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Tesla Motors, Inc. (TSLA) Message Board

  • tslabeliever tslabeliever Jul 9, 2013 7:52 AM Flag

    Per SEC filing, Elon Musk gets 5.4mil shares when TSLA market cap hits $43 BILLION!

     

    "On August 1, 2012, our Board of Directors approved a grant to Mr. Musk of options to purchase 5,274,901 shares of our common stock at an exercise price of $31.17 per share representing 5% of our total issued and outstanding shares as of August 13, 2012, the effective date of such grant (the “2012 CEO Grant”). The 2012 CEO Grant consists of ten equal vesting tranches, with a vesting schedule based entirely on the attainment of both operational and market capitalization milestones, as further detailed below..... The remaining tranches are structured in a similar manner, so that the 2012 CEO Grant would be fully vested when we achieve a market capitalization of $43.2 billion and all ten operational milestones described below have been achieved. Market capitalization for purposes of milestone achievement will be determined based on a rolling six month historic average (based on trading days only). The market capitalization for a particular trading day is equal to the closing price multiplied by outstanding shares of common stock as of the end of such trading day. To give some perspective on these targets, note that, as of April 11, 2013, Ford Motor Company and General Motors Company had market capitalizations of approximately $53 billion and $40 billion, respectively."
    The ten operational milestones for the 2012 CEO Grant are:




    Successful completion of the Model X Engineering Prototype (Alpha);





    Successful completion of the Model X Vehicle Prototype (Beta);





    Completion of the first Model X Production Vehicle;





    Successful completion of the Gen III Engineering Prototype (Alpha);





    Successful completion of the Gen III Vehicle Prototype (Beta);





    Completion of the first Gen III Production Vehicle;





    Gross margin of 30% or more for four consecutive quarters;





    Aggregate vehicle production of 100,000 vehicles;





    Aggregate vehicle production of 200,000 vehicles; and

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