<SEC-DOCUMENT>0001104659-25-108507.txt : 20251107
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<ACCEPTANCE-DATETIME>20251107162723
ACCESSION NUMBER:		0001104659-25-108507
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		17
CONFORMED PERIOD OF REPORT:	20251106
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Submission of Matters to a Vote of Security Holders
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20251107
DATE AS OF CHANGE:		20251107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Tesla, Inc.
		CENTRAL INDEX KEY:			0001318605
		STANDARD INDUSTRIAL CLASSIFICATION:	MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				912197729
		STATE OF INCORPORATION:			TX
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-34756
		FILM NUMBER:		251463044

	BUSINESS ADDRESS:	
		STREET 1:		1 TESLA ROAD
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78725
		BUSINESS PHONE:		512-516-8177

	MAIL ADDRESS:	
		STREET 1:		1 TESLA ROAD
		CITY:			AUSTIN
		STATE:			TX
		ZIP:			78725

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TESLA MOTORS INC
		DATE OF NAME CHANGE:	20050222
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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, DC 20549</b>&#160;</p>



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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section&#160;13 or 15(d) of the</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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<p style="margin-top: 0; margin-bottom: 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Registrant&#8217;s Telephone Number, Including
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Check the appropriate box below if the Form 8-K filing is intended
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A.2. below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="vertical-align: top; width: 92%; padding-top: 1pt">Pre-commencement communication pursuant to Rule 13e-4(c) under the
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section 12(b) of the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; background-color: white">Indicate by check mark whether the registrant
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Exchange Act of 1934 (17 CFR &#167;240.12b-2).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">If an emerging growth company, indicate by check mark if the registrant
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to Section 13(a) of the Exchange Act. <span style="font-family: Times New Roman, Times, Serif"><span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif"></span>&#160;</p>



<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <td style="text-align: left; font-size: 10pt"><b>Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.</b></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>(e)</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>A&amp;R 2019 Equity Incentive Plan</i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">On November 6, 2025, the shareholders of Tesla, Inc. (&#8220;<span style="text-decoration: underline">Tesla</span>&#8221;)
approved the amended and restated Tesla, Inc. 2019 Equity Incentive Plan (the &#8220;<span style="text-decoration: underline">A&amp;R 2019 Equity Incentive Plan</span>&#8221;)
at Tesla&#8217;s 2025 Annual Meeting of Shareholders (the &#8220;<span style="text-decoration: underline">Annual Meeting</span>&#8221;) as described below in Item 5.07 to this
Current Report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The material terms of the A&amp;R 2019 Equity Incentive Plan were
previously described in the section titled &#8220;<i>Tesla Proposal for Approval of the A&amp;R 2019 Equity Incentive Plan - Summary
of the A&amp;R 2019 Equity Incentive Plan</i>&#8221; in Tesla&#8217;s Proxy Statement on Schedule 14A filed with the Securities and Exchange
Commission (the &#8220;<span style="text-decoration: underline">SEC</span>&#8221;) on September 17, 2025 (the &#8220;<span style="text-decoration: underline">Proxy Statement</span>&#8221;). Such disclosure is hereby
incorporated by reference into this Current Report on Form 8-K and is filed as Exhibit 99.1 hereto.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the A&amp;R 2019 Equity Incentive Plan
is qualified by reference to the A&amp;R 2019 Equity Incentive Plan, which is filed as Exhibit 10.1 hereto and incorporated herein by
reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><i>2025 CEO Performance Award </i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">As previously disclosed, on September 3, 2025, Tesla granted Elon Musk,
Tesla&#8217;s Chief Executive Officer, a performance-based restricted stock award (the &#8220;<span style="text-decoration: underline">2025 CEO Performance Award</span>&#8221;), subject to receipt of certain approvals.
On November 6, 2025, Tesla&#8217;s shareholders approved the 2025 CEO Performance Award at the Annual Meeting as described below in Item
5.07 to this Current Report.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The material terms of the 2025 CEO Performance Award were previously
described in the section titled &#8220;<i>Tesla Proposal for Approval of the 2025 CEO Performance Award - Summary of the Proposed 2025
CEO Performance Award - Overview</i>&#8221; in the Proxy Statement. Such disclosure is hereby incorporated by reference into this Current
Report on Form 8-K and is filed as Exhibit 99.2 hereto.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The foregoing description of the 2025 CEO Performance Award is qualified
by reference to the 2025 CEO Performance Award, which is filed as Exhibit 10.2 hereto and incorporated herein by reference.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">At the Annual Meeting held on November 6, 2025, Tesla&#8217;s shareholders
voted on the following 14 proposals and Tesla&#8217;s inspector of election certified the vote tabulations indicated below<span style="background-color: white">.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 1</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">The individuals listed below were elected as Class
III directors at the Annual Meeting to serve on the Board for a term of three years or until their respective successors are duly elected
and qualified.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 2</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-indent: 81pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proposal 2 was a management proposal to approve
executive compensation on a non-binding advisory basis. This proposal was approved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">For</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Against</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Broker Non-Votes</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 3</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proposal 3 was a management proposal to approve
the A&amp;R 2019 Equity Incentive Plan. This proposal was approved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">For</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 4</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proposal 4 was a management proposal to approve
the 2025 CEO Performance Award. This proposal was approved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 5</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: left">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Proposal 5 was a management proposal for the ratification
of the appointment of PricewaterhouseCoopers LLP as Tesla&#8217;s independent registered public accounting firm for the fiscal year ending
December 31, 2025. This proposal was approved.&#160;&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 6</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Proposal 6 was a management proposal for adoption
of amendments to our certificate of formation and bylaws to eliminate applicable supermajority voting requirements. This proposal was
not approved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

<!-- Field: Page; Sequence: 3 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 7</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proposal 7 was a shareholder proposal regarding Board authorization of an investment in x.AI Corp. While more votes were cast in favor
of the proposal than against, a significant number of shareholders abstained. Since our bylaws generally consider abstention as votes
against, this was not approved under the bylaw standard. As a result, given that this is an advisory vote, the Board will examine next
steps in light of these voting results (including the high number of abstentions).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">For</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 8</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">Proposal 8 was a shareholder proposal regarding
adopting targets and reporting on metrics to assess the feasibility of integrating sustainability metrics into senior executive compensation
plans. This proposal was not approved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">For</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#160;</td>
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    <td style="width: 24%; font-size: 10pt; text-align: center">216,413,542</td><td style="width: 1%; font-size: 10pt; text-align: center">&#160;</td><td style="text-align: center; width: 1%; font-size: 10pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 9</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 2pt 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Proposal 9 was a shareholder proposal requesting
a child labor audit. This proposal was not approved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><b>&#160;</b></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">For</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Against</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Abstained</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Broker Non-Votes</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td></tr>
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    <td style="width: 24%; font-size: 10pt; text-align: center">188,709,041</td><td style="width: 1%; font-size: 10pt; text-align: center">&#160;</td><td style="text-align: center; width: 1%; font-size: 10pt">&#160;</td>
    <td style="width: 1%; font-size: 10pt; text-align: center">&#160;</td><td style="width: 22%; font-size: 10pt; text-align: center">2,238,338,124</td><td style="width: 1%; font-size: 10pt; text-align: center">&#160;</td><td style="text-align: center; width: 1%; font-size: 10pt">&#160;</td>
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    <td style="width: 1%; font-size: 10pt; text-align: center">&#160;</td><td style="width: 22%; font-size: 10pt; text-align: center">302,456,274</td><td style="width: 1%; font-size: 10pt; text-align: center">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 10</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposal 10 was a shareholder proposal to amend the bylaws to repeal
the 3% derivative suit ownership threshold. This proposal was not approved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">For</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#160;</td>
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    <td style="width: 24%; font-size: 10pt; text-align: center">611,152,245</td><td style="width: 1%; font-size: 10pt; text-align: center">&#160;</td><td style="text-align: center; width: 1%; font-size: 10pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 11</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposal 11 was a shareholder proposal to amend Article X of the bylaws.
This proposal was not approved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">For</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1pt solid; font-size: 10pt; text-align: center">Against</td><td style="text-align: center; padding-bottom: 1pt; font-size: 10pt">&#160;</td><td style="text-align: center; font-size: 10pt; padding-bottom: 1pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 12</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposal 12 was a shareholder proposal to elect each director annually.
This proposal was approved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></p>

<!-- Field: Page; Sequence: 4 -->
    <div style="border-bottom: Black 1pt solid; margin-top: 12pt; margin-bottom: 6pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 13</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposal 13 was a shareholder proposal regarding a proposal, which
won 54% support at our 2024 annual meeting. This proposal was not approved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Proposal 14</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Proposal 14 was a shareholder proposal to seek shareholder approval
before adopting an amendment to the bylaws pursuant to Section 21.373 of the TBOC. This proposal was not approved.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse"><tr style="vertical-align: top; text-align: justify">
<td style="width: 1in; text-align: left"><b>Item 9.01</b></td><td style="text-align: justify"><b>Financial Statements and Exhibits.</b></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><i>(d)</i> Exhibits.</p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: bottom">
    <td style="padding: 0.25pt; white-space: nowrap; width: 8%"><span style="font-size: 10pt"><b><span style="text-decoration: underline">Exhibit No.</span></b></span></td>
    <td style="padding: 0.25pt; width: 1%">&#160;</td>
    <td style="padding: 0.25pt; width: 91%"><span style="font-size: 10pt"><b><span style="text-decoration: underline">Description</span></b></span></td></tr>
  <tr>
    <td style="padding: 0.25pt">&#160;</td>
    <td style="padding: 0.25pt">&#160;</td>
    <td style="padding: 0.25pt">&#160;</td></tr>
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    <td style="padding: 0.25pt; white-space: nowrap; vertical-align: top"><a href="tm2530590d1_ex10-1.htm" style="-sec-extract: exhibit">10.1</a></td>
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    <td style="padding: 0.25pt; vertical-align: top"><a href="tm2530590d1_ex10-1.htm" style="-sec-extract: exhibit">Tesla, Inc. Amended and Restated 2019 Equity Incentive Plan</a></td></tr>
  <tr>
    <td style="padding: 0.25pt; white-space: nowrap; vertical-align: top"><a href="tm2530590d1_ex10-2.htm" style="-sec-extract: exhibit">10.2</a></td>
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    <td style="padding: 0.25pt; white-space: nowrap; vertical-align: top"><a href="tm2530590d1_ex10-3.htm" style="-sec-extract: exhibit">10.3</a></td>
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  <tr>
    <td style="padding: 0.25pt; white-space: nowrap; vertical-align: top"><a href="tm2530590d1_ex99-1.htm" style="-sec-extract: exhibit">99.1</a></td>
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  <tr>
    <td style="padding: 0.25pt; white-space: nowrap; vertical-align: top"><a href="tm2530590d1_ex99-2.htm" style="-sec-extract: exhibit">99.2</a></td>
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    <td style="padding: 0.25pt; white-space: nowrap; vertical-align: top">104</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURES</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.8pt; background-color: white">Pursuant to the requirements
of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="width: 3%">&#160;</td>
    <td style="width: 47%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TESLA,&#160;INC.</b></span></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
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    <td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Brandon Ehrhart </span></td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td>
    <td>&#160;</td>
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    <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b>Brandon Ehrhart<br/>
General Counsel and Corporate Secretary</b></p></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Date: November 7, 2025</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>tm2530590d1_ex10-1.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>A&amp;R
2019 Equity Incentive Plan</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TESLA,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>AMENDED AND RESTATED 2019 EQUITY INCENTIVE PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD><U>Introduction and Purposes of the Plan</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>The Plan was amended and restated by the Board on September&nbsp;3, 2025 (the &ldquo;<U>Amendment Date</U>&rdquo;), subject to approval
by the Company&rsquo;s shareholders. The original 2019 Equity Incentive Plan was approved by the Board on April&nbsp;18, 2019 and was
subsequently approved by the Company&rsquo;s shareholders (the &ldquo;<U>2019 Shareholder Approval</U>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>The purposes of the Plan are:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD>to attract and retain the best available personnel to ensure the Company&rsquo;s success and accomplish the Company&rsquo;s goals;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ii)</TD><TD>to incentivize Employees, Directors and Consultants with long-term equity-based compensation to align their interests with the Company&rsquo;s
shareholders;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iii)</TD><TD>to promote the success of the Company&rsquo;s business; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iv)</TD><TD>to provide for Elon Musk Awards.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">The Plan permits the grant of Awards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD><U>Definitions</U>.&emsp;As used herein, the following definitions will apply:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>&ldquo;<U>Administrator</U>&rdquo; means the Board, the Compensation Committee of the Board or any Committee that administers the
Plan (or, if applicable, an Award), in accordance with Section&nbsp;4 of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>&ldquo;<U>Applicable Laws</U>&rdquo; means the requirements relating to the administration of equity-based awards under the Texas
Business Organizations Code, U.S. federal and state securities laws, the Code, any stock exchange or quotation system on which the Common
Stock is listed or quoted, any other governmental or regulatory body, and the applicable laws of any state, foreign country or jurisdiction
where Awards are, or will be, granted under the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>&ldquo;<U>Award</U>&rdquo; means, individually or collectively, a grant under the Plan of Options, Stock Appreciation Rights, Restricted
Stock, Restricted Stock Units, Performance Units, Performance Shares or Elon Musk Awards. For clarity, &ldquo;Award&rdquo; includes unrestricted
Shares and any other equity-based or equity-related awards that the Administrator approves.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>&ldquo;<U>Award Agreement</U>&rdquo; means the written (which, for clarity, includes electronic) agreement setting forth the terms
and provisions applicable to each Award granted under the Plan. The Award Agreement is subject to the terms and conditions of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD>&ldquo;<U>Board</U>&rdquo; means the Board of Directors of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD>&ldquo;<U>Change in Control</U>&rdquo; means the occurrence of any of the following events:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD>A change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group (&ldquo;<U>Person</U>&rdquo;),
acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty&nbsp;percent
(50%) of the total voting power of the stock of the Company; provided, however, that for purposes of this subsection (i), the acquisition
of additional stock by any one Person who is considered to own more than fifty&nbsp;percent (50%) of the total voting power of the stock
of the Company will not be considered a Change in Control;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ii)</TD><TD>A change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during
any twelve (12)-month period by Directors whose appointment or election is not endorsed by a majority of the members of the Board prior
to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be in effective control of
the Company, the acquisition of additional control of the Company by the same Person will not be considered a Change in Control;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iii)</TD><TD>A sale or other disposition of all or substantially all of the Company&rsquo;s assets in one or more transactions, other than to any
entity of which more than fifty&nbsp;percent (50%) of the total voting power is owned, directly or indirectly, by shareholders of the
Company in substantially the same proportions as their ownership of the voting power of the stock of the Company immediately prior to
the transaction which results in a sale or disposition as to all or substantially all of the Company&rsquo;s assets; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iv)</TD><TD>A merger, consolidation or similar transaction directly or indirectly involving the Company in which immediately after the consummation
of such transaction the shareholders of the Company immediately prior to such transaction do not directly or indirectly own more than
fifty&nbsp;percent (50%) of the total voting power of the surviving entity in such transaction (or of any applicable parent of such surviving
entity), in substantially the same proportions as their ownership of the voting power of the stock of the Company immediately prior to
the transaction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">For purposes of this Section&nbsp;2(f), persons will be
considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase or acquisition
of stock, or similar business transaction with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">Notwithstanding the foregoing, the occurrence of any event
shall not be deemed a Change in Control: (i)&nbsp;with respect to any Award that is subject to Code Section&nbsp;409A unless such event
qualifies as a change in control event within the meaning of Code Section&nbsp;409A, or (ii)&nbsp;if the sole purpose of the underlying
transaction(s)&nbsp;is to change the jurisdiction of the Company&rsquo;s incorporation or to create a holding company of which the total
voting power is owned, directly or indirectly, by shareholders of the Company in substantially the same proportions as their ownership
of the voting power of the stock of the Company immediately prior to such transaction(s).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD>&ldquo;<U>Code</U>&rdquo; means the Internal Revenue Code of 1986, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD>&ldquo;<U>Committee</U>&rdquo; means a committee of Directors or of other individuals satisfying Applicable Laws appointed by the
Board or the Compensation Committee of the Board in accordance with Section&nbsp;4 hereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>&ldquo;<U>Common Stock</U>&rdquo; means the common stock of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(j)</TD><TD>&ldquo;<U>Company</U>&rdquo; means Tesla,&nbsp;Inc., a Texas corporation, or any successor thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(k)</TD><TD>&ldquo;<U>Consultant</U>&rdquo; means any person, including an advisor, engaged by the Company or a Parent or Subsidiary to render
services to such entity, as to whom the registration of an offer or sale of the Company&rsquo;s securities to such person pursuant to
a Registration Statement on Form&nbsp;S-8 is available.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(l)</TD><TD>&ldquo;<U>Director</U>&rdquo; means a member of the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(m)</TD><TD>&ldquo;<U>Disability</U>&rdquo; means total and permanent disability as defined in Section&nbsp;22(e)(3)&nbsp;of the Code, provided
that in the case of Awards other than Incentive Stock Options, the Administrator in its discretion may determine whether a permanent and
total disability exists in accordance with uniform and non-discriminatory standards adopted by the Administrator from time to time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(n)</TD><TD>&ldquo;<U>Elon Musk Award</U>&rdquo; means, individually or collectively, a grant to Elon Musk under Section&nbsp;6 of the Plan from
the Elon Musk Awards Share Reserve.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(o)</TD><TD>&ldquo;<U>Employee</U>&rdquo; means any person, including Officers and Directors, employed by the Company or any Parent or Subsidiary
of the Company. Neither service as a Director nor payment of a director&rsquo;s fee by the Company will be sufficient to constitute &ldquo;employment&rdquo;
by the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(p)</TD><TD>&ldquo;<U>Exchange Act</U>&rdquo; means the Securities Exchange Act of 1934, as amended.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(q)</TD><TD>&ldquo;<U>Fair Market Value</U>&rdquo; means, as of any date, the value of Common Stock determined as follows:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD>If the Common Stock is listed on any established stock exchange or a national market system, including without limitation the New
York Stock Exchange, the Nasdaq Global Select Market, the Nasdaq Global Market or the Nasdaq Capital Market of The Nasdaq Stock Market,
its Fair Market Value will be the closing sales price for such stock (or the closing bid, if no sales were reported) as quoted on such
exchange or system on the day of determination, as reported in <I>The Wall Street Journal</I> or such other source as the Administrator
deems reliable;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ii)</TD><TD>If the Common Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value
of a Share will be the mean between the high bid and low asked prices for the Common Stock on the day of determination, as reported in
<I>The Wall Street Journal</I> or such other source as the Administrator deems reliable; or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iii)</TD><TD>In the absence of an established market for the Common Stock, the Fair Market Value will be determined in good faith by the Administrator.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(r)</TD><TD>&ldquo;<U>Incentive Stock Option</U>&rdquo; means an Option that by its terms qualifies and is intended to qualify as an incentive
stock option within the meaning of Section&nbsp;422 of the Code and the regulations promulgated thereunder.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(s)</TD><TD>&ldquo;<U>Nonstatutory Stock Option</U>&rdquo; means an Option that by its terms does not qualify or is not intended to qualify as
an Incentive Stock Option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(t)</TD><TD>&ldquo;<U>Officer</U>&rdquo; means a person who is an officer of the Company within the meaning of Section&nbsp;16 of the Exchange
Act.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(u)</TD><TD>&ldquo;<U>Option</U>&rdquo; means a stock option granted pursuant to the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(v)</TD><TD>&ldquo;<U>Outside Director</U>&rdquo; means a Director who is not an Employee.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(w)</TD><TD>&ldquo;<U>Parent</U>&rdquo; means a &ldquo;parent corporation,&rdquo; whether now or hereafter existing, as defined in Code Section&nbsp;424(e).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(x)</TD><TD>&ldquo;<U>Participant</U>&rdquo; means the holder of an outstanding Award.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(y)</TD><TD>&ldquo;<U>Performance Share</U>&rdquo; means an Award denominated in Shares which may be earned in whole or in part upon attainment
of performance goals or other vesting criteria as the Administrator may determine pursuant to Section&nbsp;11.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(z)</TD><TD>&ldquo;<U>Performance Unit</U>&rdquo; means an Award which may be earned in whole or in part upon attainment of performance goals
or other vesting criteria as the Administrator may determine and which may be settled for cash, Shares or other securities or a combination
of the foregoing pursuant to Section&nbsp;11.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(aa)</TD><TD>&ldquo;<U>Period of Restriction</U>&rdquo; means the period, if any, during which (i)&nbsp;the transfer of Shares of Restricted Stock
is subject to restrictions or (ii)&nbsp;the Shares are subject to a substantial risk of forfeiture, which in either case may be based
on the passage of time, the achievement of performance or the occurrence of other events as determined by the Administrator.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(bb)</TD><TD>&ldquo;<U>Plan</U>&rdquo; means this Amended and Restated 2019 Equity Incentive Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(cc)</TD><TD>&ldquo;<U>Repricing</U>&rdquo; means any of the following actions taken by the Administrator: (i)&nbsp;lowering or reducing the exercise
price of an outstanding Option and/or outstanding Stock Appreciation Right; (ii)&nbsp;cancelling, exchanging or surrendering any outstanding
Option and/or outstanding Stock Appreciation Right in exchange for cash or another award for the purpose of repricing the award; (iii)&nbsp;cancelling,
exchanging or surrendering any outstanding Option and/or outstanding Stock Appreciation Right in exchange for an Option or Stock Appreciation
Right with an exercise price that is less than the exercise price of the original award; and (iv)&nbsp;taking any other action under the
Plan that constitutes a &ldquo;repricing&rdquo; under Applicable Laws; provided that a Repricing shall not include any action taken with
shareholder approval or any adjustment of an Option or Stock Appreciation Right pursuant to Section&nbsp;14(a).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(dd)</TD><TD>&ldquo;<U>Restricted Stock</U>&rdquo; means Shares issued pursuant to a Restricted Stock award under Section&nbsp;8 of the Plan or
issued pursuant to the early exercise of an Option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ee)</TD><TD>&ldquo;<U>Restricted Stock Unit</U>&rdquo; means a bookkeeping entry representing an amount equal to the Fair Market Value of one
Share, granted pursuant to Section&nbsp;9. Each Restricted Stock Unit represents an unfunded and unsecured obligation of the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ff)</TD><TD>&ldquo;<U>Rule&nbsp;16b-3</U>&rdquo; means Rule&nbsp;16b-3 of the Exchange Act or any successor to Rule&nbsp;16b-3, as in effect when
discretion is being exercised with respect to the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(gg)</TD><TD>&ldquo;<U>Service Provider</U>&rdquo; means an Employee, Director or Consultant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(hh)</TD><TD>&ldquo;<U>Share</U>&rdquo; means a share of the Common Stock, as adjusted in accordance with Section&nbsp;14 of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>&ldquo;<U>Stock Appreciation Right</U>&rdquo; means an Award, granted alone or in connection with an Option, that pursuant to Section&nbsp;10
is designated as a Stock Appreciation Right.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(jj)</TD><TD>&ldquo;<U>Subsidiary</U>&rdquo; means a &ldquo;subsidiary corporation,&rdquo; whether now or hereafter existing, as defined in Code
Section&nbsp;424(f).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">Reference to a specific section of a statute or regulation
thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision
of any future legislation or regulation amending, supplementing or superseding such section or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD><U>Stock Subject to the Plan</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Stock Subject to the Plan</U>.&emsp;Effective as of the Amendment Date, subject to the provisions of Section&nbsp;14 of the Plan,
the maximum aggregate number of Shares that may be subject to Awards and issued under the Plan is (i)&nbsp;247,500,000 Shares, plus any
Shares subject to stock options or similar awards granted under the Company&rsquo;s 2010 Equity Incentive Plan (the &ldquo;<U>Prior Plan</U>&rdquo;)
that expire or otherwise terminate without having been exercised in full and Shares issued pursuant to awards granted under the Prior
Plan that are forfeited to, or repurchased by, the Company due to failure to vest (the &ldquo;<U>General Share Reserve</U>&rdquo;) and
(ii)&nbsp;up to an additional 207,960,630 Shares for Elon Musk Awards (the &ldquo;<U>Elon Musk Awards Share Reserve</U>&rdquo;); provided
that no more than a maximum aggregate of 455,460,630 Shares may be granted as Incentive Stock Options. The Shares may be authorized, but
unissued, or reacquired Common Stock. Awards may not be granted to Elon Musk from the 60,000,000 Shares added to the General Share Reserve
as of the Amendment Date, including after giving effect to the provisions of Sections&nbsp;3(b)&nbsp;and 14 of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Lapsed Awards</U>.&emsp;If an Award from the General Share Reserve expires or becomes unexercisable without having been exercised
in full (including, without limitation, as a result of death or a termination of employment or other service) or, with respect to Restricted
Stock, Restricted Stock Units, Performance Units or Performance Shares, is forfeited to or repurchased by the Company due to failure to
vest, the unpurchased Shares (or for Awards other than Options or Stock Appreciation Rights, the forfeited or repurchased Shares), which
were subject thereto will become available for future grant under the General Share Reserve of the Plan. With respect to Stock Appreciation
Rights, the total number of Shares subject to such Stock Appreciation Rights (and not the net number of Shares actually issued pursuant
to such Stock Appreciation Rights) will cease to be available under the Plan. Shares that have actually been issued under the Plan under
any Award (other than unvested Restricted Stock) will not be returned to the Plan and will not become available for future distribution
under the Plan. Shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will
not become available for future grant under the Plan. In addition, Shares repurchased by the Company with the proceeds of the exercise
prices for any Options may not be reissued under the Plan. To the extent an Award from the General Share Reserve is paid out in cash rather
than Shares, such cash payment will not result in reducing the number of Shares available for issuance under the General Share Reserve
of the Plan. In addition, Shares issued in connection with awards that are assumed, converted or substituted pursuant to a merger, acquisition
or similar transaction entered into by the Company or parent or any of its Subsidiaries shall not reduce the number of Shares available
for issuance under the General Share Reserve of the Plan. For clarity, this Section&nbsp;3(b)&nbsp;shall not apply to the Elon&nbsp;Musk
Awards Share Reserve. Solely for purposes of the application of this Section&nbsp;3(b)&nbsp;(including the immediately preceding sentence),
in the event of a <I>Tornetta</I> Decision Event (as defined in the 2025 CEO Interim Award (as defined below)) that pursuant to the terms
of the 2025 CEO Interim Award results in forfeiture of, or a reduction in the number of Shares subject to, the 2025 CEO Interim Restricted
Stock Agreement granted to Elon Musk in August&nbsp;2025 (the &ldquo;<U>2025 CEO Interim Award</U>&rdquo;), the maximum number of Shares
that may again become available for issuance under the General Share Reserve of the Plan in the event of such forfeiture or reduction,
as applicable, shall equal 36,000,000, and, for clarity, Awards to Elon Musk may be granted from such Shares.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><U>Share Reserve</U>.&emsp;The Company, during the term of the Plan, will at all times reserve and keep available such number of Shares
as will be sufficient to satisfy the requirements of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD><U>Administration of the Plan</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Procedure</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD><U>Multiple Administrative Bodies</U>.&emsp;Different Committees may administer the Plan with respect to individual Service Providers
(or groups of Service Providers) and individual Awards (or groups of Awards).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ii)</TD><TD><U>Rule&nbsp;16b-3</U>.&emsp;To the extent desirable to qualify transactions hereunder as exempt under Rule&nbsp;16b-3, the transactions
contemplated hereunder will be structured to satisfy the requirements for exemption under Rule&nbsp;16b-3.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iii)</TD><TD><U>Other Administration</U>.&emsp;Other than as provided above, the Plan will be administered by (A)&nbsp;the Board, (B)&nbsp;the
Compensation Committee of the Board, or (C)&nbsp;a Committee, which Committee will be constituted to satisfy Applicable Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Powers of the Administrator</U>.&emsp;Subject to the provisions of the Plan, and in the case of a Committee, subject to the specific
duties delegated by the Board or, as applicable, the Compensation Committee of the Board, to such Committee, the Administrator will have
the authority, in its discretion:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD>to determine the Fair Market Value;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ii)</TD><TD>to select the Service Providers to whom Awards may be granted hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iii)</TD><TD>to determine the number of Shares to be covered by each Award granted hereunder;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iv)</TD><TD>to approve forms of Award Agreements for use under the Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(v)</TD><TD>to determine the terms and conditions, not inconsistent with the terms of the Plan, of any Award granted hereunder. Such terms and
conditions include, but are not limited to, the exercise price, the time or times when Awards may be exercised (which may be based on
performance criteria), any vesting acceleration or waiver of forfeiture restrictions, and any restriction or limitation regarding any
Award or the Shares relating thereto, based in each case on such factors as the Administrator will determine;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(vi)</TD><TD>to construe and interpret the terms of the Plan and Awards granted pursuant to the Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(vii)</TD><TD>to prescribe, amend and rescind rules&nbsp;and regulations relating to the Plan, including rules&nbsp;and regulations relating to
sub-plans established for the purpose of satisfying applicable foreign laws or for qualifying for favorable tax treatment under applicable
foreign laws;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(viii)</TD><TD>to modify or amend each Award (subject to Section&nbsp;19 of the Plan), including but not limited to the discretionary authority to
extend the post-termination exercisability period of Awards, subject to the no-Repricing provision below;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ix)</TD><TD>to allow Participants to satisfy withholding tax obligations in such manner as prescribed in Section&nbsp;15 of the Plan;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(x)</TD><TD>to authorize any person to execute on behalf of the Company any instrument required to effect the grant of an Award previously granted
by the Administrator;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(xi)</TD><TD>to allow a Participant to defer the receipt of the payment of cash or the delivery of Shares that would otherwise be due to such Participant
under an Award; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(xii)</TD><TD>to make all other determinations deemed necessary or advisable for administering the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notwithstanding anything to the contrary herein, in no event
shall the Administrator effect any Repricing of any Option or Stock Appreciation Right. For clarity, the Administrator&rsquo;s determinations
under the Plan and Award Agreements need not be uniform, and any such determinations may be made by the Administrator selectively among
persons who receive, or are eligible to receive, Awards (whether or not such persons are similarly situated).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><U>Effect of Administrator&rsquo;s Decisions</U>.&emsp;The Administrator&rsquo;s decisions, determinations and interpretations will
be final and binding and non-reviewable and non-appealable on all Participants and any other holders of Awards and will be given the maximum
deference permitted by Applicable Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD><U>Eligibility</U>.&emsp;Nonstatutory Stock Options, Stock Appreciation Rights, Restricted Stock, Restricted Stock Units, Performance
Shares and Performance Units may be granted to Service Providers. Incentive Stock Options may be granted only to Employees.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">6.</TD><TD><U>Elon Musk Awards</U>.&emsp;Notwithstanding anything in the Plan to the contrary, the Administrator may grant Options, Stock Appreciation
Rights, Restricted Stock, Restricted Stock Units, Performance Units, Performance Shares, any other types of equity-based, equity-related
or equity awards (including the grant or offer for sale of unrestricted Shares) to Elon Musk (any such Awards, &ldquo;<U>Elon Musk Awards</U>&rdquo;)
in such amounts and subject to such terms and conditions, which may be evidenced by the Award Agreement, as the Administrator may determine
in its sole discretion, unconstrained by the terms of the Plan (other than Sections&nbsp;3(a)&nbsp;and 3(b), which shall apply to any
Elon Musk Awards), which may include, but are not limited to, (i)&nbsp;an exercise price that is less than one hundred&nbsp;percent (100%)
of the Fair Market Value per Share on the date of grant, (ii)&nbsp;a term exceeding ten (10)&nbsp;years from the date of grant, (iii)&nbsp;the
timing, methods and terms of exercise or settlement, (iv)&nbsp;the payment of dividends or dividend equivalents, (v)&nbsp;a holding period
for Shares delivered in respect of Elon Musk Awards, (vi)&nbsp;Elon Musk&rsquo;s status as a Service Provider on the date of grant or
(vii)&nbsp;the determination as to the Fair Market Value of a Share.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">7.</TD><TD><U>Stock Options</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Grant of Options</U>.&emsp;Subject to the terms and provisions of the Plan, the Administrator, at any time and from time to time,
may grant Options in such amounts as the Administrator, in its sole discretion, will determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Option Agreement</U>.&emsp;Each Award of an Option will be evidenced by an Award Agreement that will specify the exercise price,
the term of the Option, the number of Shares subject to the Option, the exercise restrictions, if any, applicable to the Option, and such
other terms and conditions as the Administrator, in its sole discretion, will determine in accordance with the terms and conditions of
the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><U>Limitations</U>.&emsp;Each Option will be designated in the Award Agreement as either an Incentive Stock Option or a Nonstatutory
Stock Option. However, notwithstanding such designation, to the extent that the aggregate Fair Market Value of the Shares with respect
to which Incentive Stock Options are exercisable for the first time by the Participant during any calendar year (under all plans of the
Company and any Parent or Subsidiary) exceeds one hundred thousand dollars ($100,000), such Options will be treated as Nonstatutory Stock
Options. For purposes of this Section&nbsp;7(c),&nbsp;Incentive Stock Options will be taken into account in the order in which they were
granted, the Fair Market Value of the Shares will be determined as of the time the Option with respect to such Shares is granted and calculation
will be performed in accordance with Code Section&nbsp;422.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD><U>Term of Option</U>.&emsp;The term of each Option will be ten (10)&nbsp;years from the date of grant or such shorter term as may
be provided in the Award Agreement, provided that in the case of an Incentive Stock Option granted to a Participant who, at the time the
Incentive Stock Option is granted, owns stock representing more than ten&nbsp;percent (10%) of the total combined voting power of all
classes of stock of the Company or any Parent or Subsidiary, the term of the Incentive Stock Option will be five (5)&nbsp;years from the
date of grant or such shorter term as may be provided in the Award Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD><U>Option Exercise Price and Consideration</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD><U>Exercise Price</U>.&emsp;The per Share exercise price for the Shares to be issued pursuant to exercise of an Option will be determined
by the Administrator, subject to the following:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.15in">1.</TD><TD>In the case of an Incentive Stock Option:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">a.</TD><TD>granted to an Employee who, at the time the Incentive Stock Option is granted, owns stock representing more than ten&nbsp;percent
(10%) of the voting power of all classes of stock of the Company or any Parent or Subsidiary, the per Share exercise price will be no
less than one hundred and ten&nbsp;percent (110%) of the Fair Market Value per Share on the date of grant; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 1in"></TD><TD STYLE="width: 0.25in">b.</TD><TD>granted to any Employee other than an Employee described in paragraph (a)&nbsp;immediately above, the per Share exercise price will
be no less than one hundred&nbsp;percent (100%) of the Fair Market Value per Share on the date of grant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.85in"></TD><TD STYLE="width: 0.15in">2.</TD><TD>In the case of a Nonstatutory Stock Option, the per Share exercise price will be no less than one hundred&nbsp;percent (100%) of the
Fair Market Value per Share on the date of grant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Notwithstanding the foregoing provisions of this Section&nbsp;7(e)(i)&nbsp;of
the Plan, Options may be granted with a per Share exercise price less than one hundred&nbsp;percent (100%) of the Fair Market Value per
Share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Code Section&nbsp;424(a)&nbsp;or as
determined by the Administrator with respect to the applicable Award (which Award shall, for the avoidance of doubt, comply with Code
Section&nbsp;409A, to the extent applicable).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ii)</TD><TD><U>Waiting Period and Exercise Dates</U>.&emsp;At the time an Option is granted, the Administrator will fix the period within which
the Option may be exercised and will determine any conditions that must be satisfied before the Option may be exercised.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iii)</TD><TD><U>Form&nbsp;of Consideration</U>.&emsp;The Administrator will determine the acceptable form of consideration for exercising an Option,
including the method of payment. In the case of an Incentive Stock Option, the Administrator will determine the acceptable form of consideration
at the time of grant. Such consideration may consist entirely of: (1)&nbsp;cash; (2)&nbsp;check; (3)&nbsp;other Shares; provided that
such Shares have a Fair Market Value on the date of surrender equal to the aggregate exercise price of the Shares as to which such Option
will be exercised; and provided, further, that accepting such Shares will not result in any adverse accounting consequences to the Company,
as the Administrator determines in its sole discretion; (4)&nbsp;consideration received by the Company under a broker-assisted (or other)
cashless exercise program (whether through a broker or otherwise) implemented by the Company in connection with the Plan; (5)&nbsp;by
net exercise; (6)&nbsp;such other consideration and method of payment for the issuance of Shares to the extent permitted by Applicable
Laws; or (7)&nbsp;any combination of the foregoing methods of payment.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD><U>Exercise of Option</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD><U>Procedure for Exercise; Rights as a Shareholder</U>.&emsp;Any Option granted hereunder will be exercisable according to the terms
of the Plan and at such times and under such conditions as determined by the Administrator and set forth in the Award Agreement.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">An Option may not be exercised for a fraction of a Share.
An Option will be deemed exercised when the Company receives: (i)&nbsp;a notice of exercise (in such form as the Administrator may specify
from time to time) from the person entitled to exercise the Option, and (ii)&nbsp;full payment for the Shares with respect to which the
Option is exercised (together with applicable withholding taxes). Full payment may consist of any consideration and method of payment
authorized by the Administrator and permitted by the Award Agreement and the Plan. Shares issued upon exercise of an Option will be issued
in the name of the Participant or, if requested by the Participant, in the name of the Participant and his or her spouse. Until the Shares
are issued (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company),
no right to vote or receive dividends or any other rights as a shareholder will exist with respect to the Shares subject to an Option,
notwithstanding the exercise of the Option. The Company will issue (or cause to be issued) such Shares promptly after the Option is exercised.
No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued, except
as provided in Section&nbsp;14 of the Plan. No dividends or dividend equivalent rights shall be paid or accrued on Options.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">Exercising an Option in any manner will decrease the number
of Shares thereafter available, both for purposes of the Plan and for sale under the Option, by the number of Shares as to which the Option
is exercised.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ii)</TD><TD><U>Termination of Relationship as a Service Provider</U>.&emsp;If a Participant ceases to be a Service Provider other than upon the
Participant&rsquo;s termination as the result of the Participant&rsquo;s death or Disability, the Participant may exercise his or her
Option within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of termination
(but in no event later than the expiration of the term of such Option as set forth in the Award Agreement). In the absence of a specified
time in the Award Agreement, the Option will remain exercisable for three (3)&nbsp;months following the Participant&rsquo;s termination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iii)</TD><TD><U>Disability of Participant</U>.&emsp;If a Participant ceases to be a Service Provider as a result of the Participant&rsquo;s Disability,
the Participant may exercise his or her Option within such period of time as is specified in the Award Agreement to the extent that the
Option is vested on the date of termination (but in no event later than the expiration of the term of such Option as set forth in the
Award Agreement). In the absence of a specified time in the Award Agreement, the Option will remain exercisable for twelve (12) months
following the Participant&rsquo;s termination.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iv)</TD><TD><U>Death of Participant</U>.&emsp;If a Participant dies while a Service Provider, the Option may be exercised following the Participant&rsquo;s
death within such period of time as is specified in the Award Agreement to the extent that the Option is vested on the date of death (but
in no event may the Option be exercised later than the expiration of the term of such Option as set forth in the Award Agreement), by
the Participant&rsquo;s designated beneficiary, provided such beneficiary has been designated prior to Participant&rsquo;s death in a
form acceptable to the Administrator. If no such beneficiary has been designated by the Participant, then such Option may be exercised
by the personal representative of the Participant&rsquo;s estate or by the person(s)&nbsp;to whom the Option is transferred pursuant to
the Participant&rsquo;s will or in accordance with the laws of descent and distribution. In the absence of a specified time in the Award
Agreement, the Option will remain exercisable for twelve (12) months following Participant&rsquo;s death.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">8.</TD><TD><U>Restricted Stock</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Grant of Restricted Stock</U>.&emsp;Subject to the terms and provisions of the Plan, the Administrator, at any time and from time
to time, may grant Shares of Restricted Stock to Service Providers in such amounts as the Administrator, in its sole discretion, will
determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Restricted Stock Agreement</U>.&emsp;Each Award of Restricted Stock will be evidenced by an Award Agreement that will specify any
Period of Restriction, the number of Shares granted, and such other terms and conditions as the Administrator, in its sole discretion,
will determine in accordance with the terms and conditions of the Plan. Unless the Administrator determines otherwise, the Company as
escrow agent will hold Shares of Restricted Stock until the restrictions, if any, on such Shares have lapsed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><U>Transferability</U>.&emsp;Except as provided in this Section&nbsp;8 or the Award Agreement, Shares of Restricted Stock may not
be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated until the end of any applicable Period of Restriction.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD><U>Other Restrictions</U>.&emsp;The Administrator, in its sole discretion, may impose such other restrictions on Shares of Restricted
Stock as it may deem advisable or appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD><U>Removal of Restrictions</U>.&emsp;Except as otherwise provided in this Section&nbsp;8, Shares of Restricted Stock covered by each
Restricted Stock grant made under the Plan will be released from escrow as soon as practicable after the last day of any Period of Restriction
or at such other time as the Administrator may determine. The Administrator, in its discretion, may reduce or waive any restrictions for
such Award or accelerate the time at which any restrictions will lapse or be removed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD><U>Voting Rights as a Shareholder</U>.&emsp;During any Period of Restriction, Service Providers holding Shares of Restricted Stock
granted hereunder may exercise full voting rights with respect to those Shares, unless the Administrator determines otherwise.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD><U>Dividends and Other Distributions</U>.&emsp;During any Period of Restriction, Service Providers holding Shares of Restricted Stock
will be entitled to receive all dividends and other distributions paid with respect to such Shares. However, all such dividends or distributions,
whether paid in Shares or cash, will be subject to the same restrictions on transferability and forfeitability as the Shares of Restricted
Stock with respect to which they were paid, and if such Shares of Restricted Stock are forfeited to the Company, such dividends or other
distributions shall also be forfeited.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD><U>Forfeiture of Restricted Stock to Company</U>.&emsp;On the date set forth in the Award Agreement, the Restricted Stock for which
restrictions have not lapsed will revert to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">9.</TD><TD><U>Restricted Stock Units</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Grant of Restricted Stock Units</U>.&emsp;Subject to the terms and conditions of the Plan, the Administrator, at any time and from
time to time, may grant Restricted Stock Units to Service Providers in such amounts as the Administrator, in its sole discretion, will
determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Restricted Stock Unit Agreement</U>.&emsp;Each Award of Restricted Stock Units will be evidenced by an Award Agreement that will
specify any vesting period, the number of Restricted Stock Units granted, and such other terms and conditions as the Administrator, in
its sole discretion, will determine in accordance with the terms and conditions of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><U>Vesting Criteria and Other Terms</U>.&emsp;The Administrator will set vesting criteria in its discretion, which, depending on the
extent to which the criteria are met, will determine the number of Restricted Stock Units that will be paid out to the Participant. The
Administrator may set vesting criteria based upon the achievement of Company-wide, divisional, business unit, or individual goals (including,
but not limited to, continued employment), applicable federal or state securities laws, or any other basis determined by the Administrator
in its discretion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD><U>Earning Restricted Stock Units</U>.&emsp;Upon meeting the applicable vesting criteria, the Participant will be entitled to receive
a payout as determined by the Administrator. Notwithstanding the foregoing, at any time after the grant of Restricted Stock Units, the
Administrator, in its sole discretion, may reduce or waive any vesting criteria that must be met to receive a payout and may accelerate
the time at which any restrictions will lapse or be removed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD><U>Form&nbsp;and Timing of Payment</U>.&emsp;Payment of earned Restricted Stock Units will be made as soon as practicable after the
date(s)&nbsp;determined by the Administrator and set forth in the Award Agreement. The Administrator, in its sole discretion, may only
settle earned Restricted Stock Units in cash, Shares or a combination of both.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD><U>Rights as a Shareholder</U>.&emsp;Unless and until Shares are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company) in respect of earned Restricted Stock Units, no right to vote or receive
dividends or other distributions or any other rights as a shareholder will exist with respect to the Shares that may be subject to such
Restricted Stock Units. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares
are issued, except as provided in Section&nbsp;14 of the Plan. Any dividend equivalents on Restricted Stock Units may be earned in Shares
or cash but will be subject to the same restrictions on transferability and forfeitability as the Restricted Stock Units with respect
to which they relate, and if the Restricted Stock Units are forfeited to the Company, such dividend equivalents shall also be forfeited.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD><U>Forfeiture of Restricted Stock Units to Company</U>.&emsp;On the date set forth in the Award Agreement, all unearned Restricted
Stock Units will be forfeited to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">10.</TD><TD><U>Stock Appreciation Rights</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Grant of Stock Appreciation Rights</U>.&emsp;Subject to the terms and conditions of the Plan, the Administrator, at any time and
from time to time, may grant Stock Appreciation Rights to Service Providers in such amounts as the Administrator, in its sole discretion,
will determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Stock Appreciation Right Agreement</U>.&emsp;Each Award of Stock Appreciation Rights will be evidenced by an Award Agreement that
will specify the number of Stock Appreciation Rights granted, the exercise price, the term of the Stock Appreciation Right, the conditions
of exercise, and such other terms and conditions as the Administrator, in its sole discretion, will determine in accordance with the terms
and conditions of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><U>Number of Shares</U>.&emsp;The Administrator will have complete discretion to determine the number of Stock Appreciation Rights
granted to any Service Provider.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD><U>Stock Appreciation Right Exercise Price and Other Terms</U>.&emsp;The per share exercise price for the Shares that will determine
the amount of the payment to be issued upon exercise of a Stock Appreciation Right will be determined by the Administrator and will be
no less than one hundred&nbsp;percent (100%) of the Fair Market Value per Share on the date of grant. Otherwise, the Administrator, subject
to the provisions of the Plan, will have complete discretion to determine the terms and conditions of Stock Appreciation Rights granted
under the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD><U>Expiration, Term and Exercise of Stock Appreciation Rights</U>.&emsp;A Stock Appreciation Right granted under the Plan will expire
upon the date determined by the Administrator, in its sole discretion, and set forth in the Award Agreement. Notwithstanding the foregoing,
the rules&nbsp;applicable to Options set forth in Section&nbsp;7(d)&nbsp;relating to the maximum term and Section&nbsp;7(f)&nbsp;relating
to exercise also will apply to Stock Appreciation Rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD><U>Payment of Stock Appreciation Right Amount</U>.&emsp;Upon exercise of a Stock Appreciation Right, a Participant will be entitled
to receive payment from the Company in an amount determined by <I>multiplying</I>:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD>The difference between the Fair Market Value of a Share on the date of exercise over the exercise price; <I>times</I></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ii)</TD><TD>The number of Shares with respect to which the Stock Appreciation Right is exercised.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.85in">At the discretion of the Administrator, the payment upon
a Stock Appreciation Right exercise may be in cash, in Shares of equivalent value, or in some combination thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD><U>Rights as a Shareholder</U>.&emsp;Unless and until Shares are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company) in respect of Stock Appreciation Rights, no right to vote or receive dividends
or other distributions or any other rights as a shareholder will exist with respect to the Shares that may be subject to such Stock Appreciation
Rights. No adjustment will be made for a dividend or other right for which the record date is prior to the date the Shares are issued,
except as provided in Section&nbsp;14 of the Plan. No dividends or dividend equivalent rights shall be paid or accrued on Stock Appreciation
Rights.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">11.</TD><TD><U>Performance Units and Performance Shares</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Grant of Performance Units/Shares</U>.&emsp;Subject to the terms and conditions of the Plan, the Administrator, at any time and
from time to time, may grant Performance Share Units and Performance Shares, as applicable, to Service Providers in such amounts as the
Administrator, in its sole discretion, will determine.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Performance Unit/Share Agreement</U>.&emsp;Each Award of Performance Units/Shares will be evidenced by an Award Agreement that
will specify the number of Performance Units/Shares granted, the Performance Period (as defined below), the performance objectives, and
such other terms and conditions as the Administrator, in its sole discretion, will determine in accordance with the terms and conditions
of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><U>Value of Performance Units/Shares</U>.&emsp;Each Performance Unit will have an initial value that is established by the Administrator
on or before the date of grant. Each Performance Share will have an initial value equal to the Fair Market Value of a Share on the date
of grant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD><U>Performance Objectives and Other Terms</U>.&emsp;The Administrator will set any performance objectives or other vesting provisions
(including, without limitation, continued status as a Service Provider) in its discretion which, depending on the extent to which they
are met, will determine the number or value of Performance Units/Shares that will be paid out to the Service Providers. The time period
during which any performance objectives or other vesting provisions must be met will be called the &ldquo;<U>Performance Period</U>.&rdquo;
The Administrator may set performance objectives based upon the achievement of Company-wide, divisional, business unit or individual goals
(including, without limitation, continued employment), applicable federal or state securities laws, or any other basis determined by the
Administrator in its discretion.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(e)</TD><TD><U>Earning of Performance Units/Shares</U>.&emsp;After the applicable Performance Period has ended, the holder of Performance Units/Shares
will be entitled to receive a payout of the number of Performance Units/Shares earned by the Participant over the Performance Period,
to be determined as a function of the extent to which the corresponding performance objectives or other vesting provisions have been achieved.
After the grant of a Performance Unit/Share, the Administrator, in its sole discretion, may reduce or waive any performance objectives
or other vesting provisions for such Performance Unit/Share and may accelerate the time at which any restrictions will lapse or be removed.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(f)</TD><TD><U>Form&nbsp;and Timing of Payment of Performance Units/Shares</U>.&emsp;Payment of earned Performance Units/Shares will be made as
soon as practicable after the expiration of the applicable Performance Period or as otherwise provided in the applicable Award Agreement.
The Administrator, in its sole discretion, may pay or settle earned Performance Units/Shares in cash, Shares or a combination thereof.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(g)</TD><TD><U>Rights as a Shareholder</U>.&emsp;Unless and until Shares are issued (as evidenced by the appropriate entry on the books of the
Company or of a duly authorized transfer agent of the Company) in respect of earned Performance Units/Shares, no right to vote or receive
dividends or other distributions or any other rights as a shareholder will exist with respect to the Shares that may be subject to such
Performance Units/Shares. No adjustment will be made for a dividend or other right for which the record date is prior to the date the
Shares are issued, except as provided in Section&nbsp;14 of the Plan. Any dividend equivalents on Performance Units/Shares may be earned
in Shares or cash but will be subject to the same restrictions on transferability and forfeitability as the Performance Units/Shares with
respect to which they relate and if the Performance Units/Shares are forfeited to the Company such dividend equivalents shall also be
forfeited.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(h)</TD><TD><U>Forfeiture of Performance Units/Shares to the Company</U>.&emsp;On the date set forth in the Award Agreement, all unearned or unvested
Performance Units/Shares will be forfeited to the Company.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">12.</TD><TD><U>Leaves of Absence/Transfer Between Locations</U>.&emsp;Unless the Administrator provides otherwise and except as required by Applicable
Laws, vesting of Awards granted hereunder will be suspended during any unpaid leave of absence. For purposes of Incentive Stock Options,
no such leave may exceed three (3)&nbsp;months, unless reemployment upon expiration of such leave is guaranteed by statute or contract.
If reemployment upon expiration of a leave of absence approved by the Company is not so guaranteed, then six (6)&nbsp;months following
the first (1st) day of such leave any Incentive Stock Option held by the Participant will cease to be treated as an Incentive Stock Option
and will be treated for tax purposes as a Nonstatutory Stock Option.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">13.</TD><TD><U>Transferability of Awards</U>.&emsp;Unless determined otherwise by the Administrator, an Award may not be sold, pledged, assigned,
hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised,
during the lifetime of the Participant, only by the Participant. If the Administrator makes an Award transferable, such Award will not
be transferable other than for no consideration and will contain such additional terms and conditions as the Administrator deems appropriate.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">14.</TD><TD><U>Adjustments; Dissolution or Liquidation; Merger or Change in Control</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Adjustments</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(i)</TD><TD>In the event that any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of Shares
or other securities of the Company, or other change in the corporate structure of the Company affecting the Shares occurs, the Administrator,
in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under the Plan, will
adjust the number and class of shares that may be delivered under the Plan and/or the number, class, and price of shares covered by each
outstanding Award and the numerical Share limits in Section&nbsp;3 of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(ii)</TD><TD>Upon (or, as may be necessary to effect the adjustment, immediately prior to) any event or transaction described in the preceding
clause (i)&nbsp;or a sale of all or substantially all of the business or assets of the Company as an entirety, unless specified otherwise
in the applicable Award Agreement, the Administrator will equitably and proportionately adjust the performance objectives applicable to
any then-outstanding performance-based Awards to the extent necessary to prevent diminution or enlargement of the benefits or potential
benefits intended to be made available under the Plan with respect to such Awards.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.35in">(iii)</TD><TD>It is intended that, if possible, any adjustments contemplated by the preceding clauses (i)&nbsp;and (ii)&nbsp;be made in a manner
that satisfies applicable legal, tax (including, without limitation and as applicable in the circumstances, Code Sections&nbsp;424 and
409A) and accounting (so as to not trigger any charge to earnings with respect to such adjustment) requirements.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Dissolution or Liquidation</U>.&emsp;In the event of the proposed dissolution or liquidation of the Company, the Administrator
will notify each Participant as soon as practicable prior to the effective date of such proposed transaction. To the extent it has not
been previously exercised, an Award will terminate immediately prior to the consummation of such proposed action.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><U>Certain Transactions</U>.&emsp;In the event of a merger, consolidation or similar transaction directly or indirectly involving
the Company, unless otherwise set forth in an Award Agreement, each outstanding Award will be treated as the Administrator determines
(subject to the provisions of the following paragraph) whether with or without a Participant&rsquo;s consent, including, without limitation,
that: (i)&nbsp;such Award will be assumed, or a substantially equivalent Award will be substituted, by the acquiring or succeeding corporation
(or an affiliate thereof) with appropriate adjustments as to the number and kind of shares and prices as set forth in Section&nbsp;14(a);
(ii)&nbsp;upon written notice to the applicable Participant, such Award will terminate upon or immediately prior to the consummation of
such transaction; (iii)&nbsp;(1)&nbsp;such Award will terminate in exchange for an amount of cash and/or property, if any, equal to the
amount that would have been attained upon the exercise of such Award or realization of the applicable Participant&rsquo;s rights as of
the date of the occurrence of such transaction (and, for the avoidance of doubt, if as of the date of the occurrence of such transaction
the Administrator determines in good faith that no amount would have been attained upon the exercise of such Award or realization of the
applicable Participant&rsquo;s rights thereunder, then such Award may be terminated by the Company without payment), or (2)&nbsp;such
Awards will be replaced with other rights or property selected by the Administrator in its sole discretion; or (iv)&nbsp;any combination
of the foregoing. In taking any of the actions permitted under this Section&nbsp;14(c), the Administrator will not be obligated to treat
all Awards, all Awards held by a Participant, all Awards of the same type, or all portions of the same Award, similarly.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notwithstanding the generality of the foregoing, unless otherwise
set forth in an Award Agreement, in the event of a merger, consolidation or similar transaction directly or indirectly involving the Company
that results in a Change in Control and in which the acquiring or succeeding corporation does not assume or substitute for the Award (or
portion of the Award), the Participant will fully vest in and have the right to exercise all of his or her outstanding Options and Stock
Appreciation Rights (or portion thereof) that are not assumed or substituted for, including Shares as to which such Awards would not otherwise
be vested or exercisable, all restrictions on Restricted Stock, Restricted Stock Units, Performance Shares and Performance Units (or portions
thereof) not assumed or substituted for will lapse, and, with respect to Awards with performance-based vesting (or portions thereof) not
assumed or substituted for, all performance goals or other vesting criteria will be deemed achieved at one hundred&nbsp;percent (100%)
of target levels and all other terms and conditions met, in each case, unless specifically provided otherwise under the applicable Award
Agreement or other written agreement between the Participant and the Company or any of its parents or Subsidiaries, as applicable. In
addition, if an Option or Stock Appreciation Right (or portion thereof) is not assumed or substituted for, the Administrator will notify
the Participant in writing (which, for clarity, includes electronic communications) that the Option or Stock Appreciation Right (or its
applicable portion) will be exercisable for a period of time determined by the Administrator in its sole discretion, and the Option or
Stock Appreciation Right (or its applicable portion) will terminate upon the expiration of such period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For the purposes of this subsection (c), unless otherwise
set forth in an Award Agreement, an Award will be considered assumed if, following the applicable transaction, the Award confers the right
to purchase or receive, for each Share subject to the Award immediately prior to such transaction, the consideration (whether stock, cash,
or other securities or property) received in such transaction by holders of Common Stock for each Share held on the effective date of
the transaction (and if holders were offered a choice of consideration, the type of consideration chosen by the holders of a majority
of the outstanding Shares); provided, however, that if such consideration received in such transaction is not solely common stock of the
acquiring or succeeding corporation or its parent, the Administrator may, with the consent of the acquiring or succeeding corporation,
provide for the consideration to be received upon the exercise of an Option or Stock Appreciation Right or upon the payout of a Restricted
Stock Unit, Performance Unit or Performance Share, for each Share subject to such Award, to be solely common stock of the acquiring or
succeeding corporation or its parent equal in fair market value to the per share consideration received by holders of Common Stock in
the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notwithstanding anything in this Section&nbsp;14(c)&nbsp;to
the contrary, and unless otherwise provided for in an Award Agreement or other written agreement between the Participant and the Company
or any of its parents or Subsidiaries, as applicable, an Award that vests, is earned or paid-out upon the satisfaction of one or more
performance goals will not be considered assumed if the Company or its acquirer or successor modifies any of such performance goals without
the Participant&rsquo;s consent; provided, however, that a modification to such performance goals only to reflect the acquiring or succeeding
corporation&rsquo;s corporate structure following the applicable transaction will not be deemed to invalidate an otherwise valid Award
assumption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">Notwithstanding anything in this Section&nbsp;14(c)&nbsp;to
the contrary, if a payment under an Award Agreement is subject to Code Section&nbsp;409A and if the change in control definition contained
in the Award Agreement or other agreement related to the Award does not comply with the definition of &ldquo;change in control&rdquo;
for purposes of a distribution under Code Section&nbsp;409A, then any payment of an amount that is otherwise accelerated under this Section&nbsp;will
be delayed until the earliest time that such payment would be permissible under Code Section&nbsp;409A without triggering any penalties
applicable under Code Section&nbsp;409A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD><U>Outside Director Awards</U>.&emsp;With respect to Awards granted to an Outside Director that are assumed or substituted for, if
on the date of or following such assumption or substitution the Participant&rsquo;s status as a Director or a director of the successor
corporation, as applicable, is terminated other than upon a voluntary resignation by the Participant (unless such resignation is at the
request of the acquirer), then the Participant will fully vest in and have the right to exercise Options and/or Stock Appreciation Rights
as to all of the Shares underlying such Award, including those Shares which would not otherwise be vested or exercisable, all restrictions
on Restricted Stock and Restricted Stock Units will lapse, and, with respect to Performance Units and Performance Shares, all performance
goals or other vesting criteria will be deemed achieved at one hundred&nbsp;percent (100%) of target levels and all other terms and conditions
met, unless specifically provided otherwise under the applicable Award Agreement or other written agreement between the Participant and
the Company or any of its parents or Subsidiaries, as applicable.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">15.</TD><TD><U>Tax</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Withholding Requirements</U>.&emsp;Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof) or such
earlier time as any tax withholding obligations are due, the Company will have the power and the right to deduct or withhold, or require
a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local, foreign or other taxes (including the Participant&rsquo;s
FICA obligation) required to be withheld with respect to such Award (or exercise thereof).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Withholding Arrangements</U>.&emsp;The Administrator, in its sole discretion and pursuant to such procedures as it may specify
from time to time, may permit a Participant to satisfy such tax withholding obligation, in whole or in part, by (without limitation) (i)&nbsp;paying
cash, (ii)&nbsp;electing to have the Company withhold otherwise deliverable cash or Shares having a Fair Market Value equal to the amount
required to be withheld, (iii)&nbsp;delivering to the Company already-owned Shares having a Fair Market Value equal to the amount required
to be withheld, or (iv)&nbsp;selling a sufficient number of Shares otherwise deliverable to the Participant through such means as the
Administrator may determine in its sole discretion (whether through a broker or otherwise) equal to the amount required to be withheld.
The amount of the withholding requirement will be deemed to include any amount which the Administrator agrees may be withheld at the time
the election is made, not to exceed the amount determined by using the maximum federal, state or local marginal income tax rates applicable
to the Participant with respect to the Award on the date that the amount of tax to be withheld is to be determined. The Fair Market Value
of the Shares to be withheld or delivered will be determined as of the date that the taxes are required to be withheld.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><U>Compliance with Code Section&nbsp;409A</U>.&emsp;Awards will be designed and operated in such a manner that they are either exempt
from the application of, or comply with, the requirements of Code Section&nbsp;409A such that the grant, payment, settlement or deferral
will not be subject to the additional tax or interest applicable under Code Section&nbsp;409A, except as otherwise determined in the sole
discretion of the Administrator. The Plan and each Award Agreement under the Plan is intended to meet the requirements of Code Section&nbsp;409A
and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Administrator.
To the extent that an Award or payment, or the settlement or deferral thereof, is subject to Code Section&nbsp;409A, the Award will be
granted, paid, settled or deferred in a manner that will meet the requirements of Code Section&nbsp;409A, such that the grant, payment,
settlement or deferral will not be subject to the additional tax or interest applicable under Code Section&nbsp;409A. If and to the extent
(i)&nbsp;any portion of any payment, compensation or other benefit provided to a Participant pursuant to the Plan in connection with his
or her employment termination constitutes &ldquo;nonqualified deferred compensation&rdquo; within the meaning of Code Section&nbsp;409A
and (ii)&nbsp;the Participant is a specified employee as defined in Code Section&nbsp;409A(a)(2)(B)(i), in each case as determined by
the Company in accordance with its procedures, by which determinations the Participant (through accepting the Award) agrees that he or
she is bound, such portion of the payment, compensation or other benefit shall not be paid before the day that is six (6)&nbsp;months
plus one (1)&nbsp;day after the date of &ldquo;separation from service&rdquo; (as determined under Code Section&nbsp;409A) (the &ldquo;<U>New
Payment Date</U>&rdquo;), except as Code Section&nbsp;409A may then permit. The aggregate of any payments that otherwise would have been
paid to the Participant during the period between the date of separation from service and the New Payment Date shall be paid to the Participant
in a lump sum on such New Payment Date, and any remaining payments will be paid on their original schedule.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>The Company makes no representations or warranties and shall have no liability to the Participant or any other person if any provisions
of or payments, compensation or other benefits under the Plan are determined to constitute nonqualified deferred compensation subject
to Code Section&nbsp;409A but do not to satisfy the conditions of that section.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">16.</TD><TD><U>No Effect on Employment or Service</U>.&emsp;Neither the Plan nor any Award will confer upon a Participant any right with respect
to continuing the Participant&rsquo;s relationship as a Service Provider with the Company or any of its parents or Subsidiaries, nor will
they interfere in any way with the Participant&rsquo;s right or the right of the Company or any of its parents or Subsidiaries, as applicable,
to terminate such relationship at any time, with or without cause, to the extent permitted by Applicable Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">17.</TD><TD><U>Date of Grant</U>.&emsp;The date of grant of an Award will be, for all purposes, the date on which the Administrator makes the
determination granting such Award, or such other later date as is determined by the Administrator. Notice of the determination will be
provided to each Participant within a reasonable time after the date of such grant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">18.</TD><TD><U>Term of Plan</U>.&emsp;The Plan, as amended and restated, will become effective upon its approval by the shareholders of the Company
at the 2025 annual meeting of shareholders of the Company in the manner and to the degree required under Applicable Laws, and will continue
in effect for a term of ten (10)&nbsp;years from the date of the 2019 Shareholder Approval, unless terminated earlier under Section&nbsp;19
of the Plan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">19.</TD><TD><U>Amendment and Termination of the Plan</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Amendment and Termination</U>.&emsp;The Board may at any time amend, alter, suspend or terminate the Plan provided that the Board
shall not amend the no-Repricing provision in Section&nbsp;4(b).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Shareholder Approval</U>.&emsp;The Company will obtain shareholder approval of any Plan amendment to the extent necessary to comply
with Applicable Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD><U>Effect of Amendment or Termination</U>.&emsp;No amendment, alteration, suspension or termination of the Plan will impair the rights
of any Participant (which, for clarity, will not affect the Administrator&rsquo;s ability to exercise the powers granted to it hereunder
with respect to Awards granted under the Plan), unless mutually agreed otherwise between the Participant and the Administrator, which
agreement must be in writing and signed by the Participant and the Company. Termination or expiration of the Plan will not affect the
Administrator&rsquo;s ability to exercise the powers granted to it hereunder with respect to Awards granted under the Plan prior to the
date of such termination or expiration. No Awards shall be granted pursuant to the Plan after such Plan termination or expiration, but
outstanding Awards may extend beyond that date in accordance with their applicable terms.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">20.</TD><TD><U>Conditions Upon Issuance of Shares</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD><U>Legal Compliance</U>.&emsp;Shares will not be issued pursuant to the exercise or settlement of an Award unless the exercise of
such Award (as applicable) and the issuance and delivery of such Shares will comply with Applicable Laws to the full satisfaction of the
Administrator.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD><U>Investment Representations</U>.&emsp;As a condition to the exercise or settlement of an Award, the Company may require the person
exercising such Award to represent and warrant at the time of any such exercise that the Shares are being settled or issued only for investment
and without any present intention to sell or distribute such Shares if such a representation is required as determined in the sole discretion
of the Administrator.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">21.</TD><TD><U>Inability to Obtain Authority</U>.&emsp;The inability of the Company to obtain authority from any regulatory body having jurisdiction
or to complete or comply with the requirements of any registration or other qualification of the Shares under any state, federal or non-U.S.
law or under the rules&nbsp;and regulations of the Securities and Exchange Commission, the stock exchange on which Shares of the same
class are then listed, or any other governmental or regulatory body, which authority, registration, qualification or rule&nbsp;compliance
is determined by the Administrator in its sole discretion to be necessary or advisable for the issuance or sale of any Shares hereunder,
will relieve the Company of any liability in respect of the failure to issue or sell such Shares as to which such requisite authority,
registration, qualification or rule&nbsp;compliance will not have been obtained.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">22.</TD><TD><U>Clawback Events</U>.&emsp;Certain Participants and any Awards held by them may be subject to any clawback policy of the Company
currently in effect or that may be established and/or amended from time to time (the &ldquo;<U>Clawback Policy</U>&rdquo;) or the forfeiture
or repayment of such Awards to the extent required by Applicable Laws. The Administrator may require such Participants to forfeit, return
or reimburse to the Company all or a portion of their Awards and any amounts paid thereunder pursuant to the terms of the Clawback Policy
or required by Applicable Laws.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tm2530590d1_ex10-2.htm
<DESCRIPTION>EXHIBIT 10.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2025 CEO PERFORMANCE AWARD AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>TESLA,&nbsp;INC.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>2025 CEO PERFORMANCE-BASED<BR>
RESTRICTED STOCK AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Part&nbsp;I. NOTICE OF RESTRICTED STOCK GRANT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD><B>Participant Name:</B></TD><TD>Elon Musk</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&nbsp;</TD><TD>&nbsp;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 1.25in"><B>Address:</B></TD><TD>Address on file with the Company</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Tesla,&nbsp;Inc. (the &ldquo;<U>Company</U>&rdquo;)
hereby grants to Participant an award of Restricted Stock (as defined below) pursuant to the terms and conditions of this 2025 CEO Performance-Based
Restricted Stock Agreement (this &ldquo;<U>Award Agreement</U>&rdquo; and the award granted hereby, this &ldquo;<U>Award</U>&rdquo;).
Any capitalized term that is used but not defined in this Part&nbsp;I of this Award Agreement titled &ldquo;Notice of Restricted Stock
Grant&rdquo; has the meaning assigned to such term in Part&nbsp;II of this Award Agreement titled &ldquo;Terms and Conditions of 2025
CEO Performance-Based Restricted Stock Agreement&rdquo; (hereinafter, the &ldquo;<U>Terms and Conditions</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date of Grant: </FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September&nbsp;3, 2025 </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number of Shares:</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">423,743,904 Shares</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offset Amount: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The number of Shares (if any) that vests in accordance with this Award Agreement will be reduced in accordance with Section&nbsp;XI consistent with Participant being compensated only on Share appreciation after the Date of Grant, subject to Participant&rsquo;s right to elect to pay the Initial Offset Amount or the Final Offset Amount (each as defined below), as applicable, in cash in accordance with Section&nbsp;XI. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Issuance: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Shares of Restricted Stock will be issued in accordance with this Award Agreement, automatically and without further action or approval, on the later to occur of (i)&nbsp;termination or expiration of the waiting period (and any extension thereof) applicable to the issuance of such Shares to Participant under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the &ldquo;<U>HSR Act</U>&rdquo;) and (ii)&nbsp;approval of this Award by the Company&rsquo;s shareholders in accordance with the applicable rules&nbsp;of the Primary Exchange (as defined below) (such date, the &ldquo;<U>Date of Issuance</U>&rdquo;). For the avoidance of doubt, all Shares so issued will be Restricted Stock subject to the terms, conditions and restrictions of this Award Agreement, including Section&nbsp;VII and Section&nbsp;8 of the Terms and Conditions. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance Period: </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ten (10)-year period commencing on the Date of Grant.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>I.</B></TD><TD><B><U>Performance Requirements</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">This Award is a performance-based award of Shares
that are subject to forfeiture and to restrictions on transfer before vesting as set forth in this Award Agreement (the &ldquo;<U>Restricted
Stock</U>&rdquo;). As detailed in <I>Table 1</I> below, this Award is divided into twelve (12) tranches (each a &ldquo;<U>Tranche</U>&rdquo;).
Each Tranche is numbered from 1 through 12 and represents a portion of this Award covering the number of Shares specified next to the
applicable Tranche number in <I>Table 1</I> below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Each Tranche shall be earned subject to achieving
both a &ldquo;Market Capitalization Milestone&rdquo; and the required number of &ldquo;Operational Milestones,&rdquo; as referred to in
<I>Table 1</I> and described in more detail below (collectively, the &ldquo;<U>Performance Milestones</U>&rdquo;) during the Performance
Period, so long as Participant continues in Eligible Service (as defined in Section&nbsp;VI below) through the date of Certification (as
defined below) by the Administrator. Shares earned under a Tranche in accordance with the preceding sentence (each, an &ldquo;<U>Earned
Share</U>&rdquo; and collectively, &ldquo;<U>Earned Shares</U>&rdquo;) will continue to be subject to forfeiture if Participant ceases
Eligible Service (&ldquo;<U>Cessation of Eligible Service</U>&rdquo;) before the applicable Post-Milestone Service Date as set forth in
Section&nbsp;VI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No Tranche shall become Earned Shares until the
Administrator determines, approves and certifies that the requisite Performance Milestones for the applicable Tranche have been satisfied
(a &ldquo;<U>Certification</U>&rdquo;), which Certification shall be effective as of the date on which the Performance Milestone is determined
by the Administrator to have been achieved. Separate Certifications may be completed on different dates with respect to achieving Performance
Milestones that are required to earn a particular Tranche. Notwithstanding the foregoing, the 11th and 12th Tranches shall only be earned
if Participant has also developed a framework for CEO succession approved by the Administrator in good faith (the &ldquo;<U>CEO Succession
Framework</U>&rdquo;). For clarity, the date that each of the 11th and 12th Tranches is eligible to become Earned Shares will be the later
of (x)&nbsp;the date on which the last Performance Milestone applicable to such Tranche is completed and (y)&nbsp;the date on which the
CEO Succession Framework is approved.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Administrator shall, periodically, including
upon the written request of Participant, assess whether the requisite Performance Milestones have been satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Table 1. Performance Milestones<SUP>1</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Tranche<BR> #</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Number of<BR> Shares Subject<BR> to Tranche</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Market Capitalization<BR> Milestones<SUP>2</SUP></B></FONT></TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Operational Milestones<SUP>2</SUP></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 10%; font: 10pt Times New Roman, Times, Serif; text-align: center">1</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 13%; font: 10pt Times New Roman, Times, Serif; text-align: right">35,311,992</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 17%; font: 10pt Times New Roman, Times, Serif; text-align: center">$2.0 Trillion</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="width: 55%; font: 10pt Times New Roman, Times, Serif; text-align: center">Achievement of any 1 of the 12 Operational Milestones</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">2</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35,311,992</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$2.5 Trillion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Achievement of any 2 of the 12 Operational Milestones</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">3</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35,311,992</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$3.0 Trillion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Achievement of any 3 of the 12 Operational Milestones</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">4</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35,311,992</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$3.5 Trillion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Achievement of any 4 of the 12 Operational Milestones</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35,311,992</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$4.0 Trillion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Achievement of any 5 of the 12 Operational Milestones</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">6</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35,311,992</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$4.5 Trillion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Achievement of any 6 of the 12 Operational Milestones</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">7</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35,311,992</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$5.0 Trillion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Achievement of any 7 of the 12 Operational Milestones</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">8</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35,311,992</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$5.5 Trillion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Achievement of any 8 of the 12 Operational Milestones</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">9</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35,311,992</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$6.0 Trillion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Achievement of any 9 of the 12 Operational Milestones</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">10</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35,311,992</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$6.5 Trillion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">Achievement of any 10 of the 12 Operational Milestones</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">11</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: right">35,311,992</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center">$7.5 Trillion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Achievement of any 11 of the 12 Operational Milestones<SUP>3</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">12</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">35,311,992</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt">$8.5 Trillion</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Achievement of all 12 of the 12 Operational Milestones<SUP>3</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: center; padding-bottom: 2.5pt">Total</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">423,743,904</TD><TD STYLE="padding-bottom: 2.5pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: center; padding-bottom: 2.5pt">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>1</SUP> <FONT STYLE="font-size: 10pt">Subject to other terms of
this Award Agreement, in order for a particular Tranche to become Earned Shares, both the Market Capitalization Milestone set forth next
to such Tranche and the required number of Operational Milestones for such Tranche must be achieved during the Performance Period. Once
a Market Capitalization Milestone or any particular Operational Milestone is achieved, it is forever deemed achieved for purposes of the
eligibility of the Tranches to become Earned Shares. More than one (1)&nbsp;Tranche may become Earned Shares simultaneously upon effectiveness
of a Certification, provided that the requisite Market Capitalization Milestones and Operational Milestones for each Tranche have been
met. For example, assume that none of the Tranches has become Earned Shares, and upon a Certification, the Market Capitalization is determined
to be $2.5 trillion ($2,500,000,000,000) and at least two (2)&nbsp;of the twelve (12) Operational Milestones listed in <I>Table 2</I>
previously were determined to have been met. As of the effective date of such Certification, and subject to Participant remaining in Eligible
Service through such date, Tranches&nbsp;1 and 2 will become Earned Shares.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>2</SUP> <FONT STYLE="font-size: 10pt">The Market Capitalization
and Operational Milestones based on Adjusted EBITDA are subject to adjustment pursuant to the terms of this Award Agreement relating to
certain corporate transactions. See Section&nbsp;V of this Award Agreement.</FONT></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><SUP>3</SUP> Earning the 11th and 12th Tranches is subject to the
Administrator&rsquo;s approval of the CEO Succession Framework as provided in this Section&nbsp;I above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Table 2. Operational Milestones<SUP>4</SUP></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 96%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">20 Million Tesla Vehicles Delivered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10 Million Active FSD Subscriptions</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Million Bots Delivered</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1 Million Robotaxis in Commercial Operation</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$50 Billion of Adjusted EBITDA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">6.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$80 Billion of Adjusted EBITDA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$130 Billion of Adjusted EBITDA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$210 Billion of Adjusted EBITDA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">9. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$300 Billion of Adjusted EBITDA</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$400 Billion of Adjusted EBITDA<SUP>5</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">11. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$400 Billion of Adjusted EBITDA<SUP>5</SUP></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">12. </FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$400 Billion of Adjusted EBITDA<SUP>5</SUP></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>II.</B></TD><TD><B><U>Determining Achievement of Market Capitalization Milestones</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of this Award, &ldquo;<U>Market Capitalization</U>&rdquo;
on a particular day (each, a &ldquo;<U>Determination Date</U>&rdquo;) refers to either the &ldquo;Six-month Market Cap,&rdquo; the &ldquo;Thirty-day
Market Cap&rdquo; or the &ldquo;One-year Market Cap&rdquo; determined in accordance with the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>A trading day refers to a day on which the primary stock exchange or national market system on which the Common Stock trades (or on
which it last traded if the Common Stock is no longer listed) (the &ldquo;<U>Primary Exchange</U>&rdquo;) is open for trading.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>The Company&rsquo;s daily market capitalization for a particular trading day is equal to the product of (a)&nbsp;the total number
of outstanding Shares as of the close of such trading day, as reported by the Company&rsquo;s transfer agent, and (b)&nbsp;the closing
price per Share as of the close of such trading day, as reported by the Primary Exchange (or other reliable source selected by the Administrator
if the Primary Exchange is not reporting a closing price for that day) (such product, the &ldquo;<U>Daily Market Capitalization</U>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>The &ldquo;<U>Six-month Market Cap</U>&rdquo; is equal to (a)&nbsp;the sum of the Daily Market Capitalization of the Company for each
trading day during the six (6)-calendar month period immediately prior to and including the Determination Date, <I>divided by</I> (b)&nbsp;the
number of trading days during such period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The &ldquo;<U>Thirty-day Market Cap</U>&rdquo; is equal to (a)&nbsp;the sum of the Daily Market Capitalization of the Company for
each trading day during the thirty (30)-calendar day period immediately prior to and including the Determination Date, <I>divided by</I>
(b)&nbsp;the number of trading days during such period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The &ldquo;<U>One-year Market Cap</U>,&rdquo; which applies solely for purposes of Section&nbsp;III(C)&nbsp;below, is equal to (a)&nbsp;the
sum of the Daily Market Capitalization of the Company for each trading day during the twelve (12)-calendar-month period immediately prior
to and including the Determination Date, <I>divided by</I> (b)&nbsp;the number of trading days during such period.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Market Capitalization Milestone set forth
in <I>Table 1</I> for a particular Tranche is met if both the Six-month Market Cap and the Thirty-day Market Cap are equal to or exceed
the value of such applicable Market Capitalization Milestone on the Determination Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><SUP>4</SUP> <FONT STYLE="font-size: 10pt">Adjusted EBITDA and each
of the goals noted in 1-4 above (each, a &ldquo;<U>Product Goal</U>&rdquo; and collectively, the &ldquo;<U>Product Goals</U>&rdquo;) are
defined in Section&nbsp;III of this Award Agreement.</FONT></P>

<P STYLE="margin: 0pt 0; font: 10pt Times New Roman, Times, Serif"><SUP>5</SUP> For purposes of clarity, meeting this Operational Milestone
requires achieving an additional $400 Billion ($400,000,000,000) of Adjusted EBITDA over four (4)&nbsp;consecutive fiscal quarters (measured
as a single accounting period). As such, Participant only achieves all of the Operational Milestones prior to a Change in Control only
if the Company earns $400 Billion ($400,000,000,000) of Adjusted EBITDA over three separate periods each consisting of four (4)&nbsp;consecutive
quarters that are not overlapping.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>III.</B></TD><TD><B><U>Determining Achievement of Operational Milestones</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">For purposes of this Award, an Operational Milestone
is achieved on a particular day if an Adjusted EBITDA or a Product Goal as set forth in <I>Table 2</I> is achieved in accordance with
the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>A.</B></TD><TD><B>Adjusted EBITDA Goal</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For purposes of this Award, &ldquo;<U>Adjusted EBITDA</U>&rdquo;
on a Determination Date means the Company&rsquo;s net (loss) income attributable to common shareholders before interest expense, (benefit)
provision for income taxes, depreciation, amortization and impairment, stock-based compensation and digital assets gains and losses, as
reported by the Company in its financial statements on Forms 10-Q and 10-K (or other Exchange Act filing) filed with the SEC, for the
four (4)&nbsp;consecutive fiscal quarters of the Company that immediately precede such Determination Date. For the avoidance of doubt,
for purposes of this Agreement, Adjusted EBITDA shall be such amount without application of any rounding used in reporting the amount
in the Company&rsquo;s Form&nbsp;10-Q or 10-K (or other Exchange Act filing) filed with the SEC, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>B.</B></TD><TD><B>Product Goals</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For purposes of determining whether a Product Goal is achieved
under this Award Agreement during the Performance Period, the following terms shall have the meanings set forth below.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>20 Million Tesla Vehicles Delivered</U>&rdquo;
means the Company has cumulatively Delivered twenty (20) million Tesla Vehicles (from the time of the first Delivery of a Tesla Vehicle).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>10 Million Active FSD Subscriptions</U>&rdquo;
means there is an average daily aggregate number of at least ten (10)&nbsp;million subscriptions over a consecutive three (3)-month period
through accounts established with the Company that provide access to FSD by means of a single payment to the Company for an indefinite
period or repeat purchase or similar transaction with the Company for any period, paid for by any individual or entity (other than the
Company) or any licensee authorized to sell subscriptions on behalf of the Company. For the avoidance of doubt, the foregoing excludes
free trial subscriptions and is generally intended to count a single user with two&nbsp;(2)&nbsp;subscriptions as two (2)&nbsp;distinct
subscriptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>1 Million Bots Delivered</U>&rdquo; means the Company
has cumulatively Delivered at least one (1)&nbsp;million Bots (from the Date of Grant).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>1 Million Robotaxis in Commercial Operation</U>&rdquo;
means that there is an average daily aggregate number of at least one (1)&nbsp;million Robotaxis commercially operated by or on behalf
of the Company over a consecutive three (3)-month period, as part of a transportation service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Bot</U>&rdquo; means any robot or other physical
product with mobility using artificial intelligence manufactured by or on behalf of the Company, including Optimus, and any other successor,
replacement or enhancement to such Bot that substantially performs or provides similar functionality as such robot or other product using
artificial intelligence (it being understood that any vehicles shall not be considered Bots).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Company</U>&rdquo; solely for purposes of this
Section&nbsp;III(B), means the Company and its Subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Deliver</U>&rdquo;, &ldquo;<U>Delivered</U>&rdquo;
and &ldquo;<U>Delivery</U>&rdquo; mean (i)&nbsp;when the control of a Bot or Tesla Vehicle transfers for the first time to a third party,
(ii)&nbsp;when a Tesla Vehicle is placed into commercial operation for the first time by the Company as a Robotaxi or (iii)&nbsp;such
other similar measure consistent with those implemented by the Company in its financial statements from time to time to recognize such
transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>FSD</U>&rdquo; means an advanced driving system,
regardless of the marketing name used, that is capable of performing transportation tasks that provide autonomous or similar functionality
under specified driving conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Robotaxi</U>&rdquo; means a vehicle (including
Cybercab), regardless of the marketing name used, that uses FSD and is used to offer transportation services without a human driver in
the vehicle, or any other successor, replacement or enhancement to such Robotaxi that is intended to substantially perform or provide
similar functionality.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">&ldquo;<U>Tesla Vehicle</U>&rdquo; means any vehicle manufactured
by or on behalf of the Company from time to time, such as Model S, Model 3, Model X, Model Y, Cybertruck, Cybercab, Semi, or any other
new vehicle, including variants of existing vehicles, that is intended to substantially perform or provide similar functionality as vehicles
currently manufactured by the Company (it being understood that any Bots shall not be considered Tesla Vehicles).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For purposes of clarity, a product or service may count towards
one or more Product Goals. For example, a Tesla Vehicle Delivered by the Company that uses FSD by means of a subscription that is paid
to the Company and is placed into commercial operation as a Robotaxi may count towards Operational Milestones 1, 2 and 4.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>C.</B></TD><TD><B>Deemed Achievement of New Product Goals</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">If there is a Covered Event (as defined below), then one
or more Tranches in Section&nbsp;I above shall be eligible to become Earned Shares despite not meeting the required number of Operational
Milestones for such Tranche if, after the third (3rd) anniversary of the Date of Grant, the One-year Market Cap, the Six-month Market
Cap and the Thirty-day Market Cap (as such terms are defined in Section&nbsp;II above) all are equal to or exceed the value of the corresponding
Market Capitalization Milestone for such Tranche on the Determination Date, provided Participant is then continuing in Eligible Service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>The following rules&nbsp;and definitions apply for purposes of this Section&nbsp;III:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">A &ldquo;<U>Covered Event</U>&rdquo; is any event, circumstance,
change, or occurrence outside of the Company&rsquo;s control that, individually or in the aggregate, has a substantial adverse impact
on the Company&rsquo;s ability to achieve a New Product Goal (as defined below) at any time while Participant is continuing to provide
Eligible Service during the Performance Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">An &ldquo;<U>event, circumstance, change, or occurrence
outside of the Company&rsquo;s control</U>&rdquo; that may qualify as a Covered Event includes, but is not limited to, the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(i)</TD><TD>international, federal, state and local law, regulations or other governmental action or inaction, including enforcement policies,
that prohibit or restrict the design and performance, sale (including direct-to-consumer sales), marketing, registration, manufacturing
capability, supply chain and/or operation of FSD, Bots or Robotaxis, or</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.75in"></TD><TD STYLE="width: 0.25in">(ii)</TD><TD>natural disasters, wars, hostilities or other force majeure events (including a pandemic) that impair the Company&rsquo;s operations.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in">A &ldquo;<U>New Product Goal</U>&rdquo; is a Product Goal
other than 20 Million Tesla Vehicles Delivered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>A Covered Event may, depending upon the facts and circumstances then-existing, have a substantial adverse impact on attaining more
than one (1)&nbsp;New Product Goal.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>D.</B></TD><TD><B>Other</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">The Administrator has final authority to interpret, count
and calculate any and all aspects of whether the Operational Milestones under this Section&nbsp;III have been achieved, in good faith,
consistent with the intended objectives, terms and conditions of this Award Agreement, including Section&nbsp;11 of the Terms and Conditions.
Any approval by the Administrator referenced herein shall not be unreasonably withheld, conditioned or delayed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>IV.</B></TD><TD><B><U>Determination of Earned Shares upon Change in Control</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding Sections&nbsp;I,&nbsp;II and III
above, in the event of a Change in Control, the Operational Milestones shall be disregarded and the Market Capitalization shall equal
the product of (a)&nbsp;the total number of outstanding Shares immediately prior to the effective time of such Change in Control, as reported
by the Company&rsquo;s transfer agent, and (b)&nbsp;the greater of (i)&nbsp;the most recent closing price per Share immediately prior
to the effective time of such Change in Control, as reported by the Primary Exchange (or other reliable source selected by the Administrator
if the Primary Exchange is not reporting a closing price for that day), and (ii)&nbsp;the per Share price (plus the per Share value of
any other consideration) received by the Company&rsquo;s shareholders in the Change in Control. For purposes of Certification, the Administrator
shall assess in accordance with the immediately preceding sentence the extent to which the Market Capitalization Milestones will be satisfied
as a result of the Change in Control. To the extent that the Shares allocated to a Tranche have not become Earned Shares as of immediately
before the effective time of the Change in Control and otherwise do not become eligible to become Earned Shares as a result of the Change
in Control, such Tranche will be forfeited automatically as of the effective time of the Change in Control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>V.</B></TD><TD><B><U>Milestone Adjustments in the Event of Certain Corporate Transactions</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>A.</B></TD><TD><B>Milestone Adjustments for Acquisitions</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Upon and effective as of the closing of an Acquisition with an Acquisition Purchase Price greater than the Transaction Value Threshold,
any Market Capitalization Milestone that is unachieved as of immediately before the closing of such Acquisition will be increased by the
dollar amount equal to the Acquisition Purchase Price of such Acquisition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">For purposes of this Award Agreement, &ldquo;<U>Acquisition
Purchase Price</U>&rdquo; means, for each Acquisition, the purchase price as determined reasonably and in good faith by the Administrator,
taking into account, without limitation, the value of consideration paid or issued, future payments to be paid, assets acquired or liabilities
discharged or assumed by the Company in the Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Upon and effective as of the closing of an Acquisition in which the EBITDA of Target is greater than the EBITDA Threshold, any Adjusted
EBITDA-based Operational Milestone that is unachieved as of immediately before the closing of such Acquisition will be increased by the
dollar amount equal to the EBITDA of Target applicable to such Acquisition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Upon and effective as of the closing of an Acquisition in which the Target manufactures any products and/or provides any services
that could be credited against meeting one or more of the Product Goals, the Administrator shall equitably adjust, in its sole discretion,
such Product Goals in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under
this Award Agreement to Participant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>B.</B></TD><TD><B>Milestone Adjustments for Spin-Offs</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>Upon and effective as of the completion of a Spin-Off with a Spin-Off Value greater than the Transaction Value Threshold, any Market
Capitalization Milestone that is unachieved as of immediately before the completion of such Spin-Off will be decreased by the dollar amount
equal to the Spin-Off Value of such Spin-Off.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Upon and effective as of the completion of a Spin-Off in which the EBITDA of Spin-Off is greater than the EBITDA Threshold, any Adjusted
EBITDA-based Operational Milestone that is unachieved as of immediately before the completion of such Spin-Off will be decreased by the
dollar amount equal to the EBITDA of Spin-Off applicable to such Spin-Off.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Upon and effective as of the completion of a Spin-Off that results in the Company having diminished its capacity to manufacture products
and/or provide services towards achieving one or more Product Goals, the Administrator shall equitably adjust, in its sole discretion,
such Product Goals in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under
this Award Agreement to Participant.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>VI.</B></TD><TD><B><U>Vesting and Forfeiture</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>A.</B></TD><TD><B>Vesting</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to Section&nbsp;XI and the Terms and Conditions
below, Earned Shares shall vest subject to Participant continuing in Eligible Service through the earlier of the applicable Post-Milestone
Service Date or a Change in Control. Except as provided under Section&nbsp;VI(B), if Participant ceases Eligible Service for any reason,
then any portion of this Award that has not vested by the date of such Cessation of Eligible Service will be forfeited automatically as
of such date and never shall become vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">For purposes of this Award Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>&ldquo;<U>Eligible Service</U>&rdquo; means providing services as either of the following: (i)&nbsp;Chief Executive Officer of the
Company or (ii)&nbsp;an executive officer responsible for the Company&rsquo;s product development or operations, as approved by Disinterested
Directors. Continuing to provide services as described in clause (ii)&nbsp;above after the appointment of a new Chief Executive Officer
of the Company shall be deemed to satisfy the CEO Succession Framework; <U>provided</U>, <U>however</U>, that continuing to provide services
as described in clause (ii)&nbsp;above is not the only method capable of satisfying the CEO Succession Framework.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>&ldquo;<U>Post-Milestone Service Date</U>&rdquo; means (i)&nbsp;for any Tranche that becomes Earned Shares on or prior to the fifth
(5th) anniversary of the Date of Grant, the date that is seven (7)&nbsp;years and six (6)&nbsp;months following the Date of Grant (the
 &ldquo;<U>First Post-Milestone Service Date</U>&rdquo;) and (ii)&nbsp;for any Tranche that becomes Earned Shares after the fifth (5th)
anniversary of the Date of Grant, the Expiration Date (the &ldquo;<U>Second Post-Milestone Service Date</U>&rdquo;).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>B.</B></TD><TD><B>Termination Without Cause, Disability or Death</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Notwithstanding Section&nbsp;VI(A)&nbsp;above,
if the Company terminates Participant&rsquo;s Eligible Service without Cause or Participant&rsquo;s Eligible Service terminates due to
Disability or death, then any Earned Shares shall immediately become Vested Shares (as defined below).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">For purposes of this Award Agreement:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">1.</TD><TD>&ldquo;<U>Cause</U>&rdquo; means the occurrence of any one of the following events: (i)&nbsp;Participant, in carrying out his duties,
acts or fails to act in a manner that is determined, in the sole discretion of the Board, after written notice of any such act or failure
to act and a reasonable opportunity to cure the deficiency has been provided to Participant, to be (A)&nbsp;willful gross neglect or (B)&nbsp;willful
gross misconduct resulting, in either case, in material harm to the Company unless such act, or failure to act, was reasonably believed
by Participant, in good faith, to be in the best interests of the Company; (ii)&nbsp;Participant&rsquo;s conviction by a court of competent
jurisdiction of, or pleading &ldquo;guilty&rdquo; or &ldquo;no contest&rdquo; to, (x)&nbsp;a felony or (y)&nbsp;any other criminal charge
(other than minor traffic violations) which could reasonably be expected to have a material adverse impact on the Company&rsquo;s reputation
or business; and (iii)&nbsp;the continuous, willful failure by Participant to follow the reasonable directives of the Board.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">2.</TD><TD>&ldquo;<U>Disability</U>&rdquo; means a disability as determined under the Company&rsquo;s long-term disability plan or program in
effect at the time the disability first occurs, or if no such plan or program exists at the time of disability, then a &ldquo;disability&rdquo;
as defined under Section&nbsp;22(e)(3)&nbsp;of the Code.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>C.</B></TD><TD><B>Expiration of the Performance Period</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">No later than the expiration of the Performance
Period and with respect to any Shares that have not then-become Earned Shares, the Administrator shall promptly assess whether the Performance
Milestones and CEO Succession Framework in Section&nbsp;I have been satisfied as of the Determination Date that coincides with or immediately
precedes the Expiration Date and provide a Certification in respect of the same effective as of the Expiration Date as soon as reasonably
practicable. Any Shares that become Earned Shares on such Certification shall become Vested Shares on the Second Post-Milestone Service
Date so long as Participant is then providing Eligible Services. Any Tranches for which the Performance Milestones have not been achieved
during the Performance Period will be forfeited automatically as of the Expiration Date and never shall become vested.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>VII.</B></TD><TD><B><U>Rights as Holder of Restricted Stock</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>A.</B></TD><TD><B>Voting</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">From and after Shares becoming Earned Shares,
Participant may exercise full voting rights with respect to such Shares. Participant acknowledges and agrees that, until Shares become
Earned Shares, they will be subject to the Voting Agreement entered into between Participant and the Company that is attached hereto as
Annex I. Voting rights on Earned Shares cease on Cessation of Eligible Service before becoming Vested Shares, after taking into account
the acceleration, if any, provided by Section&nbsp;VI(B).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>B.</B></TD><TD><B>Other Rights</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">All dividends and other distributions paid with
respect to the Shares subject to the Award (whether in cash or in kind) during the period from the Date of Grant until such Shares become
Vested Shares in accordance with this Award Agreement (the &ldquo;<U>Dividend Period</U>&rdquo;) will be paid to a third party designated
by the Company (the &ldquo;<U>Dividend Agent</U>&rdquo;) on Participant&rsquo;s behalf (subject to the same restrictions on transferability,
vesting and forfeitability as the Shares with respect to which they were paid). To the extent that dividends or other distributions are
paid in cash, such cash amounts will be invested on the date of payment in shares of the Company&rsquo;s Common Stock (the &ldquo;<U>Dividend
Shares</U>&rdquo;) purchased at the then-current Fair Market Value in a manner that is reasonably acceptable to the Administrator and
the Dividend Agent and determined in their sole discretion. In addition, during the Dividend Period the Dividend Agent will purchase additional
Dividend Shares at the then-current Fair Market Value with the dividends paid with respect to previously purchased Dividend Shares. The
Administrator shall have the authority to select, hire and instruct the Dividend Agent in its sole discretion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Upon vesting of the Shares to which the Dividend
Shares relate, the Dividend Agent will deliver or release to Participant the Dividend Shares with respect to the Shares that vest. Any
Dividend Shares that are unvested on Cessation of Eligible Service (after taking into account the acceleration, if any, provided by Section&nbsp;VI(B))
shall be forfeited automatically and delivered to the Company and Participant shall have no right thereto or interest therein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>VIII.</B></TD><TD><B><U>Holding Period</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">During Participant&rsquo;s lifetime, except as
required to satisfy taxes due in respect of the vesting of Earned Shares under this Award (including without limitation withholding required
by Section&nbsp;3 of the Terms and Conditions) or otherwise required as part of a Change in Control, Participant shall not sell or dispose
of Shares issued pursuant to this Award until after the fifth (5th) anniversary of such Shares becoming Earned Shares or, if later, when
such Earned Shares become Vested Shares; <U>provided</U>, <U>however</U>, that Participant may conduct transactions that involve merely
a change in the form in which Participant owns such Vested Shares (e.g., transfer Shares to an inter vivos trust for which Participant
is the beneficiary during Participant&rsquo;s lifetime) or as may be permitted by the Administrator in its discretion consistent with
the Company&rsquo;s internal policies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>IX.</B></TD><TD><B><U>Limited Pledging</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The Company agrees that, solely in order to satisfy
taxes due in respect of Earned Shares that become Vested Shares under this Award (including, without limitation, the withholding required
by Section&nbsp;3 of the Terms and Conditions) or making elective payment of the Initial Offset Amount or Final Offset Amount (each as
defined below), Participant may pledge any Vested Shares beneficially owned by him. Otherwise, pledging of Vested Shares is not allowed
under any circumstances except as expressly permitted by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>X.</B></TD><TD><B><U>Orderly Disposition of Shares</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Subject to compliance with any applicable holding
periods (including the holding period set forth in Section&nbsp;VIII), Participant may sell, transfer, or in any other way dispose of
Vested Shares granted pursuant to this Award or acquired under any other equity incentive plan, agreement or arrangement of the Company
in any manner permitted by Applicable Law, subject to coordinating any such sale, transfer or other disposition in an orderly manner with
the Company. Participant shall become subject to the obligations set forth in this Section&nbsp;X on the Date of Grant and remain subject
to these obligations after expiration of the Performance Period and Cessation of Eligible Service. Notwithstanding anything to the contrary
in this Agreement, the effectiveness of this Section&nbsp;X is not subject to shareholder approval.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><B>XI.</B></TD><TD><B><U>Offset Amounts</U></B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The number of Shares (if any) that vests on the
First Post-Milestone Service Date will be reduced by a number of Shares having a Fair Market Value equal to (rounded up to the nearest
whole Share) the Initial Offset Amount unless Participant elects to pay the Company an amount in cash equal to the Initial Offset Amount
not later than the First Post-Milestone Service Date. For purposes of this Award Agreement, the &ldquo;<U>Initial Offset Amount</U>&rdquo;
means an amount equal to (i)&nbsp;$334.09 (which is the Fair Market Value of a Share on the Date of Grant) <I>multiplied by</I> (ii)&nbsp;the
number of Shares (if any) that become Vested Shares on the First Post-Milestone Service Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">The number of Shares (if any) that vests on the
Expiration Date will be reduced by a number of Shares having a Fair Market Value equal to (rounded up to the nearest whole Share) the
Final Offset Amount unless Participant elects to pay the Company an amount in cash equal to the Final Offset Amount not later than the
Second Post-Milestone Service Date. For purposes of this Award Agreement, the &ldquo;<U>Final Offset Amount</U>&rdquo; means an amount
equal to (i)&nbsp;$334.09 (which is the Fair Market Value of a Share on the Date of Grant) <I>multiplied by</I> (ii)&nbsp;the number of
Shares (if any) that become Vested Shares on the Expiration Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">If Participant pays an amount in cash under this
Section&nbsp;XI with respect to Earned Shares that do not subsequently become Vested Shares, thereby resulting in forfeiture of such Shares,
the Company shall repay such paid amount to Participant as soon as reasonably practicable after such forfeiture.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[<I>Remainder of page&nbsp;intentionally blank</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">By Participant&rsquo;s signature and the signature
of the representative of the Company below, Participant and the Company agree that this Award of Restricted Stock is granted under and
governed by the terms, conditions and restrictions of this Award Agreement, including the Terms and Conditions of 2025 CEO Performance-Based
Restricted Stock Agreement, attached hereto as <U>Exhibit&nbsp;A</U>, all of which are made a part of this document. Participant acknowledges
and agrees that by accepting this Award Agreement either electronically through the electronic acceptance procedure established by the
Company or through written acceptance delivered to the Company in a form satisfactory to the Company, such acceptance will constitute
Participant&rsquo;s acceptance of and agreement with all of the terms and conditions of this Award Agreement. Participant has reviewed
this Award Agreement in its entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement and
fully understands all provisions of this Award Agreement. Participant hereby agrees to accept as binding, conclusive and final all decisions
or interpretations of the Administrator upon any questions relating to this Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">PARTICIPANT: </FONT></TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">TESLA,&nbsp;INC. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD COLSPAN="3">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid">/s/ Elon Musk</TD>
    <TD>&nbsp;</TD>
<TD>By:</TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid">/s/ Brandon Ehrhart &nbsp; &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 49%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Elon Musk </FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
<TD STYLE="width: 3%"></TD>
<TD STYLE="width: 5%">Name:</TD>
<TD STYLE="width: 41%">Brandon Ehrhart</TD></TR>
<TR STYLE="vertical-align: top">
<TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
<TD></TD>
<TD>Title:</TD>
<TD>General Counsel and Corporate Secretary</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>EXHIBIT&nbsp;A</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>Part&nbsp;II. TERMS AND CONDITIONS OF</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B><U>2025
CEO PERFORMANCE-BASED RESTRICTED STOCK AGREEMENT</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">1.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Additional Definitions</U>.&#8239;&#8239;&#8239;&#8239;&#8239;Any
capitalized term that is used but not defined in this Part&nbsp;II of this Award Agreement has the meaning assigned to such term in Part&nbsp;I
of this Award Agreement. For purposes of this Award Agreement, the following terms shall have the meanings set forth below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Acquisition</U>&rdquo;
means the Company&rsquo;s (a)&nbsp;consummation of a merger of another corporation or entity with or into the Company or (b)&nbsp;purchase
of all or substantially all of the assets of another corporation or entity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Administrator</U>&rdquo;
means the Board or a committee thereof, in either case, by an action approved by a majority of its Disinterested Directors voting thereon
satisfying Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Applicable Laws</U>&rdquo;
means the legal and regulatory requirements relating to the administration of equity-based awards and the related issuance of Shares,
including, but not limited to Texas state corporate laws, U.S. federal and state securities laws and regulations promulgated thereunder,
the Code, the rules&nbsp;of any stock exchange or quotation system on which the Common Stock is listed or quoted and the laws of any non-U.S.
country or jurisdiction applicable to this Award.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Board</U>&rdquo; means the Board of Directors
of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>CEO</U>&rdquo; means the Chief Executive
Officer of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Change in Control</U>&rdquo; means the
occurrence of any of the following events:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;A change in the ownership of
the Company which occurs on the date that any one person, or more than one person acting as a group (&ldquo;<U>Person</U>&rdquo;), acquires
ownership of the stock of the Company that, together with the stock held by such Person, constitutes more than fifty&nbsp;percent (50%)
of the total voting power of the stock of the Company; <U>provided</U>, <U>however</U>, that for purposes of this subsection (a), the
acquisition of additional stock by any one Person, who is considered to own more than fifty&nbsp;percent (50%) of the total voting power
of the stock of the Company will not be considered a Change in Control. Further, if the shareholders of the Company immediately before
such change in ownership continue to retain immediately after the change in ownership, in substantially the same proportions as their
ownership of shares of the Company&rsquo;s voting stock immediately prior to the change in ownership, direct or indirect beneficial ownership
of fifty&nbsp;percent (50%) or more of the total voting power of the stock of the Company or of the ultimate parent entity of the Company,
such event shall not be considered a Change in Control under this subsection (a). For this purpose, indirect beneficial ownership shall
include, without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business
entities which own the Company, as the case may be, either directly or through one or more subsidiary corporations or other business entities;
or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;A change in the effective control
of the Company which occurs on the date that a majority of members of the Board is replaced during any twelve (12)-month period by Directors
whose appointment or election is not endorsed by a majority of the members of the Board prior to the date of the appointment or election.
For purposes of this subsection (b), if any Person is considered to be in effective control of the Company, the acquisition of additional
control of the Company by the same Person will not be considered a Change in Control; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.25in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;A change in the ownership of
a substantial portion of the Company&rsquo;s assets which occurs on the date that any Person acquires (or has acquired during the twelve
(12)-month period ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total
gross fair market value equal to or more than fifty&nbsp;percent (50%) of the total gross fair market value of all of the assets of the
Company immediately prior to such acquisition or acquisitions; <U>provided</U>, <U>however</U>, that for purposes of this subsection (c),
the following will not constitute a change in the ownership of a substantial portion of the Company&rsquo;s assets: (i)&nbsp;a transfer
to an entity that is controlled by the Company&rsquo;s shareholders immediately after the transfer or (ii)&nbsp;a transfer of assets by
the Company to: (A)&nbsp;a shareholder of the Company (immediately before the asset transfer) in exchange for or with respect to the Company&rsquo;s
stock, (B)&nbsp;an entity, fifty&nbsp;percent (50%) or more of the total value or voting power of which is owned, directly or indirectly,
by the Company, (C)&nbsp;a Person, that owns, directly or indirectly, fifty&nbsp;percent (50%) or more of the total value or voting power
of all the outstanding stock of the Company, or (D)&nbsp;an entity, at least fifty&nbsp;percent (50%) of the total value or voting power
of which is owned, directly or indirectly, by a Person described in this subsection (c)(ii)(C). For purposes of this subsection (c), gross
fair market value means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard
to any liabilities associated with such assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">For purposes of this Section&nbsp;1.6,
persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation, purchase
or acquisition of stock, or similar business transaction with the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">Further and for the avoidance of doubt,
a transaction will not constitute a Change in Control if: (i)&nbsp;its sole purpose is to change the jurisdiction of the Company&rsquo;s
incorporation; or (ii)&nbsp;its sole purpose is to create a holding company that will be owned in substantially the same proportions by
the persons who held the Company&rsquo;s securities immediately before such transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Code</U>&rdquo;
means the Internal Revenue Code of 1986, as amended. Reference to a specific section of the Code or regulation thereunder shall include
such section, any valid regulation or other guidance promulgated under such section, and any comparable provision of any future legislation
or regulation amending, supplementing or superseding such section or regulation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Common Stock</U>&rdquo; means the common
stock of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.9.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Director</U>&rdquo; means a member of
the Board.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.10.&#8239;&#8239;&#8239;&ldquo;<U>Disinterested
Director</U>&rdquo; means a Director who is a &ldquo;disinterested director&rdquo; under Section&nbsp;21.418 of the Texas Business Organizations
Code (or its successor).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.11.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>EBITDA of Spin-Off</U>&rdquo;
means, for each Spin-Off completed following the Date of Grant, the cumulative adjusted EBITDA (net (loss) income attributable to common
shareholders before interest expense, (benefit) provision for income taxes, depreciation, amortization and impairment,<BR>
stock-based compensation and digital assets gains and losses) of the Spun-Off Entity for the four (4)&nbsp;consecutive fiscal quarters
completed as of immediately prior to the completion of such Spin-Off, but only to the extent that such cumulative value is greater than
zero ($0). If such Spun-Off Entity does not have four (4)&nbsp;fiscal quarters of operating history, the calculation will be annualized
based on available quarterly financial data, as determined in good faith by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.12.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>EBITDA of Target</U>&rdquo;
means, for each Acquisition completed following the Date of Grant, the cumulative adjusted EBITDA (net (loss) income attributable to common
shareholders before interest expense, (benefit) provision for income taxes, depreciation, amortization and impairment, stock-based compensation
and digital assets gains and losses) of the Target (or, to the extent applicable, any predecessor to Target) for the four (4)&nbsp;consecutive
fiscal quarters completed as of immediately prior to the closing date of such Acquisition, but only to the extent that such cumulative
value is greater than zero ($0). If such Target does not have four (4)&nbsp;fiscal quarters of operating history, the calculation will
be annualized based on available quarterly financial data, as determined in good faith by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.13.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>EBITDA Threshold</U>&rdquo; means a
dollar amount equal to two billion dollars ($2,000,000,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.14.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Eligible Service</U>&rdquo;
means providing services as either of the following: (i)&nbsp;Chief Executive Officer of the Company or (ii)&nbsp;an executive officer
responsible for the Company&rsquo;s product development or operations, as approved by Disinterested Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.15.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Exchange Act</U>&rdquo; means the Securities
Exchange Act of 1934, as amended.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.16.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Expiration Date</U>&rdquo; means the
tenth (10th) anniversary of the Date of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.17.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Fair Market Value</U>&rdquo;
means, as of any date, the closing sales price for the Common Stock (or the closing bid, if no sales were reported) as quoted on the Primary
Exchange on the day of determination (or if the day of determination is not a day on which the exchange or system is not open for trading,
then the last day prior thereto on which the exchange or system was open for trading), as reported in <I>The Wall Street Journal</I> or
such other source as the Administrator deems reliable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.18.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Notice of Grant</U>&rdquo;
means the written notice, in Part&nbsp;I of this Award Agreement titled &ldquo;Notice of Restricted Stock Grant,&rdquo; evidencing certain
terms and conditions of this Award. The Notice of Grant constitutes a part of this Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.19.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Officer</U>&rdquo;
means a person who is an officer of the Company within the meaning of Section&nbsp;16 of the Exchange Act and the rules&nbsp;and regulations
promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.20.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Parent</U>&rdquo;
means a &ldquo;parent corporation,&rdquo; whether now or hereafter existing, as defined in Section&nbsp;424(e)&nbsp;of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.21.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Participant</U>&rdquo; means the person
named as &ldquo;Participant&rdquo; in the Notice of Grant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.22.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>SEC</U>&rdquo; means the U.S. Securities
and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.23.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Share</U>&rdquo; means a share of the
Common Stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.24.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Spin-Off</U>&rdquo; means any split-up,
spin-off or divestiture transaction by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.25.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Spin-Off Value</U>&rdquo;
means, for each Spin-Off, the enterprise value of the split-up, spun-off or divested portion of the Company (the &ldquo;<U>Spun-Off Entity</U>&rdquo;),
as determined reasonably and in good faith by the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.26.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Subsidiary</U>&rdquo;
means a &ldquo;subsidiary corporation,&rdquo; whether now or hereafter existing, as defined in Section&nbsp;424(f)&nbsp;of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.27.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Target</U>&rdquo;
means any corporation or other entity acquired by the Company or merged with or into the Company, or from which all or substantially all
assets of such corporation or other entity are acquired by the Company, in an Acquisition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.28.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Tax Obligations</U>&rdquo;
means any federal, state or local withholding taxes of any type whatsoever imposed on the Company with respect to the vesting of the Restricted
Stock or any other Company tax obligations which Participant has agreed to bear with respect to the Restricted Stock. For the avoidance
of doubt, &ldquo;Tax Obligations&rdquo; includes, without limitation, all federal, state and local taxes (including Participant&rsquo;s
Federal Insurance Contributions Act (FICA) obligation) that are required to be paid or withheld by the Company with respect to the Restricted
Stock that are attributable to Participant&rsquo;s tax obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">1.29.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Transaction Value
Threshold</U>&rdquo; means a dollar amount equal to twenty billion dollars ($20,000,000,000).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in">1.30.&#8239;&#8239;&#8239;&#8239;&ldquo;<U>Vested Share</U>&rdquo; means an Earned
Share that becomes vested under Section&nbsp;VI.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">2.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Issuance; HSR Act Approval</U>.&#8239;&#8239;&#8239;&#8239;&#8239;The
Shares awarded by this Award Agreement will be issued in accordance with the issuance provisions set forth in the Notice of Grant. Each
of Participant and the Company shall file with the Federal Trade Commission (the &ldquo;<U>FTC</U>&rdquo;) and the Antitrust Division
of the United States Department of Justice (the &ldquo;<U>DOJ</U>&rdquo;) all necessary applications, notices, reports and other filings
to obtain as promptly as practicable all consents, clearances, registrations, approvals, permits and other authorizations necessary and
advisable to be obtained pursuant to the HSR Act for the consummation of the transactions contemplated by this Award Agreement. Without
limiting the foregoing, Participant and the Company shall make their respective filings no later than the date and time the Company files
its definitive proxy statement for the meeting of shareholders at which this Award is to be approved (unless a later date is mutually
agreed upon between Participant and the Company in writing). Each of Participant and the Company shall (i)&nbsp;cooperate and coordinate
with the other in the making of such filings, (ii)&nbsp;promptly supply the other with any information and documentary material that may
be required in order to make such filings, (iii)&nbsp;promptly supply any additional information that reasonably may be required or requested
by the FTC or the DOJ and (iv)&nbsp;cooperate and coordinate with each other regarding a response to any legal proceeding, regulatory
action or order, whether temporary, preliminary or permanent, that prohibits, prevents or restricts consummation of the transactions contemplated
by this Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">3.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Tax Matters</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">3.1.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Payment of Tax Withholdings</U>.&#8239;&#8239;&#8239;&#8239;&#8239;The
Company shall require the payment of any Tax Obligations arising with respect to this Award Agreement not later than the date such Tax
Obligations arise. Participant may satisfy any Tax Obligations, in whole or in part (without limitation), if permissible by Applicable
Laws, by electing to have the Company withhold a number of Vested Shares having a Fair Market Value equal to (rounded up to the nearest
whole Share) the minimum amount that is necessary to meet the withholding requirement for such Tax Obligations and the Company may take
such steps to fund such amount as the Administrator determines appropriate. To the extent Participant does not elect to have the Company
withhold Shares in accordance with the immediately preceding sentence, then Participant may satisfy any Tax Obligations by paying cash
or selling a sufficient number of Vested Shares in coordination with the Company through such means as the Company may determine in its
sole discretion (whether through a broker or otherwise) and the Company may provide such support in connection with any such sale as the
Administrator determines appropriate. Notwithstanding the foregoing, any required minimum tax withholding shall be paid by Participant
to the Company in cash if arising due to filing of a Section&nbsp;83(b)&nbsp;Election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">3.2.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Tax Obligations</U>.&#8239;&#8239;&#8239;&#8239;&#8239;Participant
acknowledges that, regardless of any action taken or not taken by the Company, the ultimate liability for any Tax Obligations is and remains
Participant&rsquo;s responsibility and may exceed the amount actually withheld by the Company. Participant further acknowledges that the
Company (A)&nbsp;makes no representations or undertakings regarding the tax treatment of any aspect of the Award, including, but not limited
to, the grant, vesting or subsequent sale of Shares and the receipt of any dividends or other distributions, and (B)&nbsp;does not commit
to and is under no obligation to structure the terms of the grant or administer any aspect of the Award to reduce or eliminate Participant&rsquo;s
tax liability or to achieve any particular tax result. Further, if Participant is subject to Tax Obligations in more than one (1)&nbsp;jurisdiction
between the Date of Grant and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that
the Company may be required to withhold or account for Tax Obligations in more than one (1)&nbsp;jurisdiction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">3.3.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Exemption from Section&nbsp;409A</U>.&#8239;&#8239;&#8239;&#8239;&#8239;It
is intended that the Restricted Stock shall be exempt from Section&nbsp;409A of the Code pursuant to Treas. Reg. Sec. 1.409A-1(b)(6)&nbsp;and
shall be interpreted consistent with this intention.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0.25in">3.4.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Tax Consequences</U>.&#8239;&#8239;&#8239;&#8239;&#8239;Participant
has reviewed with Participant&rsquo;s own tax advisors the U.S. federal, state, local and non-U.S. tax consequences of the transactions
contemplated by this Award Agreement. With respect to such matters, Participant relies solely on such advisors and not on any statements
or representations of the Company or any of its agents, written or oral. Participant understands that Participant (and not the Company)
shall be responsible for Participant&rsquo;s own tax obligations and any other tax-related liabilities that may arise as a result of the
transactions contemplated by this Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">4.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Section&nbsp;83(b)&nbsp;Election</U>.&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to prior compliance with Section&nbsp;3.1 above, Participant may make an election under Code Section&nbsp;83(b)&nbsp;(a &ldquo;<U>Section&nbsp;83(b)&nbsp;Election</U>&rdquo;)
with respect to all or a portion of the Shares subject to this Award. Any such election must be made within thirty (30) days after the
Date of Issuance. If Participant elects to make a Section&nbsp;83(b)&nbsp;Election, Participant must provide the Company with a copy of
an executed version and satisfactory evidence of the filing of the executed Section&nbsp;83(b)&nbsp;Election with the U.S. Internal Revenue
Service. Participant agrees to assume full responsibility for ensuring that the Section&nbsp;83(b)&nbsp;Election is timely and correctly
filed with the U.S. Internal Revenue Service and for all tax consequences resulting from the Section&nbsp;83(b)&nbsp;Election.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">5.&#8239;&#8239;&#8239;&#8239;&#8239;<U>No Guarantee of Continued Eligible
Service</U>.&#8239;&#8239;&#8239;&#8239;&#8239;PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF SHARES PURSUANT TO THE VESTING PROVISIONS HEREOF IS EARNED ONLY
BY (AMONG OTHER THINGS) CONTINUING IN ELIGIBLE SERVICE AT THE WILL OF THE COMPANY AND NOT THROUGH THE ACT OF BEING GRANTED THE RESTRICTED
STOCK. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED HEREUNDER AND THE VESTING
PROVISIONS SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS THE CEO OR OTHERWISE IN ELIGIBLE
SERVICE FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT&rsquo;S RIGHT OR THE RIGHT OF THE COMPANY (OR THE
PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT&rsquo;S RELATIONSHIP AS THE CEO OR TO REMAIN IN ELIGIBLE
SERVICE OR AS A SERVICE PROVIDER OF THE COMPANY OR ANY PARENT OR SUBSIDIARY OF THE COMPANY AT ANY TIME, WITH OR WITHOUT CAUSE.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">6.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Clawback Policy</U>.&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
any provisions to the contrary under this Award Agreement, the Restricted Stock shall be subject to any clawback policy of the Company
that may be established and/or amended from time to time that applies to Shares (the &ldquo;<U>Clawback Policy</U>&rdquo;), <U>provided</U>
that the Clawback Policy does not discriminate against Participant except as required by Applicable Laws, and <U>provided</U>, <U>further</U>,
that if there is a conflict between the terms of this Award Agreement and the Clawback Policy, the more stringent terms, as determined
by the Administrator in good faith, shall apply. The Administrator may require Participant to forfeit, return or reimburse the Company
all or a portion of the Shares and any amounts paid thereunder pursuant to the terms of the Clawback Policy or as necessary or appropriate
to comply with Applicable Laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">7.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Address for Notices</U>.&#8239;&#8239;&#8239;&#8239;&#8239;Any notice
to be given to the Company under the terms of this Award Agreement will be addressed to the Company at Tesla,&nbsp;Inc. Attention: Stock
Administration, 1 Tesla Road, Austin, Texas 78725, or at such other address as the Company may hereafter designate in writing.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">8.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Restricted Shares Are Not Transferable</U>.&#8239;&#8239;&#8239;&#8239;&#8239;Except
as permitted under Section&nbsp;VIII and Section&nbsp;IX of Part&nbsp;I of this Award Agreement, the Shares will not be transferred, assigned,
pledged or hypothecated in any way (whether by operation of law or otherwise) other than by the laws of descent and distribution and will
not be subject to sale under execution, attachment or similar process unless and until the Shares become vested pursuant to this Award
Agreement. Any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of the Shares in violation of this Award Agreement,
or upon any attempted sale under any execution, attachment or similar process in violation of this Award Agreement, will be null and void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">9.&#8239;&#8239;&#8239;&#8239;&#8239;<U>Binding Agreement</U>.&#8239;&#8239;&#8239;&#8239;&#8239;Subject
to the limitation on the transferability of this grant contained herein, this Award Agreement will be binding upon and inure to the benefit
of the heirs, legatees, legal representatives, successors and assigns of the parties hereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">10.&#8239;&#8239;&#8239;<U>Successors and Assigns</U>.&#8239;&#8239;&#8239;&#8239;&#8239;The
Company may assign any of its rights under this Award Agreement to single or multiple assignees; and this Award Agreement shall inure
to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer herein set forth, this Award Agreement
shall be binding upon Participant and Participant&rsquo;s heirs, legatees, legal representatives. executors, administrators, successors
and assigns. The rights and obligations of Participant under this Award Agreement may be assigned only with the prior written consent
of the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">11.&#8239;&#8239;&#8239;<U>Restrictive Legend</U>.&#8239;&#8239;&#8239;&#8239;&#8239;Each
certificate, instrument, or book entry representing any Shares issued pursuant to this Award shall be notated by the Company with a legend
reading substantially as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in">&ldquo;THE SHARES REPRESENTED HEREBY MAY&nbsp;BE TRANSFERRED
ONLY IN ACCORDANCE WITH THE TERMS OF AN AWARD AGREEMENT BETWEEN THE COMPANY AND THE SHAREHOLDER AND ARE SUBJECT TO A VOTING AGREEMENT,
AS MAY&nbsp;BE AMENDED FROM TIME TO TIME (A COPY OF WHICH MAY&nbsp;BE OBTAINED UPON WRITTEN REQUEST FROM THE COMPANY), AND FOR WHICH THE
SHAREHOLDER HAS GIVEN AN IRREVOCABLE PROXY AND BY ACCEPTING ANY INTEREST IN SUCH SHARES THE PERSON ACCEPTING SUCH INTEREST SHALL BE DEEMED
TO AGREE TO AND SHALL BECOME BOUND BY ALL THE PROVISIONS OF THAT AWARD AGREEMENT AND VOTING AGREEMENT,&nbsp;INCLUDING CERTAIN RESTRICTIONS
ON VOTING, TRANSFER AND OWNERSHIP SET FORTH THEREIN.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">12.&#8239;&#8239;&#8239;<U>Administrator Authority</U>.&#8239;&#8239;&#8239;&#8239;&#8239;The
Administrator will have the power and authority to construe and interpret this Award Agreement and to adopt such rules&nbsp;for the administration,
interpretation and application of this Award Agreement as are consistent therewith and to interpret or revoke any such rules&nbsp;(including,
but not limited to, the determination of whether or not any Shares subject to this Award Agreement have vested and whether any Change
in Control has occurred). All actions taken and all interpretations and determinations made by the Administrator in good faith will be
final and binding upon Participant, the Company and all other interested persons. No member of the Administrator will be personally liable
for any action, determination or interpretation made in good faith with respect to this Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">13.&#8239;&#8239;&#8239;<U>Conditions to Issuance</U>.&#8239;&#8239;&#8239;&#8239;&#8239;The
issuance of Shares under the Award Agreement will not occur unless and until Legal Requirements have been completed, effected or obtained
free of any conditions not acceptable to the Company. For purposes of this Section&nbsp;13, &ldquo;<U>Legal Requirements</U>&rdquo; means
listing, registration, qualification or rule&nbsp;compliance of the Shares upon the Primary Exchange or under any state, federal or non-U.S.
law, the Code and related regulations or under the rulings or regulations of the SEC or any other governmental regulatory body or the
clearance, consent or approval of the SEC or any other governmental regulatory authority. The Company will make all reasonable efforts
to meet the Legal Requirements. The inability of the Company to meet the Legal Requirements deemed by the Company&rsquo;s counsel to be
necessary or advisable hereunder will relieve the Company of any liability in respect of the failure or delay of the Shares to be issued
to Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">14.&#8239;&#8239;&#8239;<U>Electronic Delivery</U>.&#8239;&#8239;&#8239;&#8239;&#8239;The
Company may, in its sole discretion, decide to deliver any documents related to the Restricted Stock awarded under this Award Agreement
by electronic means or request Participant&rsquo;s consent to participate in any equity-based compensation plan or program maintained
by the Company by electronic means. Participant hereby consents to receive such documents by electronic delivery and agrees to participate
in such plan or program through any online or electronic system established and maintained by the Company or another third party designated
by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">15.&#8239;&#8239;&#8239;<U>Captions</U>.&#8239;&#8239;&#8239;&#8239;&#8239;Captions provided
herein are for convenience only and are not to serve as a basis for interpretation or construction of this Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">16.&#8239;&#8239;&#8239;<U>Agreement Severable</U>.&#8239;&#8239;&#8239;&#8239;&#8239;If any
provision in this Award Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or
unenforceability will not be construed to have any effect on, the remaining provisions of this Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">17.&#8239;&#8239;&#8239;<U>Modifications to This Award Agreement</U>.&#8239;&#8239;&#8239;&#8239;&#8239;This
Award Agreement constitutes the entire understanding of the parties on the subjects covered. Participant expressly warrants he is in no
way relying on any promises, representations, or inducements other than those contained herein. Modifications to this Award Agreement
can be made only in an express written contract executed by a duly authorized officer of the Company acting on the direction of the Board
by action of its Disinterested Directors and Participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">18.&#8239;&#8239;&#8239;<U>No Waiver</U>.&#8239;&#8239;&#8239;&#8239;&#8239;Either party&rsquo;s
failure to enforce any provision or provisions of this Award Agreement shall not in any way be construed as a waiver of any such provision
or provisions, or prevent that party from thereafter enforcing each and every other provision of this Award Agreement. The rights granted
both parties herein are cumulative and shall not constitute a waiver of either party&rsquo;s right to assert all other legal remedies
available to it under the circumstances.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">19.&#8239;&#8239;&#8239;<U>No Advice Regarding Grant</U>.&#8239;&#8239;&#8239;&#8239;&#8239;The
Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding this Award Agreement,
or Participant&rsquo;s acquisition or sale of the Shares. Participant is hereby advised to consult with Participant&rsquo;s own tax, legal
and financial advisors regarding this Award Agreement before taking any action related to this Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">20.&#8239;&#8239;&#8239;<U>Governing Law and Venue</U>.&#8239;&#8239;&#8239;&#8239;&#8239;This
Award Agreement will be governed by the laws of the State of Texas, without giving effect to the conflict of law principles thereof. For
purposes of litigating any dispute that arises under this Award or this Award Agreement, the parties hereby submit to and consent to the
jurisdiction of the State of Texas, and agree that such litigation will be conducted in the courts of Travis County, Texas, or the federal
court for the United States District Court for the Western District of Texas, Austin Division, and no other courts, where this Award is
made and/or to be performed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">21.&#8239;&#8239;&#8239;<U>Errors</U>.&#8239;&#8239;&#8239;&#8239;&#8239;The Administrator
at any time may take any action it deems equitable, in good faith, to correct any manifest error made under this Award Agreement without
prejudice to the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">ANNEX I</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>Voting Agreement</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B></B>
[To be attached]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

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</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>4
<FILENAME>tm2530590d1_ex10-3.htm
<DESCRIPTION>EXHIBIT 10.3
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.3</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>VOTING AGREEMENT</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.1pt; text-align: justify; text-indent: 19.95pt">THIS VOTING
AGREEMENT (this &ldquo;<B>Agreement</B>&rdquo;) is made as of September 3, 2025, by and between Tesla, Inc., a Texas corporation (the
 &ldquo;<B>Company</B>&rdquo;), and Elon Musk (&ldquo;<B>Participant</B>&rdquo;). Capitalized terms used herein but not otherwise defined
shall have the meanings set forth in that certain 2025 CEO Performance-Based Restricted Stock Agreement, dated as of September 3, 2025,
by and between the Company and Participant (the &ldquo;<B>Award Agreement</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>RECITALS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.1pt; text-align: justify; text-indent: 19.95pt"><B>WHEREAS</B>,
as of the Date of Issuance, Participant will be the record holder and beneficial owner of, and will have full voting power over, the Shares
of Restricted Stock issued pursuant to the Award Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.1pt; text-indent: 19.95pt"><B>WHEREAS</B>, this Agreement is
being issued in connection with the Award Agreement, and the Award Agreement is being executed and delivered in reliance on the Participant&rsquo;s
execution and delivery of, and agreement to be bound by, the terms of this Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 12pt 0pt 0.1pt; text-indent: 19.95pt"><B>WHEREAS</B>, the Award Agreement
provides that Shares other than Earned Shares (the &ldquo;<B>Unearned Shares</B>&rdquo;) will be subject to the provisions of this Agreement
until such time as such Shares have become Earned Shares under the Award Agreement; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 4pt 0pt 0.1pt; text-indent: 19.95pt"><B>WHEREAS</B>, as further set forth
in this Agreement the Company and Participant have agreed that, until such time as there are no more Unearned Shares (the &ldquo;<B>Expiration
Time</B>&rdquo;), Participant&rsquo;s Unearned Shares shall be voted, including in the case of any action taken by written consent of
the Company&rsquo;s shareholders, proportionately to the votes of all other shares of capital stock of the Company that are present and
entitled to vote at any annual or special meeting of the Company&rsquo;s shareholders on such matters or with respect to any action taken
without a meeting pursuant to a written consent (the &ldquo;<B>Voting Shares</B>&rdquo;). For avoidance of doubt, all of the Participant&rsquo;s
Shares other than the Unearned Shares shall quality as Voting Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 27pt 0pt 0.1pt; text-indent: 19.95pt"><B>NOW, THEREFORE, </B>in consideration
of the mutual promises contained herein and for other good and valuable consideration, the receipt and sufficiency of which are acknowledged,
the parties agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">1.</TD><TD STYLE="text-align: justify"><U>Voting Provisions</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: 19.85pt">1.1&nbsp;&nbsp;&nbsp; <U>Voting Agreement</U>.
Participant irrevocably and unconditionally agrees that until the Expiration Time, at any annual or special meeting of the Company&rsquo;s
shareholders, and at every adjournment or postponement (or similar action) thereof to vote, or cause to be voted, all then-Unearned Shares,
and for every action or approval by written consent or consents of the Company&rsquo;s shareholders to consent in writing to such action
with respect to all then-Unearned Shares, proportionately to the votes of all Voting Shares. The voting of the Unearned Shares pursuant
to this Agreement may be effected in person, by proxy, by written consent or in any other manner permitted by applicable law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">2.</TD><TD STYLE="text-align: justify"><U>Remedies</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: 19.85pt">2.1&nbsp;&nbsp;&nbsp;&nbsp; <U>Irrevocable
Proxy and Power of Attorney</U>. Participant hereby irrevocably appoints and authorizes the Corporate Secretary of the Company (the
 &ldquo;<B>Corporate Secretary</B>&rdquo;), until the Expiration Time (at which time this proxy shall automatically terminate and
thereafter be of no force or effect), his proxy and attorney-in-fact, with full power of substitution and resubstitution, to
represent and vote or execute a written consent with respect to Unearned Shares in accordance with <U>Section 1</U>. The Corporate
Secretary or his duly authorized designee shall make a good faith estimate to determine the proportion to be voted to the maximum
extent reasonably practicable to effectuate the provisions of Section 1 hereof (including without limitation, assessment of the
impact of abstentions, non-votes, broker non-votes or similar voting classifications that may occur from time to time), and his or
her determination shall be dispositive absent manifest error. The power of attorney granted hereunder shall authorize the Corporate
Secretary to execute and deliver any documentation required by this Agreement to carry out and effectuate the provisions of this
Agreement and the foregoing proxy on behalf of Participant. Each party to this Agreement acknowledges and agrees that each of the
proxy and power of attorney granted pursuant to this <U>Section 2.1</U> is coupled with an interest sufficient in law to support an
irrevocable proxy and is irrevocable until the Expiration Time (at which time this proxy shall automatically terminate and
thereafter be of no force or effect). Participant hereby revokes any and all previous proxies or powers of attorney with respect to
the Unearned Shares and shall not hereafter, until the Expiration Time, purport to grant any other proxy or power of attorney with
respect to any of the Unearned Shares, deposit any of the Unearned Shares into a voting trust or enter into any agreement (other
than this Agreement), arrangement or understanding with any person, directly or indirectly, to vote, grant any proxy or give
instructions with respect to the voting of or written consent provided with respect to any of the Unearned Shares. The proxy and
power will survive the death, incompetency and disability of Participant or any other individual holder of the Unearned Shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: 19.85pt">2.2&nbsp;&nbsp;&nbsp; <U>Specific
Enforcement</U>. Each party acknowledges and agrees that each party hereto will be irreparably damaged in the event any of the provisions
of this Agreement are not performed by any of the parties in accordance with their specific terms or are otherwise breached. Accordingly,
it is agreed that each of the Company and Participant shall be entitled to an injunction to prevent breaches of this Agreement, and to
specific enforcement of this Agreement and its terms and provisions in any action instituted in any court of the United States or any
state having subject matter jurisdiction and that no bond shall be required in connection with such an injunction (or, if non-waivable
provisions of applicable law require post a bond, the bond required in connection with such an injunction shall not exceed $500).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0.1pt; text-align: justify; text-indent: 19.85pt">2.3&nbsp;&nbsp;&nbsp;
<U>Remedies Cumulative</U>. All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative
and not alternative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">3.</TD><TD STYLE="text-align: justify; padding-right: 17pt"><U>Effectiveness; Term</U>. This Agreement and the related proxies granted hereunder
shall be effective as of the date hereof and shall continue in effect until the Expiration Time.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in">4.</TD><TD STYLE="text-align: justify"><U>Miscellaneous</U>.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: 19.85pt">4.1&nbsp;&nbsp;&nbsp;&nbsp; <U>Transfers</U>.
Until the Expiration Time, each transferee or assignee (including any inter vivos trust) of any Unearned Shares shall continue to be
subject to the terms hereof, and, as a condition precedent to the Company&rsquo;s recognition of such transfer, each transferee or assignee
shall agree in writing to be subject to each of the terms of this Agreement by executing and delivering a counterpart signature page
to this Agreement, agreeing to be bound by and subject to the terms of this Agreement in the same capacity as Participant. Except as
otherwise contemplated by the Award Agreement, any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of any Unearned
Shares in violation of this Voting Agreement, or upon any attempted sale under any execution, attachment or similar process in violation
of this Award Agreement, will be null and void. As of the date of execution of this Agreement, the Corporate Secretary is Brandon Ehrhart,
who shall have full power and authority as attorney-in-fact and proxy holder in accordance with the voting direction set forth in this
Agreement, including Section 1. Upon the execution and delivery of a counterpart signature page to this Agreement by any transferee,
such transferee shall be deemed to be a party hereto as if such transferee were Participant and such transferee&rsquo;s signature appeared
on the signature pages of this Agreement. Except as otherwise contemplated by the Award Agreement, the Company shall not permit the transfer,
whether direct or indirect, of the Unearned Shares on its books or issue a new certificate representing any such Unearned Shares unless
and until such transferee shall have complied with the terms of this <U>Section 4.1</U>, and Participant shall not transfer or purport
to transfer any Unearned Shares except to a transferee who complies with this <U>Section 4.1</U>. Each certificate instrument, or book
entry representing the Unearned Shares if issued on or after the date of this Agreement shall be notated by the Company with the legend
described in <U>Section 4.10</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: 19.85pt">4.2&nbsp;&nbsp;&nbsp; <U>Voting</U>.
Except as otherwise required by law and provided that the Company and the Corporate Secretary have complied with this Agreement, the Company
and the Corporate Secretary shall have no further duty or obligation to Participant with respect to the Corporate Secretary&rsquo;s representation
and vote of the Unearned Shares in accordance with <U>Section 1</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.1pt; text-indent: 19.85pt">4.3&nbsp;&nbsp;&nbsp; <U>Assignment;
Successors and Assigns</U>. The Company may assign any of its rights under this Agreement to single or multiple assignees, and this Agreement
shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer set forth in the Award
Agreement, this Agreement shall be binding upon Participant and Participant&rsquo;s heirs, legatees, legal representatives. executors,
administrators, successors and assigns. The rights and obligations of Participant under this Agreement may be assigned only with the prior
written consent of the Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 7pt 0pt 0.1pt; text-indent: 19.85pt">4.4&nbsp;&nbsp;&nbsp; <U>Governing
Law; <B>WAIVER OF RIGHT OF JURY TRIAL</B></U>. This Agreement will be governed by the laws of the State of Texas, without giving effect
to the conflict of law principles thereof. For purposes of litigating any dispute that arises under this Agreement, the parties hereby
submit to and consent to the jurisdiction of the State of Texas, and agree that such litigation will be conducted in the courts of Travis
County, Texas, or the federal court for the United States District Court for the Western District of Texas, Austin Division, and no other
courts, where this Agreement is made and/or to be performed. <B>THE COMPANY AND PARTICIPANT EACH HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY PROCEEDING INVOLVING ANY DISPUTE, CONTROVERSY, CLAIM OR COUNTERCLAIM ARISING OUT OF, CONCERNING
OR RELATING TO THIS AGREEMENT OR ANY OF THE MATTERS RELATING HERETO OR OBLIGATIONS DESCRIBED HEREIN.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.85pt">4.5&nbsp;&nbsp;&nbsp; <U>Counterparts</U>. This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. Counterparts may be delivered via electronic mail (including pdf or any electronic signature complying with
the U.S. ESIGN Act of 2000, <I>e.g.</I>, www.docusign.com) or other transmission method and any counterpart so delivered shall be deemed
to have been duly and validly delivered and be valid and effective for all purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.85pt">4.6&nbsp;&nbsp;&nbsp; <U>Captions; Interpretation</U>.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Agreement.
The words &ldquo;include&rdquo; or &ldquo;including&rdquo; shall mean &ldquo;include, without limitation,&rdquo; or &ldquo;including,
without limitation,&rdquo; as applicable. The word &ldquo;or&rdquo; shall mean &ldquo;and/or&rdquo; unless the context requires otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.85pt">4.7&nbsp;&nbsp;&nbsp; <U>Consent Required to
Amend, Modify, Terminate or Waive</U>. This Agreement may be amended, modified or terminated (other than pursuant to <U>Section 3</U>)
and the observance of any term hereof may be waived (either generally or in a particular instance and either retroactively or prospectively)
only by a written instrument executed by (a) a duly authorized officer of the Company acting on the direction of (i) the Board by action
of its Disinterested Directors or (ii) the Administrator and (b) Participant. Nothing in this Agreement shall be interpreted to modify
or amend the terms of any provision of the Award Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.85pt">4.8&nbsp;&nbsp;&nbsp; <U>Delays or Omissions</U>.
No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of
any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall
it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default previously or thereafter
occurring. Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this
Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective
only to the extent specifically set forth in such writing. All remedies, either under this Agreement or by law or otherwise afforded to
any party, shall be cumulative and not alternative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 3pt 0pt 0; text-indent: 19.85pt">4.9&nbsp;&nbsp;&nbsp; <U>Agreement Severable</U>.
If any provision in this Agreement will be held invalid or unenforceable, such provision will be severable from, and such invalidity or
unenforceability will not be construed to have any effect on, the remaining provisions of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.85pt">4.10&nbsp;&nbsp;&nbsp; <U>Share Certificate Legend</U>.
Each certificate, instrument, or book entry representing any Unearned Shares issued after the date hereof shall be notated by the Company
with a legend as set forth in the Award Agreement. The Company, by its execution of this Agreement, agrees that it will cause the certificates,
instruments, or book entry evidencing the Unearned Shares issued after the date hereof to be notated with the legend required by this
<U>Section 4.10</U> of this Agreement, and it shall supply, free of charge, a copy of this Agreement to any holder of such Shares upon
written request from such holder to the Company at its principal office. The parties to this Agreement do hereby agree that the failure
to cause the certificates, instruments, or book entry evidencing the Shares to be notated with the legend required by this <U>Section
4.10</U> herein and/or the failure of the Company to supply, free of charge, a copy of this Agreement as provided hereunder shall not
affect the validity or enforcement of this Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.85pt">4.11&nbsp;&nbsp;&nbsp; <U>Stock Splits, Dividends
and Recapitalizations</U>. In the event of any transfer or issuance of Unearned Shares or the voting securities of the Company hereafter
to Participant (including in connection with any purchase, stock split, stock dividend, recapitalization, reorganization, conversion,
or the like), such Unearned Shares shall become subject to this Agreement and shall be notated with the legend set forth in <U>Section
4.10</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 19.95pt">4.12&nbsp;&nbsp;&nbsp; <U>Further Assurances</U>. At any time or
from time to time after the date hereof, the parties agree to cooperate with each other, and at the request of any other party, to execute
and deliver any further instruments or documents and to take all such further action as the other party may reasonably request in order
to carry out the intent of the parties hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">[<I>Signature Page Follows</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt">IN WITNESS WHEREOF, the parties have executed this Agreement
as of the date first written above.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 50%; text-align: left"><FONT STYLE="font-size: 10pt">COMPANY:</FONT></TD><TD STYLE="text-align: justify; width: 50%"><FONT STYLE="font-size: 10pt"><B>TESLA, INC.</B></FONT></TD>
</TR><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Brandon Ehrhart</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Name: Brandon Ehrhart</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">Title: General Counsel and Corporate Secretary</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify"><B>ELON MUSK</B></TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: justify">&nbsp;</TD></TR>
     <TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: justify">/s/ Elon Musk</TD></TR>
     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>5
<FILENAME>tm2530590d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary of the A&amp;R 2019 Equity Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The material features of the A&amp;R 2019 Equity Incentive Plan are
summarized below. The following summary does not purport to be a complete description of all the provisions of the A&amp;R 2019 Equity
Incentive Plan. It is qualified in its entirety by reference to the complete text of the A&amp;R 2019 Equity Incentive Plan, as set forth
in Annex B.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Background, Purpose and Eligibility under the A&amp;R 2019
Equity Incentive Plan</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The A&amp;R 2019 Equity Incentive Plan is intended to attract, retain
and incentivize our employees, members of the Board and our eligible consultants to promote the success of Tesla. The A&amp;R 2019 Equity
Incentive Plan provides for the grant of incentive stock options, within the meaning of Section&nbsp;422 of the Code, to Tesla&rsquo;s
employees and any of our subsidiary corporations&rsquo; employees, and for the grant of nonstatutory stock options, stock appreciation
rights, restricted stock, restricted stock&nbsp;units, performance&nbsp;units, performance shares, any Musk Awards and any other equity-based
or equity-related awards (including unrestricted shares) that the administrator approves (each individually, an &ldquo;<U>Award</U>&rdquo;).
Our employees, directors and eligible consultants and our subsidiary corporations&rsquo; employees and eligible consultants are eligible
to receive Awards under the A&amp;R 2019 Equity Incentive Plan. As of August&nbsp;19, 2025, we had approximately 131,112 employees, including
three executive officers, and eight non-employee directors, who were eligible to participate in the 2019 Plan and would have been eligible
to participate in the A&amp;R 2019 Equity Incentive Plan if it had been in effect as of that date. As a result, our executive officers
and directors have an interest in this proposal because they are eligible to receive awards under the A&amp;R 2019 Equity Incentive Plan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Plan&nbsp;Administration</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The A&amp;R 2019 Equity Incentive Plan will be administered by the
Board, Compensation Committee and one or more additional committees to which the Board, at its discretion or as legally required, may
delegate such administration. Different committees may administer the A&amp;R 2019 Equity Incentive Plan with respect to individual recipients
(or groups thereof) and individual Awards (or groups thereof).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to the provisions of the A&amp;R 2019 Equity Incentive Plan,
the administrator has the power to determine the terms of Awards, including the recipients, the exercise price, if any, the number of
shares subject to each Award, the fair market value per share of our common stock, the vesting schedule applicable to the Awards, together
with any vesting acceleration, and the form of consideration, if any, payable upon exercise of the Award and the terms of the award agreements
for use under the A&amp;R 2019 Equity Incentive Plan. The administrator also has the authority, subject to the terms of the A&amp;R 2019
Equity Incentive Plan, to amend existing Awards to reduce or increase their exercise price under certain circumstances (except as described
under &ldquo;&mdash; <I>Key Governance Features of the A&amp;R 2019 Equity Incentive Plan&thinsp;&mdash;&thinsp;No Repricing</I>,&rdquo;
above), to prescribe rules and to construe and interpret the A&amp;R 2019 Equity Incentive Plan and Awards granted thereunder.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Maximum Shares Reserved for Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The maximum aggregate number of shares that may be issued pursuant
to Awards under the A&amp;R 2019 Equity Incentive Plan will be equal to:</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.</FONT></TD><TD>2,200,293 shares, which is management&rsquo;s good-faith estimate of the remaining shares that will be available for grant pursuant
to the 2019 Plan at the time of the 2025 Annual Meeting, plus</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">2.</FONT></TD><TD>The number of shares subject to stock options or similar awards granted under Tesla&rsquo;s 2010 Equity Incentive Plan (the &ldquo;<U>2010
Plan</U>&rdquo;) that expire or otherwise terminate without having been exercised in full and shares issued pursuant to awards granted
under the 2010 Plan that are forfeited to or repurchased by Tesla due to failure to vest, plus</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.</FONT></TD><TD>Up to an additional 207,960,630 shares for the Special Share Reserve, plus</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20.15pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">4.</FONT></TD><TD>Up to an additional 60,000,000 shares for the General Share Reserve.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Awards may not be granted to Mr.&nbsp;Musk from the 60,000,000 shares
being added to the General Share Reserve, including after giving effect to any recycling of shares permitted in accordance with, or any
adjustment of awards in connection with certain corporate transactions pursuant to the A&amp;R 2019 Equity Incentive Plan. For clarity,
this restriction does not apply to any other shares that are or become available under the General Share Reserve, including without limitation
(i)&nbsp;any shares remaining in the General Share Reserve as of the date of the 2025 Annual Meeting (prior to the addition of 60,000,000
new shares to the General Share Reserve) and (ii)&nbsp;any permitted recycling of the shares subject to the 2025 CEO Interim Award in
accordance with the A&amp;R 2019 Equity Incentive Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For the avoidance of doubt, other than as described in the second item
above, no other shares subject to, issued or available for issuance pursuant to awards under the 2010 Plan will be available for issuance
under the A&amp;R 2019 Equity Incentive Plan. In addition, no shares in respect of any Musk Awards may be reissued under the A&amp;R 2019
Equity Incentive Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">No more than an aggregate of 455,460,630 shares may be granted pursuant
to incentive stock options under the A&amp;R 2019 Equity Incentive Plan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Share Counting Rules</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The following rules also govern the determination of shares that may
be issued pursuant to Awards under the A&amp;R 2019 Equity Incentive Plan:</P>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 10pt">&bull;</TD><TD>No shares in respect of any Musk Awards may be reissued under the A&amp;R 2019 Equity Incentive Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 10pt">&bull;</TD><TD>In the event of a <I>Tornetta</I> Decision Event that results in forfeiture of, or a reduction in the number of shares subject to,
the 2025 CEO Interim Award, the maximum number of shares that may again become available for issuance under the General Share Reserve
is 36,000,000.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 10pt">&bull;</TD><TD>If an Award from the General Share Reserve under the A&amp;R 2019 Equity Incentive Plan expires or becomes unexercisable or, as applicable,
is forfeited to or repurchased by us due to failure to vest, the shares subject to the expired, unexercisable, forfeited or repurchased
portion of such Award will become available for future grant under the General Share Reserve of the A&amp;R 2019 Equity Incentive Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 10pt">&bull;</TD><TD>Shares that have actually been issued under the A&amp;R 2019 Equity Incentive Plan under any Award (other than an unvested Award of
restricted stock) will not be returned to the A&amp;R 2019 Equity Incentive Plan and will not become available for future distribution
under the A&amp;R 2019 Equity Incentive Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 10pt">&bull;</TD><TD>With respect to exercised stock appreciation rights, the total number of shares subject to such stock appreciation rights (and not
the net number of shares actually issued pursuant to such stock appreciation rights) will cease to be available under the A&amp;R 2019
Equity Incentive Plan.</TD></TR></TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 10pt">&bull;</TD><TD>Shares used to pay the exercise price of an Award or to satisfy the tax withholding obligations related to an Award will not become
available for future grant under the A&amp;R 2019 Equity Incentive Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 10pt">&bull;</TD><TD>Shares repurchased by us with the proceeds of the exercise prices for any stock options may not be reissued under the A&amp;R 2019
Equity Incentive Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 10pt">&bull;</TD><TD>To the extent an Award from the General Share Reserve under the A&amp;R 2019 Equity Incentive Plan is paid out in cash rather than
shares, such cash payment will not reduce the number of shares available for issuance under the General Share Reserve of the A&amp;R 2019
Equity Incentive Plan.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 20pt"></TD><TD STYLE="width: 10pt">&bull;</TD><TD>Shares issued in connection with awards that are assumed, converted or substituted pursuant to certain corporate transactions will
not reduce the number of shares available for issuance under the General Share Reserve of the A&amp;R 2019 Equity Incentive Plan.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>No Repricing</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In no event will the administrator reduce the exercise price of a stock
option or stock appreciation right, exchange a stock option or stock appreciation right for cash or another Award for the purpose of repricing
such stock option or stock appreciation right, exchange a stock option or stock appreciation right for another stock option or stock appreciation
right with a lower exercise price, or take any other action with respect to a stock option or stock appreciation right that constitutes
a repricing under applicable laws. Moreover, the Board may not amend the A&amp;R 2019 Equity Incentive Plan to modify the foregoing restrictions.
However, any adjustment of a stock option or stock appreciation right as provided under &ldquo;&mdash; <I>Adjustments</I>&rdquo; below
or any action taken with the approval of our shareholders will not constitute a prohibited repricing under the A&amp;R 2019 Equity Incentive
Plan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Elon Musk Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The A&amp;R 2019 Equity Incentive Plan permits the grant of Musk Awards
from the Special Share Reserve, which are called &ldquo;Elon Musk Awards&rdquo; in the A&amp;R 2019 Equity Incentive Plan. Notwithstanding
anything in the A&amp;R 2019 Equity Incentive Plan to the contrary, any Musk Awards may be granted to Mr.&nbsp;Musk in such amounts and
subject to such terms and conditions as the administrator may determine in its sole discretion subject to its fiduciary duties, unconstrained
by the terms of the A&amp;R 2019 Equity Incentive Plan (other than the share counting rules described above, which will apply to any Musk
Awards). Musk Awards may be in the form of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted
stock, restricted stock&nbsp;units, performance&nbsp;units, performance shares or any other types of equity-based, equity-related or equity
awards (including the grant or offer for sale of unrestricted shares). Each Musk Award will be administered in accordance with Section&nbsp;21.418
of the TBOC by disinterested directors (which includes our Compensation Committee). The Board commits to shareholders that no material
additional benefit will be provided to Mr.&nbsp;Musk in the form of a Musk Award that was not previously available under the 2018 CEO
Performance Award.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Incentive and Nonstatutory Stock Options</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Incentive and/or nonstatutory stock options may be granted under the
A&amp;R 2019 Equity Incentive Plan; <I>provided</I> that incentive stock options are only granted to employees. The exercise price of
incentive and/or nonstatutory stock options must equal at least the fair market value of our common stock on the date of grant, unless
determined otherwise by the administrator with respect to the applicable Award (which Award will, for the avoidance of doubt, comply with
Section&nbsp;409A of the Code, to the extent applicable). The term of an option may not exceed ten&nbsp;years; <I>provided</I>, <I>however</I>,
that an incentive stock option held by a participant who owns more than 10% of the total combined voting power of all classes of our stock,
or of certain of our parent or subsidiary corporations, may not have a term in excess of five&nbsp;years and must have an exercise price
of at least 110% of the fair market value of our common stock on the grant date. The administrator will determine the methods of payment
of the exercise price of an option, which may include cash, shares or other property acceptable to the plan administrator. Subject to
the provisions of the A&amp;R 2019 Equity Incentive Plan, the administrator determines the remaining terms of the options (<I>e.g.</I>,
vesting). After the termination of service of an employee, director or consultant, the participant may exercise his or her option, to
the extent vested as of such date of termination, for the period of time stated in his or her option agreement. Generally, if termination
is due to death or disability, the option will remain exercisable for 12&nbsp;months. In all other cases, the option will generally remain
exercisable for three&nbsp;months following the termination of service. However, in no event may an option be exercised later than the
expiration of its term. No dividends or dividend equivalent rights will be paid or accrued on stock options under the A&amp;R 2019 Equity
Incentive Plan. The specific terms will be set forth in an award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restricted Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Restricted stock may be granted under the A&amp;R 2019 Equity Incentive
Plan. Restricted stock awards are grants of shares of our common stock that are subject to various restrictions, including restrictions
on transferability, forfeiture provisions and other restrictions as the administrator may deem advisable or appropriate, and other terms
and conditions as the administrator, in its sole discretion, determines in accordance with the terms and conditions of the A&amp;R 2019
Equity Incentive Plan. Shares of restricted stock will vest and the restrictions on such shares will lapse, in accordance with terms and
conditions established by the administrator. Such terms may include, among other things, vesting upon the achievement of specific performance
goals determined by the administrator and/or continued service to us. The administrator, in its sole discretion, may accelerate the time
at which any restrictions will lapse or be removed. Recipients of restricted stock awards generally will have voting and dividend rights
with respect to such shares upon grant without regard to vesting, provided that all dividends, whether paid in shares or cash, will be
subject to the same restrictions on transferability and forfeitability as the restricted stock with respect to which they were paid. Shares
of restricted stock that do not vest for any reason generally will be forfeited by the recipient. The specific terms will be set forth
in an award agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Restricted Stock Units</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Restricted stock&nbsp;units may be granted under the A&amp;R 2019 Equity
Incentive Plan. Each restricted stock unit granted is a bookkeeping entry representing an amount equal to the fair market value of one
share of our common stock. Subject to the provisions of the A&amp;R 2019 Equity Incentive Plan, the administrator determines the terms
and conditions of restricted stock&nbsp;units, including the vesting criteria, which may include achievement of specified performance
criteria or continued service to us, and the form and timing of payment. The administrator, in its sole discretion, may accelerate the
time at which any restrictions will lapse or be removed. The administrator determines in its sole discretion whether an award will be
settled in stock, cash or a combination of both. Any dividend equivalents on restricted stock&nbsp;units may be earned in shares or cash
but will be subject to the same restrictions on transferability and forfeitability as the restricted stock&nbsp;units with respect to
which they relate. The specific terms will be set forth in an award agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Stock Appreciation Rights</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Stock appreciation rights may be granted under the A&amp;R 2019 Equity
Incentive Plan. Stock appreciation rights allow the recipient to receive the appreciation in the fair market value of our common stock
between the exercise date and the date of grant. Subject to the provisions of the A&amp;R 2019 Equity Incentive Plan, the administrator
determines the terms of stock appreciation rights, including when such rights vest and become exercisable and whether to settle such awards
in cash or with shares of our common stock, or a combination thereof, except that the per share exercise price for the shares to be issued
pursuant to the exercise of a stock appreciation right will be no less than 100% of the fair market value per share on the date of grant.
The term of an Award of stock appreciation rights may not exceed 10&nbsp;years. After the termination of service of an employee, director
or consultant, the participant may exercise his or her stock appreciation rights, to the extent vested as of such date of termination,
for the period of time stated in his or her award agreement. Generally, if termination is due to death or disability, the stock appreciation
rights will remain exercisable for 12&nbsp;months. In all other cases, the stock appreciation rights will generally remain exercisable
for three&nbsp;months following the termination of service. However, in no event may stock appreciation rights be exercised later than
the expiration of their term. No dividends or dividend equivalent rights will be paid or accrued on stock appreciation rights. The specific
terms will be set forth in an award agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Performance Units/Performance Shares</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Performance&nbsp;units and performance shares may be granted under
the A&amp;R 2019 Equity Incentive Plan. Performance&nbsp;units and performance shares are awards that will result in a payment to a participant
only if performance goals established by the administrator are achieved or the awards otherwise vest. The administrator will establish
organizational or individual performance goals in its discretion, which, depending on the extent to which they are met, will determine
the number and/or the value of performance&nbsp;units and performance shares to be paid out to participants. After the grant of a performance
unit or performance share, the administrator, in its sole discretion, may reduce or waive any performance objectives or other vesting
provisions for such performance&nbsp;units or performance shares. Performance&nbsp;units shall have an initial dollar value established
by the administrator prior to the grant date. Performance shares shall have an initial value equal to the fair market value of our common
stock on the grant date. The administrator, in its sole discretion, may pay earned performance&nbsp;units or performance shares in the
form of cash, in shares or in some combination thereof. Any dividend equivalents on performance&nbsp;units or performance shares may be
earned in shares or cash but will be subject to the same restrictions on transferability and forfeiture as the performance&nbsp;units
or performance shares with respect to which they relate. The specific terms will be set forth in an award agreement.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Adjustments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of certain changes in our capitalization, to prevent diminution
or enlargement of the benefits or potential benefits available under the A&amp;R 2019 Equity Incentive Plan, the administrator will make
adjustments to one or more of the number and class of shares that may be delivered under the A&amp;R 2019 Equity Incentive Plan, the number,
class and price of shares covered by each outstanding Award, and/or the numerical share limits contained in the A&amp;R 2019 Equity Incentive
Plan.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Dissolution or Liquidation</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of our proposed liquidation or dissolution, the administrator
will notify participants as soon as practicable and all awards will terminate immediately prior to the consummation of such proposed transaction.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Certain Transactions or Change in Control</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The A&amp;R 2019 Equity Incentive Plan provides that, unless otherwise
set forth in an award agreement, in the event of a merger, consolidation or similar transaction, each outstanding Award or portion thereof
will be treated as the administrator determines, except that if such transaction results in a change in control, as defined under the
A&amp;R 2019 Equity Incentive Plan, in which an acquiring or successor corporation or its parent or subsidiary does not assume or substitute
an equivalent award for any outstanding Award or portion thereof, then such Award or portion thereof will fully vest, all restrictions
on such Award or portion thereof will lapse, all performance goals or other vesting criteria applicable to such Award or portion thereof
will be deemed achieved at 100% of target levels and such Award or portion thereof will become fully exercisable, if applicable, for a
specified period determined by the administrator, unless provided otherwise under the applicable award agreement. The Award or portion
thereof will then terminate upon the expiration of the specified period of time. If Awards granted to an outside director are assumed
or substituted and such director&rsquo;s service is terminated at or following such assumption or substitution, other than pursuant to
a voluntary resignation, his or her options and stock appreciation rights, if any, will vest fully and become immediately exercisable,
all restrictions on his or her restricted stock and restricted stock&nbsp;units, if any, will lapse, and all performance goals or other
vesting requirements for his or her performance shares and&nbsp;units will be deemed achieved at 100% of target levels, and all other
terms and conditions met, unless provided otherwise under the applicable award agreements.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Clawback</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Certain participants under the A&amp;R 2019 Equity Incentive Plan and
any Awards held by them will be subject to any clawback policy of Tesla currently in effect, such as provided in our clawback policy required
by Nasdaq listing standards as described below in &ldquo;<I>Executive Compensation for Fiscal Year 2024&thinsp;&mdash;&thinsp;Compensation
Discussion and Analysis&thinsp;&mdash;&thinsp;Clawback Policy</I>,&rdquo; or such other policies that may be established and/or amended
from time to time, or the forfeiture or repayment of such awards to the extent required by applicable laws. The administrator may require
such participants to forfeit, return or reimburse to us all or a portion of their Awards and any amounts paid thereunder pursuant to the
terms of such clawback policy or as required by applicable laws.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Transferability of Awards</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Awards granted under the A&amp;R 2019 Equity Incentive Plan generally
may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will or by the applicable laws
of descent or distribution and may be exercised, during the lifetime of the participant, only by the participant. The administrator may
make an Award transferable (provided that it be for no consideration), and such transfer may contain such additional terms and conditions
as the administrator deems appropriate.</P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.2
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<FILENAME>tm2530590d1_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
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<P STYLE="margin: 0">&#8239;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.2</B></P>

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Summary of the Proposed 2025 CEO Performance Award</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Overview</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Below is an overview of the proposed 2025 CEO Performance Award, which
is qualified in its entirety by reference to the full 2025 Award Agreement, which is attached hereto as Annex C.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; border-bottom: black 1pt solid; padding-top: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Award Terms </B></FONT></TD>
    <TD STYLE="width: 2%; border-bottom: black 1pt solid; padding-top: 0.1in">&#8239;</TD>
    <TD STYLE="width: 74%; border-bottom: black 1pt solid; padding-top: 0.1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Details </B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO Performance Award Value </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.1in">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Total Size</U>: 423,743,904 shares of Tesla&rsquo;s common stock,
    which represents 12% of the Adjusted Share Count.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Number of Award Tranches</U>: 12 tranches of 35,311,992 shares per
    tranche (representing 1% of the Adjusted Share Count per tranche).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The preliminary aggregate fair value estimate of the 2025 CEO Performance
    Award is $87.75&#8239;billion. <I>See</I> the section titled &ldquo;&mdash;&#8239;<I>Accounting and Tax Considerations&thinsp;&mdash;&thinsp;Accounting
    Consequences and Pro Forma Summary Compensation Table</I>&rdquo; for more information regarding the calculation of the preliminary fair
    value estimate.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equity Type </FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance-based restricted common stock. </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Award Milestones / Earned Shares </FONT></TD>
    <TD STYLE="padding-top: 0.1in">&#8239;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Market Capitalization Milestones</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt">a.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;12
    milestones relating to market capitalization (each a &ldquo;<U>Market Capitalization Milestone</U>&rdquo; and together, the &ldquo;<U>Market
    Capitalization Milestones</U>&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt">b.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;The
    first tranche milestone is a market capitalization of $2 trillion; the next nine tranches thereafter each require an additional $500&#8239;billion
    in market capitalization for the shares underlying such tranche to become Earned Shares, up to $6.5 trillion; the last two tranches each
    require an additional $1 trillion in market capitalization for the shares underlying such tranche to become Earned Shares, requiring $8.5
    trillion market capitalization for the last tranche.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.1in; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Award Terms </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.1in; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.1in; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Details </B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 0.1in; width: 24%">&#8239;</TD>
    <TD STYLE="padding-top: 0.1in; width: 2%">&#8239;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; width: 74%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.15pt; text-indent: -20.15pt">c.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Sustained
    market capitalization is required for each Market Capitalization Milestone to be met, other than in a change in control situation. Specifically,
    two prongs must be met to achieve a given Market Capitalization Milestone:</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.15pt; text-indent: -20.15pt">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
    six-calendar-month trailing average market capitalization (based on trading days) (the &ldquo;<U>Six-Month Market Capitalization</U>&rdquo;);
    and</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;A
    30-calendar-day trailing average market capitalization (based on trading days) (the &ldquo;<U>30-Day Market Capitalization</U>&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Operational Milestones</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt">a.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;12
    operational milestones (each an &ldquo;<U>Operational Milestone</U>&rdquo; and together, the &ldquo;<U>Operational Milestones</U>&rdquo;)
    relating to specific product (each a &ldquo;Product Goal&rdquo; and together, the &ldquo;Product Goals&rdquo;) or Adjusted EBITDA goals
    (each an &ldquo;<U>Adjusted EBITDA Milestone</U>&rdquo; and together, the &ldquo;<U>Adjusted EBITDA Milestones</U>&rdquo;) of which each
    Operational Milestone must be paired with one of the Market Capitalization Milestones for the shares underlying the next tranche to become
    Earned Shares, subject to a change in control.<SUP>(1)</SUP> <I>See</I> the section titled &ldquo;&mdash; <I>Key Terms of the Proposed
    2025 CEO Performance Award &mdash; Product Goals</I>&rdquo; for definitions applicable to the Product Goals.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20pt; text-indent: -20pt">b.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Product
    Goals</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;20
    Million Tesla Vehicles Delivered</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;10
    Million Active FSD Subscriptions</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;1
    Million Bots Delivered</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;1
    Million Robotaxis in Commercial Operation</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 20.15pt; text-indent: -20.15pt">c.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;Adjusted
    EBITDA Milestones</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">1.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;$50
    Billion of Adjusted EBITDA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">2.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;$80
    Billion of Adjusted EBITDA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">3.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;$130
    Billion of Adjusted EBITDA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">4.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;$210
    Billion of Adjusted EBITDA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">5.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;$300
    Billion of Adjusted EBITDA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">6.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;$400
    Billion of Adjusted EBITDA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">7.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;$400
    Billion of Adjusted EBITDA</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 40pt; text-indent: -20pt">8.&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;$400
    Billion of Adjusted EBITDA</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0"></P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 20.15pt"><SUP>(1)</SUP></TD><TD>For purposes of the 2025 CEO Performance Award, &ldquo;Adjusted EBITDA&rdquo; on a determination date means Tesla&rsquo;s net (loss)
income attributable to common shareholders before interest expense, (benefit) provision for income taxes, depreciation, amortization and
impairment, stock-based compensation and digital assets gains and losses, as reported by Tesla in its financial statements on Forms 10-Q
and 10-K (or other Exchange Act filing) filed with the SEC, for the four consecutive fiscal quarters of Tesla that immediately precede
such determination date. For the avoidance of doubt, for purposes of the 2025 CEO Performance Award, Adjusted EBITDA will be such amount
without application of any rounding used in reporting the amount in the Company&rsquo;s Form 10-Q or 10-K (or other Exchange Act filing)
filed with the SEC, as applicable.</TD></TR></TABLE>



<P STYLE="margin: 0">&#8239;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.1in; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Award Terms </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.1in; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.1in; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Details </B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.1in; width: 24%">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.1in; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; width: 74%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">For purposes of clarity, meeting each of the last three Adjusted EBITDA
    Milestones requires achieving Adjusted EBITDA of $400,000,000,000 over four consecutive fiscal quarters. As such, Mr.&#8239;Musk achieves
    all of the Operational Milestones prior to a change in control only if Tesla earns $400,000,000,000 of Adjusted EBITDA over three non-overlapping
    periods, each made up of four consecutive quarters.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><U>Earned Shares</U></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The shares underlying each of the 12 tranches are no longer subject
    to the restrictions of the Voting Agreement, becoming Earned Shares, only when both a Market Capitalization Milestone and Operational
    Milestone are met (or a Deemed Achievement (as defined below) occurs) while Mr.&#8239;Musk remains in Eligible Service (as defined below)
    and subject, in the case of the 11th and 12th tranches, to satisfying the CEO Succession Framework (as defined below). Each tranche becomes
    Earned Shares when the Administrator (as defined below) determines, approves and certifies that the requisite conditions have been satisfied
    provided that Mr.&#8239;Musk is then providing Eligible Services.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to any Deemed Achievement (as defined below), any one of the
    12 Operational Milestones can be matched with any one of the 12 Market Capitalization Milestones, and any single Operational Milestone
    can satisfy the requirements for one tranche to become Earned Shares. A Market Capitalization Milestone and an Operational Milestone that
    are matched together can be achieved at different points in time and shares will become Earned Shares at the later of the achievement
    dates for such Market Capitalization Milestone and Operational Milestone.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vesting of Earned Shares </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.1in">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The vesting date for each Earned Share varies depending on when the
    relevant underlying performance milestones are achieved. Generally, shares that become Earned Shares prior to the 5th anniversary of the
    2025 CEO Performance Award grant date vest on the 7.5th anniversary of the 2025 CEO Performance Award, provided that Mr.&#8239;Musk remains
    in continuous Eligible Service through the 7.5th anniversary (the &ldquo;<U>7.5 Year Earned Shares</U>&rdquo;). Generally, shares that
    become Earned Shares after the 5th anniversary of the 2025 CEO Performance Award grant date vest on the 10th anniversary of the 2025 CEO
    Performance Award, provided that Mr.&#8239;Musk remains in continuous Eligible Service through the 10th anniversary (the &ldquo;<U>10 Year
    Earned Shares</U>&rdquo;).</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Subject to any applicable clawback provisions, policies or other forfeiture
    terms, once a milestone is achieved, it is forever deemed achieved for determining whether a tranche has resulted in Earned Shares.</P></TD></TR>
</TABLE>

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<P STYLE="margin-top: 0; margin-bottom: 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.1in; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Award Terms </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.1in; width: 2%">&#8239;</TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.1in; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Details </B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Offset Amount / Payment Upon Vesting </FONT></TD>
    <TD STYLE="width: 2%">&#8239;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt; width: 74%">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The number of 7.5 Year Earned Shares
    will be immediately reduced by an amount (the &ldquo;<U>Initial Offset Amount</U>&rdquo;), which will equal the number of shares of Tesla&rsquo;s
    common stock with a fair market value on the 7.5th anniversary of the 2025 CEO Performance Award equal to the product of $334.09 per share
    (the fair market value of a share of our common stock on September&#8239;3, 2025, the date of grant) multiplied by the number of 7.5 Year
    Earned Shares, rounded up to the nearest whole share (unless Mr.&#8239;Musk, chooses to pay the Initial Offset Amount to Tesla in cash).</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&#8239;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    number of 10 Year Earned Shares will be immediately reduced by the &ldquo;<U>Final Offset Amount</U>,&rdquo; which will equal the
    number of shares of Tesla&rsquo;s common stock with a fair market value on the 10th anniversary of the 2025 CEO Performance Award
    equal to the product of $334.09 per share (the fair market value of a share of our common stock on September&#8239;3, 2025, the date
    of grant) multiplied by the number of 10 Year Earned Shares, rounded up to the nearest whole share (unless Mr.&#8239;Musk elects
    to pay the Final Offset Amount to Tesla in cash). The Initial Offset Amount together with the Final Offset Amount is referred to
    herein as the &ldquo;<U>Offset Amount</U>.&rdquo; </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeiture </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If any of the Market Capitalization Milestones or Operational Milestones
    are not achieved prior to the 10th anniversary of the 2025 CEO Performance Award, all unvested shares (including unvested Earned Shares)
    will be forfeited.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If the Eligible Service requirement for continued vesting is not met,
    then any unvested shares (including unvested Earned Shares) will be forfeited upon Cessation of Eligible Service, except as discussed
    below upon a termination without cause or Mr.&#8239;Musk&rsquo;s death or disability or in the event of a change in control.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deemed Achievement Based on Covered Event </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&ldquo;<U>Covered Event</U>&rdquo; means an event, circumstance, change
    or occurrence outside of Tesla&rsquo;s control that, individually or in the aggregate, has a substantial adverse impact on Tesla&rsquo;s
    ability to achieve a Product Goal other than &ldquo;20 Million Tesla Vehicles Delivered&rdquo; at any time prior to the 10th anniversary
    of the 2025 CEO Performance Award.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If there is a Covered Event after the third anniversary of the 2025
    CEO Performance Award, then an award tranche shall be eligible to become Earned Shares (as defined above) (a &ldquo;<U>Deemed Achievement</U>&rdquo;)
    if (i)&#8239;30-Day Market Capitalization, Six-Month Market Capitalization and one year trailing average (based on trading days) market
    capitalization (the &ldquo;<U>One-Year Market Capitalization</U>&rdquo;) of Tesla equal or exceed the value of the corresponding Market
    Capitalization Milestone and (ii)&#8239;Mr.&#8239;Musk is still in Eligible Service as of the date of determination, subject to satisfying
    the CEO Succession Framework requirement for the 11th and 12th tranches (as defined below).</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">CEO Succession Framework </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">The 11th and 12th tranches may only become Earned Shares if Mr.&#8239;Musk has also developed a framework for Chief Executive Officer succession approved by the Administrator in good faith (the &ldquo;<U>CEO Succession Framework</U>&rdquo;). </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Performance Period </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">10&#8239;years from the date of grant.</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&#8239;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

<!-- Field: Page; Sequence: 4 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="margin-top: 0; margin-bottom: 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.1in; width: 24%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Award Terms </B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt solid; padding-top: 0.1in; width: 2%">&#8239;</TD>
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    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt; width: 74%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">To further align Mr.&#8239;Musk&rsquo;s interests with those of Tesla&rsquo;s shareholders, Earned Shares must be held beneficially by Mr.&#8239;Musk (whether personally or through an approved family planning trust) for five&#8239;years after first becoming Earned Shares (regardless of whether such Earned Shares vest). </FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vesting eligibility and eligibility to earn shares are contingent upon Mr.&#8239;Musk continuing to provide services to Tesla as (i)&#8239;Chief Executive Officer or (ii)&#8239;an executive officer responsible for Tesla&rsquo;s product development or operations that has been approved by disinterested directors of the Board (collectively, &ldquo;<U>Eligible Service</U>&rdquo; with any termination of such service referred to herein as a &ldquo;<U>Cessation of Eligible Service</U>&rdquo;). </FONT></TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acceleration of vesting for Earned Shares upon termination of employment without cause, death or disability. </FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Change in Control of Tesla </FONT></TD>
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    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any Earned Shares will vest upon a change in control of Tesla.</FONT></TD></TR>
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    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="padding-right: 0.5pt; padding-left: 0.5pt">&#8239;</TD></TR>
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    <TD STYLE="border-bottom: Black 1pt solid">&#8239;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 0.5pt; padding-left: 0.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In the event of a change in control of Tesla, the Administrator will
    assess whether shares have become Earned Shares solely on the basis of market capitalization, which will equal the product of (a)&#8239;the
    total number of outstanding shares immediately prior to the change in control and (b)&#8239;the greater of (i)&#8239;the most recent closing
    price per share immediately prior to change in control and (ii)&#8239;the per share price (plus the per share value of any other consideration)
    received by the Tesla&rsquo;s shareholders in the change in control. Any Unearned Shares that do not become Earned Shares as a result
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Irrevocable
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    as applicable, of all other shares of capital stock of Tesla that are present and entitled to vote at any annual or special meeting (or
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    of Taxes</U></FONT>: Taxes with respect to taxable gain on the 2025 CEO Performance Award may be paid by Mr.&#8239;Musk through the sale
    of vested shares or in cash or by Tesla through net settlement of vested shares, subject to any limitations imposed under the 2025 Award
    Agreement or by applicable law or Tesla&rsquo;s policies.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><U>Limited
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    Amount due in respect of the 2025 CEO Performance Award, Mr.&#8239;Musk may pledge any shares of our common stock he beneficially owns
    (including, without limitation, shares awarded under the 2025 CEO Performance Award, the 2025 CEO Interim Award and the 2018 CEO Performance Award).</P></TD></TR>
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<P STYLE="margin: 0">&#8239;</P>

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Market Capitalization and Adjusted EBITDA Milestone targets may be
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodStartDate" xlink:label="dei_DocumentPeriodStartDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodEndDate" xlink:to="dei_DocumentPeriodEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodEndDate_lbl" xml:lang="en-US">Document Period End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="dei_DocumentFiscalPeriodFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalPeriodFocus" xlink:to="dei_DocumentFiscalPeriodFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalPeriodFocus_lbl" xml:lang="en-US">Document Fiscal Period Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_DocumentFiscalYearFocus" xlink:label="dei_DocumentFiscalYearFocus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentFiscalYearFocus" xlink:to="dei_DocumentFiscalYearFocus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentFiscalYearFocus_lbl" xml:lang="en-US">Document Fiscal Year Focus</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CurrentFiscalYearEndDate" xlink:label="dei_CurrentFiscalYearEndDate" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CurrentFiscalYearEndDate" xlink:to="dei_CurrentFiscalYearEndDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CurrentFiscalYearEndDate_lbl" xml:lang="en-US">Current Fiscal Year End Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFileNumber" xlink:to="dei_EntityFileNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFileNumber_lbl" xml:lang="en-US">Entity File Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityRegistrantName" xlink:label="dei_EntityRegistrantName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityRegistrantName" xlink:to="dei_EntityRegistrantName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCentralIndexKey" xlink:label="dei_EntityCentralIndexKey" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCentralIndexKey" xlink:to="dei_EntityCentralIndexKey_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCentralIndexKey_lbl" xml:lang="en-US">Entity Central Index Key</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityPrimarySicNumber" xlink:label="dei_EntityPrimarySicNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPrimarySicNumber" xlink:to="dei_EntityPrimarySicNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityTaxIdentificationNumber" xlink:label="dei_EntityTaxIdentificationNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityTaxIdentificationNumber" xlink:to="dei_EntityTaxIdentificationNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityIncorporationStateCountryCode" xlink:label="dei_EntityIncorporationStateCountryCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityIncorporationStateCountryCode" xlink:to="dei_EntityIncorporationStateCountryCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityIncorporationStateCountryCode_lbl" xml:lang="en-US">Entity Incorporation, State or Country Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine1" xlink:label="dei_EntityAddressAddressLine1" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine1" xlink:to="dei_EntityAddressAddressLine1_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2025/dei-2025.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>9
<FILENAME>tsla-20251106_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
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<DOCUMENT>
<TYPE>XML
<SEQUENCE>11
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
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<body>
<span style="display: none;">v3.25.3</span><table class="report" border="0" cellspacing="2" id="id2">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Nov. 06, 2025</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Nov.  06,  2025<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">001-34756<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Tesla, Inc.<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001318605<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">91-2197729<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">TX<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">1 Tesla Road<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">Austin<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">TX<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">78725<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">512<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">516-8177<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common
    stock<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">TSLA<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14a<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
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