Document:

Form of Warrant to Purchase Shares of Common Stock

 Exhibit 4.6 

THIS WARRANT AND THE SECURITIES ISSUABLE UPON THE EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED.
THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED, HYPOTHECATED, OR OTHERWISE TRANSFERRED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
REGISTRATION IS NOT REQUIRED UNDER SUCH ACT OR UNLESS SOLD PURSUANT TO RULE 144 UNDER SUCH ACT. 
 Date of Issuance 

May 20, 2010 
 TESLA
MOTORS, INC. 
 WARRANT TO PURCHASE SHARES OF COMMON STOCK 

For value received, the receipt and sufficiency of which is hereby acknowledged, this Warrant to purchase     
shares on a net exercise basis is issued to          or its assigns (the “Holder”) by Tesla Motors, Inc., a Delaware corporation (the “Company”). 

This Warrant is one in a series of warrants issued pursuant to a Settlement Agreement dated of even date herewith that are net
exercisable for an aggregate amount of 300,000 shares of the Company’s Common Stock. 
 1. Purchase of Shares.

 (a) Type of Shares. Subject to the terms and conditions set forth herein, the Holder is entitled, upon surrender
of this Warrant at the principal office of the Company (or at such other place as the Company shall notify the Holder in writing), to purchase from the Company up to the number of fully paid and nonassessable shares of Common Stock (the
“Shares”) as described in Section 1(c) below (as adjusted pursuant to Section 7 hereof). 
 (b) Exercise
Price. The purchase price for the Shares issuable pursuant to this Section 1 shall be $2.98 per share. The Shares and the purchase price of such Shares shall be subject to adjustment pursuant to Section 7 hereof. Such purchase price,
as adjusted from time to time, is herein referred to as the “Exercise Price.” 
 (c) Number of Shares. This
Warrant may only be net exercised pursuant to Section 4 hereof immediately prior to the closing of the Company’s initial public offering and the number of shares purchasable under the Warrant shall equal that number of Shares necessary
such that the number of Shares issuable to the Holder upon such net exercise is equal to      Shares (subject to adjustment pursuant to Section 7 hereof). 

 2. Exercise Period. This Warrant shall be automatically net exercised
immediately prior to the closing of a firm commitment underwritten initial public offering of the Company’s Common Stock (the “Exercise Period”); provided, however, that in the event the Exercise Price of this Warrant is
greater than or equal to the price per share of the Common Stock sold in such initial public offering, this Warrant shall terminate upon the closing of such initial public offering. 

3. [Intentionally Omitted.] 

4. Net Exercise. The Holder shall automatically receive shares equal to the value of this Warrant by surrender of this
Warrant at the principal office of the Company (a “Net Exercise”) immediately prior to the closing of a firm commitment underwritten initial public offering. 

5. Exchange Right. 

(a) In lieu of Net Exercising this Warrant pursuant to Section 4, prior to the closing of a transaction deemed to be a liquidation
pursuant to Article IV(B)(2)(c)(i) of the Company’s Sixth Amended and Restated Certificate of Incorporation, as amended from time to time (a “Corporate Transaction”), by written notice to the acquiring entity (the “Acquiring
Person”) at least five (5) days before the date of closing of such Corporate Transaction, the Holder may assign, in whole or in part, this Warrant to the Acquiring Person and receive in exchange from the Acquiring Person immediately prior
to such closing, without the payment by the Holder of any additional consideration, an amount and type of consideration equal to the amount and type of consideration that would have been payable by the Acquiring Person in the Corporate Transaction
with respect to that number of Warrant Shares that would have been issuable had the portion of the Warrant that is so assigned pursuant to this Section 5 not been assigned but instead been Net Exercised pursuant to Section 4. The Company
shall give the holder of this Warrant written notice of a Corporate Transaction at least fifteen (15) days prior to the consummation of the Corporate Transaction. 

(b) The type of consideration paid by the Acquiring Person for the portion of this Warrant that could be Net Exercised into one Share
pursuant to Section 4 shall be the same type of consideration, whether stock, securities or other property, paid for one Share in the Corporate Transaction, or if more than one type of consideration is paid for one Share in the Corporate
Transaction, the same types and on the same relative basis as is paid for one Share in the Corporate Transaction (assuming, in the case of a Corporate Transaction involving the sale or transfer of all or substantially all of its assets, that the
consideration received by the Company is distributed to the stockholders of the Company on the date of closing of such sale or transfer). 

6. Covenants of the Company. 

(a) Notices of Record Date. In the event of any taking by the Company of a record of the holders of any class of securities for
the purpose of determining the holders thereof who are entitled to receive any dividend (other than a stock dividend) or other distribution, the Company shall mail to the Holder, at least ten (10) days prior to such record 

 

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date, a notice specifying the date on which any such record is to be taken for the purpose of such dividend or distribution. 

(b) Covenants as to Exercise Shares. The Company covenants and agrees that all Shares that may be issued upon the exercise of the
rights represented by this Warrant will, upon issuance in accordance with the terms hereof, be validly issued and outstanding, fully paid and nonassessable, and free from all taxes, liens and charges with respect to the issuance thereof. If at any
time during the Exercise Period the number of authorized but unissued shares of Common Stock shall not be sufficient to permit exercise of this Warrant, the Company will take such corporate action as may, in the opinion of its counsel, be necessary
to increase its authorized but unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes. 

(c) No Impairment. Except and to the extent waived or consented to by the Holder, or as otherwise permitted under the terms
hereof the Company will not, by amendment of its Certificate of Incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid
the observance or performance of any of the terms to be observed or performed hereunder by the Company, but will at all times in good faith assist in the carrying out of all the provisions of this Warrant and in the taking of all such action as may
be necessary or appropriate in order to protect the exercise rights of the Holder against impairment. 
 7. Adjustment of
Exercise Price and Number of Shares. The number and kind of Shares purchasable upon exercise of this Warrant and the Exercise Price shall be subject to adjustment from time to time as follows: 

(a) Subdivisions, Combinations and Other Issuances. If the Company shall at any time after the issuance but prior to the
expiration of this Warrant subdivide its Common Stock, by split-up or otherwise, or combine its Common Stock Stock, or issue additional shares of its Common Stock as a dividend with respect to any shares of its Common Stock, the number of Shares
issuable on the exercise of this Warrant shall forthwith be proportionately increased in the case of a subdivision or stock dividend, or proportionately decreased in the case of a combination. Appropriate adjustments shall also be made to the
Exercise Price payable per share, but the aggregate Exercise Price payable for the total number of Shares purchasable under this Warrant (as adjusted) shall remain the same. Any adjustment under this Section 7(a) shall become effective at the
close of business on the date the subdivision or combination becomes effective, or as of the record date of such dividend, or in the event that no record date is fixed, upon the making of such dividend. 

(b) Reclassification, Reorganization and Consolidation. In case of any reclassification, capital reorganization or change in the
capital stock of the Company (other than as a result of a subdivision, combination or stock dividend provided for in Section 7(a) above), then, as a condition of such reclassification, reorganization or change, lawful provision shall be made,
and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Holder, so that the Holder shall have the right at any time prior to the expiration of this Warrant to purchase, at a total price equal to
that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities or property receivable 

 

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in connection with such reclassification, reorganization or change by a holder of the same number and type of securities as were purchasable as Shares by the Holder immediately prior to such
reclassification, reorganization or change. In any such case appropriate provisions shall be made with respect to the rights and interest of the Holder so that the provisions hereof shall thereafter be applicable with respect to any shares of stock
or other securities or property deliverable upon exercise hereof, and appropriate adjustments shall be made to the Exercise Price per Share payable hereunder, provided the aggregate Exercise Price shall remain the same. 

(c) Notice of Adjustment. When any adjustment is required to be made in the number or kind of shares purchasable upon exercise of
the Warrant, or in the Exercise Price, the Company shall promptly notify the Holder of such event and of the number of Shares or other securities or property thereafter purchasable upon exercise of this Warrant. 

8. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant, but in lieu of such fractional shares the Company shall make a cash payment for the value of such fractional share on the basis of the Exercise Price then in effect. 

9. No Stockholder Rights. Prior to exercise of this Warrant, the Holder shall not be entitled to any rights of a
stockholder with respect to the Shares, including (without limitation) the right to vote such Shares, receive dividends or other distributions thereon, exercise preemptive rights or be notified of stockholder meetings, and except as otherwise
provided in this Warrant, such Holder shall not be entitled to any stockholder notice or other communication concerning the business or affairs of the Company. When this Warrant is exercised into Shares, the holder of such Shares shall be entitled
to all of the rights, and shall be subject to the obligations, generally applicable to holders of the Shares. 
 10.
Transfer of Warrant. Subject to compliance with applicable federal and state securities laws and any other contractual restrictions between the Company and the Holder, this Warrant and all rights hereunder are transferable in whole
or in part by the Holder to any person or entity upon written notice to the Company. Within a reasonable time after the Company’s receipt of an executed Assignment Form in the form attached hereto, the transfer shall be recorded on the books of
the Company upon the surrender of this Warrant, properly endorsed, to the Company at its principal offices, and the payment to the Company of all transfer taxes and other governmental charges imposed on such transfer. In the event of a partial
transfer, the Company shall issue to the new holders one or more appropriate new warrants. 
 11. Governing
Law. This Warrant shall be governed by and construed under the laws of the State of California as applied to agreements among California residents, made and to be performed entirely within the State of California. 

12. Successors and Assigns. The terms and provisions of this Warrant shall inure to the benefit of, and be binding upon,
the Company and the holders hereof and their respective successors and assigns. 
 13. Titles and Subtitles. The
titles and subtitles used in this Warrant are used for convenience only and are not to be considered in construing or interpreting this Warrant. 
  

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 14. Notices. All notices and other communications given or made pursuant
hereto shall be in writing and shall be deemed effectively given: (a) upon personal delivery to the party to be notified, (b) when sent by confirmed electronic mail or facsimile if sent during normal business hours of the recipient, and if
not so confirmed, then on the next business day, (c) five (5) days after having been sent by registered or certified mail, return receipt requested, postage prepaid, or (d) one (1) day after deposit with a nationally recognized
overnight courier, specifying next day delivery, with written verification of receipt. All communications shall be sent to the respective parties at the following addresses (or at such other addresses as shall be specified by notice given in
accordance with this Section 14): 
 If to the Company: 

TESLA MOTORS, INC. 

3500 Deer Creek Road 

Palo Alto, CA 94304 

Attention: Chief Executive Officer 

If to Holders: 

At the addresses shown on the signature pages hereto. 

15. Replacement. Upon receipt of evidence reasonably satisfactory to the Company (as affidavit of the Holder shall be
satisfactory) of the ownership and the loss, theft, destruction or mutilation of the document evidencing this Warrant, and in the case of any such loss, theft or destruction, upon receipt of indemnity reasonably satisfactory to the Company (provided
that if the holder is a financial institution or investment fund, its own agreement shall be satisfactory), or, in the case of any such mutilation upon surrender of such document, the Company shall (at its expense) execute and deliver in lieu of
such document a new document of like kind representing the same rights represented by such lost, stolen, destroyed or mutilated certificate and dated the date of such lost, stolen, destroyed or mutilated document. 

16. Amendments and Waivers; Resolutions of Dispute; Notice. The amendment or waiver of any term of this Warrant, the
resolution of any controversy or claim arising out of or relating to this Warrant and the provision of notice shall be conducted pursuant to the terms of the Secured Note and Warrant Purchase Agreement dated as of February 14, 2008, as amended
(the “Purchase Agreement”) by and among the Company, Holder and certain other investors. 
 17.
Severability. If any provision of this Warrant is held to be unenforceable under applicable law, such provision shall be excluded from this Warrant and the balance of the Warrant shall be interpreted as if such provision were so excluded
and shall be enforceable in accordance with its terms. 
  

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

  

			
	TESLA MOTORS, INC.
		
	By:	 	  

		 	Elon Musk
		 	Chief Executive Officer
	
	Address:
	 3500 Deer Creek Road

Palo Alto, CA 94304

  

			
	ACKNOWLEDGED AND AGREED:
	
	“HOLDER”
		
	By:	 	  

		
	Name:	 	  

		
	Title:	 	  

 

			
	Address:	 	  

	  

	  

	  

[Signature Page to Warrant] 

 ASSIGNMENT FORM 

(To assign the foregoing Warrant, execute 

this form and supply required information. 

Do not use this form to purchase shares.) 

FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced
thereby are hereby assigned to 
  

					
	Name:	 	  
	 	
	(Please Print)	 	

  

					
	Address:	 	  
	 	
	(Please Print)	 	

  

			
	Dated:                     	 	

  

					
	Holder’s	 		 	
	Signature:	 	  
	 	
			
	Holder’s	 		 	
	Address:	 	  
	 	

 NOTE: The signature to this Assignment Form must correspond with the name as it appears on the face of the
Warrant. Officers of corporations and those acting in a fiduciary or other representative capacity should provide proper evidence of authority to assign the foregoing Warrant.Common Stock Purchase Agreement

 Exhibit 4.7 

EXECUTION COPY 

PROPRIETARY AND CONFIDENTIAL 

TESLA MOTORS, INC. 

Common Stock Purchase Agreement 

May 20, 2010 
 Toyota Motor
Corporation 
 1, Toyota-cho, Toyota City 

Aichi Prefecture 471-8571 
 Japan 

Ladies and Gentlemen: 
 Tesla
Motors, Inc., a Delaware corporation (the “Company”), proposes to issue and sell to you (the “Purchaser”), that number of shares of common stock, par value $0.001 share (the “Common Stock”), of the
Company as determined pursuant to the calculation set forth in Section 1(a) below (the “Shares”). The issuance and sale to the Purchaser of the Shares is to be consummated immediately subsequent to the closing of the issuance
and sale of shares of Common Stock by the Company pursuant to an Underwriting Agreement to be entered into by and among the Company, Goldman, Sachs & Co., Morgan Stanley & Co. Incorporated, J.P. Morgan Securities Inc., Deutsche
Bank Securities Inc., as representatives of the several Underwriters (the “Underwriters”) named therein, to the Underwriters in connection with the Company’s initial public offering pursuant to the Company’s Registration
Statement on Form S-1 (File No. 333-164593), immediately prior to, or upon, the closing of which all of the outstanding shares of the Company’s preferred stock convert into shares of Common Stock (the “Qualified IPO”).
Such Underwriting Agreement, in the form executed by the Company and the Underwriters in connection with the Qualified IPO is referred to herein as the “Underwriting Agreement”. 

1. Purchase of the Shares by the Purchaser. 

(a) The Company agrees to issue and sell the Shares to the Purchaser as provided in this agreement (the “Agreement”),
and the Purchaser agrees to purchase from the Company the Shares at a price per share (the “Purchase Price”) equal to the per share initial public offering price in the Qualified IPO (prior to any underwriting discounts and
commissions) (the “IPO Price”). The number of shares to be sold by the Company and purchased by the Purchaser shall equal the number of shares determined by dividing Fifty Million U.S. Dollars (US$50,000,000.00) by the IPO Price
(rounded down to the nearest whole share). 
 (b) Payment for the Shares shall be made by wire transfer in immediately available
funds to the account specified by the Company to the Purchaser, at the location and at the 

 
time of the closing of the Qualified IPO, subject to the satisfaction of the conditions set forth herein. The time and date of such payment for the Shares is referred to herein as the
“Closing Date”. 
 Payment for the Shares to be purchased on the Closing Date shall be made against delivery to
the Purchaser of the Shares registered in the name of the Purchaser, which Shares shall be uncertificated shares. 
 2.
Registration Rights. In connection with the purchase of the Shares, the Purchaser shall become a party to the Company’s Fifth Amended and Restated Investors’ Rights Agreement, dated August 31, 2009, by and among the Company and
the stockholders of the Company listed on Exhibits A-F attached thereto, as may be amended through the Closing Date (the “Rights Agreement”), by entering into an amendment to such Rights Agreement in substantially the form attached
hereto as Exhibit A (the “Rights Agreement Amendment”), solely for the purposes of providing the Purchaser with certain registration rights as set forth in the Rights Agreement Amendment. 

3. Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser as of the date
hereof and as of the Closing Date (except for the representations and warranties that specify that they are made as of the date that the Underwriting Agreement is entered into by the Company and the Underwriters (the “UA Execution
Date”) and as of the Closing Date, which shall be made as of the UA Execution Date and as of the Closing Date): 
 (a)
Organization and Qualification. The Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of the State of Delaware, with power and authority (corporate and other) to own its properties and
conduct its business as now conducted, and has been duly qualified as a foreign corporation for the transaction of business and is in good standing under the laws of each jurisdiction in which it owns or leases properties or conducts any business so
as to require such qualification, except where the failure to so qualify or be in good standing in any such jurisdiction would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and each subsidiary of
the Company has been duly incorporated and is validly existing as a corporation in good standing under the laws of its jurisdiction of incorporation. For purposes of this Section 3, “Material Adverse Effect” means any material
adverse change, or any development involving a prospective material adverse change, (i) in or affecting the general affairs, management, consolidated financial position, consolidated stockholders’ equity or consolidated results of
operations of the Company and its subsidiaries, taken as a whole, or (ii) that could adversely affect, prevent or delay, in any material respect, the ability of Company to perform any of its covenants or obligations under this Agreement or the
Rights Agreement, or to consummate the sale and issuance of the Shares or the other transactions contemplated hereby and thereby. 

(b) Authorization; Enforceability. The Company has the requisite corporate power and authority to enter into this Agreement and
the Rights Agreement Amendment and to perform its obligations hereunder and thereunder. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the authorization, execution and delivery of this
Agreement and the Rights Agreement Amendment, the performance of all obligations of the Company hereunder and thereunder, and the authorization, issuance and delivery of the Shares has been taken and no other corporate proceedings on the part of the
Company, its officers, directors or 
  

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stockholders are necessary to authorize and approve this Agreement, the Rights Agreement Amendment or the transactions contemplated hereby and thereby. Each of this Agreement and the Rights
Agreement Amendment has been duly executed and delivered by the Company and constitutes (or will constitute at the Closing Date) the valid and legally binding obligations of the Company, enforceable against the Company in accordance with its terms
(i) except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of general application affecting enforcement of creditors’ rights generally, and as limited by laws
relating to the availability of specific performance, injunctive relief, or other equitable remedies, or (ii) to the extent the indemnification provisions contained in the Rights Agreement may be limited by applicable federal or state
securities laws. 
 (c) Valid Issuance of Shares. The Shares have been duly authorized and, when issued and delivered
against payment therefor as provided herein, will be validly issued and fully paid and non-assessable, and as of the UA Execution Date and the Closing Date will conform to the description of the Company’s Common Stock contained in the
Prospectus (as defined in the Underwriting Agreement). 
 (d) No Conflicts. The issue and sale of the Shares, the
compliance by the Company with this Agreement and the Rights Agreement Amendment and the consummation of the transactions herein and therein contemplated will not (i) conflict with or result in a breach or violation of any of the terms or
provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or any of its subsidiaries is a party or by which the Company or any of its subsidiaries is
bound or to which any of the property or assets of the Company or any of its subsidiaries is subject, (ii) result in any violation of the provisions of the Certificate of Incorporation or Bylaws of the Company, or (iii) result in any
violation of any statute or any order, rule or regulation of any court or governmental agency or body having jurisdiction over the Company or any of its subsidiaries or any of their properties, except in the case of (i) and (iii), as would not,
individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the
issue and sale of the Shares by the Company or the consummation by the Company of the transactions contemplated by this Agreement or the Rights Agreement Amendment, except (A) such consents, approvals, authorizations, orders, registrations or
qualifications as may be required under Regulation D of the Securities Act of 1933, as amended (the “Securities Act”), state securities or Blue Sky laws, or (B) where the failure to obtain any such consent, approval,
authorization, order, registration or qualification would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

(e) No Violation or Default. Neither the Company nor any of its subsidiaries is (i) in violation of its Certificate of
Incorporation or Bylaws or (ii) in default in the performance or observance of any obligation, agreement, covenant or condition contained in any indenture, mortgage, deed of trust, loan agreement, lease or other agreement or instrument to which
it is a party or by which it or any of its properties may be bound, except in the case of (ii) for such defaults as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 

 

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 (f) Description of Capital Stock. As of the UA Execution Date and as of the Closing
Date, the statements set forth in the Pricing Prospectus (as defined in the Underwriting Agreement) and Prospectus (as defined in the Underwriting Agreement) under the caption “Description of Capital Stock”, insofar as they purport to
constitute a summary of the terms of the Company’s capital stock, are accurate, complete and fair in all material respects. 

(g) Broker. The Company has not, and no director, officer or employee of it has, employed any broker or finder, or incurred or
will incur any broker’s, finder’s or similar fees, commissions or expenses, in each case in connection with the transactions contemplated by this Agreement. 

(h) Representations in Underwriting Agreement. As of the UA Execution Date and as of the Closing Date, the Company hereby makes
the same representations and warranties to the Purchaser as the Company shall make to the Underwriters pursuant to Sections 1(a)(i), 1(a)(ii), 1(a)(iii), 1(a)(iv), and 1(a)(v) (collectively, the “UA Reps”). For purposes of this
Section 3(h), each reference in such UA Reps to “this Agreement” shall be deemed to be a reference to this Agreement. 

4. Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company as of the date
hereof and as of the Closing Date that: 
 (a) Organization and Qualification. The Purchaser has been duly incorporated
and is validly existing as a corporation in good standing under the laws of the country of Japan, with power and authority (corporate and other) to own its properties and conduct its business as now conducted, and has been duly qualified as a
foreign corporation for the transaction of business and is in good standing under the laws of each jurisdiction in which it owns or leases properties or conducts any business so as to require such qualification, except where the failure to so
qualify or be in good standing in any such jurisdiction would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. For purposes of this Section 4, “Material Adverse Effect” means any
material adverse change, or any development involving a prospective material adverse change, (i) in or affecting the general affairs, management, consolidated financial position, consolidated stockholders’ equity or consolidated results of
operations of the Purchaser and its subsidiaries, taken as a whole, or (ii) that could adversely affect, prevent or delay, in any material respect, the ability of the Purchaser to perform any of its covenants or obligations under this Agreement
or the Rights Agreement, or to consummate the purchase of the Shares or the other transactions contemplated hereby and thereby. 

(b) Authorization; Enforceability. The Purchaser has the requisite corporate or other applicable organizational power and
authority to enter into this Agreement and the Rights Agreement and to perform its obligations hereunder and thereunder. All corporate or other applicable organizational action on the part of the Purchaser, its officers, directors and stockholders
necessary for the authorization, execution and delivery of this Agreement and the Rights Agreement, and the performance of all obligations of the Purchaser hereunder and thereunder has been taken and no other corporate or other applicable
organizational proceedings on the part of the Purchaser, its officers, directors or stockholders are necessary to authorize and approve this Agreement, the Rights Agreement or the transactions contemplated hereby and thereby. Each of this Agreement
and the Rights Agreement has been duly executed and delivered by the Purchaser and constitutes (or will 
  

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constitute at the Closing Date) the valid and legally binding obligations of the Purchaser, enforceable against the Purchaser in accordance with its terms (i) except as limited by applicable
bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, and any other laws of general application affecting enforcement of creditors’ rights generally, and as limited by laws relating to the availability of specific
performance, injunctive relief, or other equitable remedies, or (ii) to the extent the indemnification provisions contained in the Rights Agreement may be limited by applicable federal or state securities laws. 

(c) No Conflicts. The purchase of the Shares, the compliance by the Purchaser with this Agreement and the Rights Agreement and the
consummation of the transactions herein and therein contemplated will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Purchaser or any of its subsidiaries is a party or by which the Purchaser or any of its subsidiaries is bound or to which any of the property or assets of the Purchaser or any of its
subsidiaries is subject, (ii) result in any violation of the provisions of the corporate charter documents of the Purchaser, or (iii) result in any violation of any statute or any order, rule or regulation of any court or governmental
agency or body having jurisdiction over the Purchaser or any of its subsidiaries or any of their properties, except in the case of (i) and (iii), as would not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect; and no consent, approval, authorization, order, registration or qualification of or with any such court or governmental agency or body is required for the purchase of the Shares by the Purchaser or the consummation by the Purchaser of the
transactions contemplated by this Agreement or the Rights Agreement, except where the failure to obtain any such consent, approval, authorization, order, registration or qualification would not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. 
 (d) Purchase Entirely for Own Account. The Purchaser hereby confirms that
the Shares will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view to the resale or distribution of any part thereof, and that the Purchaser has no present intention of selling, granting
any participation in, or otherwise distributing the same. By executing this Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement with any person to sell, transfer
or grant participations to such person or to any third person, with respect to any of the Shares. 
 (e) Disclosure of
Information. The Purchaser believes it has received all the information it considers necessary or appropriate for deciding whether to purchase the Shares. The Purchaser further represents that it has had an opportunity to ask questions and
receive answers from the Company regarding the terms and conditions of the offering of the Shares. 
 (f) Restricted
Securities. The Purchaser understands that the Shares are being issued in a transaction that was not, and will not be, registered under the Securities Act by reason of a specific exemption from the registration provisions of the Securities Act
which depends upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed herein. The Purchaser understands that the Shares are “restricted securities” under
applicable U.S. federal and state securities laws and that, pursuant to these laws, the Purchaser must hold the Shares indefinitely unless they are registered with the Commission and 

 

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qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser acknowledges that the Company has no obligation to register or
qualify the Shares for resale. The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various requirements including, but not limited to, the time and manner of sale, the
holding period for the Shares, and on requirements relating to the Company which are outside of the Purchaser’s control, and which the Company is under no obligation and may not be able to satisfy. 

(g) Japanese Securities Law Notice. The Purchaser understands that a registration statement under Article 4, Paragraph 1 of the
Financial Instruments and Exchange Act of Japan (Law No. 25 of 1948, as amended, the “FIEA”) has not been and will not be filed in respect of the offer and sale of the Shares and the Shares are being offered to the Purchaser pursuant
to Article 2, Paragraph 3, Item 2(c) of the FIEA. 
 (h) Legends. The Purchaser understands that the Shares may bear
one or all of the following legends: 
 (i) “THE SHARES REPRESENTED BY THIS CERTIFICATE WERE ISSUED IN A TRANSACTION THAT
WAS NOT REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM REASONABLY SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933.” 

(ii) Any legend required by the Blue Sky laws of any state to the extent such laws are applicable to the Shares represented by the
certificate so legended. 
 (i) Accredited Investor. The Purchaser is an accredited investor as defined in Rule 501(a) of
Regulation D promulgated under the Securities Act. The Purchaser’s principal place of business is set forth in Section 8 below. 

(j) Broker. The Purchaser has not, and no director, officer or employee of it has, employed any broker or finder, or incurred or
will incur any broker’s, finder’s or similar fees, commissions or expenses, in each case in connection with the transactions contemplated by this Agreement. 

5. Conditions of Purchaser’s Obligations. The obligation of the Purchaser to purchase the Shares on the Closing Date as
provided herein is subject to the following conditions: 
 (a) Representations and Warranties. The representations and
warranties of the Company contained herein shall be true and correct on the date hereof and on and as of the Closing Date (except to the extent any such representations and warranties expressly relate to an earlier date, in which case, as of such
earlier date, and except for the representations and warranties that specify 
  

 -6- 

 
that they are made as of the UA Execution Date and as of the Closing Date, in which case, as of the UA Execution Date and as of the Closing Date). 

(b) Public Offering Shares. The Underwriters shall have purchased, immediately prior to the purchase of the Shares by the
Purchaser hereunder, the Firm Shares (as defined in the Underwriting Agreement) at the same purchase price (less any underwriting discounts or commissions) per share payable by the Purchaser hereunder. 

(c) No Legal Impediment to Issuance. No action shall have been taken and no statute, rule, regulation or order shall have been
enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Shares; and no injunction or order of any federal, state or foreign court shall
have been issued that would, as of the Closing Date, prevent the issuance or sale of the Shares. 
 (d) Amendment to
Investors’ Rights Agreement. The Company, the Purchaser and the stockholders of the Company required to amend the Rights Agreement shall have executed and delivered to the Company and the Purchaser signature pages to the Rights Agreement
Amendment, and the Rights Agreement, as amended, shall be in full force and effect. 
 6. Conditions of Company’s
Obligations. The obligation of the Company to issue and sell the Shares on the Closing Date as provided herein is subject to the following conditions: 

(a) Representations and Warranties. The representations and warranties of the Purchaser contained herein shall be true and correct
on the date hereof and on and as of the Closing Date (except to the extent any such representations and warranties expressly relate to an earlier date, in which case, as of such earlier date). 

(b) Public Offering Shares. The Underwriters shall have purchased, immediately prior to the issuance and sale of the Shares by the
Company hereunder, the Firm Shares (as defined in the Underwriting Agreement) at the same purchase price (less any underwriting discounts or commissions) per share payable by the Purchaser hereunder. 

(c) No Legal Impediment to Issuance. No action shall have been taken and no statute, rule, regulation or order shall have been
enacted, adopted or issued by any federal, state or foreign governmental or regulatory authority that would, as of the Closing Date, prevent the issuance or sale of the Shares; and no injunction or order of any federal, state or foreign court shall
have been issued that would, as of the Closing Date, prevent the issuance or sale of the Shares. 
 (d) Lock-Up
Agreement. The Purchaser shall have executed and delivered to the Company a lock-up agreement in substantially the form attached to the Underwriting Agreement (the “Lock-Up Agreement”), and the Lock-Up Agreement shall be in full
force and effect. 
 7. Termination. This Agreement shall automatically terminate upon the earliest to occur of
(i) the written consent of each of the Company and the Purchaser, (ii) the withdrawal by the Company of the Registration Statement, (iii) following the execution of the Underwriting Agreement, the termination of such Underwriting
Agreement in accordance with its terms, or (iv) December 31, 2010, if the closing of the Qualified IPO has not occurred on or prior to such date. 
  

 -7- 

 8. Miscellaneous. 

(a) Confidentiality. The Company and the Purchaser acknowledge that they have previously executed a mutual non-disclosure
agreement dated May 6, 2010, as amended (the “Confidentiality Agreement”), which shall continue in full force and effect in accordance with its terms. 

(b) Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given if
mailed or transmitted and confirmed by any standard form of telecommunication. 
 If to the Company: 

Tesla Motors, Inc. 

3500 Deer Creek Rd. 

Palo Alto, CA 94304 

Fax: (650) 681-5203 

Attention: Elon Musk 

With a copy to: 

Wilson Sonsini Goodrich & Rosati, P.C. 

650 Page Mill Road 

Palo Alto, CA 94304 

Fax: (650) 493-6811 

Attention: Larry W. Sonsini 

If to the Purchaser: 

Toyota Motor Corporation 

1, Toyota-cho, Toyota City 

Aichi Prefecture 471-8571 

Japan 
 Fax:
+81-565-23-5714 
 Attention: General Manager, Corporate Planning Division 

With a copy to: 

Morgan, Lewis & Bockius LLP 

2 Palo Alto Square 

3000 El Camino Real, Suite 700 

Palo Alto, CA 94306 

Fax: (650) 843-4001 

Attention: Thomas W. Kellerman 
  

 -8- 

 (c) Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware. This Agreement, including Exhibit A attached hereto, represents the entire agreement of the parties hereto with respect to the matters addressed in this Agreement. No party shall have the right to
assign any of its rights or obligations under this Agreement without, in the case of the Purchaser, the prior written consent of the Company and in the case of the Company, the Purchaser. 

(d) Jurisdiction; Venue. With respect to any disputes arising out of or related to this Agreement, the parties consent to the
exclusive jurisdiction of, and venue in, the state courts in Santa Clara County in the State of California (or in the event of exclusive federal jurisdiction, the courts of the Northern District of California). 

(e) Waiver of Jury Trial. The Company and the Purchaser hereby irrevocably waive, to the fullest extent permitted by applicable
law, any and all right to trial by jury in any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby. 

(f) California Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED
WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT
FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 

(g) Persons Entitled to Benefit of Agreement. This Agreement shall inure to the benefit of and be binding upon the parties hereto
and their respective successors. Nothing in this Agreement is intended or shall be construed to give any other person any legal or equitable right, remedy or claim under or in respect of this Agreement or any provision contained herein. 

(h) Survival. The respective representations, warranties and agreements of the Company and the Purchasers contained in this
Agreement shall survive the delivery of and payment for the Shares and shall remain in full force and effect, regardless of any investigation made by or on behalf of the Company or the Purchaser. 

(i) Entire Agreement. This Agreement, the Rights Agreement Amendment, the Lock-Up Agreement and the Confidentiality Agreement
constitute the full and entire understanding and agreement between the parties with regard to the specific subject matter hereof, and any and all other written or oral agreements relating to the specific subject matter hereof existing between the
parties hereto are expressly cancelled. 
 (j) Counterparts. This Agreement may be signed in counterparts (which may
include counterparts delivered by any standard form of telecommunication), each of which shall be an original and all of which together shall constitute one and the same instrument. 

 

 -9- 

 (k) Amendments or Waivers. No amendment or waiver of any provision of this Agreement,
nor any consent or approval to any departure therefrom, shall in any event be effective unless the same shall be in writing and signed by the parties hereto. 

(l) Headings. The headings herein are included for convenience of reference only and are not intended to be part of, or to affect
the meaning or interpretation of, this Agreement. 
 If the foregoing is in accordance with your understanding, please indicate
your acceptance of this Agreement by signing in the space provided below. 
  

			
	Very truly yours,
	
	TESLA MOTORS, INC.
		
	By 	 	/s/  Elon Musk
		 	Elon Musk
		 	 Chief Executive Officer

  

 -10- 

 EXECUTION COPY 

PROPRIETARY AND CONFIDENTIAL 
  

							
			
	Accepted: May 20, 2010	 		 	TOYOTA MOTOR CORPORATION
				
		 		 	By	 	/s/  Akio Toyoda
		 		 		 	Akio Toyoda,
		 		 		 	President, Member of the Board

  

 [Signature Page to Tesla Motors, Inc. Common Stock Purchase Agreement]

 EXECUTION COPY 

PROPRIETARY AND CONFIDENTIAL 

EXHIBIT A 

Form of Rights Agreement Amendment

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