Blankenship served as a real estate consultant for Microsoft Corporation. If you are a beneficial owner of Tesla common stock held in street name, please check the voting instructions provided by your broker, trustee or nominee for Internet voting availability. Debt Financing Asset growth has been at around 100% per year compared to revenue growth rate at 78% annually. We commenced deliveries of Model S in June 2012 to customers in the United States and increased production to an annualized rate of 20,000 vehicles per year by the end of 2012. As a stockholder, you are invited to attend the 2013 Annual Meeting and are requested to vote on the proposals described in this proxy statement.
Although we receive full payment for the vehicle sales price at the time of delivery, we are required to account for these transactions as operating leases. The Board of Directors has three standing committees: an Audit Committee, a Compensation Committee and a Nominating and Corporate Governance Committee. A: The presence of the holders of a majority of the shares entitled to vote at the 2013 Annual Meeting is necessary to constitute a quorum at the 2013 Annual Meeting. To combat the issue of finding convenient places to recharge the battery, Tesla is also building Supercharger stations globally. Q: How many shares must be present or represented to conduct business at the 2013 Annual Meeting? Musks continued service to us at each such vesting event. Equity-based incentives Overview Our equity award program is the primary vehicle for offering long-term incentives to our named executive officers.
We capitalize the cost of these vehicles on the consolidated balance sheets as operating lease vehicles, net, and depreciate their value, less salvage value, to cost of automotive leasing revenue over the same period. The Compensation Committee Report is included in this proxy statement on page 27. Its financial strength comes almost exclusively from its stock offerings. Ahuja to reimburse him for certain relocation expenses. Name Age Position Elon Musk 41 Chief Executive Officer, Product Architect and Chairman Brad W. Any action on the items of business described above may be considered at the 2013 Annual Meeting at the time and on the date specified above or at any time and date to which the 2013 Annual Meeting may be properly adjourned or postponed.
Prior to option grant awards made in December 2009, Mr. During the year ended December 31, 2012, we paid Mr. Under the provisions of its charter, the Compensation Committee may form and delegate its authority to one or more subcommittees where appropriate. Includes 9,470,000 shares pledged as collateral to secure certain personal indebtedness. Among them are the usual cautionary statements one would expect from an automaker, such as the risk to its reputation should its cars be subject to a product-safety recall or the hazard of unexpected increases in operational costs. Ehrenpreis has been with Technology Partners, a venture capital firm, since 1996. As part of this process, the Compensation Committee retained Compensia as its outside consultant to analyze the suitability and competitiveness of Teslas outside director compensation structure, and to present a proposal to align such structure more closely with that of comparable public companies and adequately compensate Board members for service on Board Committees.
The driving force behind its impressive Model S sales is. Gracias, the Chief Executive Officer of Valor Management Corporation, who has been a director of Tesla since May 2007 and was appointed as the Lead Independent Director in September 2010. SpaceX Agreements Elon Musk, our Chief Executive Officer, Product Architect and Chairman, is also the Chief Executive Officer and a significant stockholder of SpaceX. Proxy cards submitted by mail must be received by the time of the meeting in order for your shares to be voted. Any previous votes that were submitted by you will be superseded by the vote you cast at the 2013 Annual Meeting.
Based solely upon the copies of Section 16 a reports that Tesla received from such persons for their 2012 fiscal year transactions, and the written representations received from certain of such persons that no reports were required to be filed for them for the 2012 fiscal year, Tesla is aware of no late Section 16 a filings. The nature of the research and development efforts consists principally of planning, des igning and testing the technology for viability in manufacturing. This indirect supply relationship continues in 2013. We do not designate our interest rate swaps as hedging instruments. In addition to the market capitalization milestones, vesting for each of the ten tranches requires achievement of certain operational milestones. The carrying values of these financial instruments other than the convertible senior notes, the 5.
As we accumulate more data related to the resale values of our vehicles or as market conditions change, there may be material changes to their estimated values. Thus, if you hold your shares in street name and you do not instruct your bank or broker how to vote in these matters, no votes will be cast on your behalf. Musks salary is based on minimum wage requirements under California law and he is subject to income taxes based on such base salary. Gilbert Passin has served as our Vice President, Manufacturing since January 2010. In the last four years, the first three were completely unsustainable.
Where will the majority of this demand for all this battery production come from? Prior to joining SpaceX, Mr. Attendance at Annual Meetings of Stockholders by the Board of Directors Although Tesla does not have a formal policy regarding attendance by members of the Board of Directors at Teslas annual meeting of stockholders, Tesla encourages, but does not require, directors to attend. And no wonder Tesla doesn't need to pay for advertising, Model S owners absolutely love the car. Musks equity compensation and retained Compensia to advise in such review. At times, these deposits may be in excess of insured limits. A: You may receive more than one set of Notices or voting materials, including multiple copies of proxy cards or voting instruction cards. To achieve these goals, we designed, and intend to modify as necessary, our compensation and benefits program and philosophy, to attract, retain and incentivize talented, deeply qualified, and committed executive officers that share our philosophy and desire to work toward these goals.