The compensation agreement provides that, for the duration of the bridge, Mr. Musk provides Tesla with compensation coverage for directors and officers if such coverage cannot be compensated by Tesla, up to a total of $100 million. In exchange, Tesla pays Mr. Musk a one-time tax of $972,361. Tesla will also make reasonable efforts to secure the market offer and pay Mr. Musk an additional amount to reconcile the single fee, in order to be equal to the market premium of the market offer, as used for 90 days and which will still be discounted to 50% if the latter amount is higher. The compensation agreement is also subject to certain customary conditions for compensation agreements with executives and senior managers. When a growing business, by the effect of a tick, if the filer has decided not to use the extended transition period to comply with new or revised accounting standards, in accordance with Section 13 (a) of the Exchange Act. ☐ Contributing whether the filer is a growing business under Rule 405 of the Securities Act of 1933 (17 CFR 230.405) or 12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2). . Message written under Rule 425 of the Securities Act (17 CFR 230.425) Activate the box below to find out if Form 8-K must simultaneously complete the reporting obligation of the registrant in accordance with one of the following provisions (see General Instruction A.2). below: The purchase of equipment pursuant to Rule 14a-12 under the Exchanges Act (17 CFR 240.14a-12) In accordance with the requirements of the Securities Exchange Act of 1934, the registrant duly had this report signed on his behalf by the duly authorized report.
In accordance with Section 12 (b) of the Act: Report Date (Earliest Event Date Notified): June 24, 2020 On June 24, 2020, Tesla, Inc. (“Tesla”) entered into a compensation agreement with Elon Musk, Tesla`s Chief Executive Officer, for a 90-day transitional period (the “bridge duration”). During the Bridge Term, Tesla resumes its annual assessment of all available options for the provision of compensation coverage reports for directors and officers, which it had suspended during the level of COVID 19 pandemic protection requirements. As part of such a process, Tesla intends to secure a firm market offer for directors and officers` liability insurance, with a total coverage limit of $100 million (the “market offer”) that Tesla will weigh when selecting a compensation option for a normal term after the bridge`s term ends. . Registrant`s phone number, including zone code point 1.01Fluence in a final agreement. (address of the main administrations and postcode).