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[PX14A6G] Tesla, Inc. SEC Filing

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PX14A6G

Tesla, Inc. shareholders received a PX14A6G notice urging support for Proposal Eleven, a governance change tied to Tesla’s Texas reincorporation. The proposal would amend the bylaws so that if the Board adopts the Texas Business Organizations Code Section 21.373 thresholds for submitting shareholder proposals, that Board action must be ratified by shareholders within one year.

The bylaw language calls for approval by at least 66 2/3% of total voting power, voting together as a single class. Section 21.373 permits companies to require proponents to hold 3% of voting shares or voting shares with a $1,000,000 market value to submit Rule 14a‑8 proposals. The filing argues these thresholds exceed current SEC standards and could limit shareholder input; it frames Proposal Eleven as a safeguard ensuring any move to adopt these thresholds is confirmed by shareholders.

Tesla, Inc. azionisti hanno ricevuto un avviso PX14A6G che sollecita il supporto per la Proposta Undici, un cambiamento di governance legato alla reincorporazione di Tesla in Texas. La proposta modificherebbe lo statuto in modo che, se il Consiglio adotta le soglie del Texas Business Organizations Code Sezione 21.373 per la presentazione di proposte degli azionisti, tale azione del Consiglio debba essere ratificata dagli azionisti entro un anno.

Il testo dello statuto richiede l'approvazione di almeno il 66 2/3% della potenza di voto totale, votando come un'unica classe. La Sezione 21.373 consente alle aziende di richiedere agli sostenitori di detenere il 3% delle azioni con diritto di voto o azioni con un valore di mercato di $1,000,000 per presentare proposte ai sensi della Regola 14a-8. Il deposito sostiene che tali soglie superano gli standard attuali della SEC e potrebbero limitare l'influenza degli azionisti; presenta Proposta Undici come una salvaguardia che garantisce che qualsiasi mossa per adottare tali soglie sia confermata dagli azionisti.

Tesla, Inc. los accionistas recibieron un aviso PX14A6G instando a apoyar la Propuesta Once, un cambio de gobernanza vinculado a la reincorporación de Tesla en Texas. La propuesta enmendaría los estatutos para que si la Junta adopta los umbrales del Texas Business Organizations Code Sección 21.373 para la presentación de propuestas de accionistas, esa acción de la Junta debe ser ratificada por los accionistas dentro de un año.

El texto de los estatutos exige la aprobación de al menos el 66 2/3% del poder de voto total, votando juntos como una sola clase. La Sección 21.373 permite a las empresas exigir que los proponentes posean el 3% de las acciones con derecho a voto o acciones con un valor de mercado de $1,000,000 para presentar propuestas de Regla 14a-8. El filing/Presentación argumenta que estos umbrales superan los estándares actuales de la SEC y podrían limitar la entrada de los accionistas; presenta la Propuesta Once como una salvaguardia que garantiza que cualquier movimiento para adoptar estos umbrales sea confirmado por los accionistas.

Tesla, Inc. 주주는 제안서 11에 대한 지지를 촉구하는 PX14A6G 고지를 받았으며, 이는 Tesla의 텍사스 주로의 다시 법인화와 연결된 거버넌스 변경이다. 이 제안은 이사회가 텍사스 비즈니스 조직법 21.373조의 주주제안 제출 임계치를 채택하는 경우, 그 이사회 조치는 1년 이내에 주주들의 비준을 받아야 한다고 정관을 개정하도록 한다.

정관 조항은 총 의결권의 66 2/3% 이상이 한 클래스의 의결로 승인되어야 한다고 명시한다. 21.373조는 회사가 제안자를 보유 요건으로 의결권 있는 주식의 3% 또는 시가가 $1,000,000인 주식을 요구하여 Rule 14a‑8의 제안을 제출하도록 허용한다. 제출서는 이 임계치가 현재 SEC 기준을 초과하며 주주 참여를 제한할 수 있다고 주장한다; 제안 11을 이러한 임계치를 도입하려는 움직임이 주주에 의해 확인되도록 하는 안전장치로 제시한다.

Tesla, Inc. les actionnaires ont reçu un avis PX14A6G les exhortant à soutenir la Propositions Onze, un changement de gouvernance lié à la réincorporation de Tesla au Texas. La proposition modifierait les statuts afin que, si le Conseil adopte les seuils du Texas Business Organizations Code, Section 21.373, pour la présentation des propositions des actionnaires, cette action du Conseil doive être ratifiée par les actionnaires dans l'année qui suit.

La rédaction des statuts exige l'approbation d'au moins 66 2/3% de l'ensemble du pouvoir de vote, votant ensemble en tant que classe unique. La Section 21.373 permet aux entreprises d'exiger que les promoteurs détiennent 3% des actions avec droit de vote ou des actions ayant une valeur marchande de $1,000,000 pour soumettre des propositions selon la Rule 14a‑8. Le dépôt soutient que ces seuils dépassent les normes actuelles de la SEC et pourraient limiter la participation des actionnaires ; il présente la Proposition Onze comme une sauvegarde garantissant que toute initiative visant à adopter ces seuils soit confirmée par les actionnaires.

Tesla, Inc. Aktionäre erhielten eine PX14A6G-Mitteilung, die Unterstützung für den Vorschlag Elf fordert, eine Governance-Änderung im Zusammenhang mit Teslas Texas-Re-Inkorporation. Der Vorschlag würde die Satzung dahingehend ändern, dass, falls der Vorstand die Schwellenwerte des Texas Business Organizations Code Abschnitt 21.373 für die Einreichung von Aktionärsvorschlägen übernimmt, diese Vorstandshandlung innerhalb eines Jahres von den Aktionären bestätigt werden muss.

Der Satzungstext verlangt die Zustimmung von mindestens 66 2/3% der gesamten Stimmrechten, die gemeinsam als eine einzige Klasse abstimmen. Abschnitt 21.373 gestattet Unternehmen, Befürworter zu verlangen, 3% der stimmberechtigten Aktien oder Aktien mit einem Marktwert von $1,000,000 zu halten, um Vorschläge gemäß Regel 14a‑8 einzubringen. Die Einreichung argumentiert, dass diese Schwellenwerte die aktuellen SEC-Standards übersteigen und die Teilnahme der Aktionäre einschränken könnten; sie stellt Vorschlag Elf als Schutzmaßnahme dar, die sicherstellt, dass jede Bewegung zur Einführung dieser Schwellenwerte von den Aktionären bestätigt wird.

Tesla, Inc. يَتَلَقّى المساهمون إشعار PX14A6G يحث على دعم الاقتراح الحادي عشر، وهو تغيير حوكمة مرتبط بإعادة تأسيس Tesla في تكساس. سيغيّر الاقتراح اللوائح بحيث إذا اعتمد المجلس عتبات قانون منظمات الأعمال في تكساس القسم 21.373 لتقديم مقترحات المساهمين، يجب التصديق على إجراء المجلس من قبل المساهمين خلال سنة واحدة.

تنص لغة اللائحة على الموافقة من قبل ما لا يقل عن 66 2/3% من إجمالي قوة التصويت، تصويتاً معاً كصف واحد. تسمح Section 21.373 للشركات بمتطلبات أن يحمل الراغبون 3% من أسهم التصويت أو أسهم ذات قيمة سوقية قدرها $1,000,000 لتقديم مقترحات القاعدة 14a‑8. يجاد البيان أن هذه العتبات تتجاوز المعايير الحالية للـ SEC وقد تقيّد مدخلات المساهمين؛ ويصور الاقتراح الحادي عشر كإجراء حماية يضمن تأكيد أي خطوة لتبني هذه العتبات من قبل المساهمين.

Tesla, Inc. 股东收到 PX14A6G 通知,敦促支持第十一项提案,这是与 Tesla 在德克萨斯州重新组建公司相关的治理变动。该提案将修改章程,使如果董事会采纳德克萨斯州商业组织法典第21.373节关于提交股东提案的门槛,该董事会行动必须在一年内得到股东的批准。

章程条款要求至少66 2/3%的总投票权通过,作为单一类别一起投票。第21.373节允许公司要求提案人持有3%的有投票权的股份或市值为$1,000,000的股份,才可提交Rule 14a-8提案。提交文件认为这些门槛超过了当前SEC标准,可能限制股东意见;并将第十一项提案描述为一项安全措施,确保任何采用这些门槛的举动都得到股东的确认。

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Tesla, Inc. azionisti hanno ricevuto un avviso PX14A6G che sollecita il supporto per la Proposta Undici, un cambiamento di governance legato alla reincorporazione di Tesla in Texas. La proposta modificherebbe lo statuto in modo che, se il Consiglio adotta le soglie del Texas Business Organizations Code Sezione 21.373 per la presentazione di proposte degli azionisti, tale azione del Consiglio debba essere ratificata dagli azionisti entro un anno.

Il testo dello statuto richiede l'approvazione di almeno il 66 2/3% della potenza di voto totale, votando come un'unica classe. La Sezione 21.373 consente alle aziende di richiedere agli sostenitori di detenere il 3% delle azioni con diritto di voto o azioni con un valore di mercato di $1,000,000 per presentare proposte ai sensi della Regola 14a-8. Il deposito sostiene che tali soglie superano gli standard attuali della SEC e potrebbero limitare l'influenza degli azionisti; presenta Proposta Undici come una salvaguardia che garantisce che qualsiasi mossa per adottare tali soglie sia confermata dagli azionisti.

Tesla, Inc. los accionistas recibieron un aviso PX14A6G instando a apoyar la Propuesta Once, un cambio de gobernanza vinculado a la reincorporación de Tesla en Texas. La propuesta enmendaría los estatutos para que si la Junta adopta los umbrales del Texas Business Organizations Code Sección 21.373 para la presentación de propuestas de accionistas, esa acción de la Junta debe ser ratificada por los accionistas dentro de un año.

El texto de los estatutos exige la aprobación de al menos el 66 2/3% del poder de voto total, votando juntos como una sola clase. La Sección 21.373 permite a las empresas exigir que los proponentes posean el 3% de las acciones con derecho a voto o acciones con un valor de mercado de $1,000,000 para presentar propuestas de Regla 14a-8. El filing/Presentación argumenta que estos umbrales superan los estándares actuales de la SEC y podrían limitar la entrada de los accionistas; presenta la Propuesta Once como una salvaguardia que garantiza que cualquier movimiento para adoptar estos umbrales sea confirmado por los accionistas.

Tesla, Inc. 주주는 제안서 11에 대한 지지를 촉구하는 PX14A6G 고지를 받았으며, 이는 Tesla의 텍사스 주로의 다시 법인화와 연결된 거버넌스 변경이다. 이 제안은 이사회가 텍사스 비즈니스 조직법 21.373조의 주주제안 제출 임계치를 채택하는 경우, 그 이사회 조치는 1년 이내에 주주들의 비준을 받아야 한다고 정관을 개정하도록 한다.

정관 조항은 총 의결권의 66 2/3% 이상이 한 클래스의 의결로 승인되어야 한다고 명시한다. 21.373조는 회사가 제안자를 보유 요건으로 의결권 있는 주식의 3% 또는 시가가 $1,000,000인 주식을 요구하여 Rule 14a‑8의 제안을 제출하도록 허용한다. 제출서는 이 임계치가 현재 SEC 기준을 초과하며 주주 참여를 제한할 수 있다고 주장한다; 제안 11을 이러한 임계치를 도입하려는 움직임이 주주에 의해 확인되도록 하는 안전장치로 제시한다.

Tesla, Inc. les actionnaires ont reçu un avis PX14A6G les exhortant à soutenir la Propositions Onze, un changement de gouvernance lié à la réincorporation de Tesla au Texas. La proposition modifierait les statuts afin que, si le Conseil adopte les seuils du Texas Business Organizations Code, Section 21.373, pour la présentation des propositions des actionnaires, cette action du Conseil doive être ratifiée par les actionnaires dans l'année qui suit.

La rédaction des statuts exige l'approbation d'au moins 66 2/3% de l'ensemble du pouvoir de vote, votant ensemble en tant que classe unique. La Section 21.373 permet aux entreprises d'exiger que les promoteurs détiennent 3% des actions avec droit de vote ou des actions ayant une valeur marchande de $1,000,000 pour soumettre des propositions selon la Rule 14a‑8. Le dépôt soutient que ces seuils dépassent les normes actuelles de la SEC et pourraient limiter la participation des actionnaires ; il présente la Proposition Onze comme une sauvegarde garantissant que toute initiative visant à adopter ces seuils soit confirmée par les actionnaires.

Tesla, Inc. Aktionäre erhielten eine PX14A6G-Mitteilung, die Unterstützung für den Vorschlag Elf fordert, eine Governance-Änderung im Zusammenhang mit Teslas Texas-Re-Inkorporation. Der Vorschlag würde die Satzung dahingehend ändern, dass, falls der Vorstand die Schwellenwerte des Texas Business Organizations Code Abschnitt 21.373 für die Einreichung von Aktionärsvorschlägen übernimmt, diese Vorstandshandlung innerhalb eines Jahres von den Aktionären bestätigt werden muss.

Der Satzungstext verlangt die Zustimmung von mindestens 66 2/3% der gesamten Stimmrechten, die gemeinsam als eine einzige Klasse abstimmen. Abschnitt 21.373 gestattet Unternehmen, Befürworter zu verlangen, 3% der stimmberechtigten Aktien oder Aktien mit einem Marktwert von $1,000,000 zu halten, um Vorschläge gemäß Regel 14a‑8 einzubringen. Die Einreichung argumentiert, dass diese Schwellenwerte die aktuellen SEC-Standards übersteigen und die Teilnahme der Aktionäre einschränken könnten; sie stellt Vorschlag Elf als Schutzmaßnahme dar, die sicherstellt, dass jede Bewegung zur Einführung dieser Schwellenwerte von den Aktionären bestätigt wird.

 

Notice of Exempt Solicitation

 

Pursuant to Rule 14a-103

 

 

 

Name of the Registrant: Tesla, Inc.

 

 

 

Name of person relying on exemption:

 

·Michael Frerichs as Treasurer for the State of Illinois and Trustee of the Bright Directions College Savings Trust (the “Trust”)

 

 

 

Address of person relying on exemption:

 

·555 W. Monroe St., 14th Floor, Chicago, IL 60661

 

 

 

This Notice and the attached written materials are filed pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934.

 

  
 

 

October 15, 2025

 

Dear fellow Tesla shareholders,

 

We encourage shareholders of Tesla, Inc. (“Tesla” or “the Company”) to vote for Proposal Eleven on the Company’s 2025 Proxy Statement. This proposal asks the Company to adopt a bylaw amendment requiring shareholder ratification within one year of Tesla’s implementation of a bylaw amendment adopting more restrictive requirements for submitting shareholder proposals, as newly permitted under Texas law (Section 21.373 of the Texas Business Organizations Code).

 

Tesla’s reincorporation in Texas grants the Company new authority to unilaterally impose the thresholds in Section 21.373 of the Texas Business Organizations Code, requiring shareholders or groups of shareholders to hold 3% of the corporation’s voting shares or voting shares of $1 million in market value to submit 14a-8 shareholder proposals. These thresholds exceed current SEC standards and could limit the voices of retail and institutional investors, undermining the Company’s governance structure.

 

The resolved clause of the proposal states:

 

RESOLVED, pursuant to Article X of the Amended and Restated Bylaws of Tesla, Inc., shareholders of Tesla, Inc. (“Tesla”) hereby amend the Bylaws to add the following to the end of Article X:

 

“; and provided further, however, that any amendment of these bylaws by the board of directors to make the “affirmative election” referenced in section 21.373(b) of the TBOC to be governed by section 21.373 of the TBOC shall be invalid if it is not ratified within one year of such amendment by the affirmative vote of the holders of at least 66 2/3% of the total voting power of outstanding voting securities, voting together as a single class.”

 

Why This Matters Now

 

Tesla is navigating a period of volatility – from leadership transitions to ambitious technological pivots. In such times, robust shareholder rights are an essential means to take the pulse of investor concerns and priorities. Proposal Eleven ensures that future attempts to restrict shareholder input by amending the Company’s bylaws must be ratified by shareholders themselves.

 

This is a reasonable governance safeguard that would enhance Tesla’s commitment to shareholder engagement and accountability. A vote for Proposal Eleven is a vote to protect shareholder rights.

 

  
 

 

Responding to the Company’s Opposition

 

In Tesla’s opposition statement to Proposal Eleven, the Board makes several points that warrant further review. Specifically:

 

1.Reconciling the Board’s stated commitment to shareholder feedback with its opposition to Proposal Eleven. The Board emphasizes its commitment to shareholder engagement, stating that “[t]he Board has consistently demonstrated its commitment to shareholders’ ability to communicate with Tesla or with each other.” The Board further notes that investor feedback has helped inform the Board and contributed to the adoption of governance and disclosure practices. In the Letter to Shareholders at the top of the Proxy Statement, Board Chair Robyn Denholm and Director Kathleen Wilson-Thompson highlight Tesla’s reincorporation in Texas, writing: “We are in Texas because it provides a more predictable corporate governance framework that allows us to hear from you as the people who know Tesla best –those who have actual stakes in the future of Tesla.”

 

If the Board actively seeks to hear from shareholders, it is difficult to reconcile this stated commitment with its opposition to Proposal Eleven. This proposal simply asks that a supermajority of shareholders be required to ratify the Board’s implementation of a bylaw amendment adopting Texas Business Organizations Code thresholds for shareholder proposals – thresholds that would directly impact shareholders’ ability to communicate with the Board and Company management. Notably, the Board offers no assurance it will refrain from adopting the more stringent submission thresholds.

 

2.Responding to the supermajority argument. The Board argues that Proposal Eleven could impose a new supermajority voting requirement, which they state could be detrimental to shareholders. This argument fails to appreciate the purpose of the proposal, which is to invalidate a bylaw adopting the more restrictive thresholds for filing shareholder proposals allowed under Texas law if not ratified by a supermajority of shareholders.

 

Proposal Eleven provides an additional opportunity for shareholders to oppose such an amendment when such significant rights are at issue.

 

3.Responding to the Board’s flexibility argument. The Board argues that the presence of multiple shareholder proposals addressing Section 21.373 of the Texas Business Organizations Code underscores the need for Board flexibility. Proposal Eleven does not constrain the Board’s ability to evaluate or consider governance options. The Board retains full discretion to assess and recommend governance decisions. Proposal Eleven does not interfere with that discretion – it simply ensures that if the Board chooses to restrict shareholders’ ability to submit proposals by amending its bylaws, it must seek shareholder ratification to maintain such a change. Ensuring shareholders have an additional protection in relation to a decision such as this that affects their rights is not only fair, but it would also build trust and confidence among shareholders as well as contribute to the development of a more transparent, responsive governance structure.

 

We encourage our fellow investors to vote for Proposal Eleven as a clear step toward protecting our rights as shareholders and ensuring that the Company acts in alignment with its investors.

 

  
 

 

IMPORTANT NOTICE: The cost of this communication is being borne entirely by the Office of the Illinois State Treasurer. The foregoing information may be disseminated to shareholders via telephone, U.S. mail, e-mail, certain websites and certain social media venues, and should not be construed as investment advice or as a solicitation of authority to vote your proxy. Proxy cards will not be accepted by the Office of the Illinois State Treasurer. To vote your proxy, please follow the instructions on your proxy card. These written materials may be submitted pursuant to Rule 14a-6(g)(1) promulgated under the Securities Exchange Act of 1934. The views expressed are those of the authors as of the date referenced and are subject to change at any time based on market or other conditions. These views are not intended to be a forecast of future events or a guarantee of future results. These views may not be relied upon as investment advice. The information contained herein has been prepared from sources believed reliable but is not guaranteed by us as to its timeliness or accuracy, and is not a complete summary or statement of all available data. This piece is for informational purposes and should not be construed as a research report.

 

 

 

 

 

 

FAQ

What does Tesla’s PX14A6G notice ask TSLA shareholders to support?

It urges a vote for Proposal Eleven, requiring shareholder ratification within one year if the Board adopts Texas Section 21.373 proposal-submission thresholds.

What thresholds are allowed under Texas Section 21.373 mentioned for TSLA?

Shareholders (or groups) must hold 3% of voting shares or voting shares with $1,000,000 market value to submit Rule 14a‑8 proposals.

What approval level would Proposal Eleven require at Tesla?

Ratification would require the affirmative vote of at least 66 2/3% of total voting power, voting together as a single class.

Why does the PX14A6G argue Proposal Eleven matters for TSLA governance?

It states the thresholds exceed current SEC standards and could limit shareholder voices, so ratification would act as a governance safeguard.

Does the notice solicit proxy cards from TSLA shareholders?

No. It states proxy cards will not be accepted; shareholders should follow the instructions on their proxy card to vote.

Who is paying for the TSLA PX14A6G communication?

The notice states the cost is borne entirely by the Office of the Illinois State Treasurer.
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