materials, Parties may agree to Supplier paying Tesla a reasonable compensation for anticipated potential for Supplier’s enhanced market position and sales. When such agreements are made by Parties, the agreed sum shall be paid
to Tesla in a mutually agreed term, including deduction from Item costs. 
  

	[***]	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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