Tesla, Inc.
For the period ended Nov 6, 2025. Filed Sep 17, 2025.
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What shareholders are asked to vote on at a company's meeting. It is where to find what directors and top executives are paid, and who owns the most shares.
Nov 6, 2025 · Filed Sep 17, 2025
Contents
Appendix B: Pay-for-Performance Analysis A-B-1
Appendix B:
Pay-for-Performance Analysis
Infinite Equity analyzed the alignment between Tesla’s CEO compensation and shareholder returns from 2018 to 2022, utilizing an adapted version of the SEC’s “Compensation Actually Paid”96 methodology. The analysis compared the increase in Tesla’s CEO compensation to the 10 largest US-based companies measure by market capitalization as of June 30, 2025 (each a “Comparison Group Company” and collectively, the “Comparison Group”) using Total Shareholder Return (“TSR”) measured from December 31, 2017, to December 31, 2022. Results showed Tesla’s CEO compensation growth ranked at the 100th percentile among the Comparison Group, directly mirroring Tesla’s exceptional TSR performance, also in the 100th percentile. This close correlation demonstrates that Tesla’s compensation structure effectively aligned CEO incentives with substantial shareholder value creation.
Compensation and TSR was measured from 2018 through 2022 to align with Tesla’s fiscal years encompassing the year the 2018 CEO Performance Award was initially granted until the year the final tranche of this award was achieved.
Methodology 97
(1) Calculate Summary Compensation Table Total
For each Comparison Group Company, sum Total Compensation from the Summary Compensation Table in proxy disclosures for fiscal years 2018 to 2022.
(2) Calculate Grant Date Value of Equity
For each Comparison Group Company, sum Stock Awards and Option Awards from the Summary Compensation Table in proxy disclosures for fiscal years 2018 to 2022.
(3) Calculate Value of Vested and Outstanding Equity as of 12/31/22
For each Comparison Group Company, utilize the Grants of Plan-Based Awards table in the proxy disclosures to determine each equity award granted during fiscal years 2018 to 2022. For each equity award, utilize the Outstanding Equity Awards table and Compensation Discussion and Analysis 98 (“CD&A”) from the proxy disclosures to determine the number of awards vested during fiscal years 2018 to 2022, and the number of awards outstanding as of 12/31/2022. For PSUs and RSUs, the value of vested awards is calculated as the number of awards that vest multiplied by the stock price on the vest date, plus the value of accrued dividends. For options/SARs, the value of vested awards is estimated as the number of awards that vest multiplied by the estimated fair value per award using the Black-Scholes option pricing model as of the vest date. For PSUs and RSUs, the value of outstanding awards is calculated as the number of awards outstanding as of 12/31/2022 multiplied by the dividend-adjusted stock price on 12/30/2022 (the last trading day in 2022). For options/SARs, the value of outstanding awards is estimated as the number of awards outstanding as of 12/31/2022 multiplied by the estimated fair value per award using the Black-Scholes option pricing model as of 12/31/2022. The Value of Vested and Outstanding Equity as of 12/31/2022 is the sum of the value of vested and outstanding awards from above.
For PSU awards with an uncompleted performance period as of 12/31/2022, the analysis uses the reported payout of the PSU awards through 12/31/2024, either via reported vesting events or, for awards outstanding as of 12/31/2024, the most recently reported outstanding awards totals.
96 Defined by Item 402(v) of Regulation S-K.
97 Capitalized terms are references to specific table names and column headers defined in Item 402(c) of Regulation S-K.
98 Item 402(b) of Regulation S-K.
| | A-B-1 | |
|---|
(4) Calculate Compensation Actually Paid
For each Comparison Group Company, subtract the Grant Date Value of Equity (2)99 from Summary Compensation Table Total (1) and add Value of Vested and Outstanding Equity as of 12/31/2022 (3)
(5) Calculate Percentile Rank of Comparison Group — Compensation Actually Paid
For each Comparison Group Company, calculate the percentile rank of Compensation Actually Paid (4)
(6) Calculate TSR
For each Comparison Group Company, calculate the TSR for the period 2018 to 2022; divide the dividend-adjusted closing stock price as of 12/30/2022 (last trading day in 2022) by the closing stock price on 12/29/2017 (first trading day prior to 2018). Dividends are assumed to be reinvested on the ex-dividend date.
(7) Calculate Percentile Rank of Comparison Group — TSR
For each Comparison Group Company, calculate the percentile rank of TSR (6)
(8) Determine the relationship between Compensation Actually Paid Percentile and TSR Percentile
Graph a scatter plot between Compensation Actually Paid Percentile (x-axis) and Total Shareholder Return Percentile (y-axis)
[An example implementing this methodology is presented on the page that follows]
Example — Apple
(1) Calculate Summary Compensation Table Total
| Fiscal Year · · · Total Comp · | |||||||
|---|---|---|---|---|---|---|---|
| 2022 | | | | | 99,420,097 | | |
| 2021 | | | | | 98,734,394 | | |
| 2020 | | | | | 14,769,259 | | |
| 2019 | | | | | 11,555,466 | | |
| 2018 | | | | | 15,682,219 | | |
| Total | | | | | 240,161,435 | | |
Summary Compensation Table — 2022, 2021, and 2020
The following table, footnotes, and related narrative show information regarding the total compensation of each named executive officer for 2022, 2021, and 2020.
| Name and Principal Position · · · Year · · · Salary($) · · · Bonus($) · · · StockAwards(1)($) · · · Non-EquityIncentive PIanCompensation(2)($) · · · All OtherCompensation($) · · · Total($) · | |||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tim Cook Chief Executive Officer | | | | | 2022 | | | | | | 3,000,000 | | | | | | — | | | | | | 82,994,164 | | | | | | 12,000,000 | | | | | | 1,425,933(3) | | | | | | 99,420,097 | | |
| | | | 2021 | | | | | | 3,000,000 | | | | | | — | | | | | | 82,347,835 | | | | | | 12,000,000 | | | | | | 1,386,559 | | | | | | 98,734,394 | | | ||
| | | | 2020 | | | | | | 3,000,000 | | | | | | — | | | | | | — | | | | | | 10,731,000 | | | | | | 1,038,259 | | | | | | 14,769,259 | | | ||
Summary Compensation Table — 2019, 2018, and 2017
The following table, footnotes, and related narrative show information regarding the total compensation of each named executive officer for 2019, 2018, and 2017, except in the case of Ms. Adams and Mr. Williams who were not named executive officers in 2017, and Ms. O’Brien who was not a named executive officer in 2018 or 2017.
99 Numbers shown in “( )” refer to the steps in the calculation.
| | A-B-2 | |
|---|
| Name and Principal Position(a) · · · Year(b) · · · Salary(1)($)(c) · · · Bonus($)(d) · · · StockAwards(2)($)(e) · · · Non-EquityIncentive PlanCompensation(3)($)(f) · · · All OtherCompensation($)(g) · · · Total($)(h) · | |||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tim Cook Chief Executive Officer | | | | | 2019 | | | | | | 3,000,000 | | | | | | — | | | | | | — | | | | | | 7,671,000 | | | | | | 884,466(4) | | | | | | 11,555,466 | | |
| | | | 2018 | | | | | | 3,000,000 | | | | | | — | | | | | | — | | | | | | 12,000,000 | | | | | | 682,219 | | | | | | 15,682,219 | | | ||
| | | | 2017 | | | | | | 3,057,692 | | | | | | — | | | | | | — | | | | | | 9,327,000 | | | | | | 440,374 | | | | | | 12,825,066 | | | ||
(2) Calculate Grant Date Value of Equity
| Fiscal Year · · · Stock Awards · | |||||||
|---|---|---|---|---|---|---|---|
| 2022 | | | | | 82,994,164 | | |
| 2021 | | | | | 82,347,835 | | |
| 2020 | | | | | 0 | | |
| 2019 | | | | | 0 | | |
| 2018 | | | | | 0 | | |
| Total | | | | | 165,341,999 | | |
Summary Compensation Table — 2022, 2021, and 2020
The following table, footnotes, and related narrative show information regarding the total compensation of each named executive officer for 2022, 2021, and 2020.
| Name and Principal Position · · · Year · · · Salary($) · · · Bonus($) · · · StockAwards(1)($) · · · Non-EquityIncentive PlanCompensation(2)($) · · · All OtherCompensation($) · · · Total($) · | |||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tim Cook Chief Executive Officer | | | | | 2022 | | | | | | 3,000,000 | | | | | | — | | | | | | 82,994,164 | | | | | | 12,000,000 | | | | | | 1,425,933(3) | | | | | | 99,420,097 | | |
| | | | 2021 | | | | | | 3,000,000 | | | | | | — | | | | 82,347,835 | | | | | 12,000,000 | | | | | | 1,386,559 | | | | | | 98,734,394 | | | |||||
| | | | 2020 | | | | | | 3,000,000 | | | | | | — | | | | | | — | | | | | | 10,731,000 | | | | | | 1,038,259 | | | | | | 14,769,259 | | | ||
Summary Compensation Table — 2019, 2018, and 2017
The following table, footnotes, and related narrative show information regarding the total compensation of each named executive officer for 2019, 2018, and 2017, except in the case of Ms. Adams and Mr. Williams who were not named executive officers in 2017, and Ms. O’Brien who was not a named executive officer in 2018 or 2017.
| Name and Principal Position (a) · · · Year(b) · · · Salary(1)($)(c) · · · Bonus($)(d) · · · StockAwards(2)($)(e) · · · Non-EquityIncentive PIanCompensation(3)($)(f) · · · All OtherCompensation($)(g) · · · Total($)(h) · | |||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Tim Cook Chief Executive Officer | | | | | 2019 | | | | | | 3,000,000 | | | | | | — | | | | | | — | | | | | | 7,671,000 | | | | | | 884,466(4) | | | | | | 11,555,466 | | |
| | | | 2018 | | | | | | 3,000,000 | | | | | | — | | | | | | — | | | | | | 12,000,000 | | | | | | 682,219 | | | | | | 15,682,219 | | | ||
| | | | 2017 | | | | | | 3,057,692 | | | | | | — | | | | | | — | | | | | | 9,327,000 | | | | | | 440,374 | | | | | | 12,825,066 | | | ||
(3) Calculate Value of Vested and Outstanding Equity as of 12/31/22
| Grant Information · · · Fiscal Year Assumptions · · · Valuation Assumptions · | ||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ticker · · · GrantDate · · · VestDate · · · ApplicableShares /Options · · · Vested orOutstanding · · · ValuationDate · · · CashDividendEquivalentsEarned · · · Fair Value · · · Fair Valueas %of StockPrice · · · Total FairValue · | ||||||||||||||||||||||||||||||||||||||||||||||||||||
| AAPL | | | | | 9/27/2020 | | | | | | 10/1/2023 | | | | | | 511,000 | | | | | | Outstanding | | | | | | 12/31/2022 | | | | | $1.98 | | | | | $131.91 | | | | | | 101.52% | | | | | $67,406,010 | | |
| AAPL | | | | | 9/27/2020 | | | | | | 4/1/2023 | | | | | | 111,329 | | | | | | Outstanding | | | | | | 12/31/2022 | | | | | $1.98 | | | | | $131.91 | | | | | | 101.52% | | | | | $14,685,408 | | |
| AAPL | | | | | 9/27/2020 | | | | | | 4/1/2024 | | | | | | 111,329 | | | | | | Outstanding | | | | | | 12/31/2022 | | | | | $1.98 | | | | | $131.91 | | | | | | 101.52% | | | | | $14,685,408 | | |
| AAPL | | | | | 9/27/2020 | | | | | | Varies | | | | | | 111,329 | | | | | | Outstanding | | | | | | 12/31/2022 | | | | | $1.98 | | | | | $131.91 | | | | | | 101.52% | | | | | $14,685,408 | | |
| AAPL | | | | | 9/26/2021 | | | | | | 10/1/2024 | | | | | | 477,301 | | | | | | Outstanding | | | | | | 12/31/2022 | | | | | $1.13 | | | | | $131.06 | | | | | | 100.87% | | | | | $62,555,069 | | |
| | A-B-3 | |
|---|
| Grant Information · · · Fiscal Year Assumptions · · · Valuation Assumptions · | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ticker · · · GrantDate · · · VestDate · · · ApplicableShares /Options · · · Vested orOutstanding · · · ValuationDate · · · CashDividendEquivalentsEarned · · · Fair Value · · · Fair Valueas %of StockPrice · · · Total FairValue · | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
| AAPL | | | | | 9/26/2021 | | | | | | 4/1/2024 | | | | | | 85,080 | | | | | | Outstanding | | | | | | 12/31/2022 | | | | | $1.13 | | | | | $131.06 | | | | | | 100.87% | | | | | $11,150,585 | | | ||
| AAPL | | | | | 9/26/2021 | | | | | | Varies | | | | | | 170,161 | | | | | | Outstanding | | | | | | 12/31/2022 | | | | | $1.13 | | | | | $131.06 | | | | | | 100.87% | | | | | $22,301,301 | | | ||
| AAPL | | | | | 9/25/2022 | | | | | | Varies | | | | | | 199,429 | | | | | | Outstanding | | | | | | 12/31/2022 | | | | | $0.23 | | | | | $130.16 | | | | | | 100.18% | | | | | $25,957,679 | | | ||
| AAPL | | | | | 9/25/2022 | | | | | | Varies | | | | | | 66,477 | | | | | | Outstanding | | | | | | 12/31/2022 | | | | | $0.23 | | | | | $130.16 | | | | | | 100.18% | | | | | $8,652,646 | | | ||
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | | | | | $242,079,515 | | |
| | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(4) Calculate Compensation Actually Paid
(1) – (2) + (3) = $240,161,435 – $165,341,999 + $242,079,515 =$316,898,951
(5) Calculate Percentile Rank of Comparison Group — Compensation Actually Paid
| Company · · · SummaryCompensationTable TotalFY2018 – 2022(a) · · · Grant DateValue ofEquityFY2018 – 2022(b) · · · Value ofVested andOutstanding Equityas of 12/31/22(c) · · · CompensationActually PaidFY2018 – 2022(d) = (a) – (b) + (c) · · · PercentileRank of Peers · | |||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GOOGL | | | | $522,235,909 | | | | | $494,649,756 | | | | | $729,075,383 | | | | | $756,661,536 | | | | | | 80.00% | | |
| AAPL | | | | $240,161,435 | | | | | $165,341,999 | | | | | $242,079,515 | | | | | $316,898,951 | | | | | | 50.00% | | |
| MSFT | | | | $217,879,856 | | | | | $152,500,057 | | | | | $365,043,096 | | | | | $430,422,895 | | | | | | 60.00% | | |
| AVGO | | | | $132,416,275 | | | | | $107,970,256 | | | | | $1,347,368,888 | | | | | $1,371,814,907 | | | | | | 90.00% | | |
| AMZN | | | | $219,045,412 | | | | | $211,933,520 | | | | | $102,480,000 | | | | | $109,591,892 | | | | | | 10.00% | | |
| WMT | | | | $116,759,890 | | | | | $82,017,622 | | | | | $173,212,707 | | | | | $207,954,975 | | | | | | 30.00% | | |
| NVDA | | | | $81,182,712 | | | | | $65,016,114 | | | | | $546,989,857 | | | | | $563,156,455 | | | | | | 70.00% | | |
| JPM | | | | $213,349,372 | | | | | $178,120,000 | | | | | $270,083,054 | | | | | $305,312,426 | | | | | | 40.00% | | |
| META | | | | $125,192,260 | | | | | $0 | | | | | $0 | | | | | $125,192,260 | | | | | | 20.00% | | |
| BRK.A | | | | $1,918,862 | | | | | $0 | | | | | $0 | | | | | $1,918,862 | | | | | | 0.00% | | |
| TSLA | | | | $2,284,068,644 | | | | | $2,283,988,504 | | | | | $51,846,243,496 | | | | | $51,846,323,636 | | | | | | 100.00% | | |
(6) Calculate Total Shareholder Return
Growth of $100 = $546.58 / $169.23 * 100 =$322.98
| | A-B-4 | |
|---|
(7) Calculate Percentile Rank of Comparison Group — Total Shareholder Return
| Company · · · 12/29/2017Stock Price · · · 12/30/2022Stock Price · · · TotalShareholderReturn(Growth of $100, 2018 – 2022) · · · PercentileRank of Peers · | ||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GOOGL | | | | $1,053.40 | | | | | $1,764.60 | | | | | $167.51 | | | | | | 50.00% | | |
| AAPL | | | | $169.23 | | | | | $546.58 | | | | | $322.98 | | | | | | 90.00% | | |
| MSFT | | | | $85.54 | | | | | $254.72 | | | | | $297.78 | | | | | | 70.00% | | |
| AVGO | | | | $256.90 | | | | | $666.20 | | | | | $259.32 | | | | | | 60.00% | | |
| AMZN | | | | $1,169.47 | | | | | $1,680.00 | | | | | $143.65 | | | | | | 10.00% | | |
| WMT | | | | $98.75 | | | | | $155.38 | | | | | $157.34 | | | | | | 30.00% | | |
| NVDA | | | | $193.50 | | | | | $590.51 | | | | | $305.17 | | | | | | 80.00% | | |
| JPM | | | | $106.94 | | | | | $155.05 | | | | | $144.98 | | | | | | 20.00% | | |
| META | | | | $176.46 | | | | | $120.34 | | | | | $68.20 | | | | | | 0.00% | | |
| BRKA | | | | $297,600.01 | | | | | $468,710.96 | | | | | $157.50 | | | | | | 40.00% | | |
| TSLA | | | | $311.35 | | | | | $1,847.70 | | | | | $593.45 | | | | | | 100.00% | | |
(8) Determine the relationship between Compensation Actually Paid Percentile and Total Shareholder Return Percentile
| | A-B-5 | |
|---|
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.