Document:

Amendment to 2003 Equity Incentive Plan - December 16, 2009

 Exhibit 10.2A 
 AMENDMENT TO THE 
 TESLA MOTORS, INC.

 2003 EQUITY INCENTIVE PLAN 
 Tesla Motors, Inc. (the “Company”), having adopted the Tesla Motors, Inc. 2003 Equity Incentive Plan (the “2003 Plan”), hereby amends the 2003 Plan as
follows, effective as of December 16, 2009: 
 1. Section 2 of the 2003 Plan is hereby amended to add the following
definition of “Exchange Program” as a new subsection (n) and the existing subsections (n) through (dd) are redefined as (o) through (ee), respectively: 
 “(n) “Exchange Program” means a program under which (i) outstanding Stock Awards are
surrendered or cancelled in exchange for Stock Awards of the same type (which may have higher or lower exercise prices and different terms), awards of a different type, and/or cash, (ii) Participants would have the opportunity to transfer any
outstanding Stock Awards to a financial institution or other person or entity selected by the Board, and/or (iii) the exercise price of an outstanding Stock Award is reduced. The Board will determine the terms and conditions of any Exchange
Program in its sole discretion.” 
 2. Section 3(b) of the 2003 Plan is hereby amended to add the following power for
the Company’s board of directors: 
 “(v) To determine the terms and conditions of any, and to
institute any Exchange Program.” 
 3. Section 4(b) of the 2003 Plan is hereby amended to account for shares subject
to stock awards that are surrendered pursuant to an Exchange Program and replaced in its entirety to read as follows: 
 “(b) Reversion of Shares to the Share Reserve. If any Stock Award shall for any reason expire or otherwise terminate, in whole or in part, without having been exercised in full, or is surrendered pursuant to an Exchange Program,
the shares of Common Stock not acquired under such Stock Award shall revert to and again become available for issuance under the Plan.” 
 IN WITNESS WHEREOF, the Company, by its duly authorized officer, has executed this Amendment to the 2003 Plan on the date indicated below. 
  

							
		 		 	Tesla Motors, Inc.
				
	 Dated: December 16, 2009
	 		 	By	 	 /s/ Craig W. Harding

		 		 	Title:	 	SecretaryAmendment to 2003 Equity Incentive Plan - January 25, 2010

 Exhibit 10.2B 
 AMENDMENT TO THE 
 TESLA MOTORS, INC.

 2003 EQUITY INCENTIVE PLAN 
 Tesla Motors, Inc. (the “Company”), having adopted the Tesla Motors, Inc. 2003 Equity Incentive Plan (the “2003 Plan”), hereby amends
the 2003 Plan as follows, effective as of January 25, 2010: 
 1.    Section 6(f)
of the 2003 Plan is hereby amended to add the following new sentence to the end thereof: 
 “Notwithstanding anything in the Plan to the contrary, Non-Employee Directors may freely transfer Nonstatutory Stock Options to either (i) their venture capital funds or (ii) their employers (or an affiliate, within the
meaning of Section 424(e) and (f) of the Code, of a Non-Employee Director’s employer).” 
 IN WITNESS WHEREOF, the Company, by its duly authorized officer, has executed this Amendment to the 2003 Plan on the date indicated below. 
  

							
		 		 	 Tesla Motors, Inc.

				
	 Dated: January 26, 2010
	 		 	 By
	 	 /s/ Elon Musk

		 		 	 Title
	 	 Chief Executive OfficerForm of Stock Option Agreement under 2003 Equity Incentive Plan

 Exhibit 10.3 
 TESLA MOTORS, INC. 
 STOCK OPTION GRANT NOTICE 

 2003 EQUITY INCENTIVE PLAN 
 Tesla Motors, Inc. (the “Company”), pursuant to its 2003 Equity Incentive Plan (the
“Plan”), hereby grants to Optionholder an option to purchase the number of shares of the Company’s Common Stock set forth below. This option is subject to all of the terms and
conditions as set forth herein and in the Stock Option Agreement, the Plan and the Notice of Exercise, all of which are attached hereto or incorporated herein in their entirety. 
  

					
	 Optionholder:
	 	 	 	
	 Date of Grant:
	 	 	 	
	 Vesting Commencement Date:
	 	 	 	
	 Number of Shares Subject to Option:
	 	 	 	
	 Exercise Price (Per Share):
	 	 	 	
	 Total Exercise Price:
	 	 	 	
	 Expiration Date:
	 	 	 	
			
	 Type of Grant:
	 	  ̈ Incentive Stock Option1
	 	  ̈ Nonstatutory Stock Option

			
	 Exercise Schedule:
	 	 Same as Vesting Schedule.
	 	
			
	 Vesting Schedule:
	 	 	 	
		 	 	 	
		 	 	 	
		 	 	 	
			
	 Payment:
	 	 By one or a combination of the following items (described in the Stock Option Agreement):
	 	
		
		 	 By cash or check
 Pursuant to a Regulation T Program if the Shares are publicly traded
 By delivery of already-owned shares if the Shares are publicly traded
 By any other form of consideration approved by the Company’s Board of Directors

 Additional Terms/Acknowledgements: The undersigned Optionholder acknowledges
receipt of, and understands and agrees to, this Grant Notice, the Stock Option Agreement and the Plan. Optionholder further acknowledges that as of the Date of Grant, this Grant Notice, the Stock Option Agreement and the Plan set forth the entire
understanding between Optionholder and the Company regarding the acquisition of stock in the Company and supersede all prior oral and written agreements on that subject with the exception of (i) options previously granted and delivered to
Optionholder under the Plan, and (ii) the following agreements only: 
  

					
	 OTHER AGREEMENTS:
	 		 	  
		 		 	 

  

									
	 TESLA MOTORS INC.:
	 		 	 OPTIONHOLDER:

					
	 By:
	 	 	 		 	 	 	 
		 	Signature	 		 		 	Signature
	 Title:
	 	 	 		 	 Date:
	 	 
	 Date:
	 	 	 		 		 	

 ATTACHMENTS: STOCK OPTION AGREEMENT AND NOTICE OF EXERCISE 
  
  

	 1

	 If this is an incentive stock option, it (plus your other outstanding incentive stock options) cannot be first exercisable for more
than $100,000 in any calendar year. Any excess over $100,000 is a nonstatutory option. 

 TESLA MOTORS, INC. 
 2003 EQUITY INCENTIVE PLAN 
 STOCK OPTION AGREEMENT

 (INCENTIVE STOCK OPTION OR NONSTATUTORY STOCK OPTION) 
 Pursuant to your Stock Option Grant Notice (“Grant Notice”) and
this Stock Option Agreement, Tesla Motors, Inc. (the “Company”) has granted you an option under its 2003 Equity Incentive Plan (the
“Plan”) to purchase the number of shares of the Company’s Common Stock indicated in your Grant Notice at the exercise price indicated in your Grant Notice. Defined terms not explicitly
defined in this Stock Option Agreement but defined in the Plan shall have the same definitions as in the Plan. 
 The details of your option are as follows: 
 1. VESTING. Subject to the
limitations contained herein, your option will vest as provided in your Grant Notice, provided that vesting will cease upon the termination of your Continuous Service. 
 2. NUMBER OF SHARES AND EXERCISE PRICE. The number of shares of Common Stock
subject to your option and your exercise price per share referenced in your Grant Notice may be adjusted from time to time for Capitalization Adjustments, as provided in the Plan. 
 3. EXERCISE PRIOR TO VESTING
(“EARLY EXERCISE”). If permitted in your Grant Notice (i.e., the
“Exercise Schedule” indicates that “Early Exercise” of your option is permitted) and subject to the provisions of your option, you may elect at any time that is both
(i) during the period of your Continuous Service and (ii) during the term of your option, to exercise all or part of your option, including the nonvested portion of your option; provided, however, that: 
 (a) a partial exercise of your option shall be deemed to cover first vested shares of Common Stock and
then the earliest vesting installment of unvested shares of Common Stock; 
 (b) any
shares of Common Stock so purchased from installments that have not vested as of the date of exercise shall be subject to the purchase option in favor of the Company as described in the Company’s form of Early Exercise Stock Purchase Agreement;

 (c) you shall enter into the Company’s form of Early Exercise Stock Purchase
Agreement with a vesting schedule that will result in the same vesting as if no early exercise had occurred; and 
 (d) if your option is an incentive stock option, then, as provided in the Plan, to the extent that the aggregate Fair Market Value (determined at the time of grant) of the shares of Common Stock
with respect to which your option plus all other incentive stock options you hold are exercisable for the first time by you during any calendar year (under all plans of the Company and its Affiliates) exceeds one hundred thousand dollars ($100,000),
your option(s) or portions thereof that exceed such limit (according to the order in which they were granted) shall be treated as nonstatutory stock options. 
  

 1. 

 4. METHOD OF
PAYMENT. Payment of the exercise price is due in full upon exercise of all or any part of your option. You may elect to make payment of the exercise price in cash or by check or in any other manner permitted by your Grant
Notice, which may include one or more of the following: 
 (a) In the
Company’s sole discretion at the time your option is exercised and provided that at the time of exercise the Common Stock is publicly traded and quoted regularly in The Wall Street Journal, pursuant to a program developed under
Regulation T as promulgated by the Federal Reserve Board that, prior to the issuance of Common Stock, results in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to
the Company from the sales proceeds. 
 (i) Provided that at the time of exercise the
Common Stock is publicly traded and quoted regularly in The Wall Street Journal, by delivery of already-owned shares of Common Stock either that you have held for the period required to avoid a charge to the Company’s reported earnings
(generally six months) or that you did not acquire, directly or indirectly from the Company, that are owned free and clear of any liens, claims, encumbrances or security interests, and that are valued at Fair Market Value on the date of exercise.
“Delivery” for these purposes, in the sole discretion of the Company at the time you exercise your option, shall include delivery to the Company of your attestation of ownership of such shares of Common Stock in
a form approved by the Company. Notwithstanding the foregoing, you may not exercise your option by tender to the Company of Common Stock to the extent such tender would violate the provisions of any law, regulation or agreement restricting the
redemption of the Company’s stock. 
 5. WHOLE SHARES. You may
exercise your option only for whole shares of Common Stock. 
 6. SECURITIES
LAW COMPLIANCE. Notwithstanding anything to the contrary contained herein, you may not exercise your option unless the shares of Common Stock issuable upon such exercise are then registered under the Securities Act
or, if such shares of Common Stock are not then so registered, the Company has determined that such exercise and issuance would be exempt from the registration requirements of the Securities Act. The exercise of your option must also comply with
other applicable laws and regulations governing your option, and you may not exercise your option if the Company determines that such exercise would not be in material compliance with such laws and regulations. 
  

 2. 

 7. TERM. You may not exercise your option
before the commencement of its term or after its term expires. The term of your option commences on the Date of Grant and expires upon the earliest of the following: 
 (a) thirty (30) days after the termination of your Continuous Service for any reason other than
your Disability or death, provided that if during any part of such thirty (30) day period your option is not exercisable solely because of the condition set forth in the preceding paragraph relating to “Securities Law
Compliance,” your option shall not expire until the earlier of the Expiration Date or until it shall have been exercisable for an aggregate period of thirty (30) days after the termination of your Continuous Service;

 (b) six (6) months after the termination of your Continuous Service due to your
Disability; 
 (c) six (6) months after your death if you die either during your
Continuous Service or within thirty (30) days after your Continuous Service terminates; 
 (d) the Expiration Date indicated in your Grant Notice; or 
 (e) the day
before the seventh (7th) anniversary of the Date of Grant. 
 If your option is an incentive stock option,
note that, to obtain the federal income tax advantages associated with an “incentive stock option,” the Code requires that at all times beginning on the date of grant of your option and ending on the day three
(3) months before the date of your option’s exercise, you must be an employee of the Company or an Affiliate, except in the event of your death or Disability. The Company has provided for extended exercisability of your option under
certain circumstances for your benefit but cannot guarantee that your option will necessarily be treated as an “incentive stock option” if you continue to provide services to the Company or an Affiliate as a Consultant or
Director after your employment terminates or if you otherwise exercise your option more than three (3) months after the date your employment terminates. 
 8. EXERCISE. 
 (a) You may exercise the vested portion of your option (and the unvested portion of your option if your Grant Notice so permits) during its term by delivering a Notice of Exercise (in a form designated by the Company) together with
the exercise price to the Secretary of the Company, or to such other person as the Company may designate, during regular business hours, together with such additional documents as the Company may then require. 
 (b) By exercising your option you agree that, as a condition to any exercise of your option, the
Company may require you to enter into an arrangement providing for the payment by you to the Company of any tax withholding obligation of the Company arising by reason of (1) the exercise of your option, (2) the lapse of any substantial
risk of forfeiture to which the shares of Common Stock are subject at the time of exercise, or (3) the disposition of shares of Common Stock acquired upon such exercise. 
 (c) If your option is an incentive stock option, by exercising your option you agree that you will
notify the Company in writing within fifteen (15) days after the date of any disposition of any of the shares of the Common Stock issued upon exercise of your option that occurs within two (2) years after the date of your option grant or
within one (1) year after such shares of Common Stock are transferred upon exercise of your option. 
  

 3. 

 (d) By exercising your option, you agree that the
Company (or a representative of the underwriter(s)) may, in connection with the first underwritten registration of the offering of any securities of the Company under the Securities Act, require that you not sell, dispose of, transfer, make any
short sale of, grant any option for the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any shares of Common Stock or other securities of the Company held by you, for a period of time specified
by the underwriter(s) (not to exceed one hundred eighty (180) days) following the effective date of the registration statement of the Company filed under the Securities Act. You further agree to execute and deliver such other agreements as may
be reasonably requested by the Company and/or the underwriter(s) that are consistent with the foregoing or that are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may impose stop-transfer
instructions with respect to your shares of Common Stock until the end of such period. The underwriters of the Company’s stock are intended third party beneficiaries of this Section 8(d) and shall have the right, power and authority to
enforce the provisions hereof as though they were a party hereto. 
 9.
TRANSFERABILITY. Your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you. Notwithstanding the foregoing, by delivering written notice to the
Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to exercise your option. 
 10. RIGHT OF FIRST REFUSAL. Shares of Common Stock that you acquire upon exercise of your option are subject
to any right of first refusal that may be described in the Company’s bylaws in effect at such time the Company elects to exercise its right. The Company’s right of first refusal shall expire on the Listing Date. 
 11. RIGHT OF REPURCHASE. To the extent provided in the
Company’s bylaws as amended from time to time, the Company shall have the right to repurchase all or any part of the shares of Common Stock you acquire pursuant to the exercise of your option. 
 12. OPTION NOT A SERVICE CONTRACT.
Your option is not an employment or service contract, and nothing in your option shall be deemed to create, in any way whatsoever, any obligation on your part to continue in the employ of the Company or an Affiliate, or of the Company or an
Affiliate to continue your employment. In addition, nothing in your option shall obligate the Company or an Affiliate, their respective stockholders, Boards of Directors, Officers or Employees to continue any relationship that you might have as a
Director or Consultant for the Company or an Affiliate. 
 13. WITHHOLDING
OBLIGATIONS. 
 (a) At the time you exercise your option, in whole or
in part, or at any time thereafter as requested by the Company, you hereby authorize withholding from payroll and any other amounts payable to you, and otherwise agree to make adequate provision for (including by means of a
“cashless exercise” pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board to the extent permitted by the Company), any sums required to satisfy the federal, state, local
and foreign tax withholding obligations of the Company or an Affiliate, if any, which arise in connection with your option. 
  

 4. 

 (b) Upon your request and subject to approval by the
Company, in its sole discretion, and compliance with any applicable conditions or restrictions of law, the Company may withhold from fully vested shares of Common Stock otherwise issuable to you upon the exercise of your option a number of whole
shares of Common Stock having a Fair Market Value, determined by the Company as of the date of exercise, not in excess of the minimum amount of tax required to be withheld by law. If the date of determination of any tax withholding obligation is
deferred to a date later than the date of exercise of your option, share withholding pursuant to the preceding sentence shall not be permitted unless you make a proper and timely election under Section 83(b) of the Code, covering the aggregate
number of shares of Common Stock acquired upon such exercise with respect to which such determination is otherwise deferred, to accelerate the determination of such tax withholding obligation to the date of exercise of your option. Notwithstanding
the filing of such election, shares of Common Stock shall be withheld solely from fully vested shares of Common Stock determined as of the date of exercise of your option that are otherwise issuable to you upon such exercise. Any adverse
consequences to you arising in connection with such share withholding procedure shall be your sole responsibility. 
 (c) You may not exercise your option unless the tax withholding obligations of the Company and/or any Affiliate are satisfied. Accordingly, you may not be able to exercise your option when desired
even though your option is vested, and the Company shall have no obligation to issue a certificate for such shares of Common Stock or release such shares of Common Stock from any escrow provided for herein. 
 14. NOTICES. Any notices provided for in your option or the Plan shall be given in writing and
shall be deemed effectively given upon receipt or, in the case of notices delivered by mail by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the
Company. 
 15. GOVERNING PLAN DOCUMENT. Your option
is subject to all the provisions of the Plan, the provisions of which are hereby made a part of your option, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted
pursuant to the Plan. In the event of any conflict between the provisions of your option and those of the Plan, the provisions of the Plan shall control. 
 16. EXERCISE PRIOR TO VESTING (“EARLY
EXERCISE”). If permitted in your Grant Notice (i.e., the “Exercise Schedule” indicates that
“Early Exercise” of your option is permitted) and subject to the provisions of your option, you may elect at any time that is both (i) during the period of your Continuous Service and (ii) during the
term of your option, to exercise all or part of your option, including the nonvested portion of your option; provided, however, that: 
 (a) a partial exercise of your option shall be deemed to cover first vested shares of Common Stock and then the earliest vesting installment of unvested shares of Common Stock; 
  

 5. 

 (b) any shares of Common Stock so purchased from
installments that have not vested as of the date of exercise shall be subject to the purchase option in favor of the Company as described in the Company’s form of Early Exercise Stock Purchase Agreement; and 
 (c) you shall enter into the Company’s form of Early Exercise Stock Purchase Agreement with a
vesting schedule that will result in the same vesting as if no early exercise had occurred. 
 17. ISO
EXERCISE LIMITATION. 
 (a) The
aggregate Fair Market Value of the shares of Common Stock with respect to which you may exercise your option for the first time during any calendar year, when added to the aggregate Fair Market Value of the shares of Common Stock subject to any
other options designated as Incentive Stock Options and granted to you under any stock option plan of the Company or an Affiliate prior to the Date of Grant with respect to which such options are exercisable for the first time during the same
calendar year, shall not exceed $100,000 (the “ISO Exercise Limitation”) unless applicable law requires that your option be exercisable sooner.2 
 (b) Notwithstanding the provisions of paragraph 4(a), if the ISO Exercise Limitation would prevent you
from exercising your option as to vested shares, then the ISO Exercise Limitation shall terminate as to such vested shares as such shares vest, and you may exercise your option as to such vested shares. Upon such termination of the ISO Exercise
Limitation, your option shall be deemed a Nonstatutory Stock Option to the extent of the number of vested shares of Common Stock subject to your option that would otherwise exceed the ISO Exercise Limitation. 
 (c) The ISO Exercise Limitation shall terminate, and you may fully exercise your option, as to all
shares of Common Stock subject to your option for which your option would have been exercisable in the absence of the ISO Exercise Limitation upon the earlier of the following events: 
 (i) the date of termination of your Continuous Service, 
 (ii) the day immediately prior to the effective date of a Corporate Transaction described in
subsection 11(c) the Plan in which your option is not assumed or substituted for as provided in the Plan, or 
 (iii) the day that is ten (10) days prior to the Expiration Date of your option. 
  
  

	 2

	 For purposes of this provision, your options designated as Incentive Stock Options shall be taken into account in the order in which they were
granted to you, and the Fair Market Value of shares of Common Stock shall be determined as of the time the option with respect to such shares of Common Stock is granted. If Section 422 of the Code is amended to provide for a different
limitation from that set forth in this provision, the ISO Exercise Limitation shall be deemed amended effective as of the date required or permitted by such amendment to the Code. 

  

 6. 

 Upon such termination of the ISO Exercise Limitation, your option shall be deemed a
Nonstatutory Stock Option to the extent of the number of shares of Common Stock subject to your option that would otherwise then exceed the ISO Exercise Limitation. 
 18. TRANSFERABILITY. 
 (a) If your option is an incentive stock option, your option is not transferable, except by will or by the laws of descent and distribution, and is exercisable during your life only by you.
Notwithstanding the foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to exercise your option. 
 (b) If your option is a nonstatutory stock option, your option is not transferable, except (i) by
will or by the laws of descent and distribution; (ii) with the prior written approval of the Company, by instrument to an inter vivos or testamentary trust, in a form accepted by the Company, in which the option is to be passed to beneficiaries
upon the death of the trustor (settlor); and (iii) with the prior written approval of the Company, by gift, in a form accepted by the Company, to your “immediate family” as that term is defined in 17 C.F.R.
240.16a-1(e). The term “immediate family” is defined in 17 C.F.R. 240.16a-1(e) to mean any child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law,
daughter-in-law, brother-in-law, or sister-in-law, and includes adoptive relationships. Your option is exercisable during your life only by you or a transferee satisfying the above-stated conditions. The right of a transferee to exercise the
transferred portion of your option after termination of your Continuous Service shall terminate in accordance with your right to exercise your option as specified in your option. In the event that your Continuous Service terminates due to your
death, your transferee will be treated as a person who acquired the right to exercise your option by bequest or inheritance. In addition to the foregoing, the Company may require, as a condition of the transfer of your option to a trust or by gift,
that your transferee enter into an option transfer agreement provided by, or acceptable to, the Company. The terms of your option shall be binding upon your transferees, executors, administrators, heirs, successors, and assigns. Notwithstanding the
foregoing, by delivering written notice to the Company, in a form satisfactory to the Company, you may designate a third party who, in the event of your death, shall thereafter be entitled to exercise your option. 
 [SIGNATURE PAGE FOLLOWS] 
  

 7. 

 IN WITNESS WHEREOF, the
parties have executed this Agreement as of the date first above written. 
  

									
	 TESLA MOTORS, INC.
	 		 	 “OPTIONEE”

					
	 By:
	 	 	 		 		 	 
		 		 		 		 	(Signature)
	 Its:
	 		 		 		 	 
		 		 		 		 	(Type or print name)

 SIGNATURE PAGE TO STOCK
OPTION AGREEMENT

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